Additional Alternative Currencies. (a) Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank. (b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, in such requested currency. (c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrower.
Appears in 15 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Credit Loans that are LIBOR Loans be made and/or Letters of Credit be issued under the Revolving Credit Facility in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LIBOR Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit Lenders; and in the case of any such request with respect to the issuance of Letters of CreditCredit under the, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankeach Letter of Credit Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten (10) Business Days prior to the date of the desired Credit Extension borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLetter of Credit Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Credit Loans that are LIBOR Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Letter of Credit Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Credit Loans that are LIBOR Loans) or the applicable Issuing Bank Letter of Credit Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.12:00 p.m. (New York City time), ten five (5) Business Days (or such other period of time as may be agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans that are LIBOR Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving any applicable Lender or the any applicable Issuing BankLetter of Credit Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence paragraph shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch Letter of Credit Issuer, as the case may be, to permit Revolving Credit Loans that are LIBOR Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving applicable Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Credit Loans that are LIBOR Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency under the applicable facility hereunder for purposes of any Borrowings borrowing of Alternative Currency Revolving Credit Loans of the applicable Tranche. If that are LIBOR Loans; and if the Administrative Agent and the Issuing Bank such Letter of Credit Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent of all applicable Lenders to any request for an additional currency under this Section 1.091.14, the Administrative Agent shall promptly so notify the Borrower.
Appears in 8 contracts
Sources: Credit Agreement (Applovin Corp), Credit Agreement (Applovin Corp), Credit Agreement (Applovin Corp)
Additional Alternative Currencies. (a) Borrower The Borrowers may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche Subfacility under which such additional Alternative Currency is being requested; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche Subfacility under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify such Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranchefor such Subfacility. If the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify such Borrower and (iiii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, currency such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.04, the Administrative Agent shall promptly so notify such Borrower.
Appears in 8 contracts
Sources: Revolving Credit Agreement (McGraw Hill, Inc.), Revolving Credit Agreement (McGraw Hill, Inc.), Revolving Credit Agreement (McGraw Hill, Inc.)
Additional Alternative Currencies. (a) The Revolver Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requestedRevolving Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and Agent, the applicable Issuing BankBank and all of the Revolving Lenders.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., Local Time, 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank Lender, and (in the case of a request pertaining to Letters of Credit) Credit the applicable Issuing Bank), shall notify the Administrative Agent, not later than 11:00 a.m., Local Time, ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Revolver Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall (subject to any amendments to this Agreement as may be required pursuant to Section 9.02(e)) thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Facility Borrowings; and if the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Revolver Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall (subject to any amendments to this Agreement as may be required pursuant to Section 9.02(e)) thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify the Revolver Borrower.
Appears in 4 contracts
Sources: Credit Agreement (Indivior PLC), Credit Agreement (Indivior PLC), Credit Agreement (Indivior PLC)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Eurodollar Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars or those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. .” In the case of any such request with respect to the making of Eurodollar Revolving Loans, such request shall be subject to the approval of the First Lien Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requested; and in Revolving Lenders. In the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the First Lien Administrative Agent and Agent, the applicable Issuing BankBank and all of the Revolving Lenders.
(b) Any such request shall be made to the First Lien Administrative Agent not later than 11:00 a.m.a.m. (New York City time), 20 ten (10) Business Days prior to the date of the desired Revolving Borrowing or issuance of Letters of Credit Extension (or such other time or date as may be agreed to by the First Lien Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable each Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Eurodollar Revolving Loans, the First Lien Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in . In the case of any such request pertaining to Letters of Credit, the First Lien Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Eurodollar Revolving Loans) or the applicable each Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the First Lien Administrative Agent, not later than 11:00 a.m.a.m. (New York City time), ten two (2) Business Days after its receipt of such request as to whether it consents, in its sole discretion, to the making of Eurodollar Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding last sentence of clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Eurodollar Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the First Lien Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurodollar Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the First Lien Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheEurodollar Revolving Loans. If the First Lien Administrative Agent and the each Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the First Lien Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the First Lien Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the First Lien Administrative Agent shall promptly so notify the Borrower.
Appears in 3 contracts
Sources: Credit Agreement (LivaNova PLC), Credit Agreement (Sotera Health Co), Credit Agreement (Sotera Health Topco, Inc.)
Additional Alternative Currencies. (a) Borrower Parent may from time to time request that Eurocurrency Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily transferable and readily convertible into Dollars in the London interbank market. In the case of any such request with respect to the making of Revolving Loans, such Such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedFacility Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall also be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.a.m. (New York time), 20 fifteen (15) Business Days prior to the date of the desired Borrowing or issuance of a Letter of Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Facility Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall also promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Facility Lender (in the case of any such request pertaining to Revolving Loans) or and the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (New York time), ten five (5) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Facility Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Facility Lender or the applicable Issuing Bank, as the case may be, to permit Eurocurrency Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurocurrency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower Parent and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings Borrowing of Alternative Currency Loans of Eurocurrency Revolving Loans; and if the applicable Tranche. If the Administrative Agent and the Issuing Bank Banks also consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the applicable Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.10, the Administrative Agent shall promptly so notify the applicable Borrower.
Appears in 3 contracts
Sources: Credit Agreement (Adient PLC), Credit Agreement (Johnson Controls Inc), Credit Agreement (Adient LTD)
Additional Alternative Currencies. (a) Borrower ▇▇▇▇▇▇▇▇▇ may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.L/C Issuer. 172003018 161402032v1
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower ▇▇▇▇▇▇▇▇▇ and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower ▇▇▇▇▇▇▇▇▇ and (iiii) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrower▇▇▇▇▇▇▇▇▇.
Appears in 3 contracts
Sources: Credit Agreement (Carpenter Technology Corp), Credit Agreement (Carpenter Technology Corp), Credit Agreement (Carpenter Technology Corp)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that (i) such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with a Revolving Commitments in respect of the Tranche Commitment under which such additional Alternative Currency currency is being requestedrequested to be made available; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuers, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Appropriate Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuers thereof. Each applicable Revolving Appropriate Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuers (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuers consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank L/C Issuers may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 3 contracts
Sources: Credit Agreement (Benchmark Electronics Inc), Credit Agreement (Benchmark Electronics Inc), Credit Agreement (Benchmark Electronics Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Alternative Currency Revolving Loans be made and/or Alternative Currency Letters of Credit be issued in a currency other than Dollars and those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Alternative Currency Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche under which such additional Alternative Currency is being requestedRevolving Lenders; and in the case of any such request with respect to the issuance of Alternative Currency Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.1:00 p.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Alternative Currency Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Alternative Currency Revolving Loans, the Administrative Agent shall promptly notify each applicable Alternative Currency Revolving Lender thereof; and in the case of any such request pertaining to Alternative Currency Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Alternative Currency Revolving Lender (in the case of any such request pertaining to Alternative Currency Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Alternative Currency Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.1:00 p.m., ten (10) Business Days after receipt of such request (or such earlier date as may be specified by the Administrative Agent) whether it consents, in its sole discretion, to the making of Alternative Currency Revolving Loans or the issuance of Alternative Currency Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a an Alternative Currency Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Alternative Currency Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Alternative Currency Revolving Loans to be made or Alternative Currency Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Alternative Currency Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Loans; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Alternative Currency Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Alternative Currency Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.07, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 3 contracts
Sources: Credit Agreement (Dole PLC), Credit Agreement (Dole PLC), Credit Agreement (Dole Food Co Inc)
Additional Alternative Currencies. (a) Borrower GWI may from time to time request that Revolving Loans be made and/or Letters of Credit be issued and/or that Applicable Offered Rate Loans be made in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request, such request shall be subject to the approval of the Administrative Agent and the Issuing Lender; and in the case of any such request with respect to the making of Revolving Applicable Offered Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Applicable Lenders with Revolving Commitments in respect of the Tranche under which providing such additional Alternative Currency is being requested; and in the case of Applicable Offered Rate Loans (or any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankcommitments therefor).
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 five Business Days prior to the date of the desired Letter of Credit Extension Borrowing or date of borrowing of Loans, as applicable, (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLender, in its or their sole discretion). In the case of any such request pertaining to Revolving Applicable Offered Rate Loans, the Administrative Agent shall promptly notify each Applicable Lender providing such Applicable Offered Rate Loans (or any applicable Revolving Lender commitments therefor) thereof; and in the case of any such request pertaining to Letters of Creditrequest, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender thereof. Each applicable Revolving Applicable Lender (in the case of any such request pertaining to Revolving LoansApplicable Offered Rate Loans (or any applicable commitments therefor)) or and the applicable Issuing Bank Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Applicable Offered Rate Loans or the issuance of Letters of Credit, as the case may be, Credit in such requested currency.
(c) Any failure by a Revolving an Applicable Lender or the applicable Issuing BankLender, as the case may be, to respond to such request within the time period specified in the preceding sentence clause shall be deemed to be a refusal by such Revolving Applicable Lender or the applicable Issuing Bank, as the case may be, Lender to permit Revolving Applicable Offered Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Applicable Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Applicable Offered Rate Loans (or any applicable commitments therefor) in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower GWI and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings applicable borrowings of Alternative Currency Loans of the applicable Tranche. If Applicable Offered Rate Loans; and if the Administrative Agent and the Issuing Bank Lender consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower GWI and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09§1.6, the Administrative Agent shall promptly so notify BorrowerGWI.
