Alternative Currency Advances Clause Samples
The Alternative Currency Advances clause allows borrowers to request and receive loan advances in currencies other than the primary currency specified in the agreement. In practice, this means that a borrower can access funds in, for example, euros or yen instead of just U.S. dollars, subject to lender approval and certain conditions such as currency availability and applicable interest rates. This clause provides flexibility for borrowers operating internationally, helping them manage currency risk and meet obligations in different jurisdictions.
Alternative Currency Advances. In the case of a Revolving Loan to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Bank would make it impracticable for such Revolving Loan to be denominated in the relevant Alternative Currency.
d. The following two new sentences are hereby added at the end of Section 5.1 (“Borrowing Procedures”) of the Loan Agreement: “Notwithstanding the foregoing, however, a request for a Revolving Loan to be funded in an Alternative Currency must be received by the Bank no later than 3:00 p.m. Lansing, Michigan time, four (4) Business Days prior to the requested date of funding. All requests for Revolving Loans, whether in Dollars or in an Alternative Currency, shall be accompanied by a completed Borrowing Notice in the form of Exhibit A attached hereto.”
e. The following new definitions are hereby added to Section 1.1 of the Loan Agreement: “Alternative Currency” means Sterling.
Alternative Currency Advances. The Company agrees, in addition to the provisions of Section 6.01, that upon the occurrence and during the continuance of any Event of Default any Bank which has made an Alternative Currency Advance may, by notice to the Company and the Administrative Agent, declare such Alternative Currency Advance (together with accrued interest thereon) to be, and the same shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company; provided that, in the case of any of the Events of Default specified in clause (g) or (h) of Section 6.01, with respect to the Company, without any notice to the Company or any other act by such Bank, all of the Alternative Currency Advances (together with accrued interest thereon) made to the Company by any Bank shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. If the Administrative Agent receives any notice from a Bank pursuant to the previous sentence, then it will promptly give notice thereof to the other Banks.
Alternative Currency Advances. If a Borrower fails to specify a currency in a Notice of Revolving Credit Borrowing requesting a Borrowing, then the Advances so requested shall be made in Dollars. If a Borrower fails to specify a Type of Advance in a Notice of Revolving Credit Borrowing or if such Borrower fails to give a timely notice requesting a continuation, then the applicable Advances shall be made as Base Rate Advances denominated in Dollars; provided, however, that in the case of a failure to timely request a continuation of Alternative Currency Term Rate Advances, such Advances shall be continued as Alternative Currency Term Rate Advances in their original currency with an Interest Period of one (1) month. If a Borrower requests a Borrowing of or continuation of Alternative Currency Term Rate Advances in any such Notice of Revolving Credit Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Except as otherwise specified in the Credit Agreement, no Alternative Currency Advance may be converted into or continued as an Advance denominated in a different currency, but instead must be repaid in the original currency of such Alternative Currency Advance and reborrowed in the other currency.
Alternative Currency Advances. (a) Commitment to Advance in Alternative Currency. The Bank hereby agrees to make Revolving Loans in an Alternative Currency, at the Borrower’s request from time to time prior to the Revolving Loan Maturity Date and subject to the terms and conditions stated in this Section 2.2.
Alternative Currency Advances. (a) Alternative Currency Option. From time to time prior to the General Revolving Loan Maturity Date, the Borrower or any Eligible Subsidiary may, as set forth in this section 2A, request the Lenders to make offers to make a loan (each, an "Alternative Currency Advance") to the Borrower or the Eligible Subsidiary, as applicable. Any Lender may, but shall have no obligation to, make such offers, and the Borrower or the Eligible Subsidiaries, as applicable, may, but shall have no obligation to, accept any such offers in the manner set forth in this section 2A; provided that neither the Borrower nor any Eligible Subsidiary, as applicable, may accept any offer if, after giving effect to the Alternative Currency Advance to be made pursuant to such offer and any other outstanding accepted offers, (i) the aggregate Alternative Currency Outstandings would exceed $5,000,000 at such time, or (ii) the sum of (A) the aggregate Alternative Currency Outstandings plus (B) the aggregate principal amount of all General Revolving Loans then outstanding plus (C) the aggregate amount of all Swing Line Loans then outstanding plus (D) the aggregate of the Letter of Credit Outstandings would exceed the Total General Revolving Commitment at such time.
Alternative Currency Advances