Common use of Foreign Exchange Rate Clause in Contracts

Foreign Exchange Rate. (a) No later than 1:00 P.M. (New York City time) on each Calculation Date, the Administrative Agent shall determine the Spot Selling Rate as of such Calculation Date with respect to Canadian Dollars. The Spot Selling Rates so determined shall become effective on the relevant Calculation Date (a “Reset Date”), shall remain effective until the next succeeding Reset Date and shall for all purposes of this Agreement (other than Section 10.18 and any other provision expressly requiring the use of a current Spot Selling Rate) be the Spot Selling Rates employed in converting any amounts between Dollars and Canadian Dollars. (b) No later than 5:00 P.M. (New York City time) on each Reset Date, the Administrative Agent shall determine the aggregate amount of the Dollar Equivalents of the principal amounts of the Loans in Canadian Dollars to the Canadian Borrower then outstanding. (c) The Administrative Agent shall promptly notify the Borrowers of each determination of a Spot Selling Rate hereunder.