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This excerpt taken from the CVS 8-K filed Sep 10, 2008. LIBOR” means, with respect to
any quarterly interest period, the rate (expressed as a percentage per annum)
for deposits in U.S. dollars for a three-month period commencing on the first
day of that interest period that appears on Reuters Screen LIBOR01 as of 11:00
a.m. (London time) on the LIBOR
Determination
Date for that interest period, provided that
LIBOR for the first interest period shall be 2.81688%. If such rate does not appear on
Reuters Screen LIBOR01, three-month LIBOR will be determined on the basis of the
rates at which deposits in U.S. dollars for a three-month period commencing on
the first day of that interest period are offered to prime banks in the London
interbank market by four major banks in the London interbank market selected by
the Calculation Agent (after consultation with the Company), at approximately
11:00 a.m., London time, on the LIBOR Determination Date for that interest
period, in an amount that, in the Calculation Agent’s judgment, is
representative of a single transaction in that market at that time. The
Calculation Agent will request the principal London office of each of such banks
to provide a quotation of its rate. If at least two such quotations are
provided, three-month LIBOR with respect to that interest period will be the
arithmetic mean of such quotations. If fewer than two quotations are provided,
three-month LIBOR with respect to that interest period will be the arithmetic
mean of the rates quoted by three major banks in New York City selected by the
Calculation Agent (after consultation with the Company), at approximately 11:00
a.m., New York City time, on the first day of that interest period for loans in
U.S. dollars to leading European banks for a three-month period commencing on
the first day of that interest period and in an amount that, in the Calculation
Agent’s judgment (after consultation with the Company), is representative of a
single transaction in that market at that time. However, if fewer than three
banks selected by the Calculation Agent to provide quotations are quoting as
described above, three-month LIBOR for that interest period will be the same as
three-month LIBOR as determined for the previous interest period. The
establishment of three-month LIBOR for each floating rate interest period by the
Calculation Agent shall (in the absence of manifest error) be final and
binding.
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