NOK LIBOR definition
NOK LIBOR means with respect to each Borrowing of NOK Denominated Loans, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (Oslo time) on the day that is two Business Days prior to the commencement of such Interest Period by reference to the offered quotation in NOK appearing on the Reuters Screen NIBP/NIBR page for deposits in NOK (or such other comparable page as may, in the reasonable opinion of the Administrative Agent, replace such page for the purpose of displaying such rates) for a period equal to the Interest Period and for an amount approximately equal to the proposed Borrowing of NOK Denominated Loans; provided that to the extent an interest period is not ascertainable pursuant to the foregoing provisions of this definition, “NOK LIBOR” shall be the interest rate per annum determined by the Administrative Agent to the average of the rates per annum at which deposits in NOK are offered for such relevant Interest Period to major banks in the London Interbank Market by the Administrative Agent at approximately 11:00 a.m. (Oslo time) on the date that is the Business Day of the beginning of such Interest Period.
Examples of NOK LIBOR in a sentence
As from the Utilisation Date of a Drawing, such Drawing shall carry interest at (i) NIBOR in respect of amounts in NOK, LIBOR in respect of amounts in GBP and USD and EURIBOR in respect of amounts in EUR plus (ii) the Margin for each Interest Period, and the Borrower shall pay such interest on each Interest Payment Date, and in relation to any amount prepaid, on the date of such prepayment as set out in clause 11.