Common use of Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans Clause in Contracts

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank shall be under no obligation to make the Optional Currency Swing Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers which are denominated in an Optional Currency if, PNC Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans or date of issuance that (i) the making, maintenance or funding of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank market. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans that the Optional Currency is not then available for such Optional Currency Swing Loans, or (2) prior to the issuance of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currency. If TGI receives a notice described in the preceding sentence, the Borrowers may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing Bank of the same and PNC Bank shall not make such Optional Currency Swing Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at the rate determined pursuant to Section 2.9.1, or (B) in the case of Swing Loans denominated in an Optional Currency, bear interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Loans shall be made in the applicable currency and the interest rate applicable thereto, and (II) the aggregate amount of such Swing Loans and, (Y) Letters of Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank thereof and PNC Bank shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of Credit.

Appears in 8 contracts

Samples: Credit Agreement (Triumph Group Inc), Credit Agreement (Triumph Group Inc), Credit Agreement (Triumph Group Inc)

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Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank shall be under no obligation to make the Optional Currency Swing Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers which are denominated in an Optional Currency if, PNC Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans or date of issuance that (i) the making, maintenance or funding of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank market. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans that the Optional Currency is not then available for such Optional Currency Swing Loans, or (2) prior to the issuance of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currency. If TGI receives a notice described in the preceding sentence, the Borrowers may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing Bank of the same and PNC Bank shall not make such Optional Currency Swing Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at the rate determined pursuant to Section 2.9.1, or (B) in the case of Swing Loans denominated in an Optional Currency, bear 57 interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Loans shall be made in the applicable currency and the interest rate applicable thereto, and (II) the aggregate amount of such Swing Loans and, (Y) Letters of Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank thereof and PNC Bank shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank shall be under no obligation to make the Optional Currency Swing Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers which are denominated in an Optional Currency if, PNC Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans or date of issuance that (i) the making, maintenance or funding of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank market. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans that the Optional Currency is not then available for such Optional Currency Swing Loans, or (2) prior to the issuance of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currency. If TGI receives a notice described in the preceding sentence, the Borrowers may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing Bank of the same and PNC Bank shall not make such Optional Currency Swing Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional 57 Currency Equivalent Amount of such Swing Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at the rate determined pursuant to Section 2.9.1, or (B) in the case of Swing Loans denominated in an Optional Currency, bear interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Loans shall be made in the applicable currency and the interest rate applicable thereto, and (II) the aggregate amount of such Swing Loans and, (Y) Letters of Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank thereof and PNC Bank shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank The Banks shall be under no obligation to make the Optional Currency Swing Revolving Credit Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers Borrower which are denominated in an Optional Currency if, PNC if any Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans or date of issuance that (i) the making, maintenance or funding such Bank cannot provide its share of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, Revolving Credit Loans in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank marketCurrency. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing a Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) Borrower no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans that the Optional Currency is not then available for such Optional Currency Swing Revolving Credit Loans, or (2) prior to and the issuance Administrative Agent shall promptly thereafter notify the Banks of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currencythe same. If TGI the Borrower receives a notice described in the preceding sentence, the Borrowers Borrower may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Revolving Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may beLoans, in which event the Administrative Agent will promptly notify PNC Bank and Issuing each Bank of the same and PNC Bank the Banks shall not make such Optional Currency Swing Revolving Credit Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Revolving Credit Loans or Letter of Credit and shall (A) in the case of Swing Revolving Credit Loans denominated in Dollars, bear interest at under the rate determined pursuant to Section 2.9.1Base Rate Option or the Euro-Rate Option, as elected by the Borrower, or (B) in the case of Swing Revolving Credit Loans denominated in an Optional Currency, bear interest at under the Euro-RateRate Option, in which event the Administrative Agent shall promptly deliver a notice to PNC each Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Revolving Credit Loans shall be made in the applicable currency and shall bear interest under the interest rate applicable theretoBase Rate Option or the Euro-Rate Option, and as applicable, (IIY) the aggregate amount of such Swing Loans andRevolving Credit Loans, and (Y) Letters of Credit (IZ) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount Bank’s Ratable Share of such Letters of CreditRevolving Credit Loans. If the Borrowers do Borrower does not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers Borrower shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing each Bank thereof and PNC Bank the Banks shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of CreditRevolving Credit Loans.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc /)

