Optional Currencies Clause Samples
The "Optional Currencies" clause allows parties to make payments or settle obligations in currencies other than the primary one specified in the contract. Typically, this clause outlines the conditions under which an alternative currency may be used, such as requiring mutual agreement or specifying certain events that trigger the option. By providing flexibility in the choice of currency, this clause helps manage currency risk and facilitates international transactions where parties may prefer or need to use different currencies.
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Optional Currencies. 25 8. Repayment....................................................... 29 9.
Optional Currencies amend the Credit Agreement to provide that the Revolving Facility Commitments may also be utilised in currencies other than EUR on the basis set out in recent Liberty precedent which contain a revolving credit facility.
Optional Currencies. (a) Subject to the provisions of (S)2.1.1, the US Borrower may elect, prior to the Maturity Date, to draw down US Revolving Credit Loans or convert a portion of the funds available to the US Borrower under this Credit Agreement in, or to, an Optional Currency (if any); provided that the aggregate amount of US Revolving Credit -------- ---- Loans (after giving effect to all amounts requested) made in any Optional Currency shall not at any time exceed the Dollar Equivalent of $5,000,000 (as such amount may be reduced pursuant to (S)2.4 from time to time). In order to exercise the foregoing option the US Borrower must deliver a written notice, subject to any other notice requirements under this Credit Agreement, to the Administrative Agent, which shall give to the US Revolving Credit Banks prompt notice thereof, designating the currency into which the designated portion of the US Revolving Credit Loans is to be drawn down or, as the case may be, converted, at least five (5) US Business Days prior to the commencement of an Interest Period relating to such portion of the US Revolving Credit Loans and any such conversion shall be effected on such date. If any such notice is not delivered to the Administrative Agent by the US Borrower within the required time, the US Borrower shall be deemed to have elected that the relevant portion of the principal amount of the US Revolving Credit Loans continue to be denominated in the currency in which it then currently stands denominated.
(b) If any US Bank determines (which determination shall be conclusive), on or prior to the second US Business Day preceding the first day of any Interest Period during which a portion of the principal of the US Revolving Credit Loans is to be denominated in any Optional Currency, that the Optional Currency is not freely transferable and convertible into Dollars or that it will be impracticable for such US Bank to fund the US Revolving Credit Loans in such Optional Currency, then such US Bank shall so notify the Administrative Agent, which notification shall be given immediately by the Administrative Agent to the US Borrower, and that portion of the principal amount of the US Revolving Credit Loans shall, notwithstanding any contrary election by the US Borrower or any other provisions hereof, be denominated in Dollars and be in the form of a Base Rate Loan.
(c) For all purposes of this Credit Agreement, the amount in one currency which shall be equivalent on any particular date to a specifi...
Optional Currencies. 22 2.9.1. Request for Optional Currency..............................................22 2.9.2. Exchange Rate. ...........................................................23 2.9.3. Multiple Denominations. ..................................................23 2.9.4. Repayment. ...............................................................23 2.9.5. Funding. .................................................................24 2.10. Change in Borrowing Base. ..........................................................24 2.11.
Optional Currencies. (a) If before the Specified Time on the Quotation Day for the relevant Revolving Facility or Additional Facility Loan:
(i) a Lender notifies the Facility Agent that the relevant Optional Currency is not readily available to it in the amount required; or
(ii) a Lender notifies the Facility Agent that compliance with its obligation to participate in the relevant Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent will give notice to the relevant Borrowers to that effect by the Specified Time. In this event, any Lender that gives notice pursuant to this paragraph (a) will be required to participate in the relevant Loan in euros (in an amount equal to the euro equivalent (calculated using the Facility Agent’s Spot Rate of Exchange at the relevant time) of that Lender’s proportion of the relevant Loan (calculated based on the proportion of such Lender’s Available Commitment in respect of the relevant Facility, the relevant Borrower(s) and the relevant currency to the relevant Available Facility) or, in respect of a Rollover Loan, an amount equal to the euro equivalent (calculated using the Facility Agent’s Spot Rate of Exchange at the relevant time) of that Lender’s proportion of any amount that the Lenders are actually required to advance in accordance with Clause 8.2 (Rollover Loans)) (calculated based on the proportion of such Lender’s share of such loan to the total amount thereof), and its participation will be treated as a separate Loan denominated in euros during that Interest Period.
(b) Any part of a Loan treated as a separate Loan under this Clause 5.5 will not be taken into account for the purposes of any limit on the number of Loans, or currencies outstanding at any one time.
Optional Currencies. Any agreement for a Note Transaction for a Note denominated in a currency other than Sterling or euro shall be conditional upon:
(a) it being lawful and in compliance with all requirements of any relevant central bank and any other relevant fiscal, monetary, regulatory or other authority from time to time, for deposits to be made in such currency and for such Note to be issued, offered for sale, sold and delivered as contemplated by such Note Transaction;
(b) such other currency being freely transferable and freely convertible into euro;
(c) the consent of the Agent to that currency having been given; and
(d) any appropriate amendments which the relevant Dealer and/or the Issuer shall require having been made to this Agreement and any appropriate amendments which the Issuer and/or the Agent shall require having been made to the Agency Agreement.
Optional Currencies. 6.1 Selection of currency A Borrower (or the Parent on behalf of a Borrower) shall select the currency of a Loan in the Utilisation Request.
Optional Currencies. In the case of a UK Credit Extension to be denominated in an Optional Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Agent, the Required Lenders (in the case of any UK Loans to be denominated in an Optional Currency) or the Issuing Bank (in the case of any UK Letter of Credit to be denominated in an Optional Currency) or the UK Swingline Lender (in the case of any UK Swingline Loan to be denominated in an Optional Currency) would make it impracticable for such UK Credit Extension to be denominated in the relevant Optional Currency.
Optional Currencies. 21 10. PAYMENTS.....................................................................................................24 11. TAXES........................................................................................................26 17. UNDERTAKINGS.................................................................................................39 18. DEFAULT......................................................................................................52 19.
Optional Currencies. 23 SECTION 4 REPAYMENT, PREPAYMENT AND CANCELLATION