Common use of Currency Option Clause in Contracts

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 Advance or Tranche would have fallen to be repaid and re-advanced in the same Optional Currency; and (ii) the Dollar Equivalent of the Advance or Tranche on the last day of the current Interest Period does not differ from the Original Dollar Amount of the Advance or Tranche by more than 5%.