Agreed Currencies. (i) The Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing Lender. (ii) Any such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, not later than 11:00 a.m., 20 Business Days prior to the date of the desired issuance of a Letter of Credit (or such other time or date as may be agreed by the applicable Issuing Lender in its sole discretion). The applicable Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in such requested currency. (iii) Any failure by an Issuing Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit to be issued in such requested currency. If the applicable Issuing Lender consents to the issuance of Letters of Credit in such requested currency, such Issuing Lender shall so notify the Borrower and the Administrative Agent and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing Lender. (iv) If, after the designation of any currency as an Agreed Currency (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an applicable Issuing Lender, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any applicable Issuing Lender, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative Agent, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender), as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 2 contracts
Samples: Credit Agreement (Forum Energy Technologies, Inc.), Credit Agreement (Forum Energy Technologies, Inc.)
Agreed Currencies. (i) The Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing Lender.
(ii) Any such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, not later than 11:00 a.m., 20 twenty (20) Business Days prior to the date of the desired issuance of a Letter of Credit (or such other time or date as may be agreed by the applicable Issuing Lender in its sole discretion). The applicable Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in such requested currency.
(iii) Any failure by an Issuing Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit to be issued in such requested currency. If the applicable Issuing Lender consents to the issuance of Letters of Credit in such requested currency, such Issuing Lender shall so notify the Borrower and the Administrative Agent and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing Lender.
(iv) If, after the designation of any currency as an Agreed Currency (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an applicable Issuing Lender, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any applicable Issuing Lender, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative Agent, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender), as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 2 contracts
Samples: Credit Agreement (Forum Energy Technologies, Inc.), Credit Agreement (Forum Energy Technologies, Inc.)
Agreed Currencies. (ia) The Borrower Company may from time to time request that Letters Eurocurrency Advances be made in a currency other than those specifically listed in the definition of Credit be issued in any “Agreed Currency; ;” provided further thatthat such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Eurocurrency Advances, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing LenderUS Administrative Agent and the US Revolving Lenders.
(iib) Any such request shall be made to the applicable Issuing Lender, with a copy to the US Administrative Agent, Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired issuance of a Letter of Credit Borrowing (or such other time or date as may be agreed by the applicable Issuing Lender US Administrative Agent, in its sole discretion). The applicable Issuing US Administrative Agent shall promptly notify each US Revolving Lender thereof. Each US Revolving Lender shall notify the US Administrative Agent, not later than 11:00 a.m., ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance making of Letters of Credit such Eurocurrency Advance in such requested currency.
(iii) . Any failure by an Issuing a US Revolving Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit Eurocurrency Advances to be issued made in such requested currency. If the applicable Issuing Lender consents US Administrative Agent and all the US Revolving Lenders consent to the issuance of Letters of Credit making Eurocurrency Advances in such requested currency, such Issuing Lender the US Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter Borrowings of Credit issuances by such Issuing LenderEurocurrency Advances. Any specified If the US Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of under this Section 1.7, the Agreed Currencies specifically listed in US Administrative Agent shall promptly so notify the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderCompany.
(ivc) If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in clause (b) – (d) of the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the US Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the US Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the US Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, US Revolving Lenders and the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentCompany, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the US Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)US Revolving Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 2 contracts
Samples: Credit Agreement (Complete Production Services, Inc.), Credit Agreement (Complete Production Services, Inc.)
Agreed Currencies. (i) A. The Borrower may from time to time request that Letters a Letter of Credit be issued denominated in any Agreed Currency; provided further that, such request in any a currency other than Dollars those specifically listed in the definition of “Agreed Currency”; provided that such requested currency is an Eligible Currency. Any such request shall be subject to the approval ability of the applicable Issuing LenderLender to issue a Letter of Credit denominated in such currency.
(ii) B. Any such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, Agent not later than 11:00 a.m., 20 A.M. (New York Time) ten Business Days prior to the date of the desired issuance of a Letter of Credit (or such other time or date as may be agreed by the applicable Issuing Lender Administrative Agent, in its sole discretion). The Administrative Agent shall promptly notify the applicable Issuing Lender thereof. Such Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m.A.M. (New York Time), ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters such Letter of Credit in such requested currency.