Appears in 3 contracts
Sources: Senior Secured Syndicated Facility Agreement (Genesee & Wyoming Inc), Senior Secured Syndicated Facility Agreement (Genesee & Wyoming Inc), Senior Secured Syndicated Facility Agreement (Genesee & Wyoming Inc)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments obligated to make Credit Extensions in respect of the Tranche under which such additional Alternative Currency is being requestedcurrency; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 8:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments that would be obligated to make Credit Extensions denominated in respect of the applicable Tranche under which such additional Alternative Currency is being requested currency consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Committed Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiiA) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivB) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.05, the Administrative Agent shall promptly so notify the Borrower. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 3 contracts
Sources: Fifth Amendment to Fourth Amended and Restated Credit Agreement (Greenbrier Companies Inc), Credit Agreement (Greenbrier Companies Inc), Credit Agreement (Greenbrier Companies Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowing or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Loans to Borrowings be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Borrowings; and if the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuancesissuances by such L/C Issuer. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 3 contracts
Sources: Credit Agreement (Celanese Corp), Credit Agreement (Celanese Corp), Credit Agreement (Celanese Corp)
Additional Alternative Currencies. (a) The Parent Borrower may from time to time request that Revolving Eurocurrency Loans be made and/or made, or Financial Letters of Credit be issued issued, in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that (x) such requested currency is an Eligible Currency. In the case of a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars, (y) any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of (i) subject to Section 2.21(b), each Lender with a Commitment under the Facility in which such currency is requested to be made available and (ii) the Administrative Agent and, if different, the Agent with respect to such Facility and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and (z) in the case of any such request with respect to the issuance of Financial Letters of Credit, such request shall be subject to the approval of the Administrative Agent each applicable Issuing Lender and the Agent with respect to the applicable Issuing BankFacility.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten (10) Business Days prior to the date of the desired Credit Extension credit extensions (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Financial Letters of Credit, the applicable Issuing Bank, Lender(s) in its or their sole discretion). In the case of any such request pertaining to Revolving Eurocurrency Loans, the Administrative Agent shall promptly notify each Lender that has a Commitment with respect to the applicable Revolving Lender thereofFacility; and in the case of any such request pertaining to Financial Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender(s) thereof. Each applicable Revolving Lender that has a Commitment with respect to such Facility (in the case of any such request pertaining to Revolving Eurocurrency Loans) or ), the applicable Issuing Bank Lender(s) (in the case of a request pertaining to Financial Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five (5) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Loans or the issuance of Financial Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankLender(s), as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing BankLender, as the case may be, to permit Revolving Eurocurrency Loans to be made or Financial Letters of Credit Credit, as the case may be, to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders that have a Commitment with Revolving Commitments in respect of to the applicable Tranche under which such additional Alternative Currency is being requested Facility and, if applicable, the impacted Issuing Lender(s) each consent to making Alternative Currency Eurocurrency Loans and/or the issuance of Financial Letters of Credit, as applicable, in such requested currency and the Administrative Agent Agent, such Lenders and such Revolving Lenders Issuing Lender(s), as appropriate, reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Parent Borrower and (i) the Administrative Agent and Agent, such Revolving Lenders and/or such Issuing Lenders, as applicable, may amend the definition of Alternative Eurocurrency Rate for any Non-LIBOR Quoted Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate Eurocurrency Rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Eurocurrency Rate reflects the appropriate interest rate for such currency or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Eurocurrency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to or the issuance of Financial Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term RateCredit, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.9, the Administrative Agent shall promptly so notify the Parent Borrower.
Appears in 2 contracts
Sources: Credit Agreement (SPX Corp), Credit Agreement (SPX Corp)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent, the Several L/C Agent and the applicable Issuing Bankeach Lender.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 fifteen (15) Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankSeveral L/C Agent, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Several L/C Agent shall promptly notify the applicable Issuing Bank Lenders thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent or the Several L/C Agent, as applicable, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Several L/C Agent and the Issuing Bank Lenders consent to the issuance of Letters of Credit in such requested currency, the Administrative Several L/C Agent shall so notify Borrower the Company and (iii) the Administrative Several L/C Agent and the Issuing Bank Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent or the Several L/C Agent, as applicable, shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative such Agent shall promptly so notify Borrowerthe Company.
Appears in 2 contracts
Sources: Credit Agreement (American International Group, Inc.), Credit Agreement (American International Group, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Credit Loans that are LIBOR Loans be made and/or Letters of Credit be issued under the Revolving Credit Facility in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LIBOR Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of CreditCredit under the, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankeach Letter of Credit Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten (10) Business Days prior to the date of the desired Credit Extension borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLetter of Credit Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Credit Loans that are LIBOR Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Letter of Credit Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Credit Loans that are LIBOR Loans) or the applicable Issuing Bank Letter of Credit Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.12:00 p.m. (New York City time), ten five (5) Business Days (or such other period of time as may be agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans that are LIBOR Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving any applicable Lender or the any applicable Issuing BankLetter of Credit Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence paragraph shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch Letter of Credit Issuer, as the case may be, to permit Revolving Credit Loans that are LIBOR Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving applicable Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Credit Loans that are LIBOR Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency under the applicable facility hereunder for purposes of any Borrowings borrowing of Alternative Currency Revolving Credit Loans of the applicable Tranche. If that are LIBOR Loans; and if the Administrative Agent and the Issuing Bank such Letter of Credit Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent of all applicable Lenders to any request for an additional currency under this Section 1.091.14, the Administrative Agent shall promptly so notify the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Applovin Corp), Credit Agreement (Applovin Corp)
Additional Alternative Currencies. (a) A Borrower may from time to time request that Revolving LIBOR Loans be made and/or Letters a Letter of Credit be issued in an Additional Alternative Currency. A currency will only constitute an Additional Alternative Currency for the purposes of a Credit Event if (i) it is a lawful currency other than those specifically listed that is readily available in the definition amount required and freely transferable and convertible into the Base Currency in the Relevant Interbank Market on the date the Administrative Agent receives the relevant Notice of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In Borrowing or Letter of Credit Request (as applicable) and the date on which the Credit Event occurs, and (ii) it has been approved by the Administrative Agent (acting on the instructions of, in the case of any such request with respect to the making of Revolving Loansa LIBOR Loan, such request shall be subject to the approval of the Administrative Agent and all the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and in the case of any such request with respect to the issuance of Letters a Letter of Credit, such request shall be subject all the Lenders and the Letter of Credit Issuer) on or prior to the approval of receipt by the Administrative Agent and of the applicable Issuing Bankrelevant Notice of Borrowing or Letter of Credit Request (as applicable) for that Credit Event.
(b) Any such request for approval of an Additional Alternative Currency pursuant to clause (a) above shall be made to the Administrative Agent not later than 11:00 a.m., 20 five Business Days prior to the date of the desired proposed Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent). In the case of any such request pertaining to a LIBOR Loan, the Administrative Agent shall promptly notify each Lender thereof and, in the case of any such request pertaining to Letters the issuance of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank each Letter of Credit Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LIBOR Loans) or the applicable Issuing Bank Letter of Credit Issuer (in the case of a request pertaining to the issuance of Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten two Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBOR Loans or the issuance of Letters of Credit, as the case may be, in such requested currency and the minimum amount (and, if required, integral multiples) for any subsequent Credit Event in that currency.
(c) Any The failure by a Revolving Lender or the applicable Issuing Bankany Letter of Credit Issuer, as the case may be, to respond to such request notice within the time period specified in the preceding sentence clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLetter of Credit Issuer, as the case may be, to permit Revolving LIBOR Loans to be made or Letters of Credit to be issued in such the requested currency. .
(d) If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect and the Letters of Credit Issuers (as the applicable Tranche under which such additional Alternative Currency is being requested case may be) consent to making Alternative Currency LIBOR Loans or the issuance of Letters of Credit (as the case may be) in such the currency requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currencyby a Borrower, the Administrative Agent shall so promptly notify the relevant Borrower that the requested currency is acceptable and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Additional Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency LIBOR Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and Credit.
(iiie) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the The Administrative Agent shall promptly so notify Borrowerthe relevant Borrower and the Company (if different) if any Lender and (if applicable) the Letter of Credit Issuer does not approve the relevant currency requested.
Appears in 2 contracts
Sources: Secured Revolving Credit Agreement (NXP Semiconductors N.V.), Secured Revolving Credit Agreement (NXP Semiconductors N.V.)
