Floating Eurodollar Rate definition
Floating Eurodollar Rate on any date of determination with ------------------------ respect to any Floating Eurodollar Rate Advance, the interest rate per annum (rounded upward, if necessary, to the next one-sixteenth of one percent) at which United States dollar deposits are offered to the Agent in the interbank Eurodollar market for delivery in Immediately Available Funds in the interbank Eurodollar market on such date and in an amount approximately equal to such Floating Eurodollar Rate Advance as determined by the Agent and for a maturity of one month; provided, that in lieu of determining the rate in the foregoing manner, the Agent may substitute the per annum Eurodollar rate (LIBOR) for United States dollars which appears on the Telerate page 3750 as of 11:00 AM, London time (or such other time as of which such rate appears), on the first day of such one month period.
Floating Eurodollar Rate means at any time a floating rate per annum of interest equal to the Eurodollar Rate which at such time would be quoted to apply to a Fixed Eurodollar Rate Advance having an Interest Period of one month if such Fixed Eurodollar Rate Advance were made two Business Days following such time. Any change in Floating Eurodollar Rate resulting from a change in such Eurodollar Rate shall become effective as of 12:01 A.M. on the Business Day on which each such change occurs. No Advances other than Swing Line Advances shall bear interest at the Floating Eurodollar Rate.
Floating Eurodollar Rate means, as of each Business Day, the Eurodollar Rate for a one month Interest Period commencing on such Business Day, as determined for each Business Day on which a Swing Line Loan is outstanding that bears interest at the Floating Eurodollar Rate.
Examples of Floating Eurodollar Rate in a sentence
Swing Line Loans shall be Daily Floating Eurodollar Rate Loans, and may be repaid and reborrowed in accordance with the provisions hereof.
The Borrower will have the option to choose whether the Swing Line Loan is a (1) Base Rate Loan, or a (2) Daily Floating Eurodollar Rate Loan.
Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, (ii) the requested borrowing or conversion date, which shall be a Business Day, and (iii) whether the loan is a Base Rate Loan or a Daily Floating Eurodollar Rate Loan.
Computation of interest on Base Rate Loans (other than Base Rate Loans determined by reference to the Daily Floating Eurodollar Rate) shall be calculated on the basis of a year of 365 or 366 days, as the case may be, and the actual number of days elapsed.
Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing or conversion date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, (ii) the requested borrowing or conversion date, which shall be a Business Day, and (iii) whether the Loan is a Base Rate Loan or a Daily Floating Eurodollar Rate Loan.
More Definitions of Floating Eurodollar Rate
Floating Eurodollar Rate means, for any Swing Line Loan, the sum of: (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for 30-day deposits in Dollars at approximately 11:00 a.m. (London time) on the date such rate shall apply; 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 (rounded upwards, if necessary, to the nearest 1/100 of 1%); plus (b) the Applicable Margin then in effect for Eurodollar Rate Loans.
Floating Eurodollar Rate means, for any day, the "Wall Street Journal LIBOR Rate." The Wall Street Journal LIBOR Rate is a daily fluctuating rate of interest equal to the one month London Interbank Offered Rate as published in the "Money Rates" section of the Wall Street Journal for the immediately preceding Business Day as adjusted from time to time in Agent's sole discretion for then applicable reserve requirements, deposit insurance assessment rates and other regulatory costs. Interest will accrue on any non-Business Day at the rate in effect on the immediately preceding Business Day.
Floating Eurodollar Rate is added in Section 1.1 of the Credit Agreement to read as follows:
Floating Eurodollar Rate means, for any Business Day, the rate of interest per annum that is equal to the arithmetic mean of the rates appearing on the Bloomberg British Bankers Association LIBOR page as of 11:00 a.m., London time, on that day (or if such day is not a Business Day, the immediately preceding Business Day) for the offering by such institutions as are named therein to prime banks in the LIBOR interbank market in London, England for delivery on that day of U.S. dollar deposits of One Million Dollars ($1,000,000) for an interest period of one month. The Floating Eurodollar Rate will be determined, and may be adjusted, on each Business Day.
Floating Eurodollar Rate means, on any date of determination, the Eurodollar Rate for a one-month period plus .50% per annum.
Floating Eurodollar Rate means, for any day, the offered rate for deposits in United States Dollars for a period of one month which appears on the Reuters Screen LIBO page on that day, or if not published by Reuters, the one-month rate determined on that day based on such other published service of general application as shall be selected by the Administrative Agent for such purpose with the Borrower's consent.
Floating Eurodollar Rate means, on any date of determination, for any Swing Line Loan, the sum of: (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for 30-day deposits in Dollars at approximately 11:00 a.m. (London time) on the date such rate shall apply; plus (b) the Applicable Margin then in effect for Eurodollar Rate Loans. If for any reason such rate is not available, the term “Floating Eurodollar Rate” shall mean, for any Swing Line Loan, the sum of: (a) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for 30-day deposits in Dollars at approximately 11:00 a.m. (London time) on the date such rate shall apply; 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 (rounded upwards, if necessary, to the nearest 1/100 of 1%); plus (b) the Applicable Margin then in effect for Eurodollar Rate Loans.