3month LIBOR. Shall mean, for any Dividend Period, with respect to the second London Banking Day immediately preceding the first day of such Dividend Period: (i) the offered rate (expressed as a percentage per annum) for 3-month deposits in United States dollars, beginning on the first day of such period, as that rate appears on Moneyline Telerate Page 3750 as of 11:00 a.m., London time, on the second London Banking Day immediately preceding the first day of such Dividend
... Period; or (ii) if the rate described above does not appear on Moneyline Telerate Page 3750, the 3-month LIBOR will be the rate determined on the basis of the rates at which 3-month deposits in United States dollars commencing on the first day of such Dividend Period are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent, at approximately 11:00 a.m., London time, on the second London Banking Day immediately preceding the first day of such Dividend Period, and in a Representative Amount, provided that if at least two quotations are provided, the 3-month LIBOR will be the arithmetic mean of such quotations; or (iii) if fewer than two offered quotations are provided as requested in clause (ii) above, the 3-month LIBOR will be the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on the second London Banking Day immediately preceding the first day of such Dividend Period, by three major banks in New York City selected by the Calculation Agent, for loans in United States dollars to leading European banks for a period of three months, and in a Representative Amount; or (iv) if fewer than three banks as selected by the Calculation Agent are quoting as described in clause (iii) above, the 3-month LIBOR for the new Dividend Period will be the 3-month LIBOR in effect for the prior Dividend Period.
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