Common use of EXCHANGE RATE MOVEMENTS Clause in Contracts

EXCHANGE RATE MOVEMENTS. 6.4.1 If on any day the Working Capital Outstandings exceed 105% of the Working Capital Facility Limit then the relevant Borrowers shall, within 2 Business Days of receiving the Working Capital Bank's demand so to do, pay to the credit of their respective Cash Collateral Accounts such amounts as to ensure that the aggregate of: (a) the Working Capital Outstandings, less (b) the Sterling Equivalent (calculated on that day in accordance with the Working Capital Bank's usual practice) of all sums standing to the credit of the Cash Collateral Accounts on that day shall equal or be less than the Working Capital Facility Limit. 6.4.2 On each day, provided that no Default has occurred and is continuing, the Borrowers may withdraw such amounts standing to the credit of the Cash Collateral Accounts to ensure that, after payment of such amounts, the aggregate of: (a) the Working Capital Outstandings, less (b) the Sterling equivalent (calculated on that day in accordance with the Working Capital Bank's usual practice) of all sums, if any, standing to the credit of the Cash Collateral Accounts on that day is equal to or less than the Working Capital Facility Limit. 6.4.3 In this Clause 6.4, a "Cash Collateral Account" means in relation to a Borrower and the Optional Currency, an account of that Borrower in that currency held with the Working Capital Bank and designated as being in respect of the Working Capital Facility.