LIBOR Advantage Rate means, relative to any LA Interest Period, the offered rate for delivery in two London Banking Days of deposits of U.S. Dollars for a term coextensive with the designated LA Interest Period which the British Bankers’ Association fixes as its LIBOR rate as of 11:00 a.m. London time on the day on which such LA Interest Period commences. If the first day of any Interest Period is not a day which is both a (i) Business Day, and (ii) a London Banking Day, the LIBOR Advantage Rate shall be determined by reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the LIBOR Advantage Rate is unavailable and/or Bank is unable to determine the LIBOR Advantage Rate for any LA Interest Period, Bank may, at its discretion, either: (a) select a replacement index based on the arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York for deposits with comparable maturities or (b) accrue interest at a rate per annum equal to Bank’s Prime Rate as of the first day of any Interest Period for which the LIBOR Advantage Rate is unavailable or cannot be determined.
LIBOR Advantage Rate means, relative to any LA Interest Period, the offered rate for deposits of U.S. Dollars for a term coextensive with the designated LA Interest Period, reset daily, which the ICE Benchmark Administration (or any successor administrator of LIBOR rates) fixes as its LIBOR rate as of 11:00 a.m. London time for delivery in two London Banking Days. If such day is not a London Banking Day, the LIBOR Advantage Rate shall be determined on the next preceding day which is a London Banking Day. If for any reason the Bank cannot determine such offered rate fixed by the then current administrator of LIBOR rates, the Bank may, in its sole but reasonable discretion, use an alternative method to select a rate calculated by the Bank to reflect its cost of funds. “London Banking Day” means any day on which dealings in US dollar deposits are transacted in the London interbank market.
LIBOR Advantage Rate means, relative to any LA Interest Period for a LIBOR Advantage Loan, the offered rate for delivery in two London Banking Days of deposits of Dollars for a term coextensive with the designated LA Interest Period which the ICE Benchmark Administration (or any successor administrator of LIBOR rates) fixes as its LIBOR rate as of 11:00 a.m. London time on the day on which such LA Interest Period commences. If the first day of any LA Interest Period is not a day which is both a (i) Business Day, and (ii) a London Banking Day, the LIBOR Advantage Rate shall be determined by reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the LIBOR Advantage Rate is unavailable and/or the Bank is unable to determine the LIBOR Advantage Rate for any LA Interest Period, the Agent may, at its discretion, either: (a) select a replacement index based on the arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York with comparable maturities or (b) accrue interest at a rate equal to the Agent’s Prime Rate as of the first day of any LA Interest Period for which the LIBOR Advantage Rate is unavailable or cannot be determined. If any LIBOR Advantage Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Examples of LIBOR Advantage Rate in a sentence
Interest on LIBOR Advantage Rate Loans shall be due and payable on each LA Interest Payment Date and on the Expiration Date or upon acceleration of the Notes.
The Borrower shall give the Bank, no later than 10:00 a.m., New York City time, at least four (4) Business Days notice of any proposed prepayment of any LIBOR Rate Loans and LIBOR Advantage Rate Loans, specifying the proposed date of payment of such LIBOR Rate Loans and LIBOR Advantage Rate Loans, and the principal amount to be paid.
If at any time the Lender makes a determination under subsection 2.10(a) and the Borrower has previously notified the Lender of its selection or renewal of a LIBOR Rate or LIBOR Advantage Rate and such interest rate has not yet gone into effect, such notification shall be deemed to provide for selection or renewal of a Base Rate Loan to the extent permitted hereunder.
The Local Authority would need to ensure that the grant funds are spent in line with these specific conditions to ensure that the funding is not clawed back, and future years funding reduced or suspended.
The LIBOR Rate, the LIBOR Advantage Rate and the Base Rate shall be determined by the Lender in accordance with the terms of this Agreement, and such determination shall be conclusive and binding on the Borrower absent manifest error.
