BSBY Rate

BSBY Rate. Shall mean, with respect to any amount to which the BSBY Rate Option applies for any BSBY Interest Period, the interest rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank's discretion, to the nearest 1/100th of 1%) (A) the rate per annum equal to BSBY two (2) Business Days prior to the first day of such BSBY Interest Period and having a term comparable to such BSBY Interest Period, provided that if the rate is not published on such... determination date, then the rate per annum for purposes of this clause (A) shall be BSBY on the first Business Day immediately prior thereto, by (B) a number equal to 1.00 minus the BSBY Reserve Percentage. If the BSBY Rate, determined as provided above, would be less than the Floor, then the BSBY Rate shall be deemed to be the Floor. The BSBY Rate shall be adjusted automatically without notice to the Borrower on and as of the effective date of any change in the BSBY Reserve Percentage. View More

BSBY Rate. For any Receivable, a rate per annum equal to BSBY for an applicable tenor, on the day (such day, the "BSBY Rate Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day for which such rate is accruing for a period matching the period over which such rate will accrue, as such rate is published by the BSBY Administrator; provided, however, that (i) if as of 5:00 p.m. (New York City time) on any BSBY Rate Determination Day any BSBY Rate for the... applicable tenor has not been published by the BSBY Administrator, then the BSBY Rate will be BSBY for such tenor as published by the BSBY Administrator on the first preceding U.S. Government Securities Business Day for which BSBY for such tenor was published by the BSBY Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such BSBY Rate Determination Day and (ii) if the BSBY Rate determined as provided above would be less than the zero, then the BSBY Rate shall be deemed to be zero. In addition, if the applicable tenor does not correspond to any available published tenor, then the BSBY Rate shall be an Interpolated Rate View More