(iii) . Any failure by an such Issuing Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters a Letter of Credit to be issued in such requested currency. If the applicable Administrative Agent and such Issuing Lender consents consent to the issuance of Letters issuing a Letter of Credit in such requested currency, such Issuing Lender the Administrative Agent shall so notify the Borrower and the Administrative Agent and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing LenderCredit. Any specified If the Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of under this subsection 1.5, the Agreed Currencies specifically listed in Administrative Agent shall promptly so notify the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderBorrower.
(iv) C. If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, Lenders and the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative Agent, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 2 contracts
Samples: Credit Agreement (Mosaic Co), Credit Agreement (Mosaic Co)
Agreed Currencies. (iA) The Borrower Company may from time to time request that Eurocurrency Rate Loans be made or Letters of Credit be issued in any Agreed Currency; provided further that, such request in any a currency other than Dollars those specifically listed in the definition of “Agreed Currency;” provided that such requested currency is an Eligible Currency. Any such request shall be subject to the approval of the applicable Issuing Administrative Agent and each Lender.
(iiB) Any such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, Agent not later than 11:00 a.m.a.m. (Chicago time), 20 ten Business Days prior to the date of the desired borrowing or issuance of a Letter of Credit (or such other time or date as may be agreed by the applicable Issuing Lender Administrative Agent, in its sole discretion). The applicable Issuing Administrative Agent shall promptly notify each Lender thereof. Each Lender shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (Chicago time), ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the making of such Eurocurrency Rate Loan or the issuance of Letters such Letter of Credit in such requested currency.
(iii) . Any failure by an Issuing a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If Administrative Agent and all the applicable Issuing Lender consents Lenders consent to the issuance of making Eurocurrency Rate Loans or issuing Letters of Credit in such requested currency, such Issuing Lender Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter Eurocurrency Rate Loans or Letters of Credit issuances by such Issuing LenderCredit. Any specified If Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” under this Section 1.5, Administrative Agent shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing Lenderpromptly so notify Company.
(ivC) If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in clause (b) - (d) of the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentLenders and Company, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 2 contracts
Samples: Credit Agreement (Lecg Corp), Credit Agreement (Lecg Corp)
Agreed Currencies. (ia) The Borrower Company may from time to time request that Letters Eurocurrency Advances be made in a currency other than those specifically listed in the definition of Credit be issued in any “Agreed Currency; ;” provided further thatthat such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Eurocurrency Advances, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing LenderUS Administrative Agent and all of the US Lenders.
(iib) Any such request shall be made to the applicable Issuing Lender, with a copy to the US Administrative Agent, Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired issuance of a Letter of Credit Borrowing (or such other time or date as may be agreed by the applicable Issuing Lender US Administrative Agent, in its sole discretion). The applicable Issuing US Administrative Agent shall promptly notify each US Lender thereof. Each US Lender shall notify the US Administrative Agent, not later than 11:00 a.m., ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance making of Letters of Credit such Eurocurrency Advance in such requested currency.
(iii) . Any failure by an Issuing a US Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit Eurocurrency Advances to be issued made in such requested currency. If the applicable Issuing Lender consents US Administrative Agent and all the US Lenders consent to the issuance of Letters of Credit making Eurocurrency Advances in such requested currency, such Issuing Lender the US Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter Borrowings of Credit issuances by such Issuing LenderEurocurrency Advances. Any specified If the US Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of under this Section 1.7, the Agreed Currencies specifically listed in US Administrative Agent shall promptly so notify the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderCompany.
(ivc) If, after the designation of any currency as an Agreed Currency Currency, (Ai) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the US Administrative Agent or an applicable Issuing Lenderand the Majority Lenders, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the US Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the US Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, US Lenders and the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentCompany, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the US Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)US Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 1 contract
Samples: Credit Agreement (Complete Production Services, Inc.)
Agreed Currencies. (i) The Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that. The issuance, such request in increase or extension of any currency Foreign Currency L/C (other than Dollars those denominated in an Agreed Currency) shall be subject to the approval of the applicable Issuing LenderBank.
