LIBO Rate Basis definition
LIBO Rate Basis is a simple rate per annum equal to the sum of (a) the LIBO Rate and (b) one and one-half percent (1.50%).
LIBO Rate Basis as of any day shall mean a rate per annum (rounded upwards, if necessary, to the next higher one-one-hundredth of one percent (.01%)) determined pursuant to the following formula (with all items being determined as of such day): LIBO Rate Basis = Offered Rate for such Advance 1 minus Eurodollar Reserve Percentage
LIBO Rate Basis appearing in Section 1.1 of the Loan Agreement shall be, and hereby is, amended and restated in its entirety to be and to read as follows:
Examples of LIBO Rate Basis in a sentence
The Borrower shall promptly notify the Lender by telecopy or by telephone, and shall immediately confirm any such telephonic notice in writing, of its selection of a LIBO Rate Basis and Interest Period for such Advance.
Interest on each LIBO Rate Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed and shall be payable at the LIBO Rate Basis for such Advance in arrears on the applicable Payment Date.
The Lender, whose determination shall be conclusive, shall determine the available LIBO Rate Basis and shall notify the Borrower of such LIBO Rate Basis.