IBO Rate definition
IBO Rate means for any Interest Period with respect to an IBOR Bid Loan or Offshore Rate Committed Loan, the rate of interest per annum determined by the Agent as the rate of interest at which dollar deposits in the approximate amount of, in the case of IBOR Bid Loans, the IBOR Bid Loans to be borrowed in such Bid Loan Borrowing, and, in the case of Offshore Rate Committed Loans, the Offshore Rate Committed Loan to be made by BofA, and having a maturity comparable to such Interest Period, would be offered by BofA's Grand Cayman Branch, Grand Cayman B.W.I., to major banks in the offshore dollar interbank market upon request of such banks at approximately 11:00 a.m. (New York City time) two Business Days prior to the commencement of such Interest Period. The Offshore Rate shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.
IBO Rate has the meaning specified in the definition of "Offshore Rate".
IBO Rate means, with respect to each date during each Interest Period pertaining to a Eurodollar Borrowing (other than an Interest Period of 14 days), the rate appearing on page 3750 of the Dow Jonex Xxxkets (or on any successor or substitute page, or any page of any successor to or substitute for Dow Jonex Xxxkets, providing rate quotations comparable to those currently provided on such page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for deposits in Dollars approximately equal in principal amount to such Eurodollar Borrowing and with a maturity equal to such Interest Period. In the event that such rate is not available at such time for any reason, and in the case of an Interest Period of 14 days, then the "IBO Rate" with respect to such Eurodollar Borrowing for such Interest Period shall be the rate (rounded to the nearest 1/16 of 1% or, if there is no nearest 1/16 of 1%, the next higher 1/16 of 1%) at which deposits in Dollars approximately equal in principal amount to such Eurodollar Borrowing and with a maturity equal to such Interest Period are offered in immediately available funds to the Administrative Agent by leading banks in the London interbank market at approximately 11:00 a.m., London time (or as soon thereafter as possible), two Business Days prior to the commencement of such Interest Period.
Examples of IBO Rate in a sentence
The applicable Alternate Base Rate or Canadian Prime Rate for each day, or Adjusted IBO Rate for each Interest Period or Discount Rate for each Contract Period, shall be determined by the U.S. Administrative Agent or the Canadian Administrative Agent (in the case of Canadian Dollar Borrowings), and such determination shall be conclusive absent manifest error.
The applicable IBO Rate or Alternate Base Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent (which determination, made in good faith, shall create a rebuttable presumption that the same is accurate).
Subject to subsection 2.14(c), each Bid Loan shall bear interest on the outstanding principal amount thereof from the relevant Borrowing Date at a rate per annum equal to the IBO Rate plus (or minus, as the case may be) the IBOR Bid Margin, or at the Absolute Rate, as the case may be.
If the Agent determines that for any reason adequate and reasonable means do not exist for ascertaining the IBO Rate for any requested Interest Period with respect to a proposed Offshore Rate Loan or that the IBO Rate applicable pursuant to subsection 2.14(a) for any requested Interest Period with respect to a proposed Offshore Rate Loan does not adequately and fairly reflect the cost to the Banks of funding such Loan, the Agent will forthwith give notice of such determination to the Company and each Bank.
Upon receipt of such Continuation/Conversion Notice, Lender shall promptly set the applicable interest rate (which in the case of a IBOR Loan shall be the IBO Rate plus the Applicable Margin as of the second Banking Business Day prior to the first day of the applicable Interest Period) and the applicable Interest Period if the Conversion is to a IBOR Loan and shall confirm the same in writing to Borrowers.
More Definitions of IBO Rate
IBO Rate means, relative to any IBOR Loan Interest Period for any IBOR Loan, the per annum rate (reserve adjusted) as published on the applicable Banking Business Day in "Telerate System Reports" by the British Bankers Association for interest settlement rates relating to London Interbank Offerings as of 11:00 a.m., London, England time, two (2) Banking Business Days prior to the beginning of the applicable IBOR Loan Interest Period for delivery on the first day of such IBOR Loan Interest Period, for the number of months comprised therein and in a minimum amount and multiples as set forth in this Credit Agreement to which rate shall be added the Applicable Margin.
