Six-Month LIBOR Rate definition
Six-Month LIBOR Rate means the rate per annum quoted and published in the Money Rates section of the Southwest edition of the Wall Street Journal as the “Six Month LIBOR Rate” of interest, on the business day immediately prior to any adjustment of any interest rate hereunder, such rate of interest being that for deposits on the London interbank market as determined by Bank on the basis of the rate for U.S. Dollar LIBOR (the LIBOR column) for a period of six months. If any such rates do not appear in the Money Rates section of the Southwest edition of the Wall Street Journal, Bank will call and obtain the offered rates for deposits in U.S. Dollars for an equivalent period of time from three (3) leading banks in New York City which are open and engaged in transactions dealing in foreign currency and exchange and Eurodollar deposits in the international Eurocurrency market and average the rates to determine an appropriate rate rounded to the nearest hundredth.
Six-Month LIBOR Rate means the six month LIBOR rate as quoted in the Wall Street Journal Money Rate Section on the date of funding or on the date of determination thereof (or if the Wall Street Journal is not published on that day, on the first publishing day thereafter), such interest to be calculated for the actual number of days elapsed on the basis of a 360 day year; provided that if no such rates are published in the Wall Street Journal then the Borrower and Conoco shall negotiate in good faith to agree upon an alternative note.
Six-Month LIBOR Rate means, for each Interest Period during the Floating Rate Period, the interest rate per annum shown on Telerate Page 3750 at or about 11:00 a.m., London time, on the second London Banking Day (the “Interest Determination Date”) preceding the first day of the Interest Period (the “Interest Reset Date”) for deposits in U.S. dollars with a maturity of six months and commencing on the Interest Reset Date. If such rate does not appear on Telerate Page 3750, the Six-Month LIBOR Rate will be determined on the basis of the rates, at approximately 11:00 a.m., London time, on the Interest Determination Date, at which U.S. dollar deposits with a maturity of six months in an amount determined by the Calculation Agent as representative of a single transaction in the relevant market and at the relevant time are offered by four major banks in the London interbank market selected by the Calculation Agent (“Reference Banks”) to prime banks in the London interbank market for a six month period commencing on the Interest Reset Date. The Calculation Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided as requested, the Six-Month LIBOR Rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the Six-Month LIBOR Rate will be the interest rate per annum equal to the average of the rates per annum quoted by three major banks in New York City selected by the Calculation Agent, at or about 11:00 a.m., New York City time, on the Interest Determination Date, for loans in U.S. dollars to leading European banks in amounts that are representative of a single transaction in the relevant market and at the relevant time with a maturity of six months commencing on the Interest Reset Date. If fewer than three New York City banks selected by the Calculation Agent are quoting rates, the Six-Month LIBOR Rate for the applicable Interest Period will be the same as for the immediately preceding Interest Period, provided that, if there is no previous Interest Period for which the Six-Month LIBOR Rate has been determined, the interest rate with respect to the relevant Interest Period will be 12.36% per annum.
More Definitions of Six-Month LIBOR Rate
Six-Month LIBOR Rate means a rate of interest determined by the Agent on a daily basis equal to:
Six-Month LIBOR Rate means, for each interest period during the Floating Rate Period, the interest rate per annum shown on Telerate Page 3750 at or about 11:00 a.m., London time, on the second London Banking Day (the “Interest Determination Date”) preceding the first day of the interest period (the “Interest Reset Date”) for deposits in U.S. dollars with a maturity of six months and commencing on the Interest Reset Date. If such rate does not appear on Telerate Page 3750, the Six-Month LIBOR Rate will be determined on the basis of the rates, at approximately 11:00 a.m., London time, on the Interest Determination Date, at which U.S. dollar deposits with a maturity of six months in an amount determined by the Calculation Agent as representative of a single transaction in the relevant market and at the relevant time are offered by four major banks in the London interbank market selected by the Calculation Agent (“Reference Banks”) to prime banks in the London interbank market for a six month period commencing on the Interest Reset Date. The Calculation Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided as requested, the Six-Month LIBOR Rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the Six-Month LIBOR Rate will be the interest rate per annum equal to the average of the rates per annum quoted by three major banks in New York City selected by the Calculation Agent, at or about 11:00 a.m., New York City time, on the Interest Determination Date, for loans in U.S. dollars to leading European banks in amounts that are representative of a single transaction in the relevant market and at the relevant time with a maturity of six months commencing on the Interest Reset Date. If fewer than three New York City banks selected by the Calculation Agent are quoting rates, the Six-Month LIBOR Rate for the applicable interest period will be the same as for the immediately preceding interest period, provided that, if there is no previous interest period for which the Six-Month LIBOR Rate has been determined, the interest rate with respect to the relevant interest period will be 12.36% per annum.