Currency Fluctuations, etc. (a) No later than 2:00 P.M., New York City time, on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each Local Currency covered by a Local Currency Facility and (ii) give notice thereof to the Lenders, IBM and the relevant Borrowers. Except as otherwise provided in Section 3.3, the Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a “Reset Date”) and shall remain effective until the next succeeding Reset Date.
(b) No later than 2:00 P.M., New York City time, on each Reset Date and each Borrowing Date, the Administrative Agent shall (i) determine the US$ Equivalent of the Local Currency Loans then outstanding under each Local Currency Facility (after giving effect to any Local Currency Loans to be made or repaid on such date) and (ii) notify the Lenders, IBM and the relevant Borrowers of the results of such determination.
(c) If, on any Reset Date or any Borrowing Date (after giving effect to (i) any Loans to be made or repaid on such date and (ii) any amendment, supplement or other modification to any Local Currency Facility effective on such date of which the Administrative Agent has received notice), the Aggregate Outstanding US$ Revolving Extensions of Credit of any Lender exceed the US$ Revolving Credit Overage of such Lender (the amount of such excess, the “US$ Revolving Credit Excess”), then the Local Currency Lender Maximum Borrowing Amount under each Local Currency Facility to which such Lender is a party shall be reduced on such date by an amount equal to the product of such US$ Revolving Credit Excess times a fraction the numerator of which shall equal the Local Currency Lender Stated Maximum Borrowing Amount under such Local Currency Facility and the denominator of which shall equal the aggregate of the Local Currency Lender Stated Maximum Borrowing Amounts under all Local Currency Facilities to which such Lender is a party. After giving effect to any such reduction in Local Currency Lender Maximum Borrowing Amounts, the Local Currency Facility Maximum Borrowing Amount with respect to each Local Currency Facility shall in turn be reduced to an amount equal to the aggregate of the Local Currency Lender Maximum Borrowing Amounts of all Local Currency Lenders party to such Local Currency Facility. Reductions in Local Currency Lender Maximum Borrowing Amounts and Local Currency Facility Ma...
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the Multi-Currency Payment Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to (x) each Multi-Currency for which there are at such time outstanding Multi-Currency Loans or Letters of Credit issued under the Multi-Currency Commitments and (y) the Canadian Dollar if there are at such time outstanding non-Dollar-denominated US$-Canadian Loans, and (ii) give notice thereof to the Multi-Currency Lenders which have committed to make Multi-Currency Loans in each such Multi-Currency, to the US$-Canadian Lenders which have committed to make US$-Canadian Loans in Canadian Dollars and to the Company. The Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a "RESET DATE") and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date, the Multi-Currency Payment Agent shall (i) determine (x) the Dollar Equivalent of the aggregate principal amount of Multi-Currency Loans, Multi-Currency Swingline Loans and Letter of Credit Liabilities under the Multi-Currency Commitments in each Multi-Currency then outstanding (after giving effect to any Multi-Currency Loans to be made or repaid on such date) (the "OUTSTANDING MULTI-CURRENCY AMOUNT") and (y) the Dollar Equivalent of the Dollar-denominated US$-Canadian Loans and Letter of Credit Liabilities under the US$-Canadian Commitments, Canadian Dollar denominated US$-Canadian Loans and C$ Loans and Letter of Credit Liabilities outstanding under the Canadian Commitments then outstanding (after giving effect to any non-Dollar-denominated US$-Canadian Loans to be made or repaid on such date) (the "OUTSTANDING US$-CANADIAN AMOUNT") and (ii) notify the Multi-Currency Lenders or the US$-Canadian Lenders, as the case may be, and the Company of the results of such determination.
(c) If on any Reset Date, Outstanding Multi-Currency Amount exceeds 105% of the aggregate amount of the Multi-Currency Commitments, then the Company shall, within three Business Days after notice thereof from the Multi-Currency Payment Agent, prepay (in any Multi-Currency as selected by the Company) Multi-Currency Loans in an aggregate amount such that, after giving effect thereto, the Outstanding Multi-Currency Amount shall be equal to or less than such aggregate amount of Multi-Currency Commitments (and i...
Currency Fluctuations, etc. (a) No later than 2:00 P.M., Toronto time, on each Canadian Calculation Date, the Canadian Administrative Agent shall (i) determine the Canadian Exchange Rate as of such date and (ii) give notice thereof to CFC and CCCL. The Canadian Exchange Rate so determined shall become effective on the first Business Day immediately following the relevant Canadian Calculation Date (a "Canadian Reset Date") and shall remain effective until the next succeeding Canadian Reset Date.
(b) No later than 2:00 P.M., New York City time, on each Canadian Reset Date and each Borrowing Date in respect of C$ Loans, the Canadian Administrative Agent shall (i) determine the US$ Equivalent of the C$ Loans then outstanding (after giving effect to any C$ Loans to be made or repaid on such date) and (ii) notify CFC and CCCL of the results of such determination.
