Reserve Adjusted LIBOR Rate definition
Reserve Adjusted LIBOR Rate means, with respect to the Interest Period for each LIBOR Loan, the rate per annum (rounded upwards to the nearest whole multiple of 1/100th of one percent) equal to the following: LIBOR 1.00 - Eurocurrency Reserve Requirements.
Reserve Adjusted LIBOR Rate means, for any AInterest Period@ (as defined in the Note), an interest rate per annum obtained by dividing (i) the rate quoted on the Telerate page 3750 as of 11:00 a.m. London time, on the day that is two London banking days prior to the first day of the Interest Period, in an amount substantially equal to the ALIBOR-Based Rate@ (as defined in the Note) and with a term substantially equal to such Interest Period, by (ii) an amount equal to 1 minus the LIBOR Reserve Requirement for such Interest Period. In the event the rate quoted by Telerate is discontinued or the rate otherwise cannot be identified, the Lender shall determine the LIBOR-Based Rate on the basis of quotes by major banks in the London interbank Eurodollar market for dollar deposits in an amount substantially equal to and for a term substantially equal to the Interest Period selected.
Reserve Adjusted LIBOR Rate means, with respect to any Eurodollar Loan for any Interest Period, an interest rate per annum determined by the Bank to be equal to the quotient of (a) the LIBOR Rate divided by (b) a number equal to 1.00 minus the Eurocurrency Reserve Requirement as determined by the Bank on the date the Reserve Adjusted LIBOR Rate is determined.
Examples of Reserve Adjusted LIBOR Rate in a sentence
The Borrower shall pay interest on the outstanding and unpaid principal amount of each LIBOR Loan made under this Agreement for each Interest Period applicable to such LIBOR Loan at a rate per annum equal to the Reserve Adjusted LIBOR Rate in effect with respect thereto, plus the Margin.
In 2010, WDDC and WPBC entered into a partnership by which services were delivered by a single workforce across two local authority areas.
Interest will accrue on the daily outstanding balance of each Advance at a fluctuating rate per annum equal to the applicable "Reserve Adjusted LIBOR Rate" plus the applicable margin as set forth below for the selected Interest Period (see the attached Exhibit A which will be attached to and incorporated into the Line Note for terms and definitions which will apply to the interest rates based on a Reserve Adjusted LIBOR Rate).
Interest shall accrue on this Note from and ---------------------- after the date of disbursement ("Disbursement Date") at a variable annual rate equal to the one month Reserve Adjusted LIBOR Rate plus One Hundred (100) Basis Points, reset daily, (the "Adjusted LIBOR Rate").
The Borrower shall pay interest on the outstanding and unpaid principal amount of each LIBOR Loan made under this Agreement at a rate per annum equal to the Reserve Adjusted LIBOR Rate in effect with respect thereto, plus the applicable Margin.
More Definitions of Reserve Adjusted LIBOR Rate
Reserve Adjusted LIBOR Rate plus the applicable margin as set forth below for the selected Interest Period (see the attached Exhibit A which will be attached to and incorporated into the Line Note for terms and definitions which will apply to the interest rates based on a Reserve Adjusted LIBOR Rate). Borrower shall have the option to select fixed Interest Periods or a reset daily one-month Interest Period basis for each Advance. The interest rate for any new Advance made on or after the date of determination of Borrower's ratio of Debt to Annualized Cash Flow for each fiscal quarter or for any Advance outstanding on a reset daily basis on such determination date, will be subject to further adjustment, as of the date of such determination each fiscal quarter, as follows: When Borrower's ratio of Debt (as defined in Section 6.02) to Annualized Cash Flow (as defined in Section 1.04) is within one of the ranges set forth below, then the "margin" or "spread" to be added to the applicable Reserve Adjusted LIBOR Rate shall be the rate per annum set forth below opposite such range: Debt/Annualized Cash Flow Ratio Margin --------------- ------ Less than 1.00:1 2.15% 1.00:1 less than or equal to 2.50:1 2.35% Greater than 2.50:1 2.60% Accrued interest on each Advance shall be due and payable (i) at the end of each fixed Interest Period but not less than at the end of each 3 months, (ii) on the first day of each month for interest on a reset daily one-month Interest Period basis, (iii) at maturity of the Line Note and (iv) on demand after such maturity. After the occurrence of an Event of Default or after maturity or any acceleration of maturity of the Line Note, at Bank's option, the interest rate applicable to any Advance or the Line Balance may be increased as provided in the Line Note and Borrower agrees to pay any such increased interest. Interest shall be computed using the actual number of days in the period for which such computation is made and a per diem rate equal to 1/360 of the fluctuating rate per annum.
