ISK Equivalent definition
ISK Equivalent means, in relation to any amount in euro or Sterling and as at any day, the equivalent of such amount in Krónur calculated at the average of the published daily rates of exchange as published by the Central Bank of Iceland (Seðlabanki Íslands) (or, to the extent that no such rates of exchange are published by the Central Bank of Iceland, the published daily rates of exchange derived from a source reasonably agreed between Iceland and The Netherlands or, if Iceland and The Netherlands fail to agree such rate prior to the date for which the relevant ISK Equivalent is to be determined, as determined by arbitration in accordance with Section 9.10) for the period of one month ending on the day immediately preceding that day.
ISK Equivalent means, in relation to a specified amount(s) on any date, such amount(s) converted into ISK at the applicable prevailing exchange rate on such date by the Calculation Agent in its discretion. For the avoidance of doubt, where such amounts comprise several amounts denominated in different currencies, the ISK Equivalent of such amounts shall be the aggregate of the ISK Equivalents of each such amount.
Examples of ISK Equivalent in a sentence
Subject to the terms of this Agreement, the Issuer agrees to make available to the Fund a multi- currency facility in an aggregate ISK Equivalent amount equal to the Total Credit Commitment (the Facility).