Agreed Currencies Clause Samples
The Agreed Currencies clause defines which currencies are acceptable for making payments or settling obligations under the contract. It typically lists specific currencies, such as US dollars, euros, or other mutually agreed options, and may outline procedures for currency conversion if payments are made in a different currency. This clause ensures both parties have clarity and certainty regarding the forms of payment, reducing the risk of disputes or complications arising from currency fluctuations or restrictions.
Agreed Currencies. (A) The Company may from time to time request that Eurocurrency Rate Loans be made or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Agreed Currency;” provided that such requested currency is an Eligible Currency. Any such request shall be subject to the approval of Administrative Agent and each Lender.
(B) Any such request shall be made to Administrative Agent not later than 11:00 a.m. (Chicago time), ten Business Days prior to the date of the desired borrowing or issuance (or such other time or date as may be agreed by Administrative Agent, in its sole discretion). Administrative Agent shall promptly notify each Lender thereof. Each Lender shall notify Administrative Agent, not later than 11:00 a.m. (Chicago time), five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of such Eurocurrency Rate Loan or the issuance of such Letter of Credit in such requested currency. Any failure by a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender to permit Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If Administrative Agent and all the Lenders consent to making Eurocurrency Rate Loans or issuing Letters of Credit in such requested currency, Administrative Agent shall so notify Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Eurocurrency Rate Loans or Letters of Credit. If Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.5, Administrative Agent shall promptly so notify Company.
(C) If, after the designation of any currency as an Agreed Currency (including any Foreign Currency listed in clause (b) - (d) of the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (ii) such currency, in the reasonable determination of Administrative Agent, no longer qualifies as an “Eligible Currency” or (iii) in the reasonable determination of Administrative Agent, a Dollar Equivalent of such currency is not readily calculable, Administrative Agent shall promptly notify the Lenders and Company, and such currency shall no longer be an Agreed Curren...
Agreed Currencies. If, after the date hereof, (a) currency control or other exchange regulations are imposed by Canada with the result that different types of Canadian Dollars are introduced, (b) Canadian Dollars, in the reasonable determination of the US Administrative Agent, no longer qualifies as an “Eligible Currency” or (c) in the reasonable determination of the US Administrative Agent, a Dollar Equivalent or the Canadian Dollar Equivalent, as applicable, of such currency is not readily calculable, then the US Administrative Agent shall promptly notify the US Lenders and the Company, and no Credit Extensions may be made under the US Facility in Canadian Dollars until such time as the US Administrative Agent and the US Lenders, as provided herein, agree to reinstate Canadian Dollars as an Agreed Currency.