(ii) Any The Borrower may request that the Administrative Agent and an Issuing Bank designate any Eligible Currency as an Agreed Currency and such request shall be made to the applicable such Issuing Lender, with a copy to Bank and the Administrative Agent, Agent not later than 11:00 a.m., 20 10 Business Days prior to the date of the any desired issuance of a Letter of Credit in any such Eligible Currency (or such other time or date as may be agreed by the applicable Administrative Agent and such Issuing Lender Bank in its their sole discretion). The Each of the Administrative Agent and the applicable Issuing Lender Bank shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request Borrower whether it consents, in its sole discretion, to the issuance of Letters of Credit in designate such requested currencyEligible Currency as an Agreed Currency.
(iii) Any failure by an Issuing Lender Bank or the Administrative Agent to respond to such request within the time period specified in the preceding sentence prior to 10 Business Days after such request shall be deemed to be a refusal by such Issuing Lender Bank or the Administrative Agent to permit Letters of Credit to be issued in such requested currency. If the applicable an Issuing Lender consents to the issuance of Letters of Credit in such requested currency, such Issuing Lender shall so notify the Borrower Bank and the Administrative Agent and consent to such designation of the requested Eligible Currency as an Agreed Currency, such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderBank.
(iv) If, after the designation of any currency Foreign Currency as an Agreed Currency (including any designation thereof on the date hereof and any other designations made pursuant to this Section 1.05(b)), (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an the applicable Issuing LenderBank, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any the applicable Issuing LenderBank, a Dollar Equivalent of such currency is not readily calculable, then (1) the Administrative Agent (or if applicable, such the applicable Issuing LenderBank) shall promptly notify the other Issuing Lenders, the Borrower, Borrower (and, in the case of a determination made by an Issuing LenderBank, the Administrative Agent), and (2) such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Bank, as applicable, as provided herein, agree agrees to reinstate such currency as an Agreed Currency.
Appears in 1 contract
Samples: 5 Year Revolving Credit Agreement (Diamond Offshore Drilling Inc)
Agreed Currencies. (i) The Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that. The issuance, such request in increase or extension of any currency Foreign Currency L/C (other than Dollars those denominated in an Agreed Currency) shall be subject to the approval of the applicable Issuing Lender.
(ii) Any The Borrower may request that the Issuing Lender designate any Eligible Currency as an Agreed Currency and such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, not later than 11:00 a.m., 20 10 Business Days prior to the date of the any desired issuance of a Letter of Credit in any such Eligible Currency (or such other time or date as may be agreed by the applicable Issuing Lender in its sole discretion). The applicable Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in designate such requested currencyEligible Currency as an Agreed Currency.
(iii) Any failure by an the Issuing Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such the Issuing Lender to permit Letters of Credit to be issued in such requested currency. If the applicable Issuing Lender consents to such designation of the issuance of Letters of Credit in such requested currencyEligible Currency as an Agreed Currency, such the Issuing Lender shall so notify the Borrower and the Administrative Agent and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing Lender.
(iv) If, after the designation of any currency Foreign Currency as an Agreed Currency (including any designation thereof on the date hereof and any other designations made pursuant to this Section 1.6(b)), (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an applicable the Issuing Lender, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any applicable the Issuing Lender, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such the Issuing Lender) shall promptly notify the other Issuing Lenders, the Borrower, and, in the case of a determination made by an the Issuing Lender, the Administrative Agent, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender), as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 1 contract
Agreed Currencies. (i) The A Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that. The issuance, such request in increase or extension of any currency Foreign Currency L/C (other than Dollars those denominated in an Agreed Currency) shall be subject to the approval of the applicable Issuing LenderBank.
(ii) Any The applicable Borrower may request that the Administrative Agent and an Issuing Bank designate any Eligible Currency as an Agreed Currency and such request shall be made to the applicable such Issuing Lender, with a copy to Bank and the Administrative Agent, Agent not later than 11:00 a.m., 20 10 Business Days prior to the date of the any desired issuance of a Letter of Credit in any such Eligible Currency (or such other time or date as may be agreed by the applicable Administrative Agent and such Issuing Lender Bank in its their sole discretion). The Each of the Administrative Agent and the applicable Issuing Lender Bank shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request applicable Borrower whether it consents, in its sole discretion, to the issuance of Letters of Credit in designate such requested currencyEligible Currency as an Agreed Currency.
