Fallback Currency Clause Samples

The Fallback Currency clause defines what happens if the primary currency specified in a contract becomes unavailable or unusable. Typically, this clause designates an alternative currency to be used for payments or settlements if the original currency is no longer legal tender, is subject to exchange controls, or otherwise cannot be used. By establishing a predetermined substitute currency, the clause ensures that contractual obligations can still be fulfilled smoothly, thereby reducing uncertainty and mitigating the risk of payment disruptions due to currency issues.
POPULAR SAMPLE Copied 4 times
Fallback Currency. If the Agent receives a notice from any Bank in accordance with Clause 9.2 (Response to Request for an Optional Currency) (and, where applicable, also receives such a notice in relation to the alternative duration of the relevant Term resulting from the operation of Clause 8.1(b)) then, subject to Clause 4.3 (No Market Disruption), the relevant Advance shall instead be made in Euros and in the Euro Amount of that Advance.
View SourceView Similar (3)
Fallback Currency. If, in relation to any Interest Period relating to a Revolving Facility Advance, the Agent gives notice to the Obligors’ Agent and the Lenders in accordance with Clause 11.2 (Response to a Request for an Optional Currency), that Revolving Facility Advance shall (subject to Clause 12.2 (Unavailability of Currencies)) during that Interest Period instead be denominated in Sterling.
View SourceView Similar (2)
Fallback Currency. If in relation to any Interest Period relating to a Revolving Advance the Facility Agent gives notice to the Parent and the Banks in accordance with Clause 11.2 (Response to a request for an Optional Currency) that Revolving Advance shall during that Interest Period instead be denominated in US Dollars.
View Source
Fallback Currency. If, in relation to any Interest Period relating to a Revolving Facility Tranche B Advance, the Agent gives notice to the Obligors’ Agent and the Lenders in accordance with Clause 11.2 (Response to a Request for an Optional Currency), that Revolving Facility Tranche B Advance shall (subject to Clause 12.2 (Unavailability of Currencies)) during that Interest Period instead be denominated in Sterling.
View Source
Fallback Currency. If in relation to any Interest Period relating to an Advance in an Optional Currency other than Sterling, the Agent receives a notice from any Revolving Credit Facility Bank in accordance with Clause 9.1 that Advance shall during that Interest Period instead be denominated in U.S. Dollars and in the Dollar Amount of that Advance.
View Source
Fallback Currency. If the Agent receives a notice from any Bank in accordance with Clause 9.2 (and, where applicable, also receives such a notice in relation to the alternative duration of the relevant Term resulting from the operation of Clause 8.1.2) then, subject to Clause 4.3, the relevant Advance shall instead be made in Euro and in the Euro Amount of that Advance.
View Source

Related to Fallback Currency

  • Base Currency For the purposes of any calculation hereunder, we may convert amounts denominated in any other currency into the Base Currency at such rate prevailing at the time of the calculation as we shall reasonably select.

  • Specified Currency Whether the Note is an OID Note, and if it is an OID Note, the applicability of Modified Payment upon Acceleration (and if so, the Issue Price).

  • Change of Currency (a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Committed Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period. (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. (c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.

  • Blocked Currency In each country where the local currency is blocked and cannot be removed from the country, royalties or profit share payments accrued in that country shall be paid to the receiving Party in the country in local currency by deposit in a local bank designated by the receiving Party, unless the Parties otherwise agree.

  • Payment Currency All payments due under this Agreement will be paid in U.S. Dollars. Conversion of foreign currency to U.S. Dollars will be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on the last working day of the applicable Calendar Quarter. Such payments will be without deduction of exchange, collection or other charges.