Redenomination of Advances Sample Clauses

Redenomination of Advances. The Borrowers may, upon notice given to the Bank at least four Business Days prior to the date of the proposed Redenomination, request that a Eurocurrency Advance be Redenominated from Dollars into an Alternate Currency or from an Alternate Currency into Dollars or another Alternate Currency; provided, however, that any Redenomination shall be made on, and only on, the last day of an Interest Period for such Advances. Each such notice of request of a Redenomination ("Notice of Redenomination") shall be by telecopier, telex or cable, confirmed immediately in writing, or may be by telephone if confirmed in writing by telecopy with the original of such writing deposited in the US mail or with an air courier on the same day, and the Bank shall not incur any liability to any Borrower in acting upon any telephonic notice referred to above that the Bank believes in good faith to have been given by a duly authorized officer or other person authorized to act on behalf of any Borrower and upon any borrowing, Redenomination or continuation by the Bank in accordance with this Agreement pursuant to any telephonic notice, the Borrowers shall have effected the borrowing, redenomination or continuation of Advances hereunder, specifying (i) the Eurocurrency Advance(s) to be Redenominated, (ii) the date of the proposed Redenomination, (iii) the Alternate currency into which such Advances are to be Redenominated, and (iv) the duration of the Interest Period for such Advances upon being so Redenominated. In the case of a Notice of Redenomination which requests a Redenomination of Advances into an Alternate Currency, such Redenomination is subject to confirmation by Bank not later than the third Business Day before the requested date of such Redenomination that such Bank agrees to such Redenomination. which confirmation shall be notified to the Borrowers. If no confirmation is provided the Redenomination will not occur. Each Advance so requested to be Redenominated will be Redenominated, on the date specified therefor in such Notice of Redenomination, into an equivalent amount thereof in the currency requested in such Notice of Redenomination, such equivalent amount to be determined on such date in accordance with Section 2.7, and, upon being so Redenominated, will have an initial Interest Period as requested in such Notice of Redenomination.

Redenomination of Advances. On the Extension Date, (i) the accrued and unpaid interest on the Advances owing to each Lender on such date shall be converted into a LIBOR Advance owing to such Lender, as if an additional Borrowing were made by the Lenders to the Borrower on such date in an aggregate principal amount equal to the amount of such accrued interest, and (ii) immediately thereafter, each LIBOR Advance shall be redenominated into a EURIBOR Advance at an exchange rate equal to the Equivalent in Euro of such LIBOR Advance on such date (and the Borrower shall make any prepayment required by Section 2.8(a)); provided that if the conditions to the Extension are fulfilled subsequent to 10:00A.M. (Brussels time) on the Extension Date, the conversion of interest and redenomination described in clauses (i) and (ii) of this Section 2.16 will occur on the Business Day immediately subsequent to the Extension Date (such date on which such redenomination occurs, the “Redenomination Date”); and provided further that any Advances made on the Extension Date other than the deemed Advances referred to in clause (i) above and Advances made as EURIBOR Advances shall be redenominated into EURIBOR Advances on the Business Day immediately subsequent to the Extension Date at the rate at which the Administrative Agent offers to exchange Sterling for Euro for next day settlement at its principal office in London as of 11:00 A.M. (London Time) on the Extension Date.