London Interbank Rate means the average rate at which U.S. Dollar deposits with a term equal to the applicable LIBOR Interest Period and in an amount equal to the LIBOR Rate Portion are offered to the Bank on the London Interbank Market.
London Interbank Rate means the per annum rate of interest (rounded upward to the nearest 1/8 of 1%) at which United States dollar deposits in immediately available and freely transferable funds, would be offered to Payee on the applicable Interest Rate Conversion Date as of 10:00 a.m. New York City time (or at such time on the next LIBOR Business Day closest to the Interest Rate Conversion Date), which deposits are in immediately available funds, for a period comparable to the applicable LIBOR Period and in an amount comparable to the specified Designated LIBOR Rate Amount.
London Interbank Rate means, for a LIBOR Rate borrowing and for the relevant Interest Period, the annual interest rate (rounded upward, if necessary, to the nearest 1/16th of one percent) equal to the quotient obtained by dividing (a) the rate that deposits in United States dollars are offered to Agent in the London interbank market at approximately 11:00 a.m. London, England time two (2) Business Days before the first day of that Interest Period as shown on the display designated as “British Bankers Assoc. Interest Settlement Rates” on the Telerate System (“Telerate”), page 3750 or Page 3740, or such other page or pages as may replace such pages on Telerate for the purpose of displaying such rate (provided that if such rate is not available on Telerate then such offered rate shall be otherwise independently determined by Agent from an alternate, substantially similar independent service available to Agent or shall be calculated by Agent by a substantially similar methodology as that theretofore used to determine such offered rate in Telerate) in an amount comparable to that LIBOR Rate borrowing and having a maturity approximately equal to that Interest Period by (b) one minus the LIBOR Reserve Percentage (expressed as a decimal) applicable to the relevant Interest Period.
Examples of London Interbank Rate in a sentence
The London Interbank Rate for U.S. dollar deposits determined as provided in Section 2.20.
The Borrower hereby promises to pay to the Bank interest on the unpaid principal amount of each Loan for the period from and including the date of such Loan to but excluding the date such Loan shall be paid in full, for each Interest Period relating thereto, at the London Interbank Rate for such Loan for such Interest Period plus the Applicable Margin.
The rates used in this study are the 3-Month London Interbank Rate (LIBOR), the 3- Month Treasury Bill Rate (T-Bill), and the 3-Month Non-Financial Commercial Paper Rate.
Section 3.03 provides a mechanism for determining an alternative rate of interest as the London Interbank Rate ceases to exist.
As of March 31, 2002, the Company had approximately $90 million of London Interbank Rate (LIBOR) based debt outstanding under its Bank Line of Credit, $6 million of outstanding borrowings under its Canadian revolving line of credit and $18 million of proceeds from its accounts receivable securitization facility, which also requires LIBOR based interest payments.
More Definitions of London Interbank Rate
London Interbank Rate means, for the applicable Interest Period, the rate of interest per annum (rounded upward, if necessary, to the next higher 1/16 of 1%) determined by Lender, in accordance with its customary general practice from time to time, to be the rate at which deposits in immediately available funds in Dollars are or would be offered or quoted by Lender to major banks in the London interbank market, as of approximately 11:00 a.m. London time, or as soon thereafter as practicable, on the second Business Day immediately preceding the first day of such Interest Period, for a term comparable to such Interest Period and in the amount of Five Million Dollars ($5,000,000.00). If no such offers or quotes are generally available for such amount, then Lender shall be entitled to determine the London Interbank Rate by estimating in its reasonable judgement the per annum rate (as described above) that would be applicable if such quotes or offers were generally available.
London Interbank Rate means, for any (a) Eurodollar Advance for any Interest Period therefor, 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 deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period and (b) Short Term Advance for any Interest Period therefor, 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 deposits in Dollars at approximately 11:00 a.m. (London time) on the first day of such Interest Period for a term of one month, notwithstanding the actual Interest Period of such Short Term Advance. If for any reason such rate is not available, the term "London Interbank Rate" shall mean, for any Eurodollar Advance or Short Term Advance for any Interest Period therefor, 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 deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period (or on the first day of such Interest Period with respect to Short Term Advances) for a term comparable to such Interest Period (or for one month with respect to Short Term Advances); 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.
