Definition of Pounds Sterling Rate

  1. Pounds Sterling Rate means, with respect of a Pounds Sterling Loan, the rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%), at which Pounds Sterling approximately equal in principal amount to the requested Borrowing and for a maturity equal to the applicable Interest Period, appear on the applicable page of the Reuters Screen as of 11:00 a.m., London Time, on the first day of such Interest Period; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. In the event that such rate does not appear thereon (or otherwise on such service), the "Pounds Sterling Rate" for purposes of this definition shall be determined by: (i) reference to such other comparable publicly available service for displaying Pounds Sterling rates as may be reasonably selected by the Alternative Currency Agent, or (ii) at the option of the Alternative Currency Agent the rate at which Pounds Sterling approximately equal in principal amount to such Borrowing and for a maturity equal to the applicable Interest Period are offered in immediately available funds to the principal office of the Alternative Currency Agent in London, England; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

Examples of Pounds Sterling Rate in a sentence

  1. The applicable LIBO Rate, Eurocurrency Rate or Pounds Sterling Rate and the Alternate Base Rate shall be determined by the Agent, the Comerica Prime-based Rate shall be determined by the Floor Plan Agent, and the Quoted Rate shall be determined by the Swing Line Bank, and such determinations shall be conclusive absent manifest error.

Definition of Pounds Sterling Rate in Revolving Credit Agreement

Pounds Sterling Rate means, with respect of a Pounds Sterling Loan, the rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%), at which Pounds Sterling approximately equal in principal amount to the requested Borrowing and for a maturity equal to the applicable Interest Period, appear on the applicable page of the Reuters Screen as of 11:00 a.m., London Time, on the first day of such Interest Period; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. In the event that such rate does not appear thereon (or otherwise on such service), the "Pounds Sterling Rate" for purposes of this definition shall be determined by: (i) reference to such other comparable publicly available service for displaying Pounds Sterling rates as may be reasonably selected by the Alternative Currency Agent, or (ii) at the option of the Alternative Currency Agent the rate at which Pounds Sterling approximately equal in principal amount to such Borrowing and for a maturity equal to the applicable Interest Period are offered in immediately available funds to the principal office of the Alternative Currency Agent in London, England; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.