(iii) Any failure by an Issuing Lender Bank or the Administrative Agent to respond to such request within the time period specified in the preceding sentence prior to 10 Business Days after such request shall be deemed to be a refusal by such Issuing Lender Bank or the Administrative Agent to permit Letters of Credit to be issued in such requested currency. If the applicable an Issuing Lender consents to the issuance of Letters of Credit in such requested currency, such Issuing Lender shall so notify the Borrower Bank and the Administrative Agent and consent to such designation of the requested Eligible Currency as an Agreed Currency, such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderBank.
(iv) If, after the designation of any currency Foreign Currency as an Agreed Currency (including any designation thereof on the date hereof and any other designations made pursuant to this Section 1.05(b)), (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an the applicable Issuing LenderBank, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any the applicable Issuing LenderBank, a Dollar Equivalent of such currency is not readily calculable, then (1) the Administrative Agent (or if applicable, such the applicable Issuing LenderBank) shall promptly notify the other Issuing Lenders, the Borrower, applicable Borrower (and, in the case of a determination made by an Issuing LenderBank, the Administrative Agent), and (2) such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Bank, as applicable, as provided herein, agree agrees to reinstate such currency as an Agreed Currency.
Appears in 1 contract
Samples: 5 Year Revolving Credit Agreement (Diamond Offshore Drilling, Inc.)
Agreed Currencies. (ia) The Borrower Company may from time to time request that Letters Eurocurrency Advances be made in a currency other than those specifically listed in the definition of Credit be issued in any “Agreed Currency; ;” provided further thatthat such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Eurocurrency Advances, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing LenderUS Administrative Agent and the US Lenders.
(iib) Any such request shall be made to the applicable Issuing Lender, with a copy to the US Administrative Agent, Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired issuance of a Letter of Credit Borrowing (or such other time or date as may be agreed by the applicable Issuing Lender US Administrative Agent, in its sole discretion). The applicable Issuing US Administrative Agent shall promptly notify each US Lender thereof. Each US Lender shall notify the US Administrative Agent, not later than 11:00 a.m.11:00
a. m., ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance making of Letters of Credit such Eurocurrency Advance in such requested currency.
(iii) . Any failure by an Issuing a US Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit Eurocurrency Advances to be issued made in such requested currency. If the applicable Issuing Lender consents US Administrative Agent and all the US Lenders consent to the issuance of Letters of Credit making Eurocurrency Advances in such requested currency, such Issuing Lender the US Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter Borrowings of Credit issuances by such Issuing LenderEurocurrency Advances. Any specified If the US Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of under this Section 1.7, the Agreed Currencies specifically listed in US Administrative Agent shall promptly so notify the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderCompany.
(ivc) If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in clause (b) — (d) of the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the US Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the US Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the US Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, US Lenders and the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentCompany, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the US Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)US Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
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Samples: Credit Agreement (Complete Production Services, Inc.)
Agreed Currencies. (i) The Borrower may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that. The issuance, such request in increase or extension of any currency Foreign Currency L/C (other than Dollars those denominated in an Agreed Currency) shall be subject to the approval of the applicable Issuing Lenderthe L/C Issuer.
(ii) Any The Borrower may request that an L/C Issuer designate any Eligible Currency as an Agreed Currency and such request shall be made to the applicable Issuing Lendersuch L/C Issuer, with a copy to the Administrative Agent, not later than 11:00 a.m., 20 five (5) Business Days prior to the date of the any desired issuance of a Letter of Credit in any such Eligible Currency (or such other time or date as may be agreed by the applicable Issuing Lender such L/C Issuer in its sole discretion). The applicable Issuing Lender L/C Issuer shall notify the Administrative Agent, not later than 11:00 a.m., ten three (3) Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in designate such requested currencyEligible Currency as an Agreed Currency.
(iii) Any failure by an Issuing Lender L/C Issuer to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender L/C Issuer to permit Letters of Credit to be issued in such requested currency. If the applicable Issuing Lender L/C Issuer consents to such designation of the issuance of Letters of Credit in such requested currencyEligible Currency as an Agreed Currency, such Issuing Lender L/C Issuer shall so notify the Borrower and the Administrative Agent and such currency shall thereupon be deemed for all purposes to be an Agreed Currency for such L/C Issuer hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderL/C Issuer.
