Fallback Currency Clause Samples
The Fallback Currency clause defines what happens if the primary currency specified in a contract becomes unavailable or unusable. Typically, this clause designates an alternative currency to be used for payments or settlements if the original currency is no longer legal tender, is subject to exchange controls, or otherwise cannot be used. By establishing a predetermined substitute currency, the clause ensures that contractual obligations can still be fulfilled smoothly, thereby reducing uncertainty and mitigating the risk of payment disruptions due to currency issues.
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Fallback Currency. If the Agent receives a notice from any Bank in accordance with Clause 9.2 (Response to Request for an Optional Currency) (and, where applicable, also receives such a notice in relation to the alternative duration of the relevant Term resulting from the operation of Clause 8.1(b)) then, subject to Clause 4.3 (No Market Disruption), the relevant Advance shall instead be made in Euros and in the Euro Amount of that Advance.
Fallback Currency. If, in relation to any Interest Period relating to a Revolving Facility Advance, the Agent gives notice to the Obligors’ Agent and the Lenders in accordance with Clause 11.2 (Response to a Request for an Optional Currency), that Revolving Facility Advance shall (subject to Clause 12.2 (Unavailability of Currencies)) during that Interest Period instead be denominated in Sterling.
Fallback Currency. If in relation to any Interest Period relating to a Revolving Advance the Facility Agent gives notice to the Parent and the Banks in accordance with Clause 11.2 (Response to a request for an Optional Currency) that Revolving Advance shall during that Interest Period instead be denominated in US Dollars.
Fallback Currency. If, in relation to any Interest Period relating to a Revolving Facility Tranche B Advance, the Agent gives notice to the Obligors’ Agent and the Lenders in accordance with Clause 11.2 (Response to a Request for an Optional Currency), that Revolving Facility Tranche B Advance shall (subject to Clause 12.2 (Unavailability of Currencies)) during that Interest Period instead be denominated in Sterling.
Fallback Currency. If in relation to any Interest Period relating to an Advance in an Optional Currency other than Sterling, the Agent receives a notice from any Revolving Credit Facility Bank in accordance with Clause 9.1 that Advance shall during that Interest Period instead be denominated in U.S. Dollars and in the Dollar Amount of that Advance.
Fallback Currency. If the Agent receives a notice from any Bank in accordance with Clause 9.2 (and, where applicable, also receives such a notice in relation to the alternative duration of the relevant Term resulting from the operation of Clause 8.1.2) then, subject to Clause 4.3, the relevant Advance shall instead be made in Euro and in the Euro Amount of that Advance.