LIBOR Flex Rate definition

LIBOR Flex Rate means the quotient of (a) a fluctuating rate per annum which is designated or published from time to time by the Agent as being its “One Month LIBOR Rate” (which, unless Agent otherwise notifies the Borrower, shall be equal to the rate of interest (rounded upwards, if necessary, to the nearest 1/100th of 1%), at or about 11:00 a.m. London, England time, two (2) Business Days prior to the applicable Change Date (as defined below), as listed on the British Bankers Association Interest LIBOR 01 or 02 as provided by Reuters (or another similar service if Reuters is unavailable), as the rate at which Dollar deposits with a maturity of one month are offered to Agent in the London interbank market) (it being acknowledged that the LIBOR Flex Rate is not necessarily (i) the lowest rate of interest or the only “LIBOR” denominated interest rate then available from the Agent on fluctuating rate loans or (ii) calculated in the same manner as any other “LIBOR” denominated interest rate offered by the Agent) divided by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage. It is further acknowledged that the LIBOR Flex Rate is not necessarily calculated in the same manner as any other “LIBOR” denominated interest rate offered by any other bank or published by any publication. The Agent will inform the Borrower of the current LIBOR Flex Rate upon their request. The interest rate change will not occur more often than once each month and shall be based on the LIBOR Flex Rate effective as of the last business day of each month (the “Change Date”) and apply thereafter until the next Change Date. If the LIBOR Flex Rate becomes unavailable during the term of any Loan, the Agent may designate a substitute index after notice to the Borrowers. The Borrower understands that Agent may make loans based on other indexes or rates as well.
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LIBOR Flex Rate means a fluctuating rate per annum which is equal to the sum of: (a) the Applicable Margin plus (b) One Month LIBOR, adjusted by Bank, as necessary, at the end of each Banking Day. Bank shall not be required to notify Borrower of any adjustment in the LIBOR Flex Rate. Borrower may, however, request a quote of the prevailing One Month LIBOR on any Banking Day.
Sample 1
LIBOR Flex Rate means, with respect to any Swingline Loan for any day, the fluctuating LIBOR Base Rate that would be applicable to an amount similar to the principal amount of such Swingline Loan for a LIBOR Interest Period of one month, with each daily change in such LIBOR Base Rate automatically, immediately, and without notice changing the LIBOR Flex Rate thereafter applicable hereunder plus the LIBOR Applicable Margin for such day. The LIBOR Flex Rate shall be adjusted by the Administrative Agent, if necessary, at the end of each Business Day during the term hereof. The Administrative Agent shall not be required to notify Borrower of any adjustment in the LIBOR Flex Rate; however, Borrower may request a quote of the prevailing LIBOR Flex Rate on any Business Day.
Sample 1

Examples of LIBOR Flex Rate in a sentence

  • Borrowings under the line of credit carry an interest rate equal to the LIBOR Flex Rate plus 200 basis points.

  • Each Borrowing Request shall be (i) in the case of Base Rate Loans or LIBOR Flex Rate Loans, in a minimum amount of $100,000 and any integral multiple of $100,000 in excess thereof, and (ii) in the case of LIBOR Loans, in a minimum amount of $1,000,000 and any integral multiple of $500,000 in excess thereof, or, in either case, in the unused amount of the Commitment.

  • The Borrower shall give the Agent irrevocable prior written notice in the form of a Borrowing Request (a) not later than 1:00 p.m. on the day a Borrowing of a Base Rate Loan or LIBOR Flex Rate Loan is to be made and (b) at least three (3) Business Days prior to the date that a LIBOR Loan is to be made.

  • The Borrower may prepay all or any part of any Alternate Base Rate Advance or LIBOR Flex Rate Advance at any time without premium or penalty.

