Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the London Interbank Offered LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate or the London Interbank Offered LIBO Rate, respectively. If the Base Rate is being used as an alternate rate of interest pursuant to Section 8.01, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above provided that the Base Rate shall not be less than 1% per annum.
(London time), on such day for deposits in dollars with a maturity of one month provided that if such rate shall be less than zero, such rate shall be deemed to be zero.
For purposes of clause (c) above, the London Interbank Offered LIBO Rate on any day shall be based on the rate per annum appearing on the applicable Reuters screen page (currently page LIBOR01) displaying interest rates for deposits in dollars in the London interbank market (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other authorized redistributor that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion shall be based on the LIBO Screen Rate (or, in the event the LIBO Screen Rate is not available for such maturity of one month, the Interpolated Screen Rate) at approximately 11:00 a.m.
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“ Base Rate ” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds NYFRB Rate in effect on such day plus ½ of 1% per annum and (c) the London Interbank Offered LIBO Rate on such day (or if such day is not a Eurodollar Business Day, the immediately preceding Eurodollar Business Day) for a deposit in dollars with a maturity of one month plus 1% per annum.
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