European Base Rate definition

European Base Rate means, with respect to Euros funded outside of the United States, the LIBO Rate as of 11:00 a.m. (London time) on the first Business Day in each month for a one (1) month period, provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. Any change in such rate shall take effect at the opening of business on the day of such change. If such European Base Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement;

European Base Rate means, with respect to Euros, Pounds Sterling, Swiss Francs and Dollars, funded outside the United States, the Eurocurrency Rate for a one--month period on such date, plus 1.00%, provided that, to the extent a comparable or successor rate is approved by the applicable Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the applicable Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the applicable Administrative Agent. Any change in such rate shall take effect at the opening of business on the day of such change.

European Base Rate means, with respect to Euros, Sterling and Dollars outside of the U.S. and Canada, as applicable, a fluctuating rate of interest per annum equal to the rate of interest in effect for such day as announced from time to time by the European Central Bank and used by the local branch of Bank of America in the jurisdiction in which such currency is funded as its “base rate” with respect to such currency. Any change in such rate shall take effect at the opening of business on the day of such change. In no event shall the European Base Rate be less than one quarter of one percent (0.25%).

Examples of European Base Rate in a sentence

• If a Letter of Credit Issuer resigns as a Letter of Credit Issuer, it shall retain all the rights and obligations of a Letter of Credit Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as a Letter of Credit Issuer and all Obligations with respect thereto (including the right to require the Lenders to make Prime Rate Loans, ABR Loans, European Base Rate Loans or fund risk participations in Letters of Credit).

• If the Swingline Lender resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make ABR Loans, Prime Rate Loans, European Base Rate Loans or fund risk participations in outstanding Swingline Loans.

• If no election is made as to the Type of Revolving Loan, such notice shall be deemed a request for a Borrowing of Prime Rate Loans in Dollars, ABR Loans in U.S. Dollars or European Base Rate Loans in Euros, as applicable, and, if the currency is not specified, such notice shall be deemed a request for a Borrowing in Dollars by CGI Borrower and in U.S. Dollars by Swiss Borrower.

• Type: any type of a Loan (i.e., Base Rate Loan, LIBOR Loan or European Base Rate Loan, etc.) and which shall be either a LIBOR Loan or a Base Rate Loan.

• If the Swingline Xxxxxx resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make ABR Loans, Prime Rate Loans, European Base Rate Loans or fund risk participations in outstanding Swingline Loans.

More Definitions of European Base Rate

European Base Rate means, with respect to Loans denominated in Euros and Dollars that are funded outside the U.S., the rate per annum equal to the sum of (a) (i) LIBOR, with respect to Loans denominated in Dollars, or (ii) EURIBOR, with respect to Loans denominated in Euros, in each case for an interest period of one month’s duration as in effect on the first Business Day of the then current calendar month, and (b) one percent (1.00%), provided that in no event shall the European Base Rate be less than one-quarter percent (0.25%).

European Base Rate means, with respect to Euros funded outside of the United States, the LIBO Rate as of 11:00 a.m. (London time) on the first Business Day in each month for a one (1) month period, provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the

European Base Rate means: (x) with respect to UK Swingline Loans denominated in Dollars, Term SOFR on the first Business Day in each month for a one-month Interest Period, (y) with respect to UK Swingline Loans denominated in Euros, EURIBOR on the first Business Day in each month for a one-month tenor and (z) with respect to UK Swingline Loans denominated in Sterling, SONIA Daily Rate, in each case, plus 1.00%.

European Base Rate means, with respect to Euros funded outside of the United States, EURIBOR as of 11:00 a.m. (London time) on the first Business Day in each month for a one (1) month period, provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. Any change in such rate shall take effect at the opening of business on the day of such change. If such European Base Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement;

European Base Rate means on any day, (x) with respect to Dollars funded under the U.K. Tranche, LIBOR on the first Business Day in each month for a 1 month Interest Period as of 11:00 a.m. London time on such day (or, if such day is not a Business Day, on the preceding Business Day) and (y) with respect to Euros funded under the U.K. Tranche, EURIBOR on the first Business Day in each month for a 1 month Interest Period as of 11:00 a.m. London time on such day (or, if such day is not a Business Day, on the preceding Business Day); and in each case, if the European Base Rate shall be less than 0.00% per annum, such rate shall be deemed 0.00% per annum for purposes of this Agreement.

European Base Rate means on any day, with respect to Euros, Sterling and Dollars funded under the U.K. Tranche, LIBOR on the first Business Day in each month for a 1 month Interest Period as of 11:00 a.m. London time on such day (or, if such day is not a Business Day, on the preceding Business Day); and if the European Base Rate shall be less than 0.00% per annum, such rate shall be deemed 0.00% per annum for purposes of this Agreement.

European Base Rate means: (x) with respect to UK Swingline Loans denominated in Dollars, Term SOFR on the first Business Day in each month for a one-month Interest Period, (y) with respect to UK Swingline Loans denominated in Euros, EURIBOR on the first Business Day in each month for a one-month tenor and (z) with respect to UK Swingline Loans denominated in Xxxxxxxx, XXXXX Daily Rate, in each case, plus 1.00%.