CALCULATION OF THE MANDATORY COST. The Mandatory Cost is an addition to the interest rate to compensate Banks for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.
CALCULATION OF THE MANDATORY COST. The Mandatory Cost for an Advance is the rate determined by the Agent to be equal to the arithmetic mean (rounded upward, if necessary, to four decimal places) of the respective rates notified by each of the Reference Banks to the Agent and calculated in accordance with the following formulae: in relation to an Advance denominated in Sterling: BY + S(Y-Z) + F x 0.01% per annum = Mandatory Cost ---------------------- 100-(B + S) in relation to any other Advance:
CALCULATION OF THE MANDATORY COST. General For a Lender lending from a Facility Office in the U.K.
CALCULATION OF THE MANDATORY COST. The Mandatory Cost for a Loan for its Interest Period or each of its Interest Periods, as appropriate, is the rate determined by the Agent to be equal to the arithmetic mean (rounded upward, if necessary, to four decimal places) of the respective rates notified by each of the Reference Banks to the Agent and calculated in accordance with the following formulae: In relation to a Loan denominated in Sterling: BY + S(Y-Z) + F X 0.01% PER ANNUM = Mandatory Cost 100-(B + S) in relation to any other Loan:
CALCULATION OF THE MANDATORY COST. The Mandatory Cost for an Advance for each of its Interest Periods is the rate determined by the Facility Agent to be equal to the arithmetic mean (rounded upward, if necessary, to four decimal places) of the respective rates notified by each of the Reference Banks to the Facility Agent and calculated in accordance with the following formulae: in relation to an Advance denominated in Sterling: BY + S(Y-Z) + F x 0.01 % per annum = Mandatory Cost 100-(B+S) in relation to any other Advance: F x 0.01 % per annum = Mandatory Cost 300 where on the day of application of the formula: B is the percentage of the Reference Bank's eligible liabilities (in excess of any stated minimum) which the Bank of England requires the Reference Bank to hold on a non-interest-bearing deposit account in accordance with its cash ratio requirements; Y is the rate at which Sterling deposits are offered by the Reference Bank to leading banks in the London interbank market at or about 11.00 a.m. on that day for the relevant period; S is the percentage of the Reference Bank's eligible liabilities which the Bank of England requires the Reference Bank to place as a special deposit; Z is the interest rate per annum allowed by the Bank of England on special deposits; and F is the charge payable by the Reference Bank to the Financial Services Authority under paragraph 2.02 or 2.03 (as appropriate) of the Fees Regulations but where for this purpose, the figure in paragraph 2.02b and 2.03b will be deemed to be zero expressed in pounds per GBP 1 million of the fee base of the Reference Bank.
CALCULATION OF THE MANDATORY COST. (a) The Mandatory Cost for a Loan for its Interest Period or each of its Interest Periods, as appropriate, is the rate determined by the Agent to be equal to the arithmetic mean (rounded upward, if necessary, to four decimal places) of the respective rates notified by each of the Reference Banks to the Agent and calculated in accordance with the following formulae: In relation to a Loan denominated in Sterling: = Mandatory Cost in relation to any other Loan: = Mandatory Cost where on the day of application of the formula: A is the percentage of the Reference Bank's eligible liabilities (in excess of any stated minimum) which the Bank of England requires the Reference Bank to hold on a non-interest-bearing deposit account in accordance with its cash ratio requirements; B is LIBOR as appropriate for the relevant Interest Period; is the percentage of the Reference Bank's eligible liabilities which the Bank of England requires the Reference Bank to place as a special deposit; is the interest rate per annum allowed by the Bank of England on special deposits; and E is calculated by the Agent as being the average of the rates of charge supplied by the Reference Banks to the Agent under paragraph (d) below and expressed in pounds per £1 million.
(b) For the purposes of this Schedule 3:
(i) eligible liabilities and special deposits have the meanings given to them at the time of application of the formula by the Bank of England; and
(ii) tariff base has the meaning given to it in the fees rules;
(iii) fees rules means the then current rules of periodic fees in the Supervision Manual of the FSA Handbook.
(c) In the application of the formula, A, B, C and D are included in the formula as figures and not as percentages, e.g. if A = 0.5% and B = 15%, AB is calculated as 0.5 × 15. A negative result obtained by subtracting D from B is taken as zero.
