Foreign Currency Letters of Credit. If the Issuing Bank agrees pursuant to the last sentence of Section 2.18(b) to issue a Letter of Credit denominated in a currency other than Dollars, then notwithstanding anything herein to the contrary, with respect to any such Letter of Credit, the related LC Exposure, the related Reimbursement Obligation of U.S. Borrower, any reimbursement obligation of any Revolving Lender pursuant to Section 2.18(e), any other obligation owed by or to any Revolving Lender, and any LC Participation Fee or Fronting Fee owed pursuant to Section 2.05(c) shall be calculated and due solely in Dollars. The exchange rate for conversion into Dollars utilized shall be the Dollar equivalent of the applicable foreign currency as reasonably determined by the Issuing Bank and the Administrative Agent based on the rate at which the Issuing Bank could convert or has converted any such foreign currency into Dollars taking into account all transaction costs. Any such exchange rate shall be updated at intervals reasonably determined by the Issuing Bank and the Administrative Agent.
Foreign Currency Letters of Credit. For purposes of calculating the letter of credit fees, fronting fees and other fees under this Section 2.3, the face amount of each Letter of Credit made in a Foreign Currency shall be at any time the Dollar Amount of such Letter of Credit as determined on the most recent Computation Date with respect to such Letter of Credit
Foreign Currency Letters of Credit. The Borrower may request that any Letter of Credit permitted to be issued under this Section 2.4 shall be denominated in a Permitted Foreign Currency; provided that (i) the aggregate maximum amount of all outstanding Letters of Credit, including the Dollar Equivalent of the aggregate maximum amount of such Foreign Currency Letter of Credit and all other outstanding Foreign Currency Letters of Credit, shall not exceed the Letter of Credit Sublimit and (ii) the Issuing Lender of such Letter of Credit shall have consented to such Permitted Foreign Currency. With respect to any Foreign Currency Letter of Credit requested hereunder, in addition to the information required elsewhere in this Section 2.4, the Borrower shall set forth in the Request for Letter of Credit therefor (i) the Permitted Foreign Currency to be applicable to such Letter of Credit and (ii) its calculation of the usage as of such date of the Letter of Credit Sublimit (broken down by Letter of Credit, including each Foreign Currency Letter of Credit, and otherwise in form and detail acceptable to the Administrative Agent and the Issuing Lender). With respect to each Foreign Currency Letter of Credit, the Issuing Lender thereof shall determine, and provide written notice to the Administrative Agent and the Borrower of, the Spot Rate for such Letter of Credit as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Letters of Credit denominated in Permitted Foreign Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Permitted Foreign Currency for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Issuing Lender of such Letter of Credit (written notice of which shall be given by the Issuing Lender to the Borrower and the Administrative Agent, which notice shall include the calculation thereof) on the applicable date of determination on the basis of the Spot Rate for the purchase of Dollars with such Permitted Foreign Currency. For the avoidance of doubt, (i) at any time when any Foreign Currency Letter of Credit shall be outstanding, any calculation under the Loan Documents ...
Foreign Currency Letters of Credit. Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges).
Foreign Currency Letters of Credit. A new Section 2.3(k) is added to the Credit Agreement which reads as follows:
Foreign Currency Letters of Credit. If on any Currency Calculation Date after giving effect to the determination of all relevant Dollar Amounts hereunder, the aggregate Foreign Currency LC Exposure exceeds 105.0% of the Foreign Currency LC Committed Amount, the Borrower shall Cash Collateralize LC Obligations in respect of Foreign Currency Letters of Credit so that, after giving effect to the Cash Collateralization of LC Obligations pursuant to this subsection (iii), the aggregate Foreign Currency LC Exposure does not exceed 105.0% of the Foreign Currency LC Committed Amount. In determining the aggregate Foreign Currency LC Exposure for purposes of this subsection (iii), LC Obligations shall be reduced to the extent that they are Cash Collateralized as contemplated by this subsection (iii). Each Cash Collateralization of LC Obligations required by this subsection (iii) shall be applied ratably among LC Obligations in respect of Foreign Currency Letters of Credit based on the respective amounts thereof then outstanding.
Foreign Currency Letters of Credit. Upon the issuance of any Foreign Currency Letter of Credit, and so long as any Foreign Currency Letter of Credit (or LC Disbursement in respect thereof) remains outstanding, the following provisions shall apply:
Foreign Currency Letters of Credit. Notwithstanding any other provision of this Agreement to the contrary, the following provisions shall govern with respect to Letters of Credit denominated in a currency other than Dollars, in each case as to the matters covered:
Foreign Currency Letters of Credit. Notwithstanding any other provision of this Agreement:
Foreign Currency Letters of Credit. If a Disbursement is made by the Issuer under any Foreign Currency Letter of Credit other than a Foreign Currency Letter of Credit denominated in Canadian Dollars or Euros, the Dollar Equivalent of such Disbursement shall be determined by the Issuer on the Disbursement Date related thereto. The Issuer shall notify the Administrative Agent and the Company promptly of such Dollar Equivalent determined by it, on the date that such determination is required to be made.
