Adjusted Daily LIBOR Rate definition

Adjusted Daily LIBOR Rate means with respect to the unpaid principal balances of the Floor Plan Loans, that rate per annum that is equal to the sum of: (a) the Daily LIBOR Rate; plus (b) the Applicable Margin.

Adjusted Daily LIBOR Rate means, on any day, the rate determined by dividing the Daily LIBOR Rate in effect on such day by 1.00 minus the Reserve Requirement.

Adjusted Daily LIBOR Rate means with respect to each day, the rate determined by dividing the Daily LIBOR Rate in effect on such day by 1.00 minus the Eurodollar Reserve Percentage.

Examples of Adjusted Daily LIBOR Rate in a sentence

• Provided that no event of default exists, the Project Owner will have the option to elect from time to time in the manner and subject to the conditions set forth in the Construction Loan Agreement the “Adjusted One Month LIBOR Rate” as the applicable interest rate for all or any portion of the Loan which would otherwise bear interest at the Adjusted Daily LIBOR Rate.

• All principal balances advanced and outstanding under the Floor Plan Loans shall thereafter bear interest at the Adjusted Daily LIBOR Rate until the Borrower Representative provides to the Administrative Agent a Notice of Election three (3) Business Days prior to the Business Day on which the Borrowers desire that the principal balances outstanding under the Floor Plan Loans accrue interest at the Adjusted Base Rate.

• Each Loan Request shall specify: (a) the aggregate amount to be borrowed, (b) the requested Borrowing Date, (c) whether the borrowing is to be a LIBOR Borrowing at the Adjusted Daily LIBOR Rate or an Adjusted Base Rate Borrowing, and (d) the required information and calculations evidencing compliance with the limitations set forth in Section 2.01 above, and shall be accompanied by the Borrowers’ inventory worksheet and a copy of the title to any Eligible Used Floor Plan Unit.

• Payments on account of interest applicable to Floor Plan Loans shall be applied by the Administrative Agent to outstanding balances of such Loans accruing or having accrued interest at the Adjusted Daily LIBOR Rate and balances of such Loans accruing or having accrued interest at the Adjusted Base Rate, in such order or proportion as the Administrative Agent, in its sole discretion, shall determine.

• A single of interest, whether the Adjusted Daily LIBOR Rate or the Adjusted Base Rate, shall be applicable at any given time to the Floor Plan Loans.

More Definitions of Adjusted Daily LIBOR Rate

Adjusted Daily LIBOR Rate. An interest rate per annum equal to the sum of --------------------------- (a) the Daily LIBOR Rate plus (b) the LIBOR Rate Margin. The Adjusted Daily LIBOR Rate shall change immediately and contemporaneously with any change in the Daily LIBOR Rate.

Adjusted Daily LIBOR Rate means, with respect to each day, the rate determined by dividing the Daily LIBOR Rate in effect on such day by 1.00 minus the LIBOR Reserve Percentage.

Adjusted Daily LIBOR Rate means with respect to each day the rate determined by dividing the Daily LIBOR Rate in effect on such day by 1.00 minus the LIBOR Reserve Percentage. Affiliate shall mean any Person (a) which directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with Borrower or any Subsidiary, (b) which directly or indirectly through one or more intermediaries beneficially owns or holds or has the power to direct the voting power of Five Percent (5.0%) or

Adjusted Daily LIBOR Rate on any day, a rate per annum, as determined by the Administrative Agent (rounded, if necessary, to the nearest one hundred-thousandth of a percentage point), equal to the product of (i) the arithmetic mean of the offered rates for deposits in Dollars for a one-month period which appears on the LIBOR Page as of 11:00 a.m., London time, two Business Days prior to such day (or, if such day is not a Business Day, the immediately preceding Business Day), times (ii) any Statutory Reserve Rate.

Adjusted Daily LIBOR Rate on any day, a rate per annum, as determined by the Administrative Agent (rounded, if necessary, to the nearest one hundred-thousandth of a percentage point), equal to the product of (i) the arithmetic mean of the offered rates for deposits in Dollars for a one-month period which appears on the LIBOR Page as of 11:00 a.m., London time, two Business Days prior to such day (or, if such day is not a Business Day, the immediately preceding Business Day), times (ii) any Statutory Reserve Rate. If fewer than two rates appear on such LIBOR Page or if such rate does not appear on the LIBOR Page on such day (or, if such day is not a Business Day, the immediately preceding Business Day), the Adjusted Daily LIBOR Rate shall mean a rate per annum (rounded, if necessary, to the nearest one hundred-thousandth of a percentage point) equal to the product of (i) the rate per annum at which BNY Mellon offers deposits in Dollars for a one-month period and in an amount corresponding to the amount of the applicable ABR Advance to leading banks in the London interbank eurodollar market as of 11:00 a.m. (London time) on the day that is two Business Days prior to the first day of such Interest Period, times (ii) any Statutory Reserve Rate.

Adjusted Daily LIBOR Rate means the Daily LIBOR Rate plus the LIBOR Rate Margin, applicable (i) with respect to the Permanent Loan Amount, from the Closing Date to the day prior to the Interest Rate Conversion Date and (ii) with respect to Bond in excess of the Permanent Loan Amount, from the Closing Date to the date of redemption of such Bond. ]

Adjusted Daily LIBOR Rate means, with respect to any Daily LIBOR Borrowing, an interest rate per annum (rounded upwards, if necessary, to the nearest whole multiple of one-sixteenth of one percent (0.0625%)) equal to (a) Daily LIBOR divided by (b) a percentage equal to one hundred percent (100%) minus the LIBOR Reserve Percentage.