Additional Alternative Currencies. (a) Borrower The Borrowers may from time to time request that Revolving Loans to be made in an Alternative Currency be made and/or Fronted Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansLoans in such requested currency, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedaffected Lenders; and in the case of any such request with respect to the issuance of Fronted Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankaffected Fronting Banks.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 15 Business Days prior to the date of the desired Credit Extension (or in the case of Fronted Letters of Credit, such other earlier time or date as may be agreed to by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing issuing Fronting Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansLoans to be made in Alternative Currencies, the Administrative Agent shall promptly notify each applicable Revolving affected Lender thereof; and in the case of any such request pertaining to Fronted Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank affected Fronting Banks thereof. Each applicable Revolving affected Lender (in the case of any such request pertaining to Revolving LoansLoans to be made in Alternative Currencies) or the applicable Issuing issuing Fronting Bank (in the case of a request pertaining to Fronted Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing a Fronting Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence clause (b) shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing such Fronting Bank, as the case may be, to permit Revolving Loans to be made or Fronted Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving affected Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Parent Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Loans in Alternative Currency Loans of the applicable Tranche. If Currencies; and if the Administrative Agent and the Issuing a Fronting Bank consent to the issuance of Fronted Letters of Credit in such requested currency, the Administrative Agent shall so notify the Parent Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Fronted Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify the Parent Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group Ltd.)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that LIBOR Advances of Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansLIBOR Advances, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable relevant Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten (10) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable relevant Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to LIBOR Advances of Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable relevant Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to LIBOR Advances of Revolving Loans) or the applicable relevant Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five (5) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBOR Advances of Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable any Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit LIBOR Advances of Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency LIBOR Advances of Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings LIBOR Advances of Alternative Currency Loans of the applicable Tranche. If Revolving Loans; and if the Administrative Agent and the relevant Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuancesissuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.7, the Administrative Agent shall promptly so notify the Borrower.
Appears in 2 contracts
Sources: Revolving Credit Agreement (American Tower Corp /Ma/), Revolving Credit Agreement (American Tower Corp /Ma/)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Facility Loans be made and/or and Letters of Credit be issued in a currency other than those specifically listed Dollars, Thai Baht (in the definition case of “the Thai Baht Revolving Facility) or an existing Alternative Currency”; , provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Facility Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with applicable Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedFacility Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable each Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired Credit Extension initial credit extension in such requested currency (or such other later time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable each Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Facility Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Facility Loans) or the applicable each Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Facility Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Revolving Facility Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the applicable Revolving Facility Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Facility Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Facility Loans; and if the Administrative Agent and the each Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon thereupon, upon the effectiveness of the amendment referenced below, be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.10, the Administrative Agent shall promptly so notify the Borrower. If the Administrative Agent and the applicable Revolving Facility Lenders consent to such request for an Alternative Currency, the Borrower and the Administrative Agent shall negotiate in good faith to enter into an amendment to this Agreement (it being understood that no amendment or similar fee shall be payable to the Administrative Agent or any Lender in connection therewith) to effect such changes hereto as may be necessary or appropriate, in the opinion of the Borrower and the Administrative Agent, to effect the provisions of this Section 1.10. Notwithstanding the foregoing, to the extent consent has been given by all applicable Revolving Facility Lenders (and each Issuing Bank, as applicable) in the time period provided above in respect of the initial credit extension in the aforesaid requested currency, such credit extension shall be effected on the date requested by the Borrower without the need for any such amendment being entering into, unless the Administrative Agent (or such Issuing Bank, in the case of any such request pertaining to Letters of Credit), determines otherwise and in such case the Administrative Agent shall notify the Borrower accordingly.
(d) Notwithstanding anything to the contrary herein, no currency other than Dollars or Thai Baht will be available under the Thai Baht Revolving Facility without the prior written consent of the Administrative Agent, the Thai Borrower and the Thai Baht Revolving Lenders.
Appears in 2 contracts
Sources: Revolving Facility Repricing Amendment (Alliance Laundry Holdings Inc.), Revolving Facility Repricing Amendment (Alliance Laundry Holdings Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Eurodollar Rate Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Eurodollar Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankLender.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 10 Business Days prior to the date of the desired Revolving Loan or Letter of Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLenders, in its or their sole discretion). In the case of any such request pertaining to Revolving Eurodollar Rate Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Eurodollar Rate Loans) or the applicable Issuing Bank Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurodollar Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable a Issuing BankLender, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLender, as the case may be, to permit Revolving Eurodollar Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurodollar Rate Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Eurodollar Rate Loans; and if the Administrative Agent and the applicable Issuing Bank Lender consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.099.17, the Administrative Agent shall promptly so notify the Borrower. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 2 contracts
Sources: Credit Agreement (Great Lakes Dredge & Dock CORP), Credit Agreement (Great Lakes Dredge & Dock CORP)
Additional Alternative Currencies. (a) Borrower may The Borrowers’ Agent may, from time to time time, request that Revolving Loans a Loan to a ROW Borrower or ANZ Borrower be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of the term “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request (i) with respect to the making of Revolving LoansLoans to a ROW Borrower or ANZ Borrower, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with a Pro Rata Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; Credit Commitment or ANZ Revolving Credit Commitment, as applicable, and in the case of any such request (ii) with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankeach Letter of Credit Issuer that will be required to issue Letters of Credit in such Alternative Currency.
(b) Any such request with respect to an additional Alternative Currency shall be made to the Administrative Agent not later than 11:00 a.m., 20 New York City time, 10 Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request with respect to Letters of Credit, each applicable Letter of Credit Issuer). The Agent shall promptly notify each Lender with a Pro Rata Revolving Credit Commitment or ANZ Revolving Credit Commitment, as applicable (in the case of any such request pertaining to Loans) and each applicable Letter of Credit Issuer (in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Each Lender with a Pro Rata Revolving LoansCredit Commitment or ANZ Revolving Credit Commitment, the Administrative Agent shall promptly notify as applicable, or each applicable Revolving Lender thereof; and in the case Letter of any such request pertaining to Letters of CreditCredit Issuer, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) as applicable, shall notify the Administrative Agent, not later than 11:00 a.m., ten New York City time, 10 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit, as the case may beapplicable, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Banka Letter of Credit Issuer, as the case may beapplicable, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by of such Revolving Lender or the applicable Issuing Banksuch Letter of Credit Issuer, as the case may beapplicable, to permit Revolving Loans to be made to a ROW Borrower or ANZ Borrower or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Lenders or the applicable Letter of Credit Issuer, as applicable, consent to making Alternative Currency of Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Borrowers’ Agent and, upon amendment of this Agreement in such manner as shall be agreed by the Agent and the Borrowers’ Agent to implement the inclusion of such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate currency for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currencypurposes, such currency shall thereupon be deemed for all purposes to be an “Alternative Currency Currency” hereunder for purposes of any Borrowings Loans made to a ROW Borrower or ANZ Borrower or any Letters of Alternative Currency Loans of the applicable TrancheCredit, as applicable. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.7, the Administrative Agent shall promptly so notify Borrowerthe Borrowers’ Agent. Additionally, if at any time, any Lender(s) and/or any Letter of Credit Issuer(s) notify the Agent that they will no longer be able to extend Loans and/or issue Letters of Credit, as applicable, in an Alternative Currency approved pursuant to this Section 1.7, the Agent shall promptly notify the Borrowers’ Agent, and such Alternative Currency shall no longer be an “Alternative Currency” hereunder effective (i) in the case of any Loan or Letter of Credit to be made or issued after receipt of such notice, immediately after receipt thereof and (ii) otherwise, five Business Days after receipt of such notice.
(d) For the avoidance of doubt, any notice requirements applicable to Loans made to ROW Borrowers or ANZ Borrowers or Letters of Credit in Alternative Currencies shall be substantially similar to those set forth in Sections 2.2 and 4.1(b) (with respect to EURIBOR Loans) and Section 2.4 (with respect to Letters of Credit) or on such other terms as are mutually agreed by the Agent (and, in the case of any Letters of Credit, each applicable Letter of Credit Issuer) and the Borrowers’ Agent.
Appears in 2 contracts
Sources: Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Multicurrency Tranche Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankLender.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Borrowing or issuance of a Letter of Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLender, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Multicurrency Tranche Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender thereof. Each applicable Multicurrency Tranche Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Multicurrency Tranche Revolving Lender or the applicable an Issuing BankLender, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing BankLender, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Multicurrency Tranche Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such the Multicurrency Tranche Revolving Lenders reasonably determine that there is an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Loans; and if the Administrative Agent and the applicable Issuing Bank Lender consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iiiA) the Administrative Agent and the applicable Issuing Bank Lender may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivB) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuancesissuances by such Issuing Lender. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify Borrowerthe Company. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 2 contracts
Sources: Credit Agreement (Abm Industries Inc /De/), Credit Agreement (Abm Industries Inc /De/)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Eurocurrency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 15 Business Days prior to the date of the desired Credit Extension credit extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Eurocurrency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Eurocurrency Loans) or the applicable such Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten seven Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Eurocurrency Rate Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurocurrency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Eurocurrency Rate Revolving Loans; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Tradeweb Markets Inc.), Credit Agreement (Tradeweb Markets Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving LIBOR Rate Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LIBOR Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer issuing such requested Letter of Credit.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 fifteen Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving LIBOR Rate Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LIBOR Rate Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten seven Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBOR Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving LIBOR Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency LIBOR Rate Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If LIBOR Rate Loans; and if the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any such Letter of Credit issuancesissuance. If the Administrative Agent shall fail fails to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify the Borrower.
