Currency Option Sample Clauses
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Currency Option. (a) Bank hereby provides to Borrowers the option to choose to have its Loans made to Borrowers in freely tradable foreign currency reasonable acceptable to the Bank (a “Foreign Currency”) instead of U.S. Dollars (the “Foreign Currency Option”). Any borrowing to be funded in a Foreign Currency is subject to the following terms and conditions, notwithstanding anything to the contrary in this Agreement:
(i) Agent must give Bank written notices of its intention to use the Foreign Currency Option at least 3 days prior to the actual funding date. Such written notice shall specify the actual funding date, the principal amount of such funding and state that the Borrowers are not then in default under the terms of this Agreement.
(ii) Borrowers, right to elect a Foreign Currency Option for any portion of outstanding Loans is subject to the following limitations: (A) the total number of Foreign Currency Options outstanding at any one time under this Agreement shall not exceed five; (B) Borrowers may not elect a Foreign Currency Option at a time when an Event of Default has occurred and has not been waived; (C) no Foreign Currency Option shall end later than the maturity date of the Note evidencing the borrowing of the relevant principal amount; and (D) once a Foreign Currency Option has been selected for a portion of the Loans, no other Foreign Currency Option may apply to that same portion of the Loans until the expiration of the interest period applicable to such Foreign Currency Option (but nothing in this clause (D) shall be construed as prohibiting separate Foreign Currency Options on different portions of the Loans as contemplated by clause (A) of this paragraph).
(iii) Borrowers’ right to elect a Foreign Currency Option shall be suspended automatically if Bank, by telephonic or telegraphic or other written notice, notifies Borrowers that foreign currency contracts which have a maturity corresponding to the proposed interest period, in an amount equal to the amount requested to be subject to a Foreign Currency Option, are not readily available. Such suspension shall end automatically upon termination of the circumstances originally creating the suspension.
(a) Notwithstanding anything herein contained to the contrary, if at any time any change in any law, regulation or official directive, or in the interpretation thereof, by any governmental body charged with the administration thereof, shall make it unlawful, or any central bank or other governmental authorit...
Currency Option. 2.5.1 The Borrower may by notice in writing served on the Agent not less than five (5) Business Days prior to a Drawdown Date request that a Portion be advanced in Euro or in Dollars.
2.5.2 If the Borrower fails to make a request in accordance with Clause 2.5.1 or if deposits in Euro in the relevant amount and for the relevant duration are not available to any of the Lenders in the relevant interbank eurocurrency market in the ordinary course of business to fund its Contribution then with effect from the relevant Drawdown Date the Portion or any part thereof shall be advanced in Dollars.
2.5.3 The Borrower may by notice in writing served on the Agent not less than five (5) Business Days prior to a Currency Conversion Date request that the Euro Loan shall be converted to Dollars on the next Currency Conversion Date for the duration of the Security Period.
2.5.4 On a Currency Conversion Date the Euro Loan at that date shall be repaid by the Borrower in Euro. However, the Lenders shall on that day readvance that part of the Euro Loan (due allowance being made for any amounts repaid or prepaid since the first day of the preceding Pre-Delivery Interest Period or Interest Period) on terms that:
(a) the proceeds of that readvance shall forthwith be applied by the Lenders in or towards effecting the said repayment on behalf of the Borrower so that:
(i) the obligation of the Borrower to make that repayment shall be a notional obligation only except to the extent that the proceeds of that readvance are insufficient to make that repayment in full; and
(ii) the obligation of the Lenders to make that readvance shall be a notional obligation only except to the extent that the proceeds of that readvance exceed the amount of that repayment; and
(b) the Lenders shall forthwith readvance the Equivalent Amount of the Euro Loan at that date.
2.5.5 All losses, damages, expenses, profits or currency risks arising from the exercise of the currency option contained in this Clause 2.5 shall be for the account of the Borrower.
2.5.6 The conversion of the Euro Loan into Dollars or the operation of this Clause 2.5 shall not constitute or be construed as a prepayment pursuant to the provisions of Clause 4.
2.5.7 Notwithstanding the drawdown of any part of the Loan in Euro or its subsequent conversion into Dollars it is expressly acknowledged and agreed by the parties hereto that the Security Documents shall remain in full force and effect and that they shall stand as security for the ...
Currency Option. (A) The Borrower may request in any Notice of Borrowing that the Advance to which such Notice of Borrowing relates be denominated in a specified Optional Currency and, if the Borrower shall so request and subject to the following provisions of this Article, the relevant Advance shall be denominated in the Optional Currency so specified.
(B) Notwithstanding the provisions of paragraph (A), if any Bank determines that deposits in the specified Optional Currency (other than USD) are not or will not be available to it in the relevant amount and for the relevant period in the Interbank Market, it may give notice thereof to the Agent not later than 1:00 p.m. on the third Business Day preceding the date of the proposed Advance.