  • Interest on the Advances shall be paid (i) as to Alternate Base Rate Advances and LIBOR Flex Rate Advances, in arrears on the first day of each month, beginning with the first day of the month succeeding the month of disbursement; and (ii) as to LIBOR Rate Advances, on the last day of the applicable Contract Period and, as to LIBOR Rate Advances with a Contract Period of six (6) months, also in arrears on the 90th day following the date of the Advance.

  • The Borrower’s notice must specify: (a) the disbursement date, (b) the amount of each Advance, (c) the type of each Advance (Alternate Base Rate Advance, LIBOR Rate Advance or LIBOR Flex Rate Advance), and (d) for each LIBOR Rate Advance, the duration of the applicable Contract Period; provided, however, that the Borrower may not elect an Contract Period ending after the maturity date of this Note.

  • A fluctuating rate of interest applicable to Swing Line Loans and equal to LIBOR for a period of one month for a borrowing in an amount substantially similar to the amount of the applicable Swing Line Loan, with each daily change in such LIBOR automatically, immediately, and without notice changing the LIBOR Flex Rate.

  • The Borrower shall pay interest to the Bank on the outstanding and unpaid principal amount of each Alternate Base Rate Advance at the Alternate Base Rate plus the Applicable Margin, on each LIBOR Rate Advance at the LIBOR Rate plus the Applicable Margin and on each LIBOR Flex Rate Advance at the LIBOR Flex Rate.

  • The Borrower shall give the Bank written notice (effective upon receipt) of the Borrower’s intent to draw down an Advance under this Note no later than 2:00 p.m. Columbus, Ohio time, on the date of disbursement, if the full amount of the drawn Advance is to be disbursed as an Alternate Base Rate Advance or a LIBOR Flex Rate Advance and no later than 11:00 a.m. Columbus, Ohio time two (2) Business Days before disbursement, if any part of such Advance is to be disbursed as a LIBOR Rate Advance.

  • Phrase “(i)” of subsection 3.1(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: “(i) any such prepayment shall be applied, first, to any outstanding Swingline Loans, second, to any other Base Rate Loans, third, to any LIBOR Flex Rate Loans, and, fourth, pro rata among LIBOR Loans having the same Interest Period, in the direct order of maturity of such Interest Periods;”.

Related to LIBOR Flex Rate

  • LIBOR has the meaning specified in the definition of Eurodollar Rate.

  • LIBOR Rate means a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula: LIBOR Rate = LIBOR

  • LIBOR Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to LIBOR as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time), at approximately 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month commencing that day; provided that if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents.

  • USD LIBOR means the London interbank offered rate for U.S. dollars.

  • USD-LIBOR-BBA As defined in the Swap Agreement in the Annex to the 2000 ISDA Definitions.

  • EURIBOR Rate has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

  • LIBOR Floor means 0.00%.

  • LIBO Rate means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.

  • Applicable LIBOR Rate means, (a) for Auction Periods of 35 days or less, One-Month LIBOR, (b) for Auction Periods of more than 35 days but less than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days but less than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more than 180 days, One-Year LIBOR.

  • Daily LIBOR Rate means, for any day, the rate per annum determined by the Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the Reserve Percentage.

  • LIBOR Index Rate means, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one-sixteenth of one percent) for deposits in U.S. Dollars for delivery on the first day of and for a period equal to such Interest Period in an amount equal or comparable to the principal amount of the Eurodollar Loan scheduled to be made by each Lender as part of such Borrowing, which appears on the Applicable Telerate Page as of 11:00 a.m. (London, England time) on the day two (2) Business Days before the commencement of such Interest Period.

  • Eurodollar Rate with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): Eurodollar Base Rate

  • Eurodollar Rate Margin means the margin over the Eurodollar Rate used in determining the rate of interest of Eurodollar Rate Loans pursuant to subsection 2.2A.

  • LIBOR Applicable Margin means, as of any date with respect to any LIBOR Interest Period, the Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with Section 2.4 hereof.