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank shall be under no obligation to make the Optional Currency Swing Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers which are denominated in an Optional Currency if, PNC Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans or date of issuance that (i) the making, maintenance or funding of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank market. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans that the Optional Currency is not then available for such Optional Currency Swing Loans, or (2) prior to the issuance of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currency. If TGI receives a notice described in the preceding sentence, the Borrowers may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Loans, or issuance of such NAI-0000000000v6 Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing Bank of the same and PNC Bank shall not make such Optional Currency Swing Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at the rate determined pursuant to Section 2.9.1, or (B) in the case of Swing Loans denominated in an Optional Currency, bear interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Loans shall be made in the applicable currency and the interest rate applicable thereto, and (II) the aggregate amount of such Swing Loans and, (Y) Letters of Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank thereof and PNC Bank shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

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Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank The Banks shall be under no obligation to make the Optional Currency Swing Revolving Credit Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers Borrower which are denominated in an Optional Currency if, PNC if any Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh New York time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans or date of issuance that (i) the making, maintenance or funding such Bank cannot provide its share of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, Revolving Credit Loans in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank marketCurrency. In the event the Administrative Agent timely receives a timely notice from PNC Bank or an Issuing a Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) Borrower no later than 12:00 noon (Pittsburgh New York time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans that the Optional Currency is not then available for such Optional Currency Swing Revolving Credit Loans, or (2) prior to and the issuance Agent shall promptly thereafter notify the Banks of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currencythe same. If TGI the Borrower receives a notice described in the preceding sentence, the Borrowers Borrower may, by notice from TGI to the Administrative Agent not later than 5:00 2:00 p.m. (Pittsburgh New York time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Revolving Credit for Loans. If the Borrower withdraws such Optional Currency Swing Loans or Letter of CreditLoan Request, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing each Bank of the same and PNC Bank the Banks shall not make such Optional Currency Swing Revolving Credit Loans. If the Borrower does not withdraw such Loan Request before such time, and Issuing Bank (i) the Borrower shall not issue such Letter of Credit or (b) request be deemed to have requested that the Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, shall be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount amount of such Swing Revolving Credit Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at under the rate determined pursuant to Section 2.9.1Base Rate Option, or and (Bii) in the case of Swing Loans denominated in an Optional Currency, bear interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC each Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (IA) that such Swing Revolving Credit Loans shall be made in Dollars and shall bear interest under the applicable currency and the interest rate applicable theretoBase Rate Option, and (IIB) the aggregate amount of such Swing Loans and, (Y) Letters of Revolving Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may beLoans, and (iiC) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank thereof and PNC Bank shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue Bank's Pro Rata Share of such Letter of CreditRevolving Credit Loans.

Appears in 1 contract

Samples: Credit Agreement (Viasys Healthcare Inc)

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank The Banks shall be under no obligation to make the Optional Currency Swing Revolving Credit Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers Borrower which are denominated in an Optional Currency if, PNC if any Bank or such Issuing Bank, as the case may be, notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans or date of issuance that (i) the making, maintenance or funding such Bank cannot provide its share of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder has been made or, Revolving Credit Loans in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC Bank with respect to such Optional Currency Swing Loan in the London interbank marketCurrency. In the event the Administrative Agent timely receives a timely notice from PNC Bank or an Issuing a Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) Borrower no later than 12:00 noon 9:00 am (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans that the Optional Currency is not then available for such Optional Currency Swing Revolving Credit Loans, or (2) prior to and the issuance Administrative Agent shall promptly thereafter notify the Banks of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currencythe same. If TGI the Borrower receives a notice described in the preceding sentence, the Borrowers Borrower may, by notice from TGI to the Administrative Agent not later than 5:00 3:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Revolving Credit for Loans. If the Borrower withdraws such Optional Currency Swing Loans or Letter of CreditLoan Request, as the case may be, in which event the Administrative Agent will promptly notify PNC Bank and Issuing each Bank of the same and PNC Bank the Banks shall not make such Optional Currency Swing Revolving Credit Loans. If the Borrower does not withdraw such Loan Request before such time, and Issuing Bank (i) the Borrower shall not issue such Letter of Credit or (b) request be deemed to have requested that the Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, shall be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Revolving Credit Loans or Letter of Credit and shall (A) in the case of Swing Loans denominated in Dollars, bear interest at under the rate determined pursuant to Section 2.9.1, or (B) in the case of Swing Loans denominated in an Optional Currency, bear interest at the Euro-Rate, in which event the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Loans shall be made in the applicable currency and the interest rate applicable thereto, and (II) the aggregate amount of such Swing Loans and, (Y) Letters of Credit (I) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount of such Letters of Credit. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may beBase Rate Option, and (ii) the Administrative Agent shall promptly deliver a notice to PNC each Bank and/or stating: (A) that such Revolving Credit Loans shall be made in Dollars and shall bear interest under the Issuing Bank thereof Base Rate Option, (B) the aggregate amount of such Revolving Credit Loans, and PNC Bank shall not be obligated to make (C) such Swing Loans and Issuing Bank shall not be obligated to issue Bank's Pro Rata Share of such Letter of CreditRevolving Credit Loans.