(iv) If, after the designation of any currency Foreign Currency as an Agreed Currency for any L/C Issuer (including any designation thereof on the date hereof and any other designations made pursuant to this Section 1.08(b)), (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an the applicable Issuing LenderL/C Issuer, no longer qualifies as an “Eligible Currency” or ”, (C) in the reasonable determination of the Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing LendersBorrower the L/C Issuers, and such currency shall no longer be an Agreed Currency for any L/C Issuer until such time as the BorrowerAdministrative Agent and all applicable L/C Issuers agree to reinstate such currency as an Agreed Currency, and, or (D) in the case reasonable determination of any L/C Issuer, a determination made by an Issuing LenderDollar Equivalent of such currency is not readily calculable, such L/C Issuer shall promptly notify the Borrower and the Administrative Agent, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if for such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, L/C Issuer until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)L/C Issuers, as provided herein, agree to reinstate such currency as an Agreed CurrencyCurrency for such L/C Issuer.
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Agreed Currencies. (ia) The Borrower Company may from time to time request that Letters Eurocurrency Rate Loans be made in a currency other than those specifically listed in the definition of Credit be issued in any "Agreed Currency; ;" provided further thatthat such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing Administrative Agent and each Lender.
(iib) Any such request shall be made to the applicable Issuing Lender, with a copy to the Administrative Agent, Agent not later than 11:00 a.m.a.m. (New York time), 20 ten Business Days prior to the date of the desired issuance of a Letter of Credit borrowing (or such other time or date as may be agreed by the applicable Issuing Lender Administrative Agent, in its sole discretion). The applicable Issuing Administrative Agent shall promptly notify each Lender thereof. Each Lender shall notify the Administrative Agent, not later than 11:00 a.m.a.m. (New York time), ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance making of Letters of Credit such Eurocurrency Rate Loan in such requested currency.
(iii) . Any failure by an Issuing a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit Eurocurrency Rate Loans to be issued made in such requested currency. If Administrative Agent and all the applicable Issuing Lender consents Lenders consent to the issuance of Letters of Credit making Eurocurrency Rate Loans in such requested currency, such Issuing Lender Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing LenderEurocurrency Rate Loans. Any specified If Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” under this Section 1.5, Administrative Agent shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing Lenderpromptly so notify Company.
(ivc) If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in clause (b) - (d) of the definition of "Agreed Currency"), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “"Eligible Currency” " or (Ciii) in the reasonable determination of the Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentLenders and Company, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
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Agreed Currencies. (i) The Borrower Parent may from time to time request that Letters of Credit be issued in any Agreed Currency; provided further that. The issuance, such request in increase or extension of any currency Foreign Currency L/C (other than Dollars those denominated in an Agreed Currency) shall be subject to the approval of the applicable Issuing LenderBank.
(ii) Any The Parent may request that the Administrative Agent and an Issuing Bank designate any Eligible Currency as an Agreed Currency and such request shall be made to the applicable such Issuing Lender, with a copy to Bank and the Administrative Agent, Agent not later than 11:00 a.m., 20 10 Business Days prior to the date of the any desired issuance of a Letter of Credit in any such Eligible Currency (or such other time or date as may be agreed by the applicable Administrative Agent and such Issuing Lender Bank in its their sole discretion). The Each of the Administrative Agent and the applicable Issuing Lender Bank shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request Parent whether it consents, in its sole discretion, to the issuance of Letters of Credit in designate such requested currencyEligible Currency as an Agreed Currency.
(iii) Any failure by an Issuing Lender Bank or the Administrative Agent to respond to such request within the time period specified in the preceding sentence prior to 10 Business Days after such request shall be deemed to be a refusal by such Issuing Lender Bank or the Administrative Agent to permit Letters of Credit to be issued in such requested currency. If the applicable an Issuing Lender consents to the issuance of Letters of Credit in such requested currency, such Issuing Lender shall so notify the Borrower Bank and the Administrative Agent and consent to such designation of the requested Eligible Currency as an Agreed Currency, such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Lender. Any specified currency of an Existing Letter of Credit that is neither Dollars nor one of the Agreed Currencies specifically listed in the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderBank.
