Flat

1. A term used to describe an interest rate that is computed without a spread. For example, an interest rate of 3-month LIBOR flat would be 3.5% if 3-month LIBOR were 3.5%.
2. In reference to a fee, a "flat" fee is a fee specified as a definite amount (not based on the passage of time such as a ticking fee). Generally, a flat fee is not refundable though, as a drafting matter, it is customary to state whether or not any portion of a fee is subject to refund.

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