STERLING SPOT RATE definition
STERLING SPOT RATE means, with respect to any foreign exchange computation in respect of the Euro, the rate quoted by the Administrative Agent in accordance with its customary procedures as the spot rate for the purchase by the Administrative Agent of Pounds with the Euro or the purchase by the Administrative Agent of the Euro with Pounds, as the case may be, through its FX Trading Office at 10:30 A.M. (London time) on such date as of which the applicable Sterling Equivalent computation is made for delivery two Offshore Banking Days later.