Monthly Average LIBOR Rate definition
Monthly Average LIBOR Rate means the average of all LIBOR Rates quoted during a given month. In the event (i) the Note is paid in full and the Commitment is terminated prior to a month end; or (ii) the initial Advance hereunder occurs on a date other than the first day of that month on which LIBOR Rates are quoted, the Monthly Average LIBOR Rate shall mean, in the case of clause (i), the average of all LIBOR Rates quoted that month up to and including the last Business Day prior to such payment in full; or, in the case of clause (ii), the LIBOR Rates quoted on the date of the initial Advance through the end of that month.
Monthly Average LIBOR Rate means the average of all thirty (30) day LIBOR rates quoted in any given month. "LIBOR Rate" means a rate of interest equal to the London Interbank Offered Rate for US dollar deposits as quoted by Telerate, Bloomberg or any other rate quoting service selected by Lender in its sole discretion for an interest period of thirty (30) days. If the current expiry date of the Warehouse Credit Agreement and the Related Documents occurs on or before November 1, 2001, the expiry date shall be November 1, 2001.
Monthly Average LIBOR Rate means the average of all LIBOR rates quoted in any given month.
Examples of Monthly Average LIBOR Rate in a sentence
The unpaid amount of each Advance outstanding against Mortgage Loans that are Aged Mortgage Loans shall bear interest from the date such Mortgage Loans become Aged Mortgage Loans until such Advance is paid in full at a rate of interest equal to the lesser of (i) the Maximum Rate or (ii) a fluctuating rate of interest which is equal to 237.5 basis points (2.375%) per annum over the Monthly Average LIBOR Rate.