Sterling Rate definition

Sterling Rate means, with respect to each Borrowing of Sterling Denominated Loans, (i) the rate per annum that appears on page Reuters Page LIBOR01 (or any successor page) for Pounds Sterling deposits with maturities comparable to the Interest Period applicable to the Sterling Denominated Loans subject to the respective Borrowing as of 11:00 A.M. (London time) on the date of the proposed commencement of such Interest Period or (ii) if such a rate does not appear on page 3750 of the Dow ▇▇▇▇▇ Telerate Screen (or any successor page), the offered quotation to first-class banks in the London interbank market by the Administrative Agent for Pounds Sterling deposits of amounts in immediately available funds comparable to the principal amount of the Sterling Denominated Loan to be made by the Administrative Agent as part of such Borrowing (or, if the Administrative Agent is not lending any part of such Borrowing, the Lenders with the largest percentage of the respective such Borrowing) with maturities comparable to the Interest Period applicable to such Sterling Denominated Loan as of 11:00 A.M. (London time) on the date of the proposed commencement of such Interest Period; provided that in the event the Administrative Agent has made any determination pursuant to Section 2.11(a)(A) in respect of Sterling Denominated Loans, or in the circumstances described in clause (A) to the proviso to Section 2.11(c) in respect of such Sterling Denominated Loans, the Sterling Rate determined pursuant to this definition shall instead be the rate determined by the Administrative Agent as the all-in-cost of funds for the Administrative Agent to fund a Borrowing of Revolving Loans denominated in Pounds Sterling with maturities comparable to the Interest Period applicable thereto.

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Sterling Rate means, with respect to each Borrowing of Sterling Loans, (i) the applicable screen rate, the same being the British Bankers’ Association Interest Settlement Rate for the relevant currency and Interest Period displayed on the appropriate page of the Reuters screen and if the agreed page is replaced or service ceases to be available, the Facility Agent may specify another page or service displaying the appropriate rate after consultation with the Obligors’ Agent and the Lenders; or (ii) if no screen rate is available for the currency or Interest Period of that Loan, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at its request quoted by the Facility Agent to leading banks in the London interbank market, in each case, as of 11:00 A.M. (London time) on the Interest Determination Date for the offering of deposits in the currency of that Loan and for a period comparable to the Interest Period for that Loan, provided that in the event the Administrative Agent has made any determination pursuant to Section 2.10(a)(i) in respect of Sterling Loans, or in the circumstances described in clause (i) to the proviso to Section 2.10(b) in respect of such Sterling Loans, the Sterling Rate determined pursuant to this definition shall instead be the rate determined by the Administrative Agent as the all-in-cost of funds for the Administrative Agent to fund a Borrowing of Loans denominated in Pounds Sterling with maturities comparable to the Interest Period applicable thereto.

Sterling Rate means, with respect to each Borrowing of Sterling Denominated Loans, (i) the rate per annum that appears on the applicable Bloomberg screen page (or any successor page or such other commercially available source providing such quotations as may be designated by the Administrative Agent) for Pounds Sterling deposits with maturities comparable to the Interest Period applicable to the Sterling Denominated Loans subject to the respective Borrowing as of 11:00 A.M. (London time) on the date of the proposed commencement of such Interest Period or (ii) if such a rate does not appear on page 3750 of the Dow ▇▇▇▇▇ Telerate Screen (or any successor page or such other commercially available source providing such quotations as may be designated by the Administrative Agent), the offered quotation to first-class banks in the London interbank market by the Administrative Agent for Pounds Sterling deposits of amounts in immediately available funds comparable to the principal amount of the Sterling Denominated Loan to be made by the Administrative Agent as part of such Borrowing (or, if the Administrative Agent is not lending any part of such Borrowing, the Lenders with the largest percentage of the respective such Borrowing) with maturities comparable to the Interest Period applicable to such Sterling Denominated Loan as of 11:00 A.M. (London time) on the date of the proposed commencement of such Interest Period; provided that in the event the Administrative Agent has made any determination pursuant to Section 2.11(a)(A) in respect of Sterling Denominated Loans, or in the circumstances described in clause (A) to the proviso to Section 2.11(c) in respect of such Sterling Denominated Loans, the Sterling Rate determined pursuant to this definition shall instead be the rate determined by the Administrative Agent as the all-in-cost of funds for the Administrative Agent to fund a Borrowing of Revolving Loans denominated in Pounds Sterling with maturities comparable to the Interest Period applicable thereto. If the Sterling Rate shall be less than 0.00%, such rate shall be deemed 0.00% for purposes of this Agreement.

Examples of Sterling Rate in a sentence

• The applicable SOFR Rate, Eurocurrency Rate or Pounds Sterling Rate and the Alternate Base Rate shall be determined by the Agent (which determination shall be conclusive absent manifest error) and the Quoted Rate shall be determined by the Swing Line Bank.

• 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.

• Each applicable Borrower agrees to pay interest in respect of the unpaid principal amount of each Overnight Rate Loan from the date the proceeds thereof are made available to such Borrower until the maturity of such Overnight Rate Loan at a rate per annum equal to the Overnight Euro Rate or Overnight Sterling Rate, as applicable.

• Danish Swing Line Loans denominated in Sterling shall be Daily Sterling Rate Loans.

• The Agent shall as soon as practicable notify the Company and the affected Lenders of each determination of an Adjusted LIBO Rate or a Domestic Sterling Rate.

• In addition, such Lender may require that all outstanding LIBOR Loans made by it be (A) if such Loans are not Sterling Loans, converted to Base Rate Loans, and (B) if such Loans are Sterling Loans be converted to Overnight Sterling Rate Loans; provided that if more than one Lender is affected at any time, then all affected Lenders must be treated the same pursuant to this Section 5.13(b).

• For purposes of a Borrowing of Sterling Rate Loans, the Borrowers shall use the Committed Loan Notice attached hereto as Exhibit A.

• Revolving Sterling Loans may be continued as Domestic Sterling Rate Loans in the manner provided in subsection 2.2D.

• All computations of interest for Sterling Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.

• Except as otherwise provided in subsections 2.6B, 2.6C and 2.6G, a Notice of Conversion/Continuation for conversion to, or continuation of, a Eurodollar Rate Loan or Domestic Sterling Rate Loan, as the case may be (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and Company shall be bound to effect a conversion or continuation in accordance therewith.

More Definitions of Sterling Rate

Sterling Rate means, with respect to each Borrowing of Sterling Denominated Loans, the rate per annum equal to the LIBOR or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection with the rate set forth in this definition, 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.

Sterling Rate means, for any day, with respect to any extension of credit under the Credit Agreement denominated in Sterling, the rate per annum equal to ▇▇▇▇▇ determined pursuant to the definition thereof plus the ▇▇▇▇▇ Adjustment; provided, that, if the Sterling Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. Any change in the Sterling Rate shall be effective from and including the date of such change without further notice.

Sterling Rate has the meaning set out in clause 4.9;

Sterling Rate means, with respect to any Sterling Loan for any Interest Period, the rate per annum equal to the rate at which Pound Sterling deposits in immediately available funds are offered to the applicable Eurocurrency Office of Bank of America three Business Days prior to the beginning of such Interest Period by major banks in the interbank eurocurrency market as at or about the relevant local time of such Eurocurrency Office for delivery on the first day of such Interest Period, for the number of days comprised therein and in an amount equal or comparable to the amount of such Sterling Loan from Bank of America for such Interest Period.