(iv) If, after the designation of any currency Foreign Currency as an Agreed Currency (including any designation thereof on the date hereof and any other designations made pursuant to this Section 1.05(b)), (A) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (B) such currency, in the reasonable determination of the Administrative Agent or an the applicable Issuing LenderBank, no longer qualifies as an “Eligible Currency” or (C) in the reasonable determination of the Administrative Agent or any the applicable Issuing LenderBank, a Dollar Equivalent of such currency is not readily calculable, then (1) the Administrative Agent (or if applicable, such the applicable Issuing LenderBank) shall promptly notify the other Issuing Lenders, the Borrower, Parent (and, in the case of a determination made by an Issuing LenderBank, the Administrative Agent), and (2) such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)Bank, as applicable, as provided herein, agree agrees to reinstate such currency as an Agreed Currency.
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Agreed Currencies. (ia) The Borrower Company may from time to time request that Letters Eurocurrency Advances be made in a currency other than those specifically listed in the definition of Credit be issued in any “Agreed Currency; ;” provided further thatthat such requested currency is an Eligible Currency. In the case of any such request with respect to the making of Eurocurrency Advances, such request in any currency other than Dollars shall be subject to the approval of the applicable Issuing LenderUS Administrative Agent and the US Lenders.
(iib) Any such request shall be made to the applicable Issuing Lender, with a copy to the US Administrative Agent, Agent not later than 11:00 a.m., 20 ten Business Days prior to the date of the desired issuance of a Letter of Credit Borrowing (or such other time or date as may be agreed by the applicable Issuing Lender US Administrative Agent, in its sole discretion). The applicable Issuing US Administrative Agent shall promptly notify each US Lender thereof. Each US Lender shall notify the US Administrative Agent, not later than 11:00 a.m., ten five Business Days (or such other time or date as may be reasonably agreed by the Administrative Agent in its sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance making of Letters of Credit such Eurocurrency Advance in such requested currency.
(iii) . Any failure by an Issuing a US Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit Eurocurrency Advances to be issued made in such requested currency. If the applicable Issuing Lender consents US Administrative Agent and all the US Lenders consent to the issuance of Letters of Credit making Eurocurrency Advances in such requested currency, such Issuing Lender the US Administrative Agent shall so notify the Borrower and the Administrative Agent Company and such currency shall thereupon be deemed for all purposes to be an Agreed Currency hereunder for purposes of any Letter Borrowings of Credit issuances by such Issuing LenderEurocurrency Advances. Any specified If the US Administrative Agent shall fail to obtain consent to any request for an additional currency of an Existing Letter of Credit that is neither Dollars nor one of under this Section 1.7, the Agreed Currencies specifically listed in US Administrative Agent shall promptly so notify the definition of “Agreed Currency” shall be deemed an Agreed Currency with respect to such Existing Letter of Credit only unless otherwise agreed to by the applicable Issuing LenderCompany.
(ivc) If, after the designation of any currency as an Agreed Currency (Aincluding any Foreign Currency listed in clause (b) — (d) of the definition of “Agreed Currency”), (i) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (Bii) such currency, in the reasonable determination of the US Administrative Agent or an applicable Issuing LenderAgent, no longer qualifies as an “Eligible Currency” or (Ciii) in the reasonable determination of the US Administrative Agent or any applicable Issuing LenderAgent, a Dollar Equivalent of such currency is not readily calculable, the US Administrative Agent (or if applicable, such Issuing Lender) shall promptly notify the other Issuing Lenders, US Lenders and the Borrower, and, in the case of a determination made by an Issuing Lender, the Administrative AgentCompany, and such currency shall no longer be an Agreed Currency with respect to all the Issuing Lenders if such determination is made by the Administrative Agent and with respect to any particular Issuing Lender if such determination is made by such Issuing Lender, in any event, until such time as the US Administrative Agent and the Issuing Lenders (or such applicable Issuing Lender)US Lenders, as provided herein, agree to reinstate such currency as an Agreed Currency.
Appears in 1 contract
Samples: Credit Agreement (Complete Production Services, Inc.)