Appears in 2 contracts
Sources: Credit Agreement (Dean Foods Co), Credit Agreement (WHITEWAVE FOODS Co)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other earlier time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the last sentence of the immediately preceding sentence paragraph shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Revolving Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iiix) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivy) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 2 contracts
Sources: Third Amendment to Second Amended and Restated Credit Agreement (Methode Electronics Inc), Second Amendment to Second Amended and Restated Credit Agreement (Methode Electronics Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time time-to-time, on its own behalf or on behalf of another Borrower, request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than Dollars and those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach applicable Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable relevant Issuing BankLender.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLender, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank Lender (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankLender, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLender, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving affected Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the applicable Issuing Bank Lender consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Applicable Issuing Bank Lender may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.6, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 2 contracts
Sources: Credit Agreement (MIDDLEBY Corp), Credit Agreement (MIDDLEBY Corp)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Alternative Currency Revolving Loans be made and/or Alternative Currency Letters of Credit be issued in a currency other than Dollars and those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Alternative Currency Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche under which such additional Alternative Currency is being requestedRevolving Lenders; and in the case of any such request with respect to the issuance of Alternative Currency Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.1:00 p.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Alternative Currency Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Alternative Currency Revolving Loans, the Administrative Agent shall promptly notify each applicable Alternative Currency Revolving Lender thereof; and in the case of any such request pertaining to Alternative Currency Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Alternative Currency Revolving Lender (in the case of any such request pertaining to Alternative Currency Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Alternative Currency Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.1:00 p.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Revolving Loans or the issuance of Alternative Currency Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a an Alternative Currency Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Alternative Currency Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Alternative Currency Revolving Loans to be made or Alternative Currency Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Loans; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Alternative Currency Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Alternative Currency Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 2 contracts
Sources: Credit Agreement (Dole Food Co Inc), Credit Agreement (Dole Food Co Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with a Revolving Commitments in respect of the Tranche Commitment under which such additional Alternative Currency currency is being requestedrequested to be made available; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuers, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Appropriate Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuers thereof. Each applicable Revolving Appropriate Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuers (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuers consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank L/C Issuers may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 1 contract
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Agreed Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) . Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Revolving Loan or Letter of Credit Extension issuance date (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten 5 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowing or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Revolving Loans to Borrowings be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Agreed Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Borrowings; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Agreed Currency hereunder for purposes of any Letter of Credit issuancesissuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.07, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 1 contract
Sources: Credit Agreement (Tapestry, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Alternative Currency Loans under the Revolving Loans Facility be made and/or Letters of Credit be issued under the Revolving Facility in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request (i) with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with under the Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; Facility, and in the case of any such request (ii) with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank. Any such request shall include the Borrower’s proposed initial Alternative Currency Sublimit and initial amount of the Lenders’ aggregate Other Alternative Currency Commitments with respect to the relevant Alternative Currency.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Borrowing or LC Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable relevant Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Lender under the Revolving Lender Facility thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable relevant Issuing Bank thereof. Each applicable Lender under the Revolving Lender Facility (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable relevant Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Lender under the Revolving Lender Facility or the applicable relevant Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Lenders under the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Facility consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders Lenders, in consultation with the Borrower, shall establish the Alternative Currency Sublimit and the Other Alternative Currency Commitments for such currency and may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate Rate” to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate rate, and (ii) to the extent the Alternative Currency Sublimit and the Other Alternative Currency Commitments for such currency have been established and the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii1) the Administrative Agent Borrower and the relevant Issuing Bank Banks may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary this Agreement to add the applicable rate for such currency and any applicable adjustment for such rate and (iv2) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, this Agreement has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuancesissuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.12, the Administrative Agent shall promptly so notify the Borrower. For the avoidance of doubt, nothing in this Section 1.12 shall be deemed to permit any Letter of Credit to be issued in an Alternative Currency by any Issuing Bank other than Bank of America (or any successor thereto as otherwise provided herein).
Appears in 1 contract
Sources: Credit Agreement (Borgwarner Inc)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “the term "Alternative Currency”"; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., Local Time, 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., Local Time, ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Loans; and if the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent and the Issuing Bank Banks may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (SunOpta Inc.)
Additional Alternative Currencies. (a) Borrower The Borrowers may from time to time request that Revolving Credit Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Credit Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent or, in the case of any L/C Borrowing, the applicable L/C Issuer, not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired Revolving Credit Extension Borrowing or L/C Borrowing (or such other time or date as may be agreed by the Administrative Agent andor, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Credit Loans, the Administrative Agent shall promptly notify each applicable Revolving Credit Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Credit Lender (in the case of any such request pertaining to Revolving Credit Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Credit Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Credit Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Credit Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Credit Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Credit Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the requesting Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Revolving Credit Borrowings of Alternative Currency Loans of Revolving Credit Loans, and if the applicable Tranche. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the requesting Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail consents required to obtain consent be obtained by this Section with respect to any request for an additional currency under this Section 1.09proposed by a Borrower are not obtained, the Administrative Agent shall promptly so notify such Borrower.
Appears in 1 contract
Sources: Credit Agreement (Clear Channel Outdoor Holdings, Inc.)
Additional Alternative Currencies. (a) Borrower Bidco and the Borrowers may from time to time request that Eurodollar Revolving Loans or Term Benchmark Revolving Loans be made and/or Letters of Credit be issued in a currency other than dollars or those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. .” In the case of any such request with respect to the making of Eurodollar Revolving Loans or Term Benchmark Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requested; and in Revolving Lenders. In the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and Agent, the applicable Issuing BankBank and all of the Revolving Lenders.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.a.m. (New York City time), 20 ten (10) Business Days prior to the date of the desired Revolving Borrowing or issuance of Letters of Credit Extension (or such other time or date as may be agreed to by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable each Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Eurodollar Revolving Loans or Term Benchmark Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in . In the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Eurodollar Revolving Loans or Term Benchmark Revolving Loans) or the applicable each Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (New York City time), ten two (2) Business Days after its receipt of such request as to whether it consents, in its sole discretion, to the making of Eurodollar Revolving Loans or Term Benchmark Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding last sentence of clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Eurodollar Revolving Loans or Term Benchmark Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurodollar Revolving Loans or Term Benchmark Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower Bidco and (i) the Administrative Agent Borrowers and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Eurodollar Revolving Loans of the applicable Trancheor Term Benchmark Revolving Loans. If the Administrative Agent and the each Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent Bidco and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency Borrowers and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify BorrowerBidco and the Borrowers.
Appears in 1 contract
Sources: Credit Agreement (Viasat Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the last sentence of the immediately preceding sentence paragraph shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Revolving Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iiix) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivy) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Company. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower Representative may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that (i) such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with Revolving Commitments in respect of the Tranche a Commitment under which such additional Alternative Currency currency is being requestedrequested to be made available; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Appropriate Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Appropriate Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower Representative and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (iii) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrowerthe Borrower Representative.
Appears in 1 contract
Sources: Credit Agreement (Turtle Beach Corp)
Additional Alternative Currencies. (a) Any Borrower may from time to time request that Revolving Credit Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Euros or Dollars. In the case of any such request with respect to the making of Revolving Credit Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit Lenders; and and, in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 a.m. ten Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bankrelevant L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Credit Loans, the Administrative Agent shall promptly notify each applicable Revolving Credit Lender thereof; thereof and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereofrelevant L/C Issuer. Each applicable such Revolving Credit Lender (in the case of any such request pertaining to Revolving Credit Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans or the issuance of Letters of Credit, as the case may be, in such the requested currency.
(c) . Any failure by a any Revolving Credit Lender or the applicable Issuing Bankany L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence paragraph (b) shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankCredit Lender, L/C Issuer, as the case may be, to permit Revolving Credit Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Credit Lenders with that would be obligated to make Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Credit Loans denominated in such requested currency and the Administrative Agent and such consent to making Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for Credit Loans in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Credit Loans; and if the Administrative Agent and the Issuing Bank relevant L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain the requisite consent to any request for an additional currency under this Section 1.092.20, the Administrative Agent shall promptly so notify Borrowerthe Borrower Representative.
Appears in 1 contract
Sources: Credit Agreement (Atotech LTD)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Agreed Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Revolving Loan or Letter of Credit Extension issuance date (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten 5 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowing or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrower.
Appears in 1 contract
Sources: Credit Agreement (Tapestry, Inc.)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Alternative Currency Revolving Loans be made and/or Alternative Currency Letters of Credit be issued in a currency other than Dollars or those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Alternative Currency Revolving Loans, such request shall be subject to the approval of the Revolving Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche under which such additional Alternative Currency is being requestedRevolving Lenders; and in the case of any such request with respect to the issuance of Alternative Currency Letters of Credit, such request shall be subject to the approval of the Revolving Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Revolving Administrative Agent not later than 11:00 a.m., 20 2:00 p.m. New York City time five (5) Business Days prior to the date of the desired Credit Extension Event (or such other time or date as may be agreed by the Revolving Administrative Agent and, in the case of any such request pertaining to Alternative Currency Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Alternative Currency Revolving Loans, the Revolving Administrative Agent shall promptly notify each applicable Revolving Lender thereofLender; and in the case of any such request pertaining to Alternative Currency Letters of Credit, the Revolving Administrative Agent shall promptly notify the applicable Issuing Bank thereofBank. Each applicable Revolving Lender (in the case of any such request pertaining to Alternative Currency Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Alternative Currency Letters of Credit) shall notify the Revolving Administrative Agent, not later than 11:00 a.m.2:00 p.m. New York City time, ten one (1) Business Days Day after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Revolving Loans or the issuance of Alternative Currency Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Alternative Currency Revolving Loans to be made in such requested currency or Alternative Currency Letters of Credit to be issued in such requested currency. If the Revolving Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Revolving Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of Revolving Loans; and if the applicable Tranche. If the Revolving Administrative Agent and the applicable Issuing Bank consent to the issuance of Alternative Currency Letters of Credit in such requested currency, the Revolving Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Alternative Currency Letter of Credit issuancesissuances by such Issuing Bank. If the Revolving Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.07, the Revolving Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 1 contract
Sources: Credit Agreement (Dole PLC)
Additional Alternative Currencies. (a) Borrower may The Borrowers’ Agent may, from time to time time, request that Revolving Loans a LIBOR Loan to a ROW Borrower or ANZ Borrower be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of the term “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request (i) with respect to the making of Revolving LoansLIBOR Loans to a ROW Borrower or ANZ Borrower, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with a Pro Rata Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; Credit Commitment or ANZ Revolving Credit Commitment, as applicable , and in the case of any such request (ii) with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankeach Letter of Credit Issuer that will be required to issue Letters of Credit in such Alternative Currency.
