Sterling Equivalent definition

Sterling Equivalent means at the time of determination thereof (a) with respect to Sterling, the amount in Sterling and (b) with respect to any amount in Dollars, the equivalent of such amount in Sterling determined by Administrative Agent at such time on the basis of the Exchange Rate for the purchase of Sterling with Dollars on the most recent Computation Date provided for in Section 2.8(a).

Sterling Equivalent means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in Sterling as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Sterling with Dollars.

Sterling Equivalent means, at any time for the determination thereof, the amount of Sterling that could be purchased with the amount of US Dollars (or any other foreign currency, as applicable) involved in such computation at the spot exchange rate therefor as quoted by the Administrative Agent as of 11:00 a.m. (local time) on the date two Business Days prior to the date of any determination thereof for purchase on such date.

Examples of Sterling Equivalent in a sentence

• Security becomes enforceable.Yield Shortfall TestFollowing an Issuer Event of Default, the Loans must yield SONIA plus 0.30%.Standard variable rate and other discretionary rates and/or margins will be increased.Amortisation TestFollowing a Notice to Pay, the Amortisation Test Aggregate Loan Amount will be in an amount at least equal to the Sterling Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds.LLP Event of Default will occur.

• Accordingly, for so long as Covered Bonds remain outstanding, the LLP and the Members (other than the Liquidation Member) must ensure that on each Calculation Date, the Adjusted Aggregate Loan Amount will be in an amount equal to or in excess of the Sterling Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on that Calculation Date.

• In order to ensure that any further issue of Covered Bonds under the Programme does not adversely affect existing Covered Bondholders:• the Issuer will be obliged to apply the proceeds of any issue of Covered Bonds (or the Sterling Equivalent thereof) to make a Term Advance to the LLP.

• In order to ensure that any further issue of Covered Bonds under the Programme does not adversely affect existing Covered Bondholders: the Issuer will be obliged to apply the proceeds of any issue of Covered Bonds (or the Sterling Equivalent thereof) to make a Term Advance to the LLP.

• Accordingly, for so long as Covered Bonds remain outstanding, the LLP and the Seller must ensure that on each Calculation Date, the Adjusted Aggregate Loan Amount will be in an amount equal to or in excess of the Sterling Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on that Calculation Date.

More Definitions of Sterling Equivalent

Sterling Equivalent means, with respect to any monetary amount in a currency other than pound sterling, at any time of determination thereof by the Company or the Trustee, the amount of pound sterling obtained by converting such currency other than pound sterling involved in such computation into pound sterling at the spot rate for the purchase of pound sterling with the applicable currency other than pound sterling as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on the date of such determination.

Sterling Equivalent means with respect to any monetary amount in a currency other than sterling, at any time of determination thereof, the amount of sterling obtained by converting such foreign currency involved in such computation into sterling at the average of the spot rates for the purchase and sale of sterling with the applicable foreign currency as quoted on or recorded in any recognized source of foreign exchange rates at least two Business Days (but not more than five Business Days) prior to such determination.

Sterling Equivalent means, with respect to any monetary amount in a currency other than British pounds sterling, at any time of determination thereof, the amount of British pounds sterling obtained by translating the amount of such foreign currency into British pounds sterling at the spot rate for the purchase of British pounds sterling with the applicable foreign currency as published in the Financial Times on the date that is two (2) London Business Days prior to such determination. Except as set forth in Section 4.07 (Limitation on Indebtedness and Preferred Stock), whenever it is necessary to determine (1) compliance with any covenant that contains an amount expressed in British pounds sterling in this Indenture or (2) whether a Default has occurred, and in either case an amount is expressed in a currency other than British pounds sterling, such amount will be treated as the Sterling Equivalent determined as of the date such amount is initially determined in such currency.

Sterling Equivalent means with respect to any monetary amount in a currency other than pounds sterling, at any time of determination thereof, the amount of pounds sterling obtained by converting such foreign currency involved in such computation into pounds sterling at the average of the spot rates for the purchase and sale of pounds sterling with the applicable foreign currency as quoted on or recorded in any recognized source of foreign exchange rates within two Business Days prior to such determination. Whenever it is necessary to determine whether the Issuer has complied with any covenant in this Indenture or whether a Default has occurred and an amount is expressed in a currency other than pounds sterling, such amount shall be treated as the Sterling Equivalent determined as of the date such amount is initially determined in such currency.

Sterling Equivalent means, with respect to any amount denominated in Sterling, such amount of Sterling, and with respect to any amount denominated in a currency other than Sterling, the amount of Sterling, as of any date of determination, into which such other currency (as the context may require) can be converted in accordance with Section 1.18.

Sterling Equivalent means, with respect to any amount in Dollars or any Freely Available Foreign Currency, as applicable, the amount in Sterling that could be purchased with such amount of Dollars or any Freely Available Foreign Currency, as applicable, using the foreign exchange rate(s) specified in the definition of the term "Dollar Equivalent", as determined by the Administrative Agent.

Sterling Equivalent means, at any time, (a) with respect to any amount denominated in Pound Sterling, such amount, and (b) with respect to any amount denominated in any currency other than Pound Sterling, the equivalent amount thereof in Pound Sterling as determined by the Administrative Issuer at such time on the basis of the Spot Rate (determined as of the applicable date of determination) for the purchase of Pound Sterling with such currency.