  • LIBOR Base Rate means, for each Interest Period, the London interbank offered rate for six-month deposits in Dollars for value the first day of such Interest Period (or, in the case of the initial Interest Period, for value the Interest Payment Date occurring on or next preceding the first day of such Interest Period), as reasonably determined by the Bank and expressed as a percentage per annum.

  • One Month LIBOR Rate means, with respect to any interest rate calculation for a Loan or other Obligation bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/16th of one percent (0.0625%)) of (i) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by Administrative Agent on the applicable day (provided that if such day is not a Eurodollar Banking Day for which a Eurodollar Rate is quoted, the next preceding Eurodollar Banking Day for which a Eurodollar Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for Dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (ii) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (i) of the preceding sentence, the rate to be used in clause (i) shall be, at Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest one-sixteenth (1/16) of one percent (0.0625%)), (1) the rate per annum at which Dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (2) the rate at which Dollar deposits are offered to the Administrative Agent in, or by Xxxxx Fargo to major banks in, any offshore interbank eurodollar market selected by Administrative Agent, in each case on the applicable day (provided that if such day is not a Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market, the next preceding Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Each determination by Administrative Agent pursuant to this definition shall be conclusive absent manifest error.

  • Applicable LIBOR Rate Margin means the following per annum percentages, applicable in the following situations:

  • Index Rate means, for any day, a floating rate equal to the higher of (i) the rate publicly quoted from time to time by The Wall Street Journal as the "base rate on corporate loans posted by at least 75% of the nation's 30 largest banks" (or, if The Wall Street Journal ceases quoting a base rate of the type described, the highest per annum rate of interest published by the Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled "Selected Interest Rates" as the Bank prime loan rate or its equivalent), and (ii) the Federal Funds Rate plus 50 basis points per annum. Each change in any interest rate provided for in the Agreement based upon the Index Rate shall take effect at the time of such change in the Index Rate.

  • LIBOR Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Applicable Eurodollar Rate Margin means, with respect to any Eurodollar Rate Advance, for each Pricing Period, the interest rate margin set forth below (expressed in basis points per annum) opposite the Applicable Pricing Level for that Pricing Period: Applicable Pricing Level Margin I 52.50 II 62.50 III 72.50 IV 82.50 V 92.50

  • LIBOR-Based Rate means, with respect to each Interest Period, the per annum interest rate equal to the London Interbank Offered Rate which appears on Telerate Page 3750 at approximately 11:00 a.m. (London time) two LIBOR Business Days prior to the first day of such Interest Period for deposits of United States dollars for a period of time comparable to the Interest Period, and in an amount comparable to the principal amount of the Loan, plus 0.35%.

  • LIBOR Margin has the meaning given that term in Section 2.2.(c)(ii)(D).

  • Adjusted LIBOR Rate means, at any time with respect to any LIBOR Loan, a rate per annum equal to the LIBOR Rate as in effect at such time plus the Applicable Margin Percentage for LIBOR Loans as in effect at such time.

  • Base LIBOR Rate means the rate per annum, determined by Agent in accordance with its customary procedures, and utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/16%), on the basis of the rates at which Dollar deposits are offered to major banks in the London interbank market on or about 11:00 a.m. (California time) 2 Business Days prior to the commencement of the applicable Interest Period, for a term and in amounts comparable to the Interest Period and amount of the LIBOR Rate Loan requested by Administrative Borrower in accordance with this Agreement, which determination shall be conclusive in the absence of manifest error.

  • Alternate Rate means, for any day, the sum of (a) a rate per annum selected by the Administrative Agent, in its reasonable discretion based on market conditions in consultation with the Borrower and the Lenders, plus (b) the Applicable Spread for Eurocurrency Loans, plus (c) the Mandatory Cost. When used in reference to any Loan or Borrowing, “Alternate Rate” refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Rate.

  • Three-Month LIBOR Rate means the rate determined in accordance with the following provisions: