Optional Currencies Clause Samples
The "Optional Currencies" clause allows parties to make payments or settle obligations in currencies other than the primary one specified in the contract. Typically, this clause outlines the conditions under which an alternative currency may be used, such as requiring mutual agreement or specifying certain events that trigger the option. By providing flexibility in the choice of currency, this clause helps manage currency risk and facilitates international transactions where parties may prefer or need to use different currencies.
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Optional Currencies. 25 8. Repayment....................................................... 29 9.
Optional Currencies amend the Credit Agreement to provide that the Revolving Facility Commitments may also be utilised in currencies other than EUR on the basis set out in recent Liberty precedent which contain a revolving credit facility.
Optional Currencies. (a) Subject to the terms and conditions of (S)8.13 hereof, the Borrower may elect, prior to the Maturity Date, to draw down or convert a portion of the funds available under (S)2.1 of this Agreement in, or to, an Optional Currency, provided that (i) the Dollar amount of Multicurrency Loans denominated in Dollars plus the Dollar Equivalent of the aggregate principal amount of Multicurrency Loans denominated in Optional Currencies plus Swing Line Loans plus Competitive Bid Loans plus the Maximum Drawing Amount outstanding under this Agreement immediately following any such drawdown or conversion shall not exceed the Multicurrency Commitment and (ii) the Dollar Equivalent of any funds proposed to be converted at any one time under this (S)2.4 shall be not less than $10,000,000. In order to exercise the foregoing option, the Borrower must deliver to the Nassau Branch, which shall promptly give to the Lenders notice thereof, a written notice, subject to any other notice requirements under this Agreement, designating the Optional Currency into which the designated portion of the Multicurrency Loans is to be drawn down or, as the case may be, converted, at least three (3) Eurocurrency Business Days prior to the commencement of the subsequent Interest Period relating to such portion of the Multicurrency Loans and any such conversion shall be effected on such date. If any such notice is not delivered to the Nassau Branch by the Borrower at least three (3) Eurocurrency Business Days prior to the end of an existing Interest Period with respect to any outstanding Multicurrency Loan, the Borrower shall be deemed to have requested that the amount of the relevant Multicurrency Loan continue to be denominated in the Optional Currency in which it then currently stands denominated and that the subsequent Interest Period have a duration of one (1) month.
(b) For all purposes of this Agreement, except as provided in (S)8.9 hereof, the amount in one currency which shall be equivalent on any particular date to a specified amount in another currency shall be that amount (as conclusively ascertained by the Managing Agent absent manifest error) in the first currency which is or could be purchased by the Managing Agent (in accordance with its normal banking practices) with such specified amount in the second currency in the Nassau foreign currency deposits market for delivery on such date at the spot rate of exchange prevailing at or about 11:00 a.m., Nassau time, on such date.
(c)...
Optional Currencies. 22 2.9.1. Request for Optional Currency..............................................22 2.9.2. Exchange Rate. ...........................................................23 2.9.3. Multiple Denominations. ..................................................23 2.9.4. Repayment. ...............................................................23 2.9.5. Funding. .................................................................24 2.10. Change in Borrowing Base. ..........................................................24 2.11.
Optional Currencies. (a) If before the Specified Time on the Quotation Day for the relevant Revolving Facility or Additional Facility Loan:
(i) a Lender notifies the Facility Agent that the relevant Optional Currency is not readily available to it in the amount required; or
(ii) a Lender notifies the Facility Agent that compliance with its obligation to participate in the relevant Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, the Facility Agent will give notice to the relevant Borrowers to that effect by the Specified Time. In this event, any Lender that gives notice pursuant to this paragraph (a) will be required to participate in the relevant Loan in euros (in an amount equal to the euro equivalent (calculated using the Facility Agent’s Spot Rate of Exchange at the relevant time) of that Lender’s proportion of the relevant Loan (calculated based on the proportion of such Lender’s Available Commitment in respect of the relevant Facility, the relevant Borrower(s) and the relevant currency to the relevant Available Facility) or, in respect of a Rollover Loan, an amount equal to the euro equivalent (calculated using the Facility Agent’s Spot Rate of Exchange at the relevant time) of that Lender’s proportion of any amount that the Lenders are actually required to advance in accordance with Clause 8.2 (Rollover Loans)) (calculated based on the proportion of such Lender’s share of such loan to the total amount thereof), and its participation will be treated as a separate Loan denominated in euros during that Interest Period.
(b) Any part of a Loan treated as a separate Loan under this Clause 5.5 will not be taken into account for the purposes of any limit on the number of Loans, or currencies outstanding at any one time.
Optional Currencies. Any agreement for a Note Transaction for a Note denominated in a currency other than Sterling or euro shall be conditional upon:
(a) it being lawful and in compliance with all requirements of any relevant central bank and any other relevant fiscal, monetary, regulatory or other authority from time to time, for deposits to be made in such currency and for such Note to be issued, offered for sale, sold and delivered as contemplated by such Note Transaction;
(b) such other currency being freely transferable and freely convertible into euro;
(c) the consent of the Agent to that currency having been given; and
(d) any appropriate amendments which the relevant Dealer and/or the Issuer shall require having been made to this Agreement and any appropriate amendments which the Issuer and/or the Agent shall require having been made to the Agency Agreement.
Optional Currencies. In the case of a UK Credit Extension to be denominated in an Optional Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Agent, the Required Lenders (in the case of any UK Loans to be denominated in an Optional Currency) or the Issuing Bank (in the case of any UK Letter of Credit to be denominated in an Optional Currency) or the UK Swingline Lender (in the case of any UK Swingline Loan to be denominated in an Optional Currency) would make it impracticable for such UK Credit Extension to be denominated in the relevant Optional Currency.
Optional Currencies. 6.1 Selection of currency A Borrower (or the Parent on behalf of a Borrower) shall select the currency of a Loan in the Utilisation Request.
Optional Currencies. 21 10. PAYMENTS.....................................................................................................24 11. TAXES........................................................................................................26 17. UNDERTAKINGS.................................................................................................39 18. DEFAULT......................................................................................................52 19.
Optional Currencies. 36 SECTION 4 REPAYMENT, PREPAYMENT AND CANCELLATION