Currency Commitment Provisions Sample Clauses
Currency Commitment Provisions define the specific currency or currencies in which payments, obligations, or financial transactions under an agreement must be made. These provisions typically specify whether all amounts are to be paid in a single currency, such as U.S. dollars, or allow for payments in multiple currencies, and may address how currency conversions are handled if necessary. By clearly establishing the currency to be used, these provisions help prevent disputes over exchange rates and ensure predictability in financial dealings between parties.
Currency Commitment Provisions. (i) Each Lender hereby agrees that (A) each Multicurrency Loan shall be funded in its entirety by the Multicurrency Lenders or (B) each Loan funded in Dollars shall be funded in its entirety by the Dollar Lenders or the Multicurrency Lenders, as applicable.
(ii) On each FX Evaluation Date, (A) the Collateral Manager shall calculate the Borrowing Base and deliver such calculation to the Agent and (B) the Agent shall deliver in accordance with Section 17.3 to the Collateral Agent and the Collateral Manager such calculation of the Borrowing Base. If on any date any Lender has provided written notice to the Agent that such Lender requests a reallocation under this Section 2.2(d)(ii) and the Agent shall agree in its sole discretion to such reallocation, the Agent shall deliver, as directed by the Collateral Manager or Lender, as applicable, in accordance with Section 17.3 to each Agent (with a copy to the Collateral Agent) a notice in the form of Exhibit C-4 (each, an “FX Reallocation Notice”). Each Lender agrees to comply with the direction provided in the FX Reallocation Notice. Each such purchase and sale of Loans outstanding shall occur on the second Business Day following delivery of the related FX Reallocation Notice (or, if the related FX Reallocation Notice is delivered to any Lender after 4:00 p.m. in the Applicable Time Zone, on the third Business Day following delivery of such FX Reallocation Notice).
(iii) Notwithstanding anything to the contrary herein, at no time shall (x) any Multicurrency Lender have any obligation to fund any Multicurrency Loan in any currency other than Euros, GBPs, CADs or Dollars or any Multicurrency Loan in any currency other than the Eligible Currency or (y) any Dollar Lender have any obligation to fund any Loan in an Eligible Currency other than Dollars.
Currency Commitment Provisions. (i) Each Lender hereby agrees that (A) each Advance funded in AUDs shall be funded in its entirety by the AUD Lenders, (B) each Advance funded in CADs shall be funded in its entirety by the CAD Lenders, (C) each Advance funded in Euros shall be funded in its entirety by the Euro Lenders, (D) each Advance funded in Dollars shall be funded in its entirety by the Dollar Lenders and (E) each Advance funded in GBPs shall be funded in its entirety by the GBP Lenders; provided that, no Lender other than DBNY and its Affiliates shall be required to fund any Advances in any Eligible Currency (other than Dollars) in an amount greater than its Pro Rata Percentage of the Advances to be made in such Eligible Currency. On the date of each Advance, each Lender shall purchase and sell Advances in an aggregate amount such that, after giving effect to each such purchase, each Lender owns its Pro Rata Percentage of the Advances outstanding.
(ii) On each FX Evaluation Date, the Servicer shall calculate each Borrowing Base and deliver such calculations to the Facility Agent, the Collateral Agent and each Agent, together with the Pro Rata Percentage and the actual percentage of the Advances outstanding owing to each Lender as of such FX Evaluation Date. If (x) on any FX Evaluation Date, the Applicable Conversion Rate of any Eligible Currency (other than Dollars) has increased or decreased by 10% or more since the most recent FX Reallocation or, if no FX Reallocation has occurred, the Effective Date or (y) on any date any Lender has provided written notice to the Facility Agent that such Lender directs (in its sole discretion) a reallocation under this Section 2.2(d)(ii), the Servicer shall deliver to the Facility Agent and each Agent (with a copy to the Collateral Custodian and the Loan Registrar) a notice substantially in the form of Exhibit C-4 (each, an “FX Reallocation Notice”) directing each Lender to sell to, or purchase from, as applicable, the other Lenders’ Advances in an aggregate amount such that, after giving effect to each such purchase, each Lender owns its respective Pro Rata Percentage of the Advances outstanding (a “FX Reallocation”). Each Lender agrees to comply with the direction provided in the FX Reallocation Notice. Each such purchase and sale of Advances outstanding shall occur on the second Business Day following delivery of the related FX Reallocation Notice (or, if the related FX Reallocation Notice is delivered to any Lender after 4:00 p.m. in New Yor...