(b) Any such request with respect to an additional Alternative Currency shall be made to the Administrative Agent not later than 11:00 a.m., 20 New York City time, 10 Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request with respect to Letters of Credit, each applicable Letter of Credit Issuer). The Agent shall promptly notify each Lender with a Pro Rata Revolving Credit Commitment or ANZ Revolving Credit Commitment, as applicable (in the case of any such request pertaining to LIBOR Loans) and each applicable Letter of Credit Issuer (in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Each Lender with a Pro Rata Revolving LoansCredit Commitment or ANZ Revolving Credit Commitment, the Administrative Agent shall promptly notify as applicable, or each applicable Revolving Lender thereof; and in the case Letter of any such request pertaining to Letters of CreditCredit Issuer, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) as applicable, shall notify the Administrative Agent, not later than 11:00 a.m., ten New York City time, 10 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBOR Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit, as the case may beapplicable, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Banka Letter of Credit Issuer, as the case may beapplicable, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by of such Revolving Lender or the applicable Issuing Banksuch Letter of Credit Issuer, as the case may beapplicable, to permit Revolving LIBOR Loans to be made to a ROW Borrower or ANZ Borrower or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Lenders or the applicable Letter of Credit Issuer, as applicable, consent to making Alternative Currency of LIBOR Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Borrowers’ Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an “Alternative Currency Currency” hereunder for purposes of any Borrowings LIBOR Loans made to a ROW Borrower or ANZ Borrower or any Letters of Alternative Currency Loans of the applicable TrancheCredit, as applicable. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.7, the Administrative Agent shall promptly so notify Borrowerthe Borrowers’ Agent. Additionally, if at any time, any Lender(s) and/or any Letter of Credit Issuer(s) notify the Agent that they will no longer be able to extend Loans and/or issue Letters of Credit, as applicable, in an Alternative Currency approved pursuant to this Section 1.7, the Agent shall promptly notify the Borrowers’ Agent, and such Alternative Currency shall no longer be an “Alternative Currency” hereunder effective (i) in the case of any Loan or Letter of Credit to be made or issued after receipt of such notice, immediately after receipt thereof and (ii) otherwise, five Business Days after receipt of such notice.
(d) For the avoidance of doubt, any notice requirements applicable to LIBOR Loans made to ROW Borrowers or ANZ Borrowers or Letters of Credit in Alternative Currencies shall be substantially similar to those set forth in Sections 2.2 and 4.1(b) (with respect to LIBOR Loans) and Section 2.4 (with respect to Letters of Credit) or on such other terms as are mutually agreed by the Agent (and, in the case of any Letters of Credit, each applicable Letter of Credit Issuer) and the Borrowers’ Agent.
Appears in 1 contract
Sources: Credit Agreement (United Rentals North America Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Eurocurrency Loans under the Revolving Loans Credit Facility or any Incremental Revolving Tranche Facility be made and/or Letters of Credit and/or Bankers’ Acceptances be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Eurocurrency Loans under the Revolving LoansCredit Facility, such request shall be subject to the approval of the Administrative Agent and the Lenders Revolving Credit Lenders, including specification by the Administrative Agent of a reasonable Minimum Principal Amount for such Alternative Currency under such Facility; in the case of any such request with respect to the making of Eurocurrency Loans under any Incremental Revolving Commitments in respect Tranche Facility, such request shall be subject to the approval of the Administrative Agent and the Incremental Revolving Tranche Lenders under which such additional Facility, including specification by the Administrative Agent of a reasonable Minimum Principal Amount for such Alternative Currency is being requestedunder such Facility; and in the case of any such request with respect to the issuance of Letters of CreditCredit or Bankers’ Acceptances, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuers.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 15 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of CreditCredit or Bankers’ Acceptances, the applicable Issuing BankL/C Issuers, in its or their sole discretion). In the case of any such request pertaining to Eurocurrency Loans under the Revolving LoansCredit Facility, the Administrative Agent shall promptly notify each applicable Revolving Credit Lender thereofthereof and of the proposed Minimum Principal Amount therefor; in the case of any such request pertaining to Eurocurrency Loans under any Incremental Revolving Tranche Facility, the Administrative Agent shall promptly notify each Incremental Revolving Tranche Lender under such Facility thereof and of the proposed Minimum Principal Amount therefor; and in the case of any such request pertaining to Letters of CreditCredit or Bankers’ Acceptances, the Administrative Agent shall promptly notify the applicable Issuing Bank each L/C Issuer thereof. Each applicable Revolving Credit Lender (in the case of any such request pertaining to Eurocurrency Loans under the Revolving LoansCredit Facility), each Incremental Revolving Tranche Lender (in the case of any such request pertaining to Eurocurrency Loans under an Incremental Revolving Tranche Facility) or the applicable Issuing Bank each L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Loans or the issuance of Letters of CreditCredit or Bankers’ Acceptances, as the case may be, in such requested currency.
(c) Any failure by a Revolving Credit Lender, an Incremental Revolving Tranche Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Credit Lender, such Incremental Revolving Tranche Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Eurocurrency Loans to be made or Letters of Credit or Bankers’ Acceptances to be issued in such requested currency. If the Administrative Agent and all the Revolving Credit Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurocurrency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon and thereafter be deemed for all purposes to be an Alternative CurrencyCurrency hereunder for purposes of any Borrowings of Eurocurrency Loans under the Revolving Credit Facility; if the Administrative Agent and all the Incremental Revolving Tranche Lenders under the relevant Incremental Revolving Tranche Facility consent to making Eurocurrency Loans in such requested currency thereunder, the Administrative Agent shall so notify the Company and such currency shall thereupon and thereafter be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Eurocurrency Loans under such Incremental Revolving Tranche Facility; and if the Administrative Agent and the L/C Issuers consent to the issuance of Letters of Credit or Bankers’ Acceptances in such requested currency, the Administrative Agent shall so notify the Company and such currency shall thereupon and thereafter be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit or Bankers’ Acceptance issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09subsection 1.4, the Administrative Agent shall promptly so notify Borrowerthe Company.
(d) For the avoidance of doubt, the parties hereto acknowledge and agree that this Section 1.4 shall not apply to the Revolving Euro Tranche Facility or the Revolving Yen Tranche Facility.
Appears in 1 contract
Sources: Credit Agreement (Graphic Packaging International, LLC)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars and those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche under which such additional Alternative Currency is being requestedRevolving Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Loans; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Mylan Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer(s), in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer(s) thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 10:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Borrower, the Administrative Agent and such Revolving Lenders may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate Rate”, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiix) the Borrower, the Administrative Agent and the Issuing Bank applicable L/C Issuer may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivy) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments each Lender that would be obligated to make any Loans in respect of the Tranche under which such additional Alternative Currency is being requestedCurrency; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent Agent, all Revolving Lenders and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.a.m. New York City time, 20 twenty Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender that would be obligated to make such Alternative Currency Loans thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank and each Revolving Lender thereof. Each applicable Revolving Lender that would be obligated to make such Alternative Currency Loans (in the case of any such request pertaining to Revolving Alternative Currency Loans) or all Revolving Lenders and the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.a.m. New York City time, ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which that would be obligated to make such additional Alternative Currency is being requested Loans consent to making such Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Revolving Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent , all Revolving Lenders and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent Agent, the Revolving Lenders and the applicable Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.16, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Additional Alternative Currencies. (a) Borrower Bidco and the Borrowers may from time to time request that Eurodollar Revolving Loans or Term Benchmark Revolving Loans be made and/or Letters of Credit be issued in a currency other than dollars or those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. .” In the case of any such request with respect to the making of Eurodollar Revolving Loans or Term Benchmark Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requested; and in Revolving Lenders. In the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and Agent, the applicable Issuing BankBank and all of the Revolving Lenders.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.a.m. (New York City time), 20 ten (10) Business Days prior to the date of the desired Revolving Borrowing or issuance of Letters of Credit Extension (or such other time or date as may be agreed to by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable each Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Eurodollar Revolving Loans or Term Benchmark Revolving Loans, the theThe Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in . In the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Eurodollar Revolving Loans or Term Benchmark Revolving Loans) or the applicable each Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (New York City time), ten two (2) Business Days after its receipt of such request as to whether it consents, in its sole discretion, to the making of Eurodollar Revolving Loans or Term Benchmark Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding last sentence of clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Eurodollar Revolving Loans or Term Benchmark Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Eurodollar Revolving Loans or Term Benchmark Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower Bidco and (i) the Administrative Agent Borrowers and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Eurodollar Revolving Loans of the applicable Trancheor Term Benchmark Revolving Loans. If the Administrative Agent and the each Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent Bidco and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency Borrowers and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify BorrowerBidco and the Borrowers.
