Definition of Pounds Sterling LIBOR Rate

  1. Pounds Sterling LIBOR Rate means, for any Interest Period with respect to a Eurocurrency Rate Loan denominated in Pounds Sterling, the rate of interest equal to (a) the rate determined by the Agent at which Pounds Sterling deposits for such Interest Period are offered based on information presented on Dow Jones Market System Page 3750 (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to Pounds Sterling deposits in the Eurocurrency Interbank Market) as of 11:00 a.m. (Atlanta, Georgia time) on the second Business Day prior to the first day of such Interest Period, divided by (b) a number equal to 1.00 minus the Eurocurrency Reserve Rate. If the rate described above does not appear on t he Dow Jones Market Service on any applicable interest determination date, the Pounds Sterling LIBOR Rate shall be the rate (rounded upward, if necessary, to the nearest one hundred-thousandth of a percentage point), determined on the basis of the offered rates for deposits in Euros for a period of time comparable to such Eurocurrency Rate Loan which are offered by four (4) major banks in the London interbank market at approximately 11:00 a.m. (Atlanta, Georgia time) on the second Business Day prior to the first day of such Interest Period as selected by the Agent. The principal London office of each of the four (4) major London banks will be requested to provide a quotation of its Pounds Sterling Dollar deposit offered rate. If at least two (2) such quotations are provided, the rate for that date will be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that date will be determined on the basis of the rates quoted for loans in Pounds Sterling to leading European banks for a period of time comparable to such Interest Period offered by major banks in New York City at approximately 11:00 a.m. (New York City time) on the second Business Day prior to the first day of such Interest Period. In the event that the Agent is unable to obtain any such quotation as provided above, it will be considered that the Pounds Sterling LIBOR Rate pursuant to a Eurocurrency Rate Loan denominated in Pounds Sterling Dollars cannot be determined.