Most FRAs are based on LIBOR. What does this conclude about the contracts?

A. The rate that is agreed on MUST be more than the forward LIBOR rate at the time.

B. The rate that is agreed on is the difference between the forward LIBOR rate at the time and the lender's desired rate.

C. FRAs are not based on LIBOR.

D. The rate that is agreed to when the contract is first entered is the forward LIBOR rate at the time.