LIBOR Floating Rate definition

LIBOR Floating Rate. Except in the case of the Initial Calculation Period (which is set forth below), USD-LIBOR-BBA for the Floating Rate Designated Maturity; provided, however, that (i) the term “London Banking Days” shall mean a Business Day in New York and London and (ii) if USD-LIBOR Reference Banks is used as a fallback and quotations are not available, the rate will be the rate in effect for the previous Calculation Period. Notwithstanding the foregoing, if the Spread applicable to the Trust Floating Rate exceeds the Prime Rate on any LIBOR Reset Date, the LIBOR Floating Rate for the related Calculation Period shall be increased by the number of basis points that the Spread so exceeds the Prime Rate as of that date. Representative Amount Not less than USD $1,000,000. Floating Rate Designated Maturity: Three (3) months. LIBOR Floating Rate for the Initial Calculation Period: For the initial Calculation Period only (the period from and including September 28, 2006 to but excluding December 15, 2006), the LIBOR Floating Rate will be determined by the following formula: x + [ 17/30 * (y – x) ] where: x = Two-Month USD-LIBOR-BBA, and y = Three-Month USD-LIBOR-BBA. LIBOR Floating Rate Day Count Fraction: Actual/360. LIBOR Floating Rate Payment Date: Early Payment applies – three (3) Business Days prior to each LIBOR Floating Rate Period End Date. Settlement: On each LIBOR Floating Rate Payment Date, MLCS will pay to the Trust an amount (to the extent such amount is positive) equal to: LIBOR Floating Rate for the previous LIBOR Floating Rate Reset Date times the Notional Amount in effect for such date times the LIBOR Floating Rate Day Count Fraction.

LIBOR Floating Rate means a rate equal to the BBA LIBOR Daily Floating Rate plus the LIBOR Margin.

LIBOR Floating Rate means a rate per annum that on any day is equal to the lesser of (a) the sum of LIBOR for that day plus the Applicable LIBOR/BAR Margin and (b) the Ceiling Rate for that day.

Examples of LIBOR Floating Rate in a sentence

• In determining LIBOR, any Interest Rate for the LIBOR Floating Rate Classes or any Reserve Interest Rate (as defined in the Prospectus), Xxxxxx Mae or the Paying Agent may conclusively rely and shall be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the Prospectus.

• The Interest Rates for the LIBOR Floating Rate Classes for each Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Index Determination Date in the month following the month in which the Settlement Date occurs and on each Index Determination Date thereafter so long as the LIBOR Floating Rate Classes are outstanding on the basis of LIBOR and the applicable formulae specified in the Prospectus Supplement or the Lower Tier Schedule, as the case may be.

• For any period during which LIBOR for any LIBOR Floating Rate Class is to be determined on the basis of the “LIBO Method” (as defined in the Prospectus), until such Class is paid in full, Xxxxxx Mae shall at all times retain at least four Reference Banks (as defined in the Prospectus).

• In determining LIBOR, any Interest Rate for the LIBOR Floating Rate Classes or any Reserve Interest Rate (as defined in the Prospectus), Xxxxxx Xxx or the Paying Agent may conclusively rely and shall be protected in relying upon the rates or offered quotations (whether written, oral or disseminated by means of an electronic information system) provided by the sources specified in the Prospectus.

• The Interest Rates for the LIBOR Floating Rate Classes for each Interest Accrual Period shall be determined by Xxxxxx Xxx or the Paying Agent on the Index Determination Date in the month following the month in which the Settlement Date occurs and on each Index Determination Date thereafter so long as the LIBOR Floating Rate Classes are outstanding on the basis of LIBOR and the applicable formulae specified in the Prospectus Supplement.

More Definitions of LIBOR Floating Rate

LIBOR Floating Rate means, for the applicable period, a rate per annum determined by Agent to be equal to the BBA LIBOR Daily Floating Rate divided by (1 minus the Reserve Requirement) for such period plus the Margin.

LIBOR Floating Rate means collectively the Libor Floating Rate (30 day) and the Libor Floating Rate (daily). Borrower may select Libor Floating Rate (30 day) or Libor Floating Rate (daily) and may have both Libor Floating Rate (30 day) Loans and Libor Floating Rate (daily) Loans outstanding at the same time.

LIBOR Floating Rate means the fluctuating rate of interest equal to the three month London Interbank Offered Rate as published in the "Money Rates" section of THE WALL STREET JOURNAL (or in a successor publication selected by Bank if THE WALL STREET JOURNAL is no longer published) on the immediately preceding Business Day as adjusted from time to time in Bank's sole discretion for then applicable reserve requirements, deposit insurance assessment rates and other regulatory costs.

LIBOR Floating Rate means on each day the Loan is outstanding, the interest rate per annum equal to the fluctuating rate of interest (rounded upwards, if necessary to the nearest 1/100 of 1%) appearing on Telerate page 3750 (or any successor page) as the 1 month London interbank offered rate for deposits in United States Dollars at approximately 11:00 a.m. (London time) on the second preceding Business Day, as adjusted from time to time in the Lender's sole discretion for then-applicable reserve requirements, deposit insurance assessment rates and other regulatory costs (the "Index"), plus 2.00%. If for any reason such rate is not available, the term

LIBOR Floating Rate means the interest rate per annum equal to the fluctuating rate of interest equal to the rate of interest (rounded upwards, if necessary to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the 1 month London interbank offered rate for deposits in United States Dollars at approximately 11:00 a.m. (London time) on the second preceding Business Day, as adjusted from time to time in the Lender's sole discretion for then-applicable reserve requirements, deposit insurance assessment rate and other regulatory costs; provided, however, if more than one rate is specified on Reuters Screen LIBO page, the applicable rate shall be the arithmetic mean of all such rates. Any change in the rate will take effect on the date of such change in the Index as indicated on Telerate Page 3750. Interest will accrue on any non-banking day at the rate in effect on the immediately preceding banking day.

LIBOR Floating Rate means with respect to any LIBOR Floating Rate Advance for any LIBOR Floating Rate Interest Period, the interest rate determined by the Bank by reference to the Page (or on any successor or substitute page of the Service, or any successor to or substitute for the Service, as determined by the Bank from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) to be the rate at approximately 11:00 a.m. London time, two Business Days prior to the commencement of the LIBOR Floating Rate Interest Period for the offering by the Bank’s London office, of dollar deposits in an amount comparable to such LIBOR Floating Rate Advance with a maturity equal to such Interest Period. If no LIBOR Floating Rate is available to the Bank, the applicable LIBOR Floating Rate for the relevant LIBOR Floating Rate Interest Period shall instead be the rate determined by the Bank to be the rate at which the Bank offers to place deposits in U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such LIBOR Floating Rate Interest Period, in the approximate amount of the principal amount outstanding on such date and having a maturity equal to such LIBOR Floating Rate Interest Period.

LIBOR Floating Rate. Except for the initial Calculation Period, USD- LIBOR-BBA; provided, however, that the term "London Banking Days" shall mean a Business Day in New York and London and if for any LIBOR Reset Date, USD-LIBOR-BBA for the relevant Designated Maturity does not appear on Telerate Page 3750 on the day that is two London Banking Days prior to that LIBOR Reset Date and the Reference Banks selected by the Administrator are not providing quotations as provided in the definition of "USD-LIBOR-Reference Banks", the Floating Rate for the relevant Calculation Period will be the Floating Rate in effect for the previous Calculation Period. For the initial Calculation Period, the LIBOR Floating Rate will be determined by the following formula: x + (1/30 * (y-x)) where: