Example ContractsClausesAlternative Currency
Alternative Currency
Alternative Currency contract clause examples

If under any Applicable Law, any payment to the Lender under or in connection with this Agreement (whether pursuant to any judgment, court order or otherwise) is made or falls to be satisfied in a currency (the “Other Currency”), other than that in which the relevant payment is due (the “Required Currency”), then, to the extent that the payment (when converted into the Required Currency at the rate of exchange as conclusively determined by the Lender on the date of payment, or if it is not practicable for the Lender to purchase the Required Currency with the Other Currency on the date of payment, at the rate of exchange as soon afterwards as it is practicable for them to do so) falls short of the amount due under the relevant provisions of this Agreement, the Borrower shall, as a separate and independent obligation, indemnify and hold harmless the Lender against the amount of such shortfall and the Lender shall have a further separate cause of action against the Borrower to recover the amount of such shortfall. For the purpose of this Clause, “rate of exchange” means the rate at which the Lender is able on the date of payment or such other date to purchase the Required Currency with the Other Currency and shall take into account any premium and other costs of exchange.

Judgment Currency. (a) The obligations of the Borrowers or any Additional Borrower under the Loan Documents to make payments in Dollars or an Alternative Currency, as the case may be (the “Obligation Currency”), shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent or a of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent or under the Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the Dollar Equivalent of such amount, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Credit Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the applicable Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the Administrative Agents or the Lenders hereunder or under the other Credit Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the applicable Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the applicable Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the applicable Administrative Agent from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the applicable Administrative Agent in such currency, such Administrative Agent agrees to promptly return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law).

Foreign Currency. Notwithstanding anything contained herein to the contrary, the entire amount of principal of and interest on any Revolving Credit Loan made or Letter of Credit issued in an Foreign Currency shall be repaid in the same Foreign Currency in which such Loan was made or Letter of Credit was issued, provided, however, that # if it is impossible or illegal for Borrower to effect payment of a Loan or reimbursement of a Letter of Credit in the Foreign Currency in which such Loan was made or Letter of Credit was issued, or # if Borrower defaults in its obligations to do so, the Multicurrency Administrative Agent may, at its option (and, in the case of # above shall) permit such payment to be made # at and to a different location, subsidiary, Affiliate or correspondent of Multicurrency Administrative Agent, or # in the Dollar Equivalent in Dollars. Upon any events described in [(i) through (ii)] of the preceding sentence, Borrower shall make such payment and Borrower agrees to hold each Multicurrency Lender harmless from and against any loss incurred by any Multicurrency Lender arising from the cost to such Multicurrency Lender of any premium, any costs of exchange, the cost of hedging and covering the Foreign Currency in which such Revolving Credit Loan was originally made or Letter of Credit was originally issued, and from any change in the value of Dollars, or such other currency, in relation to the Foreign Currency that was due and owing. Such loss shall be calculated for the period commencing with the first day of the Interest Period for such Loan and continuing through the date of payment thereof.

Currency Matters. Unless otherwise provided for herein, all amounts and calculations set forth in Dollars in this Agreement shall be determined as of each date of measurement by the Dollar Equivalents thereof as of such date of measurement. For purposes of the foregoing, "Dollar Equivalent" means, at any time, # as to any amount denominated in Dollars, the amount thereof at such time, and # as to any currency other than Dollars, the equivalent amount in Dollars as reasonably determined by [[Organization B:Organization]] at such time that such amount could be converted into Dollars by [[Organization B:Organization]] according to prevailing exchange rates selected by [[Organization B:Organization]] in its Permitted Discretion.

“U.K. Swing Line Alternative Currency Rate Loan” means a U.K. Swing Line Loan denominated in Euros or Sterling that bears interest at a rate based on the definition of “U.K. Swing Line Alternative Currency Rate.” All U.K. Swing Line Alternative Currency Rate Loans are only available to the U.K. Borrowers and must be denominated in Euros or Sterling.

denominated in any other Non-LIBOR Quoted Currency, the rate per annum as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the Banks pursuant to [Section 1.04(a)]; and

amend the definition of “Alternative Currency”, the definition of “Alternative L/C Currency” or [Section 1.13] without the written consent of each Revolving Credit Lender and each Issuing Lender; or

with respect to any Loan denominated in any Alternative Currency, the principal amount thereof then outstanding in the relevant Alternative Currency, converted to Dollars in accordance with [Section 1.08]; and

Additional Alternative Currencies may from time to time request that Alternative Currency Loans be made and/or Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency;” provided that such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Alternative Currency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders; and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the Administrative Agent and the L/C Issuer.

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