Definition of Pounds Sterling Equivalent


Pounds Sterling Equivalent means, with respect to an amount of money denominated in a currency other than Pounds Sterling, at any time for the determination thereof, the amount of Pounds Sterling which could be purchased with the amount of such currency involved in such computation at the spot exchange rate therefor as quoted by the Facility Agent as of 11:00 A.M. (London time) on the date two Business Days prior to the date of any determination thereof for purchase on such date.

Examples of Pounds Sterling Equivalent in a sentence

If the Facility Agent so notifies, prior to 12:00 Noon (London time) on any Business Day, any Participant required to fund a payment under a Letter of Credit, such Participant shall make available to the respective Issuing Lender in Pounds Sterling (or, in the case of any unreimbursed payment made in a currency other than Pounds Sterling, the Pounds Sterling Equivalent thereof) such Participant's Percentage of the amount of such payment on such Business Day in immediately available funds.
During the Facility Availability Period, the Obligor shall have the right at any time and from time to time to cancel the undrawn portion of the Facility in whole or in part (if in part, in minimum amounts of not less than PS5,000,000 (or the foreign currency Pounds Sterling Equivalent of U.S. Dollars)) without penalty upon ten Business Days prior written notice to the Agent.
If the Facility Agent so notifies, prior to 12:00 Noon (London time) on any Business Day, any Participant required to fund a payment under a Letter of Credit, such Participant shall make available to the respective Issuing Lender in Pounds Sterling (or, in the case of any unreimbursed payment made in a currency other than Pounds Sterling, the Pounds Sterling Equivalent thereof) such Participants Percentage of the amount of such payment on such Business Day in immediately available funds.