IBO Rate means an interest rate per annum equal to (i) with respect to any IBOR Loan in Sterling, Euros or Dollars for any applicable Interest Period, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate for Sterling, Euros or Dollars), (ii) with respect to any IBOR Loan in Danish Krone for any applicable Interest Period, Copenhagen interbank offered rate administered by the Danish Bankers’ Association (or any other Person that takes over the administration of that rate for Danish Krone), (iii) with respect to any IBOR Loan in Norwegian Krone for any applicable Interest Period, Norwegian interbank offered rate administered by the Finance Norway (or any other Person that takes over the administration of that rate for Norwegian Krone), (iv) with respect to any IBOR Loan in Swedish Krona for any applicable Interest Period, Stockholm interbank offered rate administered by the Swedish Bankers’ Association (or any other Person that takes over the administration of that rate for Swedish Krone) and, (v) with respect to any IBOR Loan in Swiss Francs for any applicable Interest Period, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration of such rate for Swiss Francs), in each case for a period equal in length to such Interest Period as displayed on the relevant Reuters screen or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time (the “Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days (or the same Business Day for Sterling) prior to the commencement of such Interest Period; provided that, if the Screen Rate for an Approved Currency shall not be available at such time for a period equal in length to such Interest Period (an “Impacted Interest Period”), then the IBO Rate for that Approved Currency shall be the Interpolated Rate at such time, subject to Section 2.10 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error) provided that, if any IBO Rate or Interpolated Rate shall be...
IBO Rate means, with respect to any Eurodollar Borrowing for any -------- Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) equal to the interest rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered in immediately available funds to the U.S. Administrative Agent at the Eurodollar lending offices where its foreign currency and exchange operations and Eurodollar funding operations are customarily conducted in the international interbank market at approximately 10:00 a.m., New York City time, two Business Days prior to the commencement of such Interest Period. In the event that such rate is not available at such time for any reason, then the "IBO Rate" with respect to such Eurodollar Borrowing -------- for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the Eurodollar lending offices where the U.S. Administrative Agent's foreign currency and exchange operations and Eurodollar funding operations are customarily conducted in the international interbank market at approximately 11:00 a.m., New York City time, two Business Days prior to the commencement of such Interest Period.
IBO Rate means, relative to the Interest Period for each Eurodollar -------- Rate Loan comprising all or any part of the same Borrowing, the rate of interest determined by the Administrative Agent to be (rounded upwards, if necessary, to the nearest 1/100 of 1%) the rate per annum at which deposits in Dollars in immediately available funds are offered to the Administrative Agent's Eurodollar Office in the interbank Eurodollar market as at or about 11:00 a.m., Chicago time, two (2) Business Days prior to the beginning of such Interest Period, for delivery on the first day of such Interest Period, in an amount approximately equal or comparable to the amount of Bank of America's Eurodollar Rate Loan comprising part of such Borrowing and for a period equal to such Interest Period.
IBO Rate means, relative to the Interest Period for each Eurodollar Rate Loan comprising all or any part of the same Borrowing, the rate of interest determined by the Administrative Agent to be (rounded upwards, if necessary, to the nearest 1/100 of 1%) the rate per annum at which deposits in Dollars in immediately available funds are offered to the Administrative Agent’s Eurodollar Office in the interbank Eurodollar market as at or about 11:00 a.m., Chicago time, two (2) Business Days prior to the beginning of such Interest Period, for delivery on the first day of such Interest Period, in an amount approximately equal or comparable to the amount of Bank of America’s Eurodollar Rate Loan comprising part of such Borrowing and for a period equal to such Interest Period.
IBO Rate means, with respect to each LIBO Rate Loan for any Interest Period, the rate of interest per annum determined by the Administrative Agent to be the rate at which Dollar deposits in immediately available funds are offered by the Administrative Agent's Grand Cayman Branch, Grand Cayman B.W.I. (or such other office as may be designated for such purpose by the Administrative Agent, whether or not outside the United States), to major banks in the offshore Dollar interbank market at their request at approximately 11:00 a.m. (New York City time) two Business Days before the first day of the Interest Period.
IBO Rate means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) equal to the interest rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered in immediately available funds to the U.S. Administrative Agent at the Eurodollar lending offices where its foreign currency and exchange operations and Eurodollar funding operations are customarily conducted in the international interbank market at approximately 12:00 noon, New York City time, two Business Days prior to the commencement of such Interest Period. In the event that such rate is not available at such time for any reason, then the “IBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the Eurodollar lending offices where the U.S. Administrative Agent’s foreign currency and exchange operations and Eurodollar funding operations are customarily conducted in the international interbank market at approximately 11:00 a.m., New York City time, two Business Days prior to the commencement of such Interest Period.