definiens: means the three - month London Interbank Offered Rate for deposits in U.S. Dollars at approximately 11:00 a.m. ( London, England time ), qu oted by the Lender from the appropriate Bloomberg o r Telerate page selected by the Lender ( or any succes sor thereto or similar source determined by the Len der from time to time ), which shall be that three - month Lond on Interbank Offered Rate for deposits in U.S. Doll ars in effect two Business Days prior to the last Business Day of the relevant Fiscal Quarter, adjusted for a ny reserve requirement and any subsequent costs arising from a change in governmental regulation, such rate to be rounded up to the nearest 1/16 of 1 % and such rate to be re set quarterly as of the first Business Day of each Fiscal Quarter . If the Initial Loan is advanced other than on the first Business Day of a Fiscal Quarter, the initial LIBO Rate shall be that three - month London Interbank Off ered Rate for deposits in U.S. Dollars in effect tw o Business Days prior to the date of the Initial Loan, which r ate shall be in effect until ( and including ) the la st Business Day of the Fiscal Quarter next ending . The Lender ’s int ernal records of applicable interest rates shall be determinative in the absence of manifest error