Appears in 1 contract
Sources: Credit Agreement (Viasat Inc)
Additional Alternative Currencies. (a) Borrower may from time to time request that Revolving Credit (MC) Loans that are Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit (MC) Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankLender.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.a.m. (California time), 20 Business Days prior to the date of the desired Extension of Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLender, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Credit (MC) Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank Lender thereof. Each applicable Revolving Credit (MC) Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank Lender (in the case of a any such request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (California time), ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Credit (MC) Lender or the applicable Issuing BankLender, as the case may be, to respond to such request within the time period specified in the preceding sentence subsection (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLender, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Credit (MC) Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Agent Agent, the Borrower and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate that is agreed by the Borrower, the Administrative Agent, and the Lenders, if any, and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Revolving Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrower.MC)
Appears in 1 contract
Sources: Credit Agreement (Reliance, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Loans Borrowings be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowings or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence Section 1.05(b) shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans Revolving Borrowings in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Revolving Borrowings of Alternative Currency Loans of the applicable Tranche. If Eurocurrency Rate Loans; and if the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.05, the Administrative Agent shall promptly so notify the Borrower. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower Representative may from time to time request that Revolving Facility Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Facility Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requestedRevolving Facility Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent Agent, the Issuing Bank and all of the applicable Issuing BankRevolving Facility Lenders.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., Local Time, 20 Business Days prior to the date of the desired Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Facility Loans, the Administrative Agent shall promptly notify each applicable Revolving Facility Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank Facility Lender, and (in the case of a request pertaining to Letters of Credit) the Issuing Bank, shall notify the Administrative Agent, not later than 11:00 a.m., Local Time, ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Facility Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Facility Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Facility Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Facility Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower Representative and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Facility Borrowings; and if the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Borrower Representative.
Appears in 1 contract
Sources: Credit Agreement (Mariner, LLC)
Additional Alternative Currencies. (a) The Borrower Representative may from time to time request that Revolving Loans Credit Extensions be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”Dollars, Pounds Sterling, Euro, Canadian Dollars, Australian Dollars, Swiss Francs or Japanese Yen; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans, Any such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and and, in the case of any such request with respect to Loans, all the issuance Lenders, or, in the case of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the each applicable Issuing Bank, in each case such consent not to be unreasonably withheld, conditioned or delayed (it being understood that Citibank, N.A., as Issuing Bank, consents to Norwegian Kroner for purposes of the Existing Letters of Credit).
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 New York City time, fifteen (15) Business Days prior to the date of the desired Credit Extension (or such other shorter time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole reasonable discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the The Administrative Agent shall promptly notify the applicable Lenders and the Issuing Banks, as applicable, of such request. Each Lender and each Issuing Bank thereof. Each applicable Revolving Lender (requested to make a Credit Extension in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) currency shall notify the Administrative Agent, not later than 11:00 a.m., ten five (5) Business Days (or such later date as the Administrative Agent may permit in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, such Credit Extensions in such requested currency.
(c) Any failure by a Revolving Lender Lender, or the applicable an Issuing Bank, as the case may be, Bank to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, Person to permit Revolving Loans such Credit Extension to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of or the applicable Tranche under which such additional Alternative Currency is being requested Issuing Banks, as the case may be, consent to the making Alternative Currency Loans of Credit Extensions in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, (i) the Administrative Agent shall so notify the Borrower and Representative, (iii) the Administrative Agent and such Revolving Lenders the Borrower Representative may amend the terms of this Agreement, including the definition of Alternative Currency Daily Rate or “Alternative Currency Term Rate Rate”, as applicable, to the extent necessary to to, among other things, add the applicable rate for such currency and any applicable adjustment for such rate and (iiiii) after giving effect to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currencyamendments, such currency shall thereupon be deemed for all purposes to be constitute an Additional Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the all applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuancesExtensions hereunder. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08 from the Lenders and/or the applicable Issuing Banks, the Administrative Agent shall promptly so notify Borrowerthe Borrower Representative.
Appears in 1 contract
Sources: Credit Agreement (Lucid Group, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars or those currencies specifically listed in clause (a) of the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In AnyIn the case of any such request with respect to the making of Revolving LoansLoans in an Alternative Currency, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; each Lender, and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankLC Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired LC Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankLC Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansLoans in an Alternative Currency, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Creditrequest, the Administrative Agent shall promptly immediately notify the applicable Issuing Bank LC Issuer thereof. Each applicable Revolving TheEach Lender (in the case of any such request pertaining to Revolving LoansLoans in an Alternative Currency) or the applicable Issuing Bank LC Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans in an Alternative Currency or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankLC Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLC Issuer, as the case may be, to permit Revolving Loans in an Alternative Currency to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Loans in an Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate this Agreement to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, this Agreement has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Loans in an Alternative Currency Loans of the applicable TrancheCurrency. If the Administrative Agent and the Issuing Bank LC Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent and the Issuing Bank LC Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, this Agreement to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, this Agreement has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.10, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Sunoco LP)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that provided, that, such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.1:00 p.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank each L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.1:00 p.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Lenders consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving the Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving the Lenders may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate Rate” to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate rate, and (ii) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Revolving Loans that are Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank applicable L/C Issuer may amend the definition of this Agreement to add such currency as an Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicablefor purposes of the issuance of Letters of Credit by such L/C Issuer and, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currencyso amended, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuancesissuances to be made by such L/C Issuer. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify the Borrower. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit (and, for the avoidance of doubt, any other Existing Letter of Credit denominated in such Alternative Currency) only.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower may from time to time request that Eurocurrency Rate Loans under the Revolving Loans Facility be made and/or Letters of Credit be issued under the Revolving Facility in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request (i) with respect to the making of Revolving Eurocurrency Rate Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with under the Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; Facility, and in the case of any such request (ii) with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and Bank of America (or any successor Issuing Bank that issues Letters of Credit in Alternative Currencies). Any such request shall include the applicable Issuing BankBorrower’s proposed initial Alternative Currency Sublimit and initial amount of the Lenders’ aggregate Other Alternative Currency Commitments with respect to the relevant Alternative Currency.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Borrowing or LC Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable relevant Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each applicable Lender under the Revolving Lender Facility thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable relevant Issuing Bank thereof. Each applicable Lender under the Revolving Lender Facility (in the case of any such request pertaining to Revolving Eurocurrency Rate Loans) or the applicable relevant Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Lender under the Revolving Lender Facility or the applicable relevant Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Lenders under the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Facility consent to making Alternative Currency Eurocurrency Rate Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Revolving Borrowings of Eurocurrency Rate Loans, subject to the initial Alternative Currency Loans of Sublimit and initial aggregate Other Alternative Currency Commitments proposed by the applicable Tranche. If Borrower pursuant to clause (a) above (or, if such proposal is not accepted by the Administrative Agent and the Lenders, such other amounts as are agreed by the Borrower, the Administrative Agent and the Lenders); and if the Administrative Agent and the relevant Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuancesissuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.12, the Administrative Agent shall promptly so notify the Borrower. For the avoidance of doubt, nothing in this Section 1.12 shall be deemed to permit any Letter of Credit to be issued in an Alternative Currency by any Issuing Bank other than Bank of America (or any successor thereto as otherwise provided herein).
Appears in 1 contract
Sources: Credit Agreement (Borgwarner Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Agreed Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Revolving Loan or Letter of Credit Extension issuance date (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten 5 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowing or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Revolving Loans to Borrowings be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Agreed Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Borrowings; and if the Administrative Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Agreed Currency hereunder for purposes of any Letter of Credit issuancesissuances by such Issuing Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.07, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 1 contract
Sources: Credit Agreement (Tapestry, Inc.)
Additional Alternative Currencies. (a) Borrower The Borrowers may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with Revolving Commitments in respect of the Tranche a Commitment under which such additional Alternative Currency currency is being requestedrequested to be made available; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension credit extension (or such other time or date as may be agreed by the Administrative Agent in writing and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Appropriate Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Appropriate Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. .
(d) If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.11, the Administrative Agent shall promptly so notify Borrowerthe Borrowers.
(e) Notwithstanding the foregoing, to the extent more than one Issuing Bank consents to the issuance of Letters of Credit in an Alternative Currency requested by the Borrowers pursuant to this Section 1.11, the Borrowers may select, in their sole discretion and as promptly as is reasonably practicable, the Issuing Bank(s) that shall issue such requested Letters of Credit. The Borrowers shall provide the Administrative Agent with prompt written notice of such selection, which the Administrative Agent shall thereafter promptly furnish to the applicable Issuing Banks.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.the
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Ameresco, Inc.)