(i) Each Reference Bank must supply to the Agent the rate of charge payable by that Reference Bank to the Financial Services Authority under the fees rules (calculated by that Reference Bank as being the average of the rates of charge applicable to that Reference Bank but, for this purpose, applying any applicable discount and ignoring any minimum fee required under the fees rules) and expressed in pounds per £1 million of the tariff base of that Reference Bank.
(ii) Each Reference Bank must promptly notify the Agent of any change to the rate of charge. (e)
(i) Each Bank and each Reference Bank must supply to the Agent the inf...
CALCULATION OF THE MANDATORY COST. The Mandatory Cost for a Loan for each of its Interest Periods is the rate determined by the Facility Agent to be equal to the arithmetic mean (rounded upward, if necessary, to four decimal places) of the respective rates notified by each of the Reference Banks to the Facility Agent and calculated in accordance with the following formula: BY + S(Y-Z) + F x 0.01 % per annum ---------------------- 100-(B + S) where on the day of application of the formula: B is the percentage of the Reference Bank's eligible liabilities (in excess of any stated minimum) which the Bank of England requires the Reference Bank to hold on a non-interest-bearing deposit account in accordance with its cash ratio requirements; Y is LIBOR at or about 11.00 a.m. on that day for the relevant Interest Period; S is the percentage of the Reference Bank's eligible liabilities which the Bank of England requires the Reference Bank to place as a special deposit; Z is the interest rate per annum allowed by the Bank of England on special deposits; and F is the charge payable by the Reference Bank to the Financial Services Authority under paragraph 2.02 or 2.03 (as appropriate) of the Fees Regulations (but where for this purpose, the figure in paragraph 2.02b and 2.03b will be deemed to be zero), expressed in pounds per Pound Sterling1,000,000 of the fee base of the Reference Bank.
CALCULATION OF THE MANDATORY COST. The Mandatory Cost for a LIBOR Advance for each of its Interest Period is the rate determined by the Administrative Agent in accordance with the following formulae: IN RELATION TO ANY LIBOR ADVANCE:
CALCULATION OF THE MANDATORY COST. General The Mandatory Cost is to compensate a Bank for the cost of compliance with the requirements of the European Central Bank. The Mandatory Cost is expressed as a percentage rate per annum. The Mandatory Cost is the weighted average (weighted in proportion to the percentage share of each Bank in the relevant Loan) of the rates for the Banks calculated by the Administrative Agent in accordance with this Schedule. The Administrative Agent must distribute each amount of Mandatory Cost among the Banks on the basis of the amount of their respective Commitments. Any determination by the Administrative Agent pursuant to this Schedule will be, in the absence of manifest error, conclusive and binding on all the parties hereto Banks lending from a Lending Office in a Participating Member State The relevant rate for a Bank lending from a Lending Office in a Participating Member State is the percentage rate per annum notified by that Bank to the Administrative Agent. This percentage rate per annum must be certified by that Bank in its notice to the Administrative Agent as its reasonable determination of the cost (expressed as a percentage of that Bank's share in all Loans made from that Lending Office) of complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Lending Office. If a Bank fails to specify a rate under paragraph 0 above, the Administrative Agent will assume that the Bank has not incurred any such cost. Banks lending from a Lending Office in the U.K. The relevant rate for a Bank lending from a Lending Office in the U.K. is calculated in accordance with the following formulae: for a Loan in Sterling: for any other Loan: where on the day of application of the formula: A is the percentage of that Bank's eligible liabilities (in excess of any stated minimum) which the Bank of England requires it to hold on a non-interest-bearing deposit account in accordance with its cash ratio requirements; B is the percentage rate of EURIBOR for the relevant Interest Period; NY:791404.13 C is the percentage (if any) of that Bank's eligible liabilities which the Bank of England requires it to place as an interest-bearing special deposit; D is the percentage rate per annum payable by the Bank of England on interest bearing special deposits; and E is calculated by the Administrative Agent as being the average of the rates of charge under the fees rules supplied by the Reference Banks to the Administrative Agent under p...
CALCULATION OF THE MANDATORY COST. 51 LOAN AGREEMENT Dated: 2001 BETWEEN:-