Reserve Adjusted LIBOR Rate means, with respect to any LIBOR Advance, the rate per annum (rounded upwards to the next higher whole multiple of 1/16% if such rate is not such a multiple) equal to the quotient of (a) the rate per annum (rounded upwards to the next higher whole multiple of 1/16% if such rate is not such a multiple) at which deposits in United States dollars are offered at 11:00 a.m. (London, England time) (or as soon thereafter as is reasonably practicable) by prime banks in the London interbank eurodollar market 2 Business Days prior to the day such Advance is made in an amount and with a maturity comparable to the amount and maturity of such Advance, divided by (b) a number equal to 1.00 minus the aggregate (without duplication) of the rates (expressed as a decimal fraction) of the LIBOR Reserve Requirements current on the date 2 Business Days prior to the day such Advance is made;
Reserve Adjusted LIBOR Rate means with respect to any Interest Period, the average of the respective rates per annum at which deposits in U.S. dollars are offered by a Reference Bank (selected by the Bank) in the London interbank market at approximately 11:00 A.M. (London time) two (2) Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the LIBOR Rate Loan to which such Interest Period is to apply and for a period of time comparable to such Interest Period divided by one minus the LIBOR Reserve Percentage and rounded upward, if necessary, to the next higher 1/16 of 1%.
Reserve Adjusted LIBOR Rate. With respect to each LIBOR Rate Advance, the --------------------------- rate per annum (rounded to the nearest 1/100th) equal to the rate obtained by dividing (a) the LIBOR Rate for the first day of the applicable Interest Period, by (b) a percentage equal to 1.00 minus the Eurocurrency Reserve Rate. The Reserve Adjusted LIBOR Rate as to any LIBOR Rate Advance then outstanding shall be adjusted automatically on and after the date as to which any change in the reserve requirement percentage referred to above is published by the Board of Governors of the Federal Reserve System (or any successor thereto), regardless of whether such change falls within an existing Interest Period.
Reserve Adjusted LIBOR Rate means the LIBOR Rate divided by a percentage equal to 100% minus the reserve percentage, if any, applicable to Lender during such Interest Period under applicable regulations of the Board of Governors of the Federal Reserve System with respect to Eurocurrency Liabilities (as defined in Regulation D, or any successor regulation thereof, of such Board) having a duration equal to such Interest Period. The term "Prime Rate" as used herein shall mean and be defined as the interest rate per annum announced by SunTrust Banks of Florida, Inc., to be its Prime Rate (which interest rate is only a benchmark, is purely discretionary and is not necessarily the best or lowest interest rate charged borrowing customers of any subsidiary bank of SunTrust Banks of Florida, Inc.). Interest shall be calculated on the basis of a three hundred sixty (360) day year and charged for the actual number of days elapsed in an interest period. In no event shall the amount of interest due or payments in the nature of interest payable hereunder exceed the maximum rate of interest allowed by applicable law, as amended from time to time, and in the event any such payment is paid by the Borrower or received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such excess returned to it for its worth.
Reserve Adjusted LIBOR Rate means, with respect to any LIBOR Advance, the rate per annum (rounded upwards to the next higher whole multiple of 1/16% if such rate is not such a multiple) equal to the quotient of (a) the rate per annum (rounded upwards to the next higher whole multiple of 1/16% if such rate is not such a multiple) at which deposits in United States dollars are offered at 11:00 a.m. (London, England time) (or as soon thereafter as is reasonably practicable) by prime banks in the London interbank Eurodollar market two Business Days prior to the day such Advance is made in an amount and with a maturity comparable to the amount and maturity of such Advance, divided by (b) a number equal to 1.00 minus the aggregate (without duplication) of the rates (expressed as a decimal fraction) of the LIBOR Reserve Requirements current on the date two (2) Business Days prior to the day such Advance is made.
Reserve Adjusted LIBOR Rate means, for any Interest Period, an interest ---------------------------- rate per annum obtained by dividing (i) the rate quoted on the Telerate page 3750 as of 11:00 a.m. London time, on the day that is two London banking days prior to the first day of the Interest Period, in an amount substantially equal to the LIBOR Rate Advance and with a term substantially equal to such Interest Period, by (ii) an amount equal to 1 minus the LIBOR Reserve Requirement for such Interest Period, the result of which shall be rounded up to the nearest 1/100 of one percent (.01%). In the event the rate quoted by Telerate is discontinued or the rate otherwise cannot be identified, the Agent shall determine the LIBOR Rate on the basis of quotes by major banks in the London interbank Eurodollar market for dollar deposits in an amount substantially equal to the LIBOR Rate Advance for a term substantially equal to the Interest Period selected.