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, 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.
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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.
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Examples of LIBOR Flex Rate in a sentence

  • 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.

  • 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 Administrative Agent shall not be required to notify the Borrower of any adjustment in the LIBOR Flex Rate; however, the Borrower may request a quote of the prevailing LIBOR Flex Rate on any Business Day.

  • 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.

  • Each Swingline Advance shall bear interest at a variable rate for each day such Swingline Advance is outstanding equal to the LIBOR Flex Rate for such day.

  • Section 2.3 of the Credit Agreement is hereby amended to add, after “Base Rate Loan” and “Base Rate Loans”, respectively, “or LIBOR Flex Rate Loan” and “or LIBOR Flex Rate Loans”.

  • The LIBOR Flex Rate shall be adjusted by the Administrative Agent, if necessary, at the end of each Business Day during the term hereof.

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.

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