Additional Alternative Currencies. (a) Borrower The Borrowers may from time to time request that Revolving Loans to be made as Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those Dollars or a currency that is specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans as Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional each Alternative Currency is being requestedTranche Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer issuing such Letter of Credit.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date (but not less than eleven (11) Business Days prior) as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans to be made as Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Alternative Currency Tranche Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank each L/C Issuer thereof. Each applicable Revolving Alternative Currency Tranche Lender (in the case of any such request pertaining to Revolving Loans to be made as Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving an Alternative Currency Tranche Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Loans to be made as Alternative Currency Loans, or Letters of Credit to be issued issued, in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Tranche Lenders consent to making Alternative Currency Loans in such requested currency currency, and the Administrative Agent and such Revolving the Alternative Currency Tranche Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Borrowers and the Alternative Currency Tranche Lenders and (i) the Administrative Agent and such Revolving the Alternative Currency Tranche Lenders may amend the definition of Alternative Currency Daily Rate or and/or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or and/or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Revolving Loans that are to be made as Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank all L/C Issuers consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Borrowers and (iiii) the Administrative Agent and the Issuing Bank L/C Issuers may amend the definition of Alternative Currency Daily Rate or and/or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or and/or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Borrowers and the Alternative Currency Tranche Lenders.
Appears in 1 contract
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect each of the Tranche Revolving Lenders under which such additional Alternative Currency is being requestedthe applicable Revolving Facility; and in the case of any such request with respect to the issuance of relevant Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable relevant Issuing Bank.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.10:00 a.m. (London time), 20 five Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable relevant Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable relevant Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable relevant Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable each relevant Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.10:00 a.m. by (London time), ten within three Business Days after receipt of such request whether it consents, in its sole discretion, to the making of the Loans or the issuance of the Letters of Credit, as the case may beapplicable, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence clause shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of under the applicable Tranche under which such additional Alternative Currency is being requested Revolving Facility consent to making Alternative Currency Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Borrowers and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Loans; and if the Administrative Agent and the such Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Borrowers and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify Borrowerthe Borrowers.
Appears in 1 contract
Additional Alternative Currencies. (a) Borrower may The Borrowers’ Agent may, from time to time time, request that Revolving Loans a Loan to a ROW Borrower or ANZ Borrower be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of the term “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request (i) with respect to the making of Revolving LoansLoans to a ROW Borrower or ANZ Borrower, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with a Pro Rata Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; Credit Commitment or ANZ Revolving Credit Commitment, as applicable, and in the case of any such request (ii) with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bankeach Letter of Credit Issuer that will be required to issue Letters of Credit in such Alternative Currency.
(b) Any such request with respect to an additional Alternative Currency shall be made to the Administrative Agent not later than 11:00 a.m., 20 New York City time, 10 Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request with respect to Letters of Credit, each applicable Letter of Credit Issuer). The Agent shall promptly notify each Lender with a Pro Rata Revolving Credit Commitment or ANZ Revolving Credit Commitment, as applicable (in the case of any such request pertaining to Loans) and each applicable Letter of Credit Issuer (in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Each Lender with a Pro Rata Revolving LoansCredit Commitment or ANZ Revolving Credit Commitment, the Administrative Agent shall promptly notify as applicable, or each applicable Revolving Lender thereof; and in the case Letter of any such request pertaining to Letters of CreditCredit Issuer, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Loans) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) as applicable, shall notify the Administrative Agent, not later than 11:00 a.m., ten New York City time, 10 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit, as the case may beapplicable, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Banka Letter of Credit Issuer, as the case may beapplicable, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by of such Revolving Lender or the applicable Issuing Banksuch Letter of Credit Issuer, as the case may beapplicable, to permit Revolving Loans to be made to a ROW Borrower or ANZ Borrower or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Lenders or the applicable Letter of Credit Issuer, as applicable, consent to making Alternative Currency of Loans to a ROW Borrower or ANZ Borrower or the issuance of Letters of Credit in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Borrowers’ Agent and, upon amendment of this Agreement in such manner as shall be agreed by the Agent and the Borrowers’ Agent to implement the inclusion of such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate currency for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currencypurposes, such currency shall thereupon be deemed for all purposes to be an “Alternative Currency Currency” hereunder for purposes of any Borrowings Loans made to a ROW Borrower or ANZ Borrower or any Letters of Alternative Currency Loans of the applicable TrancheCredit, as applicable. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.7, the Administrative Agent shall promptly so notify Borrowerthe Borrowers’ Agent. Additionally, if at any time, any Lender(s) and/or any Letter of Credit Issuer(s) notify the Agent that they will no longer be able to extend Loans and/or issue Letters of Credit, as applicable, in an Alternative Currency approved pursuant to this Section 1.7, the Agent shall promptly notify the Borrowers’ Agent, and such Alternative Currency shall no longer be an “Alternative Currency” hereunder effective (i) in the case of any Loan or Letter of Credit to be made or issued after receipt of such notice, immediately after receipt thereof and (ii) otherwise, five Business Days after receipt of such notice.
(d) For the avoidance of doubt, any notice requirements applicable to Loans made to ROW Borrowers or ANZ Borrowers or Letters of Credit in Alternative Currencies shall be substantially similar to those set forth in Sections 2.2 and 4.1(b) (with respect to EURIBOR Loans) and Section 2.4 (with respect to Letters of Credit) or on such other terms as are mutually agreed by the Agent (and, in the case of any Letters of Credit, each applicable Letter of Credit Issuer) and the Borrowers’ Agent. 74 [[5848018]][[DMS:6312716v7:05/07/2024--04:04 PM]] 4861-2153-1574 v.2
Appears in 1 contract
Sources: Credit Agreement (United Rentals North America Inc)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Agreed Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving LoansBorrowings, such request shall be subject to the approval of the Administrative Agent and the Lenders with each Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) . Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Revolving Loan or Letter of Credit Extension issuance date (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving LoansBorrowings, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LoansBorrowings) or the applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten 5 Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans Revolving Borrowing or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrower.
Appears in 1 contract
Sources: Credit Agreement (Tapestry, Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”dollars; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Loans, such Such request shall be subject to the approval of the Administrative Agent and Agent; and, in the Lenders case of any such request with respect to Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLoans, each Revolving Lender; and and, in the case of any such request with respect to the issuance of Letters of Credit, such request shall also be subject to the approval of the Administrative Agent and the applicable Issuing Bank.
(b) Banks. Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Borrowing or issuance of a, extension or increase of any Letter of Credit Extension to be issued in such currency (or such other time or date as may be reasonably agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankBanks, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereofof the interest rate applicable to such Eligible Currency and the minimum denominations applicable to partial prepayments (or assignments); and in the case of any such request pertaining to Letters of Credit, the the). The Administrative Agent shall promptly notify the applicable Issuing Bank Banks thereof. Each applicable Revolving Lender (in the case of any such a request pertaining to Revolving Loans) or shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Loans in such requested currency. Any failure by Revolving Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender to permit Revolving Loans to be issued in such requested currency. The applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) . Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, Bank to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Bank, as the case may be, Bank to permit Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all (and, in the case of any request with respect to Revolving Lenders with Loans, each Revolving Commitments in respect of the Lender) consents to making Revolving Loans applicable Tranche under which such additional Alternative Currency is being requested Issuing Bank consent to making Alternative Currency Loans the issuance of Letters of Credit in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (iA) the Administrative Agent Agent, the applicable Issuing Bank and such Revolving Lenders the Borrower may amend the definition of Alternative Currency Daily LIBO Rate or Alternative Currency Term for any currency for which there is no published LIBO Rate with respect theretothis Agreement to the extent necessary to add the applicable rate LIBOinterest Rrate for such currency and any applicable adjustment for such rate and (iiB) to the extent the definition of Alternative Currency Daily Rate LIBO Ratethis Agreement reflects the appropriate interest rate for such currency or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings Borrowing of Alternative Currency Loans of Revolving Loans; and if the applicable Tranche. If the Administrative Agent and the Issuing Bank consent also consents to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative CurrencyCurrency hereunder, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.12, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (EverCommerce Inc.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “"Alternative Currency”"; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer(s), in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer(s) thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 10:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate Rate”, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiix) the Administrative Agent and the Issuing Bank applicable L/C Issuer may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivy) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate”, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.06, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Additional Alternative Currencies. 68-
(a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible CurrencyCur- rency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders each Lender with Revolving Commitments in respect of the Tranche a Commitment under which such additional Alternative Currency currency is being requestedrequested to be made available; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m.1:00 p.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer(s), in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining pertain- ing to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Is- ▇▇▇▇(s) thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.1:00 p.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alterna- tive Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing Bankan L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing Banksuch L/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving applicable Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested re- quested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate Rate,” as applicable, to the extent necessary to add the applicable rate for such currency and any applicable appli- cable adjustment for such rate and (ii) to the extent the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate, ,” as applicable, has been amended to reflect the appropriate ap- propriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank applicable L/C Issuers consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iiiA) the Administrative Agent and the Issuing Bank applicable L/C Issuers may amend the definition of “Alternative Currency Daily Rate Rate” or “Alternative Currency Term Rate, ,” as applicable, to the extent necessary neces- sary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify Borrower.and
Appears in 1 contract
Sources: Credit Agreement (Sanmina Corp)
Additional Alternative Currencies. (a) Borrower The Company may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currencya lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedLender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving the Alternative Currency Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer thereof. Each applicable Revolving The Alternative Currency Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving the Alternative Currency Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving the Alternative Currency Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Lender consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify Borrower the Company and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of the Alternative Currency Loans of the applicable Tranche. If Loans; and if the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower the Company and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the Administrative Agent shall promptly so notify Borrowerthe Company.
