(OR ANY SUCCESSOR PAGE) AS
OF APPROXIMATELY 11:00 A.M., LONDON TIME, ON SUCH DAY, OR IF SUCH DAY IS NOT A
LONDON BUSINESS DAY, THEN THE IMMEDIATELY PRECEDING LONDON BUSINESS DAY (OR IF
NOT SO REPORTED, THEN AS DETERMINED BY AGENT FROM ANOTHER RECOGNIZED SOURCE OR
INTERBANK QUOTATION).
"LIBOR MARKET INDEX RATE BORROWING" MEANS A BORROWING BEARING INTEREST BASED AT
A RATE DETERMINED BY REFERENCE TO THE LIBOR MARKET INDEX RATE.
"LIBOR RATE" MEANS, FOR THE APPLICABLE LIBOR RATE INTEREST PERIOD FOR EACH LIBOR
RATE BORROWING COMPRISING PART OF THE SAME BORROWING (INCLUDING CONVERSIONS,
EXTENSIONS AND RENEWALS), A PER ANNUM INTEREST RATE DETERMINED PURSUANT TO THE
FOLLOWING FORMULA:
LIBOR Rate =
London Interbank Offered Rate
1 - LIBOR Reserve Percentage
"LIBOR RATE BORROWING" MEANS A BORROWING BEARING INTEREST BASED AT A RATE
DETERMINED BY REFERENCE TO THE LIBOR RATE, EACH SUCH BORROWING TO BE IN THE
PRINCIPAL AMOUNT OF AT LEAST $200,000.00 OR ANY LARGER AMOUNT WHICH IS AN EVEN
MULTIPLE OF $100,000.00.
"LIBOR RATE INTEREST PERIOD" MEANS, AS TO EACH LIBOR RATE BORROWING, A PERIOD OF
ONE MONTH, TWO MONTHS OR THREE MONTHS, AS SELECTED PURSUANT TO A NOTICE OF
BORROWING OR A NOTICE OF CONVERSION/CONTINUATION, COMMENCING ON THE DATE OF THE
BORROWING (INCLUDING CONTINUATIONS, CONVERSIONS AND EXTENSIONS THEREOF);
PROVIDED, HOWEVER, (I) IF ANY LIBOR RATE INTEREST PERIOD WOULD END ON A DAY
WHICH IS NOT A BUSINESS DAY, SUCH LIBOR RATE INTEREST PERIOD SHALL BE EXTENDED
TO THE NEXT SUCCEEDING BUSINESS DAY (EXCEPT THAT WHERE THE NEXT SUCCEEDING
BUSINESS DAY FALLS IN THE NEXT SUCCEEDING CALENDAR MONTH, THEN ON THE NEXT
PRECEDING BUSINESS DAY), (II) NO LIBOR RATE INTEREST PERIOD SHALL EXTEND BEYOND
THE MATURITY DATE OF THE APPLICABLE LOAN, AND (III) ANY LIBOR RATE INTEREST
PERIOD WITH RESPECT TO A LIBOR RATE BORROWING THAT BEGINS ON THE LAST BUSINESS
DAY OF A CALENDAR MONTH (OR ON A DAY FOR WHICH THERE IS NO NUMERICALLY
CORRESPONDING DAY IN THE CALENDAR MONTH AT THE END OF SUCH LIBOR RATE INTEREST
PERIOD) SHALL END ON THE LAST BUSINESS DAY OF THE RELEVANT CALENDAR MONTH AT THE
END OF SUCH LIBOR RATE INTEREST PERIOD.
20
"LIBOR RESERVE PERCENTAGE" MEANS FOR ANY DAY, THAT PERCENTAGE (EXPRESSED AS A
DECIMAL) WHICH IS IN EFFECT FROM TIME TO TIME UNDER REGULATION D OF THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM (OR ANY SUCCESSOR), AS SUCH REGULATION
MAY BE AMENDED FROM TIME TO TIME OR ANY SUCCESSOR REGULATION, AS THE MAXIMUM
RESERVE REQUIREMENT (INCLUDING, WITHOUT LIMITATION, ANY BASIC, SUPPLEMENTAL,
EMERGENCY, SPECIAL, OR MARGINAL RESERVES) APPLICABLE WITH RESPECT TO
EUROCURRENCY LIABILITIES AS THAT TERM IS DEFINED IN REGULATION D (OR AGAINST ANY
OTHER CATEGORY OF LIABILITIES THAT INCLUDES DEPOSITS BY REFERENCE TO WHICH THE
INTEREST RATE OF LIBOR RATE BORROWINGS IS DETERMINED), WHETHER OR NOT LENDER
PARTY HAS ANY EUROCURRENCY LIABILITIES SUBJECT TO SUCH RESERVE REQUIREMENT AT
THAT TIME.
LIBOR RATE BORROWINGS SHALL BE DEEMED TO CONSTITUTE EUROCURRENCY
LIABILITIES AND AS SUCH SHALL BE DEEMED SUBJECT TO RESERVE REQUIREMENTS WITHOUT
BENEFITS OF CREDITS