Affected Currency definition
Examples of Affected Currency in a sentence
Until such notice has been withdrawn by the Managing Administrative Agent (it being understood that the Managing Administrative Agent shall promptly withdraw any such notice if the circumstances described in paragraphs (i) and (ii) above cease to exist) (A) no further LIBOR Loans denominated in the Affected Currency shall be made or continued as such, nor (B) if the Affected Currency is Dollars, shall any Borrower have the right to convert ABR Loans to LIBOR Loans.
If such notice is given, and unless an alternate rate is determined as set forth below, then (i) any such Loans in an Affected Currency requested to be made on the first day of such Interest Period shall not be made, (ii) any outstanding Loans in an Affected Currency shall be due and payable on the last day of the then-current Interest Period with respect thereto, and (iii) until such notice has been withdrawn by the Agent, no further Loans in an Affected Currency shall be made or Continued as such.
No Loan denominated in any Affected Currency may be converted into a Loan with a different Interest Rate Option, or a Loan denominated in a different currency.
With respect to any amount of any Loan denominated in an Affected Currency, the Administrative Agent may determine the Dollar Equivalent utilizing Administrative Agent’s standard practices (which determination shall be conclusive absent manifest error) with such frequency (including daily) that the Administrative Agent deems to be necessary or advisable in its sole discretion.
Notwithstanding the foregoing, as promptly as practicable but in no event later than three Business Days after the giving of the required notice by the Agent with respect to such circumstances, the Agent (in consultation with the Lenders) shall negotiate with the applicable Borrower or Borrowers in good faith to ascertain whether a substitute interest rate (a “Substitute Rate”) may be agreed upon for the maintaining of Loans in the Affected Currency.