Foreign Exchange Contract Clause Samples
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Foreign Exchange Contract. SUBLIMIT Up to $1,000,000 of the Credit Limit * may be utilized for spot and future foreign exchange contracts (the "Exchange Contracts"). The Credit Limit available at any time shall be reduced by the following amounts (the "Foreign Exchange Reserve") on each day (the "Determination Date"): (i) on all outstanding Exchange Contracts on which delivery is to be effected or settlement allowed more than two business days from the Determination Date, 20% of the gross amount of the Exchange Contracts; plus (ii) on all outstanding Exchange Contracts on which delivery is to be effected or settlement allowed within two business days after the Determination Date, 100% of the gross amount of the Exchange Contracts. In lieu of the Foreign Exchange Reserve -3- 16 SILICON VALLEY BANK LOAN AND SECURITY AGREEMENT -------------------------------------------------------------------------------- for 100% of the gross amount of any Exchange Contract, the Borrower may request that Silicon debit the Borrower's bank account with Silicon for such amount, provided Borrower has immediately available funds in such amount in its bank account. * (ON AN AGGREGATE AND CONSOLIDATED BASIS FOR EMULEX, INTERCONNECTIONS, INC. AND EMULEX EUROPE LIMITED) Borrower may provide, by written notification to Silicon, instructions to terminate any of the Exchange Contracts, except that Borrower may not terminate an Exchange Contract within two business days of the date delivery is to be effected or settlement allowed. Further, Silicon may, in its discretion, terminate the Exchange Contracts at any time (a) that an Event of Default occurs or (b) that there is not sufficient availability under the Credit Limit and Borrower does not have available funds in its bank account to satisfy the Foreign Exchange Reserve. If either Silicon or Borrower terminates the Exchange Contracts, and without limitation of the FX Indemnity Provisions (as referred to below), Borrower agrees to reimburse Silicon for any and all fees, costs and expenses relating thereto or arising in connection therewith. Borrower shall not permit the total gross amount of all Exchange Contracts on which delivery is to be effected and settlement allowed in any two business day period to be more than $500,000, nor shall Borrower permit the total gross amount of all Exchange Contracts to which Borrower is a party, outstanding at any one time, to exceed $1,000,000. The Borrower shall execute all standard form applications and agreements of Silico...
Foreign Exchange Contract. The term "
Foreign Exchange Contract. Foreign Exchange Settlements. --------------------------------------------------------
(a) Subject to the terms of this Agreement, Borrower may enter into foreign exchange contracts (the "Exchange Contracts") under the Revolving Facility not to exceed an aggregate amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Contract Limit"), pursuant to which Bank shall sell to or purchase from Borrower foreign currency on a spot or future basis. Borrower shall not request any Exchange Contracts at any time it is out of compliance with any of the provisions of this Agreement. All Exchange Contracts must provide for delivery of settlement on or before the Revolving Maturity Date. The amount available under the Revolving Committed Line at any time shall be reduced by the following amounts (the "Foreign Exchange Reserve") on any given day (the "Determination Date"): (i) on all outstanding Exchange Contracts on which delivery is to be effected or settlement allowed more than two business days after the Determination Date, ten percent (10%) of the gross amount of the Exchange Contracts; plus (ii) on all outstanding Exchange Contracts on which delivery is to be effected or settlement allowed within two (2) business days after the Determination Date, one hundred percent (100%) of the gross amount of the Exchange Contracts."
5. Section 2.1.2.3 is hereby amended and replaced in its entirety as follows:
Foreign Exchange Contract. Deposits may be made by purchasing Foreign Currency via a Foreign Exchange Contract with the proceeds deposited to an Account.
Foreign Exchange Contract. The movement of currency into and out of Brazil requires execution of a currency exchange contract by the Brazilian importer. The instrument must comply with the rules and regulations of the Central Bank of Brazil, which are set forth in the International Currency and Capital Market Regulation (Regulamento do ▇▇▇▇▇▇▇ de Câmbio e Capitais Internacionais – RMCCI).5 Under the rules and regulations of the Brazilian Central Bank, importers must clearly link the respective Import Declaration to the currency exchange contract, demonstrating that payment was made to the foreign exporter, a process referred to in Brazil as foreign exchange coverage. At the time of import, Brazilian companies should use an Import Agreement – Type 2 for foreign exchange contracted for the import of goods payable within a term of not more than 360 days, for transactions not subject to registration with the Central Bank, or in cash or in advance, for transactions subject to registration with the Central Bank.
Foreign Exchange Contract. Withdrawals may be made by selling Foreign Currency via a Foreign Exchange Contract.