Common use of Unavailability of Euro Clause in Contracts

Unavailability of Euro. If the Agent at any time determines that: (i) the Euro has ceased to be utilized as the basic accounting unit of the European Community; (ii) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; or (iii) it is illegal, impossible or impracticable for payments to be made hereunder in Euro, then the Agent may, in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro shall be made in a component currency of the Euro or Dollars (as selected by the Agent (the "Selected Currency") and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 3 contracts

Samples: Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation)

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Unavailability of Euro. If the Agent at any time determines that: (i) the Euro has ceased to be utilized as the basic accounting unit of the European Community; (ii) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; or (iii) it is illegal, impossible or impracticable for payments to be made hereunder in Euro, then the Agent may, in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro shall be made in a component currency of the Euro or Dollars (as selected by the Agent (the "Selected Currency") and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 2 contracts

Samples: Credit Agreement (Vishay Intertechnology Inc), Credit Agreement (Vishay Intertechnology Inc)

Unavailability of Euro. If the Multicurrency Facility Agent at any time determines that: (i) the Euro euro has ceased to be utilized as the basic accounting unit of the European Community; (ii) for reasons affecting the market in Euros euros generally, Euros euros are not freely traded between banks internationally; or (iii) it is illegal, impossible or impracticable for payments to be made hereunder in Euroeuro, then the Multicurrency Facility Agent may, in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro euro shall be made in a component currency of the Euro euro or Dollars dollars (as selected by the Multicurrency Facility Agent (the "Selected Currency") and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro euro in the Selected Currency).

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Stryker Corp), Credit and Guaranty Agreement (Stryker Corp)

Unavailability of Euro. If the Administrative Agent at any ---------------------- time determines that: (i1) the Euro has ceased to be utilized as the basic accounting unit of the European Community; , (ii2) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; , or (iii3) it is illegal, impossible or impracticable for payments to be made hereunder in EuroEuros, then the Administrative Agent may, may in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro Euros shall be made in Credit Agreement ---------------- a component currency of the Euro or Dollars (as selected by the Administrative Agent (the "Selected Currency")) and the amount to be so paid shall be ----------------- calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 1 contract

Samples: Credit Agreement (Capital One Financial Corp)

Unavailability of Euro. If the Administrative Agent at any time determines that: (i1) the Euro has ceased to be utilized as the basic accounting unit of the European Community; , (ii2) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; , or (iii3) it is illegal, impossible or impracticable for payments to be made hereunder in EuroEuros, then the Administrative Agent may, may in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro Euros shall be made in a component currency of the Euro Pounds Sterling or Dollars (as selected by the Administrative Agent (the "Selected Currency"”)) and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 1 contract

Samples: Credit Agreement (Capital One Financial Corp)

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Unavailability of Euro. If the Agent at any time determines that: (i) the Euro has ceased to be utilized as the basic accounting unit of the European Community; (ii) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; or (iii) it is illegal, impossible or impracticable for payments to be made hereunder in Euro, then the Agent may, in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro shall be made in a component currency of the Euro or Dollars (as selected by the Agent (the "Selected ---------- Currency") and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 1 contract

Samples: Credit Agreement (Vishay Intertechnology Inc)

Unavailability of Euro. If the Administrative Agent at any time determines that: (i1) the Euro has ceased to be utilized as the basic accounting unit of the European Community; , (ii2) for reasons affecting the market in Euros generally, Euros are not freely traded between banks internationally; , or (iii3) it is illegal, impossible or impracticable for payments to be made hereunder in EuroEuros, then the Administrative Agent may, may in its discretion declare (such declaration to be binding on all the parties hereto) that any payment made or to be made thereafter which, but for this provision, would have been payable in the Euro Euros shall be made in a component currency of the Euro Pounds Sterling or Dollars (as selected by the Administrative Agent (the "Selected Currency"”)) Credit Agreement and the amount to be so paid shall be calculated on the basis of the equivalent of the Euro in the Selected Currency).

Appears in 1 contract

Samples: Credit Agreement (Capital One Financial Corp)

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