Check your loan agreement. If it specifies the 1, 3, 6 or 12 month LIBOR as published in ________ you need to make sure you're using that publication to update your rates.
Our notes specify" as published on the last business day of the month in the Wall Street Journal" so I have an online subscription that I use to make the rate changes.
At a former institution, we had notes that did not limit how often the rate would change so we had to update LIBOR every day.
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