(C) If the Agent receives a notification pursuant to paragraph (B) the relevant Advance shall
(1) if the Borrower has given instruction to that effect in the Notice of Borrowing, not be made in the specified Optional Currency but shall instead be made available in DM (or, after the Commencement Date, EURO), the amount of DM or EURO to be so advanced by the Banks being the Original Currency Amount specified in the relevant Notice of Borrowing; or
(2) if the Borrower has given instruction to that effect in the Notice of Borrowing, not be made in the specified Optional Currency but shall instead be made available in USD, the amount of USD to be so advanced by the Banks being the Original Currency Equivalent; or
(3) if the Borrower has failed to give any instruction as referred to in (1) or (2) above, not be made. The Agent shall notify each Bank and the Borrower by 4:00 p.m. on the third Business Day preceding the date of the proposed Advance of the receipt of any such notice from a Bank as is referred to in paragraph (B) and, in the case of (1) or (2) above, of the amount in DM, EURO, or, as the case may be, USD, to be advanced by each Bank or in case of (3) above that such proposed Advance shall not be made.
(D) Notwithstanding the foregoing provisions of this Article, if any such event as is described in paragraph (E) shall occur the Agent may (and shall, if so instructed by the Majority Banks), at any time before, or not later than 9:00 a.m. on the date on which an Advance would otherwise fall to be made in an Optional Currency, give notice to the Borrower to the effect that in consequence of such event it will not be possible for such Advance to be denominated in the Optional Currency in question, in which case such Advance shall then no...
Currency Option. (a) A Borrower may elect to take, convert in accordance with clause 2.7(c) or maintain any Advance or Tranche in or into an Optional Currency and to convert the same back into US Dollars and, unless the Agent has determined that the circumstances referred to in clause 2.2(g) and in clause 7.2 are applicable, that Borrower shall, subject to the provisions of this agreement, be so entitled.
(b) If the Agent makes a determination under clauses 2.2(g) or 7.2 in relation to the unavailability of an Optional Currency, then the relevant Advance or Tranche shall be drawn in, maintained in or, as appropriate, converted into US Dollars on the first day of the relevant Interest Period.
(c) If pursuant to this agreement any Advance or Tranche under the Term Loan Facility is to be:
(i) converted from US Dollars into an Optional Currency;
(ii) converted from an Optional Currency into US Dollars; or
(iii) converted from one Optional Currency into another Optional Currency, then, the relevant Borrower shall on the last day of the relevant Interest Period and subject to clause 2.7(d) repay the relevant Advance or Tranche in the currency in which it is then denominated and the Bank's obligations shall (after making any repayments or prepayments due on that date and subject as provided in this agreement) be as follows:
(A) if the Advance or Tranche was, immediately prior to such repayment, denominated in US Dollars and is to be converted into an Optional Currency, the Banks will advance on such date the Equivalent Amount in the relevant Optional Currency of the relevant Advance or Tranche;
(B) if the Advance or Tranche was immediately prior to such repayment denominated in an Optional Currency and is to be converted into US Dollars, the Banks will advance on such date the Original Dollar Amount of the relevant Advance or Tranche; and
(C) if the Advance or Tranche was immediately prior to such repayment denominated in one Optional Currency and is to be maintained in the same Optional Currency or converted from one Optional Currency into another Optional Currency, the Banks will advance on such date the Equivalent Amount in the relevant Optional Currency of the Original Dollar Amount of the relevant Advance or Tranche.
(d) The obligation of a Borrower in sub-paragraph (c) above to repay an Advance or Tranche in an Optional Currency (and for the Banks to re- advance any such Advance or Tranche) shall not apply where:
(i) pursuant to the provisions of sub-paragraph (c), the Adva...
Currency Option. By [1:00 p.m.] on the Business Day prior to any Payment Date that is a Payment Date with respect to the Euro Notes, Osprey or its successor or assign shall provide written notice to Enron specifying (i) whether it is exercising its right to receive the Euro Amount from Enron and (ii) if it is exercising such right, the Dollar Amount with respect to that Payment Date; and, in the event that Osprey does exercise such right, Enron shall pay the Euro Amount to Osprey no later than the close of business on such Business Day. Such notice shall be in the form of Exhibit A attached hereto. Upon receipt of the Euro Amount from Enron, Osprey shall pay to Enron an amount equal to the Dollar Amount no later than [the close of business on the same Business Day of such receipt, if such receipt occurs by [3:00 p.m.] of such day, otherwise by the next Business Day]. Osprey shall be required, to the extent there is an Amount Available in the Dollar Distribution Account and/or the Dollar Collection Account by [noon] on the Business Day prior to any Payment Date, to exercise its right to receive the Euro Amount hereunder, unless (i) such Payment Date is not a Payment Date for the Euro Notes, (ii) Enron's senior debt rating is downgraded to below "Baa3" by Moody's, below "BBB-" by S&P or below "BBB-" by Fitch or (iii) Osprey can exchange the Dollar Amount for an amount of Euro that is greater than the Euro Amount based on the [spot market conversion rate] in effect at least one Business Day prior to such Payment Date.
Currency Option. 13 10 Commitment Fee.............................................. 14 11 Taxes....................................................... 14 12 Illegality.................................................. 15
Currency Option