Daily BSBY Rate

Example Definitions of "Daily BSBY Rate"
Daily BSBY Rate. For any day, the 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 Published Rate for such day, by (B) a number equal to 1.00 minus the BSBY Reserve Percentage; provided, however, if the Daily BSBY Rate determined as provided above would be less than the Floor, then such rate shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each Business Day based on... changes in the Daily BSBY Rate without notice to the Borrower. View More
Found in NORTHERN TECHNOLOGIES INTERNATIONAL CORP contract
Daily BSBY Rate. For Shall mean, for any day, the 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 Published Rate for such day, by (B) a number equal to 1.00 minus the BSBY Reserve Percentage; provided, however, if the Daily BSBY Rate determined as provided above would be less than the Floor, zero, then such rate shall be deemed to be the Floor. The rate of interest will be adjusted automatically as of each... Business Day based on changes in the Daily BSBY Rate without notice to the Borrower. zero. View More
Found in Optex Systems Holdings Inc contract
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