London Interbank Rate means the interest rate per annum at which deposits in US Dollars are offered in London, England to prime banks in the London Interbank market as displayed on Telerate Screen page 3750 as of 11:00 a.m. (London time) two (2) Business Days before the first day of such LIBOR Interest Period for either the One-Month London Interbank Offered Rate ("Fixed One-Month LIBOR"), Two-Month London Interbank Offered Rate ("Fixed Two-Month LIBOR"), Three-Month London Interbank Offered Rate ("Fixed Three-Month LIBOR), Six-Month London Interbank Offered Rate ("Fixed Six-Month LIBOR") or Twelve-Month London Interbank Offered Rate ("Fixed Twelve-Month LIBOR") (collectively, and each individually as applicable, the "LIBOR Rate Interest Option"). Telerate Screen page 3750 means the display designated as page 3750 on the Dow Jones Telerate Service, If such rate does not appear on Telerate Scrxxx xage 3750 on any relevant date for the determination of LIBOR, then the London Interbank Rate shall mean the Base Rate.
London Interbank Rate means, for each applicable LIBOR Interest Period, the rate of interest per annum quoted by the Agent as the average of the rates per annum offered to the Agent by one or more prime banks in the London, England interbank market of deposits in U.S. Dollars for delivery on the first day of the applicable Interest Period, maturing on the last day of the Interest Period and in an amount equal (or as nearly as equal as practicable) to the related LIBOR Rate Borrowing. The average of the rates quoted to the Agent will be rounded to the next higher multiple of 1/16% to determine the London Interbank Rate. The Agent will select the prime banks for determining the London Interbank Rate in its sole discretion, and the Agent will request rate quotations in accordance with the then existing practice in the London, England interbank market. The Agent will determine the London Interbank Rate at or before 10:00 a.m., two (2) LIBOR Business Days prior to the first day of the applicable LIBOR Interest Period, and each determination by the Agent of the London Interbank Rate will be conclusive and binding, absent manifest error, and may be computed using any reasonable averaging and attribution method. Majority Banks shall mean two (2) or more Banks having 66-2/3% or greater of the Aggregate Commitment.
London Interbank Rate means, with respect to any Interest Period (defined below), (a) the London Interbank Offered Rate for U.S. dollar deposits for a period comparable to such Interest Period appearing on the Bloomberg screen page BBAM (or such other page as may replace such page on such service, or on another service designated by the British Bankers' Association, for the purpose of displaying the rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market) as of 11:00 a.m., London time, on the date that is two London Business Days prior to the first day of such Interest Period, (b) if such method for determining the London Interbank Offered Rate shall not be available, the parties shall agree on a substitute method for such determination on such day, or (c) if such agreement is not reached on such day, a rate, for such Interest Period reasonably determined by the Lender as the rate then being paid by first-class banking organizations in the London interbank market for deposits of an amount equal to the principal amount of the relevant Loan and with a maturity comparable to such Interest Period.
London Interbank Rate means, with respect to each LIBOR Interest Period, as defined below, the interest rate per annum (rounded upward to the nearest whole multiple of 1/32 of 1%) recorded in The Wall Street Journal on the date which is two (2) Business days before the first day of such LIBOR Interest Period, for U.S. Dollar deposits in the London interbank market for a length of time approximately equal to the LIBOR Interest Period and in amounts comparable to the outstanding balance of the Note. In the event The Wall Street Journal shall cease to be published or record LIBOR rates, then a comparable financial publication selected by Lender in its sole discretion shall instead be used for such information. In the event such rate is unavailable, the London Interbank Rate shall mean, with respect to each LIBOR Interest Period, the rate per annum determined by Lender in its sole discretion to be the arithmetic average (rounded upward to the nearest whole multiple of 1/32 of 1%) of the respective rates communicated to it by prime banks in the London interbank market at approximately 11:00 a.m. London time on the date two (2) Business Days prior to the first day of such LIBOR Interest Period on the offering by such prime banks in the London interbank market of deposits of U.S. Dollars for a period of time approximately equal to such LIBOR Interest Period and in amounts comparable to the outstanding balance of the Note. (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each "LIBOR Interest Period".
London Interbank Rate means, with respect to any Interest Period, --------------------- the rate of interest per annum published in The Wall Street Journal on the business day prior to the effective date of the applicable Eurodollar Rate as the "London Interbank Offered Rate (LIBOR)" for the applicable Interest -------------------------------------