EIBOR definition

EIBOR means, in respect of any Relevant Currency and any specified period, the interest rate benchmark known as the Emirates interbank offered rate;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

EIBOR means in respect of a Default Interest Period: (a) the rate, determined by the Party making the interest payment claim to be the average bid rate quoted on the Reuters screen for the UAE Dirham Interbank Offered Rate for Dirhams at 11.00 am (Emirate of Dubai time) on the first Business Day of the relevant period (rounded up to four (4) decimal places) for bank accepted bills of exchange that have a tenor of thirty (30) Days or otherwise equivalent to that period; or (b) if that rate is not published or is otherwise not available, a replacement rate reasonably determined by the Party making the interest payment claim having regard to its cost of funds.

EIBOR means the arithmetic mean (rounded upwards to four decimal places) of the EIBOR screen rate, being the UAE Interbank Dirham Offered Rate for Dirhams displayed on the appropriate page of the Reuters screen, or such other method of calculating EIBOR, as the Wakil shall determine in its reasonable discretion. ‘Investment Date’ means the date on which the Wakala Amount is received by the Wakil, in relation to a Wakala Transaction specified in the Offer, or the date on which a new Wakala Transaction is entered into pursuant to the automatic roll-over provisions in Clause 4.4 below. Date, calculated in accordance with the Offer and the provisions of clause 4.

Examples of EIBOR in a sentence

• If the Agent requests a quotation from the Reference Banks and a Reference Bank does not supply an offered rate by 1.00 p.m. on a Rate Fixing Day, the applicable LIBOR or EIBOR (as the case may be) shall, subject to Clause 14.2 (Market disruption), be determined on the basis of the quotation of the other Reference Banks.

• The two tranches of the facility will bear interest at rates of EIBOR plus margins of 2.20% per annum for the AED tranche and LIBOR plus margins of 2.80% per annum for the U.S. dollar tranche.

• The Parties agree as follows: In addition to the Buyer’s liability under Clause 6.3, If the Buyer fails to pay any amount due and outstanding under this Agreement (the Due Amount) despite a demand from the Bank, the Buyer shall undertake to donate an amount on the amounts outstanding calculated at the rate of two percent (2%) above the prevailing quarterly EIBOR calculated from the due date to the date of actual payment of such amounts (the Donation Amount), to a charity designated by the Bank.

• If paragraph (b) above applies but no Reference Bank Rate is available for Dirhams or the relevant period there shall be no EIBOR for that relevant period and Clause 6.9.4 (Alternative rate) shall apply to the relevant period.

• The Late Payment Amount is an amount equal to the Unpaid Amount multiplied by the sum of (i) EIBOR for the Applicable Period expressed as a percentage per annum; and (ii) and the Margin, with the product then multiplied by the number of days in the Applicable Period and then divided by 365.

More Definitions of EIBOR

EIBOR means the UAE interbank offered rate for three (3) month loans; End of the Term means the date upon which the Term expires due to the effluxion of the Term or is terminated pursuant to clause 10 or in any other way;

EIBOR the Emirates Interbank Offered Rate;

EIBOR means, in relation to a Loan denominated in Sterling:

EIBOR means, in relation to any relevant period:

EIBOR means the Emirates Interbank Offered Rate as published by the UAE Central Bank on the date that the relevant debt first became payable and, if that rate is less than zero, EIBOR shall be deemed to be zero;

EIBOR means the rate per annum equal to the inter-bank offer rate quoted on a spot basis by the banks in the UAE for Dirham for the relevant period two Business Days before the first day of the relevant period as appearing on the page “EBOR” of the Reuters Monitor Money Rate Service designated for the display of an official fixing rate for Dirham. If such page or service ceases to be available, the Investment Agent may specify another page or service displaying the relevant rate after consultation with the Company. Environment means humans, animals, plants and all other living organisms including the ecological systems of which they form part and the following media:

EIBOR means the Emirates Interbank Offered Rate;