Appears in 1 contract

Samples: Credit Agreement (Bearingpoint Inc)

Notices From Banks That Optional Currencies Are Unavailable to Fund New Loans. PNC Bank The Banks shall be under no obligation to make the Optional Currency Swing Revolving Credit Loans and no Issuing Bank shall be under any obligation to issue Letters of Credit requested by the Borrowers which are denominated in an Optional Currency if, PNC if any Bank or such Issuing (other than a Non-Fronting Bank, as the case may be, ) notifies the Administrative Agent by 5:00 p.m. (Pittsburgh time) four (4) Business Days prior to the Borrowing Date for such Revolving Credit Loans that such Bank cannot provide its share of such Revolving Credit Loans in such Optional Currency Swing Loans or date of issuance that because (i) the making, maintenance or funding of such Optional Currency Swing Loan, the issuance of such Letter of Credit, or the funding of any draw thereunder Loan has been made or, in the case of a draw, would be made, impracticable or unlawful by compliance by PNC Bank or such Issuing Bank in good-faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law) or (ii) after making all reasonable efforts, deposits of the relevant amount in the relevant Optional Currency for the relevant Interest Period are not available to PNC such Bank with respect to such Optional Currency Swing Loan in the London interbank market. In the event the Administrative Agent receives a timely notice from PNC Bank or an Issuing a Bank pursuant to the preceding sentence, the Administrative Agent will notify TGI, as agent for the Borrowers, (1) no later than 12:00 noon (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans that the Optional Currency is not then available for such Optional Currency Swing Revolving Credit Loans, or (2) prior to and the issuance Administrative Agent shall promptly thereafter notify the Banks of an Optional Currency Letter of Credit, that Letters of Credit are not then available in such Optional Currencythe same. If TGI receives a notice described in the preceding sentence, the Borrowers may, by notice from TGI to the Administrative Agent not later than 5:00 p.m. (Pittsburgh time) three (3) Business Days prior to the Borrowing Date for such Optional Currency Swing Revolving Credit Loans, or issuance of such Letter of Credit, as the case may be, either (a) withdraw the Swing Loan Request or request for such Letter of Revolving Credit for such Optional Currency Swing Loans or Letter of Credit, as the case may beLoans, in which event the Administrative Agent will promptly notify PNC Bank and Issuing each Bank of the same and PNC Bank the Banks shall not make such Optional Currency Swing Revolving Credit Loans, and Issuing Bank shall not issue such Letter of Credit or (b) request that the Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit, as the case may be, be made in Dollars or in a different Optional Currency in an amount equal to the Dollar Equivalent or other Optional Currency Equivalent Amount of such Swing Revolving Credit Loans or Letter of Credit and shall (A) in the case of Swing Revolving Credit Loans denominated in Dollars, bear interest at under the rate determined pursuant to Section 2.9.1Base Rate Option or the Euro-Rate Option, as elected by the Borrowers, or (B) in the case of Swing Revolving Credit Loans denominated in an Optional Currency, bear interest at under the Euro-RateRate Option, in which event the Administrative Agent shall promptly deliver a notice to PNC each Bank and/or the Issuing Bank, as the case may be, stating: in the case of (X) Swing Loans, (I) that such Swing Revolving Credit Loans shall be made in the applicable currency and shall bear interest under the interest rate applicable theretoBase Rate Option or the Euro-Rate Option, and as applicable, (IIY) the aggregate amount of such Swing Loans andRevolving Credit Loans, and (Y) Letters of Credit (IZ) such Letters of Credit shall be issued in the applicable currency and (II) the stated face amount Bank’s Ratable Share of such Letters of CreditRevolving Credit Loans. If the Borrowers do not withdraw such Swing Loan Request or request for Letter of Credit before such time as provided in clause (a) or request before such time that the requested Swing Revolving Credit Loans referred to in its Swing Loan Request or Letter of Credit be made in Dollars or a different Optional Currency as provided in clause (b), then (i) the Borrowers shall be deemed to have withdrawn such Swing Loan Request or request for Letter of Credit, as the case may be, and (ii) the Administrative Agent shall promptly deliver a notice to PNC Bank and/or the Issuing each Bank thereof and PNC Bank the Banks shall not be obligated to make such Swing Loans and Issuing Bank shall not be obligated to issue such Letter of CreditRevolving Credit Loans.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc /)

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