Alternate Currencies. In respect of Facilities denominated in a particular currency (“Reference Currency”), where the Bank has agreed that the Customer may utilize the Facilities in a currency or currencies other than the Reference Currency (“Alternate Currency(ies)”):- (a) utilization in Alternate Currencies is subject to the availability of funds and subject to the Customer giving to the Bank not less than three (3) Business Days prior to the date of drawing written notice of utilization specifying the amount and date of utilization; (b) utilizations will be in the amount of the Alternate Currency converted from the Reference Currency at the Bank’s then prevailing rate of exchange on the date of utilization; (c) if the sums outstanding under a Facility when aggregated and calculated in the Alternate Currency shall at any time exceed the amount of the Facility calculated in the Reference Currency, the Customer shall forthwith upon demand by the Bank repay the amount in excess thereof; (d) the Bank’s calculations as to amounts outstanding and/or the rate of exchange used by the Bank for the purpose of conversion shall in the absence of manifest error be conclusive and binding upon the Customer; (e) the Customer shall on demand promptly indemnify the Bank on a full indemnity basis against all losses, fees, costs and expenses incurred by it in liquidating or employing deposits in the relevant Alternate Currency acquired or contracted for by the Bank in order to fund each utilization, except for those resulting solely and directly from the Bank’s gross negligence, wilful misconduct or fraud.
Appears in 5 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
