Multicurrency Sublimit Sample Clauses
A Multicurrency Sublimit clause sets a specific cap on the amount of credit or borrowing that can be utilized in currencies other than the primary currency of a facility. This clause typically outlines the maximum aggregate exposure allowed for all non-primary currencies, ensuring that the total drawn in these currencies does not exceed a predetermined threshold. By doing so, it helps lenders manage foreign exchange risk and maintain control over the composition of their credit exposure, thereby reducing potential losses from currency fluctuations.
Multicurrency Sublimit. The aggregate principal Dollar Equivalent Amount at any one time outstanding of all Multicurrency Loans and all Multicurrency Letter of Credit Liabilities, in whatever Foreign Currency so denominated, shall not exceed the Multicurrency Sublimit.
Multicurrency Sublimit. If at any time and for any reason, the sum of the aggregate Current Dollar Equivalent of (i) all Revolving Credit Advances plus all Swing Line Advances outstanding hereunder in any Alternative Currency plus (ii) all Letter of Credit Obligations denominated in any Alternative Currency, exceeds the Multicurrency Sublimit (as used in this clause (b), the "Excess"), then in each case, the Revolving Borrowers shall:
(i) immediately reduce on such day any pending request for an Advance in any Alternative Currency submitted by any Revolving Borrower by the Dollar Amount of such Excess, to the extent thereof; and
(ii) on the last day of each Interest Period of any Advance outstanding in any Alternative Currency to any Revolving Borrower as of such time, until the necessary reductions of Indebtedness under this Section 2.14(b) have been fully made, repay such Indebtedness carried in such Advances and/or reduce any requests for refunding or conversion of such Advances submitted (or to be submitted) by the Borrower in respect of such Advances, by the amount in the applicable Alternative Currency, as the case may be, of such Excess, to the extent thereof. Provided that no Default or Event of Default has occurred and is continuing, compliance with this Section 2.14(b) shall be tested as of the last day of each calendar quarter or, upon the written request of the Revolving Borrowers from time to time, as of the last day of each calendar month, provided the Revolving Borrowers furnish Agent with current monthly financial statements complying with the requirements set forth in Section 8.1(b) hereof. Upon the occurrence and during the continuance of any Default or Event of Default, compliance with this Section 2.14(b) shall be tested on a daily or other basis satisfactory to Agent in its sole discretion.
Multicurrency Sublimit. If at any time and for any reason, the sum of the aggregate Current Dollar Equivalent of (i) all Revolving Credit Advances plus all Swing Line Advances outstanding hereunder in any Alternative Currency plus (ii) all Letter of Credit Obligations denominated in any Alternative Currency, exceeds the Multicurrency Sublimit (as used in this clause (b), the "Excess"), then in each case, the Revolving Borrowers shall:
(i) immediately reduce on such day any pending request for an Advance in any Alternative Currency submitted by any Revolving Borrower by the Dollar Amount of such Excess, to the extent thereof; and
(ii) on the last day of each Interest Period of any Advance outstanding in any Alternative Currency to any Revolving Borrower as of such time, until the necessary reductions of Indebtedness under this Section 2.14(b) have been fully made, repay such Indebtedness carried in such Advances and/or reduce any requests for refunding or conversion of such Advances submitted (or to be submitted) by the Borrower in respect of such Advances, by the amount in the applicable Alternative Currency, as the case may be, of such Excess, to the extent thereof.