Common use of Euro Clause in Contracts

Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the “Issuing Country”) by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 3 contracts

Samples: Credit Agreement (Mbia Inc), Credit Agreement (Mbia Inc), Credit Agreement (Partnerre LTD)

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Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 2 contracts

Samples: Credit Agreement (Mbia Inc), Credit Agreement (Mbia Inc)

Euro. (a) If at any time that an Alternate B Currency Loan is outstanding, the relevant Alternate B Currency is fully replaced as the lawful currency of the country that issued such Alternate B Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate B Currency previously the lawful currency of such country, then such Alternate B Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate B Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate B Currency, with the basis of accrual of interest, notices notice requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Credit Agreement (Dade Behring Inc)

Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation or any other applicable law and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Assignment and Assumption (Arch Capital Group LTD)

Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the “Issuing Country”) by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal princi pal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Credit Agreement (Partnerre LTD)

Euro. (a) If at any time that an Alternate B Currency Loan is ---- outstanding, the relevant Alternate B Currency is fully replaced as the lawful currency of the country that issued such Alternate B Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate B Currency previously the lawful currency of such country, then such Alternate B Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate B Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate B Currency, with the basis of accrual of interest, notices notice requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Credit Agreement (Dade Behring Inc)

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Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the “Issuing Country”) by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted con- verted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Credit Agreement (Partnerre LTD)

Euro. (a) If at any time that an Alternate Currency Loan is outstanding, the relevant Alternate Alternative Currency is fully replaced as the lawful currency of the country that issued such Alternate Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Currency previously the lawful currency of such country, country then such Alternate Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London interbank market for Euro denominated Loans.

Appears in 1 contract

Samples: Credit Agreement (Wang Laboratories Inc)

Euro. (a) If at any time that an Alternate a Foreign Currency Loan is outstanding, the relevant Alternate Approved Currency is fully replaced as the lawful currency of the country that issued such Alternate Approved Currency (the "Issuing Country") by the Euro so that all payments are to be made in the Issuing Country in Euros and not in the Alternate Approved Currency previously the lawful currency of such country, then such Alternate Foreign Currency Loan shall be automatically converted into a Loan denominated in Euros in a principal amount equal to the amount of Euros into which the principal amount of such Alternate Foreign Currency Loan would be converted pursuant to the EMU Legislation and thereafter no further Loans will be available in such Alternate Approved Currency, with the basis of accrual of interest, notices requirements and payment offices with respect to such converted Loans to be that consistent with the convention and practices in the London Euro-zone interbank market for Euro denominated Loansloans.

Appears in 1 contract

Samples: Credit Agreement (Gleason Corp /De/)

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