BSBY Daily Floating Rate definition

BSBY Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to the BSBY Screen Rate two (2) Business Days prior to such day for a term of one (1) month; provided that if the rate is not published on such determination date then BSBY Daily Floating Rate means the BSBY Screen Rate on the first (1st) Business Day immediately prior thereto; provided, further, if the BSBY Daily Floating Rate determined in accordance with the foregoing provisions of this definition would otherwise be less than zero, the BSBY Daily Floating Rate shall be deemed zero for purposes of this Agreement.

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BSBY Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to the BSBY Screen Rate two (2) Business Days prior to such day for a term of one (1) month; provided that if the rate is not published on such determination date then BSBY Daily Floating Rate means the BSBY Screen Rate on the first (1st) Business Day immediately prior thereto; provided, further, if the BSBY Daily Floating Rate determined in accordance with the foregoing provisions of this definition would otherwise be less than zero percent (0.00%), the BSBY Daily Floating Rate shall be deemed zero percent (0.00%) for purposes of this Agreement. “BSBY Margin” means two hundred seventy-five (275) basis points per annum. “BSBY Rate” means, for any day, a fluctuating rate per annum equal to the BSBY Margin plus the BSBY Daily Floating Rate.

Examples of BSBY Daily Floating Rate in a sentence

Loans may be BSBY Daily Floating Rate Loans or BSBY Rate Loans, as further provided herein.
Each Borrowing of or conversion to BSBY Daily Floating Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.
Any such automatic conversion to BSBY Daily Floating Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable BSBY Rate Loans.
All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the BSBY Rate or the BSBY Daily Floating Rate, as applicable) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.
Each such notice must be received by Administrative Agent not later than 11:00 a.m. (i) two (2) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of BSBY Rate Loans or of any conversion of BSBY Rate Loans to BSBY Daily Floating Rate Loans, and (ii) on the requested date of any Borrowing of BSBY Daily Floating Rate Loans.
If Borrower fails to specify a Type of Loan in a Loan Notice or if Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, BSBY Daily Floating Rate Loans.
All other computations of fees and interest with respect to BSBY Rate Loans and BSBY Daily Floating Rate Loans shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).
Within the parameters of the applications set forth above, prepayments pursuant to this Section 2.05(b) shall be applied first to Base Rate Loans, second to BSBY Daily Floating Rate Loans and third to BSBY Rate Loans in inverse order of Interest Period maturities.
Each Borrowing of, conversion to or continuation of BSBY Rate Loans or BSBY Daily Floating Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.
Revolving Loans may be Base Rate Loans or BSBY Daily Floating Rate Loans, as further provided herein; provided, however, any Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.

More Definitions of BSBY Daily Floating Rate

BSBY Daily Floating Rate means a fluctuating rate of interest per annum equal to the BSBY Screen Rate, or a comparable or successor rate which rate is approved by the Administrative Agent, at or about 11:00 a.m., New York City time, two (2) Business Days prior to the date in question, for a term equivalent to a one (1) month term beginning on that date; provided that: (x) to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner reasonably determined by the Administrative Agent and (y) if the BSBY Daily Floating Rate determined in accordance with the foregoing provisions of this definition would otherwise be less than zero, the BSBY Daily Floating Rate shall be deemed zero for purposes of this Agreement.

BSBY Daily Floating Rate is a fluctuating rate of interest which can change on each banking day. The rate will be adjusted on each banking day to equal the BSBY Screen Rate for U.S. Dollar deposits two banking days prior to the date of determination for a one month term beginning on that date; provided that if such rate is not published on such determination date then the rate will be the BSBY Screen Rate on the first banking day immediately prior thereto. “BSBY Screen Rate” means the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) administered by Bloomberg Index Services Limited and published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Bank from time to time). If at any time the BSBY Daily Floating Rate is less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

BSBY Daily Floating Rate means, for any day, a fluctuating rate of interest per annum equal to the BSBY Screen Rate two Business Days prior to such day for a term of one