Applicable LIBOR Rate

Example Definitions of "Applicable LIBOR Rate"
Applicable LIBOR Rate. Shall mean, with respect to a LIBOR Loan, the rate per annum (rounded upward, if necessary, to the next higher 1/32 of one percent (.03125%)) calculated in accordance with the following formula: Applicable LIBOR Rate = LR + LIBOR Spread 1-LRP where: LR = LRP = LIBOR Rate; and LIBOR Reserve Percentage
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