More Definitions of LIBOR Advantage Rate
LIBOR Advantage Rate means, relative to any Libor Advantage Loan Interest Period, the offered rate for delivery in two (2) London Banking Days (as defined below) of deposits of U.S. Dollars which the British Bankers' Association fixes as its LIBOR rate and which appears on the Telerate page 3750 as of 11:00 a.m. London time on the day on which the Libor Advantage Loan Interest Period commences, and for a period approximately equal to such Libor Advantage Loan Interest Period. If the first (1st) day of any Libor Advantage Loan Interest Period is not a day which is both a (i) Business Day, and (ii) a day on which U.S. Dollar deposits are transacted in the London interbank market (a "London Banking Day"), the Libor Advantage Rate shall be determined in reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the Libor Advantage Rate is unavailable and/or the Swing Line Lender is unable to determine the Libor Advantage Rate for any Libor Advantage Loan Interest Period, the Libor Advantage Rate shall be deemed to be equal to the Prime Rate.
LIBOR Advantage Rate. “LIBOR Loan”; “LIBOR Rate”; “Quotation Day”; “SOFR Administrator’s Website”; “USD LIBOR”.
LIBOR Advantage Rate means relative to any Interest Period, the offered rate for delivery in two London Banking Days of deposits of U.S. Dollars which the British Bankers' Association fixes as its LIBOR rate and which appears on the Telerate Page 3750 as of 11:00 a.m. London time on the day on which the Interest Period commences, and for a period approximately equal to such Interest Period. If the first day of any Interest Period is not a day which is both a (i) Business Day, and (ii) a London Banking Day, the LIBOR Advantage Rate shall be determined in reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the LIBOR Advantage Rate is unavailable and/or the Bank is unable to determine the LIBOR Advantage Rate for any Interest Period, the LIBOR Advantage Rate shall be deemed to be equal to the Bank's Prime Rate.
LIBOR Advantage Rate means, relative to any Libor Advantage Loan Interest Period, the offered rate for delivery in two (2) London Banking Days (as defined below) of deposits of U.S. Dollars which the British Bankers’ Association fixes as its LIBOR rate and which appears on the Dow Xxxxx Market Service (formerly known as Telerate) page 3750 as of 11:00 a.m. London time on the day on which the Libor Advantage Loan Interest Period commences, and for a period approximately equal to such Libor Advantage Loan Interest Period. If the first (1st) day of any Libor Advantage Loan Interest Period is not a day which is both a (i) Business Day, and (ii) (a London Banking Day, the Libor Advantage Rate shall be determined in reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the Libor Advantage Rate is unavailable and/or the Swing Line Lender is unable to determine the Libor Advantage Rate for any Libor Advantage Loan Interest Period, the Libor Advantage Rate shall be deemed to be equal to the Base Rate.
LIBOR Advantage Rate means, relative to any LA Interest Period, the offered rate for delivery in two London Banking Days of deposits of U.S. Dollars for a term coextensive with the designated LA Interest Period which the British Bankers’ Association fixes as its LIBOR rate as of 11:00 a.m. London time on the day on which such LA Interest Period commences plus the LA Margin. If the first day of any LA Interest Period is not a day which is both a (i) Business Day, and (ii) a London Banking Day, the LIBOR Advantage Rate shall be determined by reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason the LIBOR Advantage Rate is unavailable and/or the Lender is unable to determine the LIBOR Advantage Rate for any LA Interest Period, the Lender may, at its discretion, either: (a) select a replacement index based on the arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York with comparable maturities or (b) accrue interest at a rate equal to the Lender’s prime rate as of the first day of any LA Interest Period for which the LIBOR Advantage Rate is unavailable or cannot be determined
LIBOR Advantage Rate means, relative to any LA Interest Period, the offered rate for delivery in two London Banking Days of deposits
LIBOR Advantage Rate means, the Benchmark Rate for a one-month interest period.