Request for Optional Currency Clause Samples
The Request for Optional Currency clause allows a party to request that payments under a contract be made in a currency different from the one originally specified. In practice, this means that if a contract is denominated in US dollars, a party may ask to receive or make payments in euros or another agreed currency, subject to the other party's approval and any stipulated conditions. This clause provides flexibility in international transactions, helping parties manage currency risk and accommodate their operational or financial preferences.
Request for Optional Currency. Subject to the limitations set forth in Section 2.1.1., any Borrower may, upon at least three (3) Business Days' notice to the Agent (an "OC Notice"), request that one or more Revolving Credit Loans be made as Eurocurrency Rate Loans in an Optional Currency, provided that (a) any Revolving Credit Loan proposed to be made under this Section 2.9.1 shall be in an amount not less than $5,000,000, or a greater amount which is an integral multiple of $1,000,000, or the equivalent in an Optional Currency and (b) the aggregate principal amount outstanding at any one time of Revolving Credit Loans denominated in Optional Currencies shall not exceed the equivalent of $100,000,000, subject to reduction in accordance with Section 2.2(b) hereof. Each OC Notice requesting a Revolving Credit Loan in an Optional Currency shall be by telephone, telex, telecopy or cable (in each case confirmed in writing by the Borrower), specifying (a) the Revolving Credit Loan to be made, (b) the requested date of the proposed borrowing, (c) the requested currency in which the Revolving Credit Loan is to be made, (d) the initial Interest Period for the Revolving Credit Loan to be borrowed, and (e) the Borrower's account with the Agent, or, in the case of an Optional Currency which is the legal tender of a country in which the Agent has no office, with another depository specified by the Borrower in such country, to which payment of the proceeds of such Revolving Credit Loan is to be made. If any Bank has provided notice to the Parent and the Agent prior to the Closing Date of its election not to fund in any Optional Currencies until further notice, or if any Bank, on or prior to the second Business Day preceding the first day of any Interest Period for which an OC Notice has been delivered requesting a Revolving Credit Loan in an Optional Currency or on any funding date, any Bank determines (which determination shall be conclusive) that the Optional Currency is not freely transferable and convertible into Dollars or that it will be impracticable for such Bank to fund the Revolving Credit Loan in such Optional Currency, then such Bank shall so notify Agent, which notification shall be given immediately by the Agent to the Borrower, and (a) as to any Foreign Borrower, such Bank's portion of the requested Revolving Credit Loan shall be denominated in Dollars as a Eurocurrency Rate Loan; and (b) as to any Domestic Borrower, such Bank's portion of the requested Revolving Credit Loan shall, not...
Request for Optional Currency. Subject to the limitations set forth in Section 2.1, the Borrowers may, not later than 10:00 a.m. four
Request for Optional Currency. Subject to the limitations set forth in ss.2.1.1, any Borrower may, upon at least three (3) Business Days' notice to the Agent (an "OC Notice"), request that one or more Revolving Credit Loans (other than a Revolving Credit Loan constituting an advance on the Overdraft Facility) be made as Eurocurrency Rate Loans in an Optional Currency, provided that any Revolving Credit Loan proposed to be made under this ss.2.9.1 shall be in an amount not less than $500,000, or a greater amount which is an integral multiple of $10,000, or the equivalent in an Optional Currency. Each OC Notice requesting a Revolving Credit Loan in an Optional Currency shall be by telephone, telex, telecopy or cable (in each case confirmed in writing by the requesting Borrower), specifying (a) the Revolving Credit Loan to be made, (b) the requested date of the
Request for Optional Currency. This Clause applies if a notice of borrowing specifies a currency other than dollars. In this case the Advance requested will be made in the currency specified if all the following are true:
(A) The currency specified is an Optional Currency.
(B) The Advance is required to be made under the terms of this Agreement.
Request for Optional Currency. This Clause applies if a notice of borrowing specifies euro. In this case the Advance requested will be made in euro if all the conditions set out in this Clause 7 are satisfied. This does not affect the other provisions of this Agreement.
Request for Optional Currency. This Clause applies if a notice of borrowing specifies the Optional Currency. In this case the Advance requested will be made if the Advance is required to be made under the terms of this Agreement.
Request for Optional Currency. Subject to the limitations set forth in ss.2.1.1., any Borrower may, upon at least three (3) Business Days' notice to the Agent (an "OC Notice"), request that one or more Revolving Credit Loans be made as Eurocurrency Rate Loans in an Optional Currency, PROVIDED that (a) any Revolving Credit Loan proposed to be made under this ss.
2.9.1 shall be in an amount not less than $5,000,000, or a greater amount which is an integral multiple of $1,000,000, or the equivalent in an Optional Currency and (b) the aggregate principal amount outstanding at any one time of Revolving Credit Loans denominated in Optional Currencies shall not exceed the equivalent of
Request for Optional Currency. Subject to the limitations set ----------------------------- forth in (S)2.1 and (S)2.2, the Foreign Borrowers may, upon at least three (3) Business Days' notice to the Agent and the applicable Fronting Bank (an "OC Notice"), request that one or more Revolving Loans be made in an Optional Currency, provided that (i) the European Borrowers may borrow under this (S)2.6 in Euros and other Optional Currencies approved by the Agent only, and (ii) the UK Borrowers may borrow under this (S)2.6 in Sterling and other Optional Currencies approved by the Agent only. Each OC Notice requesting an Revolving Credit Loan in an Optional Currency shall be made in the same manner and contain the same information required in a Borrowers' Certificate. Subject to the foregoing and to the satisfaction of the terms and conditions of (S)8 and (S)9, each Revolving Loan requested to be made in an Optional Currency will be made on the date specified therefor in the OC Notice, in the currency requested in the OC Notice and, upon being so made, will have the Interest Period requested in the OC Notice.
Request for Optional Currency. This Clause 8.1 applies if an Advance Request for a Revolving Advance specifies a currency other than sterling or an Advance Request for a Term Advance specifies a currency other than dollars. In this case the Advance requested will be made in the currency specified if all the following are true:
(A) The currency specified is an Optional Currency.
(B) The Advance is required to be made under the terms of this Agreement.
Request for Optional Currency. If a notice of borrowing specifies a currency other than DM, the Advance requested will be made in the currency specified if all the following are true:
(a) The currency specified is an Optional Currency.
(b) The conditions to borrowing pursuant to SECTION 6 are satisfied.
(c) If the Advance is made the Loan will not be outstanding in more than five different currencies.