Appears in 1 contract
Sources: Credit Agreement (Global Power Equipment Group Inc/)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Term Benchmark Revolving Loans or RFR Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars or those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. .” In the case of any such request with respect to the making of Term Benchmark Revolving Loans or RFR Revolving Loans, such request shall be subject to the approval of the First Lien Administrative Agent and the Lenders with Revolving Commitments in respect all of the Tranche under which such additional Alternative Currency is being requested; and in Revolving Lenders. In the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Bank.-71- [EMEA_ACTIVE 302040156_13]
(b) Any such request shall be made to the First Lien Administrative Agent not later than 11:00 a.m.a.m. (New York City time), 20 ten (10) Business Days prior to the date of the desired Revolving Borrowing or issuance of Letters of Credit Extension (or such other time or date as may be agreed to by the First Lien Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable each Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Term Benchmark Revolving Loans or RFR Revolving Loans, the First Lien Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in . In the case of any such request pertaining to Letters of Credit, the First Lien Administrative Agent shall promptly notify the applicable Issuing Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Term Benchmark Revolving Loans or RFR Revolving Loans) or the applicable each Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the First Lien Administrative Agent, not later than 11:00 a.m.a.m. (New York City time), ten two (2) Business Days after its receipt of such request as to whether it consents, in its sole discretion, to the making of Term Benchmark Revolving Loans or RFR Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable an Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding last sentence of clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable such Issuing Bank, as the case may be, to permit Term Benchmark Revolving Loans or RFR Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the First Lien Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Term Benchmark Revolving Loans or RFR Revolving Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the First Lien Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Term Benchmark Revolving Loans of the applicable Trancheor RFR Revolving Loans. If the First Lien Administrative Agent and the each Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the First Lien Administrative Agent shall so notify the Borrower and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the First Lien Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.091.08, the First Lien Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Additional Alternative Currencies. (a) A Borrower may from time to time request that Revolving LIBOR Loans be made and/or Letters a Letter of Credit be issued in an Additional Alternative Currency. A currency will only constitute an Additional Alternative Currency for the purposes of a Credit Event if (i) it is a lawful currency other than those specifically listed that is readily available in the definition amount required and freely transferable and convertible into the Base Currency in the Relevant Interbank Market on the date the Administrative Agent receives the relevant Notice of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In Borrowing or Letter of Credit Request (as applicable) and the date on which the Credit Event occurs, and (ii) it has been approved by the Administrative Agent (acting on the instructions of, in the case of any such request with respect to the making of Revolving Loansa LIBOR Loan, such request shall be subject to the approval of the Administrative Agent and all the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requested; and in the case of any such request with respect to the issuance of Letters a Letter of Credit, such request shall be subject all the Lenders and the Letter of Credit Issuer) on or prior to the approval of receipt by the Administrative Agent and of the applicable Issuing Bankrelevant Notice of Borrowing or Letter of Credit Request (as applicable) for that Credit Event.
(b) Any such request for approval of an Additional Alternative Currency pursuant to clause (a) above shall be made to the Administrative Agent not later than 11:00 a.m., 20 five Business Days prior to the date of the desired proposed Credit Extension Event (or such other time or date as may be agreed by the Administrative Agent). In the case of any such request pertaining to a LIBOR Loan, the Administrative Agent shall promptly notify each Lender thereof and, in the case of any such request pertaining to Letters the issuance of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank each Letter of Credit Issuer thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving LIBOR Loans) or the applicable Issuing Bank Letter of Credit Issuer (in the case of a request pertaining to the issuance of Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten two Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBOR Loans or the issuance of Letters of Credit, as the case may be, in such requested currency and the minimum amount (and, if required, integral multiples) for any subsequent Credit Event in that currency.
(c) Any The failure by a Revolving Lender or the applicable Issuing Bankany Letter of Credit Issuer, as the case may be, to respond to such request notice within the time period specified in the preceding sentence clause (b) above shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankLetter of Credit Issuer, as the case may be, to permit Revolving LIBOR Loans to be made or Letters of Credit to be issued in such the requested currency. .
(d) If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect and the Letters of Credit Issuers (as the applicable Tranche under which such additional Alternative Currency is being requested case may be) consent to making Alternative Currency LIBOR Loans or the issuance of Letters of Credit (as the case may be) in such the currency requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currencyby a Borrower, the Administrative Agent shall so promptly notify the relevant Borrower mat the requested currency is acceptable and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Additional Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency LIBOR Loans of the applicable Tranche. If the Administrative Agent and the Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify Borrower and Credit.
(iiie) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the The Administrative Agent shall promptly so notify Borrowerthe relevant Borrower and the Company (if different) if any Lender and (if applicable) the Letter of Credit Issuer does not approve the relevant currency requested.
Appears in 1 contract
Sources: Secured Revolving Credit Agreement (NXP Manufacturing (Thailand) Co., Ltd.)
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuer(s) thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank applicable L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedeach Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing BankL/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank L/C Issuers thereof. Each applicable Revolving Lender (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankL/C Issuer, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency Loans of the applicable TrancheLoans. If the Administrative Agent and the Issuing Bank L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent and the Issuing Bank L/C Issuer may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09, the Administrative Agent shall promptly so notify the Borrower. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Alternative Currencies specifically listed in the definition of “Alternative Currency” shall be deemed an Alternative Currency with respect to such Existing Letter of Credit only.
Appears in 1 contract
Additional Alternative Currencies. (a) The Borrower may from time to time request that Revolving Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; ;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Revolving Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit Banks; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankFronting Bank issuing such Letter of Credit.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date Drawdown Date of the desired Alternative Currency Loan or issuance of the desired Letter of Credit Extension (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Fronting Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Alternative Currency Loans, the Administrative Agent shall promptly notify each applicable Revolving Lender Credit Bank thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing each Fronting Bank thereof. Each applicable Revolving Lender Credit Bank (in the case of any such request pertaining to Revolving Alternative Currency Loans) or the applicable Issuing each Fronting Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Revolving Lender Credit Bank or the applicable Issuing a Fronting Bank, as the case may be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender Credit Bank or the applicable Issuing such Fronting Bank, as the case may be, to permit Revolving Alternative Currency Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Lenders with Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested Credit Banks consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such Revolving Lenders Credit Banks reasonably determine that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify the Borrower and (i) the Administrative Agent and such Revolving Lenders Credit Banks may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate and the definition of Relevant Rate, in each case, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has and the definition of Relevant Rate have been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings borrowing of Alternative Currency Loans of Loans; and if the applicable Tranche. If the Administrative Agent and the Issuing any Fronting Bank consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and (iiii) the Administrative Agent and the Issuing such Fronting Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, and the definition of Relevant Rate, in each case, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ivii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has and the definition of Relevant Rate have been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuancesissuances solely by such Fronting Bank. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.09§1.4, the Administrative Agent shall promptly so notify the Borrower.
Appears in 1 contract
Sources: Credit Agreement (Boston Properties LTD Partnership)
Additional Alternative Currencies. (a) Any Borrower may from time to time request that Revolving Credit Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided that such requested currency is an Eligible Currencya lawful currency that is readily available and freely transferable and convertible into Euros or Dollars. In the case of any such request with respect to the making of Revolving Credit Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders with Revolving Commitments in respect of the Tranche under which such additional Alternative Currency is being requestedCredit Lenders; and and, in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the applicable Issuing BankL/C Issuer.
(b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 a.m. fifteen Business Days prior to the date of the desired Credit Extension Borrowing (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bankrelevant L/C Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Credit Loans, the Administrative Agent shall promptly notify each applicable Revolving Credit Lender thereof; thereof and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Bank thereofrelevant L/C Issuer. Each applicable such Revolving Credit Lender (in the case of any such request pertaining to Revolving Credit Loans) or the applicable Issuing Bank L/C Issuer (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Credit Loans or the issuance of Letters of Credit, as the case may be, in such the requested currency.
(c) . Any failure by a any Revolving Credit Lender or the applicable Issuing Bankany L/C Issuer, as the case may be, to respond to such request within the time period specified in the preceding sentence paragraph (b) shall be deemed to be a refusal by such Revolving Lender or the applicable Issuing BankCredit Lender, L/C Issuer, as the case may be, to permit Revolving Credit Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the Revolving Credit Lenders with that would be obligated to make Revolving Commitments in respect of the applicable Tranche under which such additional Alternative Currency is being requested consent to making Alternative Currency Credit Loans denominated in such requested currency and the Administrative Agent and such consent to making Revolving Lenders reasonably determine that an appropriate interest rate is available to be used for Credit Loans in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (i) the Administrative Agent and such Revolving Lenders may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowings of Alternative Currency Loans of the applicable Tranche. If Revolving Credit Loans; and if the Administrative Agent and the Issuing Bank relevant L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower Representative and (iii) the Administrative Agent and the Issuing Bank may amend the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, to the extent necessary to add the applicable rate for such currency and any applicable adjustment for such rate and (iv) to the extent the definition of Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency, Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain the requisite consent to any request for an additional currency under this Section 1.092.20, the Administrative Agent shall promptly so notify Borrowerthe Borrower Representative.
Appears in 1 contract
Sources: Credit Agreement (Atotech LTD)