PRIBOR Clause Samples

PRIBOR. The PRIBOR (Prague Interbank Offered Rate) means the reference value of the interest rates in the market of interbank deposits in Czech Crowns, calculated (fixed) by the calculation agent for the Czech National Bank and the Czech Forex Club from quotations of reference banks for sale of de- posits (offer) according to the algorithm set forth in the Rules for reference banks and calculation of reference interest rates quoted by the Czech Na- tional Bank, on the basis of act/360 convention, and which is fixed at 11:00 am CET on the date of determination of the interest rate, displayed with two decimal places, for the period determined at the Reference Rate set forth in the Basic Terms (e.g. 1M (i.e. 1 month), 3M (i.e. 3 months)). How- ever, it also applies that if this Reference Rate if lower than zero, then such Reference Rate will be considered equal to zero.