(c) If, on any Canadian Reset Date (after giving effect to (i) any C$ Loans to be made or repaid on such date and (ii) any increase or decrease in any Canadian Commitment pursuant to Section 12.10 effective on such date of which the Canadian Administrative Agent has received notice), the Aggregate Canadian Extensions of Credit of any C$ Bank exceed the Canadian Commitment of such Bank, then, within ten Business Days after notice thereof from the Canadian Administrative Agent, (i) CCCL shall reduce the aggregate C$ Loans (which reduction, in the case of Bankers' Acceptances, may be effected by Defeasance thereof) and/or (ii) CFC shall increase the Canadian Commitments pursuant to Section 12.10 in an amount such that, after giving effect thereto, the Aggregate Canadian Extensions of Credit of each C$ Bank shall be equal to or less than the Canadian Commitment of such Bank.
(d) The Canadian Administrative Agent shall promptly furnish the Administrative Agent and each affected C$ Bank with a copy of any notice delivered to CFC or CCCL pursuant to this Section 3.5.
(e) Notwithstanding the foregoing provisions of this Section 3.5, after the initial Canadian Calculation Date, the Canadian Administrative Agent may at its option suspend the resetting of the Canadian Exchange Rate pursuant to Section 3.5(a) and the making of the determinations referred to in Sections 3.5(b) and 3.5(c) during any period when the sum of the Aggregate Canadian Extensions of Credit of all C$ Banks, calculated using the Canadian Exchange Rate effective as of the last Canadian Reset Date prior to such suspension, is less than 50% of the aggregate Canadian Commitm...
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each Local Currency covered by a Local Currency Addendum and (ii) give notice thereof to the Lenders, the Company and the relevant Borrowing Subsidiaries. The Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a "Reset Date") and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date and each Borrowing Date, the Administrative Agent shall (i) determine the Dollar Equivalent of the Local Currency Loans then outstanding (after giving effect to any Local Currency Loans to be made or repaid on such date) and (ii) notify the Lenders, the Company and the relevant Borrowing Subsidiaries of the results of such determination.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the U.S. Administrative Agent shall determine the Exchange Rate as of such Calculation Date. Except as otherwise provided in Section 2.11 and Section 2.25, the Exchange Rate so determined shall become effective on the first U.S. Business Day immediately following the relevant Calculation Date (a “Reset Date”) and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date, the U.S. Administrative Agent shall consult with the Canadian Administrative Agent and the Administrative Agents shall determine the total Canadian Exposure (both in U.S. Dollars and in Canadian Dollars) and the total U.S. Exposure.
(c) If, on any Reset Date, the total Canadian Exposure exceeds the total Canadian Commitments, then (i) the Canadian Administrative Agent shall give notice thereof to the Canadian Borrowers and the Canadian Lenders and (ii) within two Canadian Business Days thereafter, the Canadian Borrowers shall repay or prepay Canadian Loans in accordance with this Agreement in an aggregate principal amount such that, after giving effect thereto, the total Canadian Exposure (expressed in Canadian Dollars) shall not exceed the total Canadian Commitments.
(d) To the extent the repayments and prepayments referenced in paragraph (c) do not result in a total Canadian Exposure (expressed in Canadian Dollars) that is less than or equal to the total Canadian Commitments, then the Borrowers shall provide cash collateral in accordance with Section 2.08(j) to the extent required to obtain such result.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Payment Date, Agent shall (i) determine the Exchange Rate as of such date if at such time there are outstanding Loans denominated in Euros and (ii) give notice thereof to Lender and Borrower. The Exchange Rate so determined shall be effective on the first Business Day immediately following the relevant Payment Date (a “Reset Date”) and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date, Agent shall (i) determine the Dollar Equivalent of the Loans denominated in Euros then outstanding (after giving effect to any Loans denominated in Euros to be made or repaid on such date) and (ii) notify Lender and Borrower of the results of each determination.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., -------------------------- New York City time, on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each Multi-Currency for which there are at such time outstanding Multi-Currency Revolving Loans or Letters of Credit issued under the Multi-Currency Revolving Commitments and (ii) give notice thereof to the Multi-Currency Revolving Lenders which have committed to make Multi-Currency Revolving Loans in each such Multi- Currency and to the Parent Borrower or the Subsidiary Borrower, as the case may be. The Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a "Reset Date") and shall remain ----------- effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date, the Administrative Agent shall (i) determine the Dollar Equivalent of the Multi-Currency Revolving Loans or L/C Obligations under the Multi- Currency Revolving Commitments in each Multi-Currency then outstanding (after giving effect to any Multi-Currency Revolving Loans to be made or repaid on such date) and (ii) notify the Multi-Currency Revolving Lenders and the Parent Borrower or the Subsidiary Borrower, as the case may be, of the results of such determination.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the Administrative Agent shall (i) determine the Spot Exchange Rate as of such Calculation Date with respect to each Local Currency for which there are at such time outstanding Local Letters of Credit, (ii) determine the Exchange Rate as of such Calculation Date with respect to each Local Currency for which there are at such time outstanding Local Currency Loans and (iii) give notice thereof to the Revolving Banks and the Company. The Spot Exchange Rates and the Exchange Rates so determined shall become effective on the first Working Day immediately following the relevant Calculation Date (a "Reset Date") and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., New York City time, on each Reset Date and each Borrowing Date, the Administrative Agent shall (i) determine the Dollar Equivalent of the Local Currency Loans and Local Letters of Credit in each Local Currency then outstanding (after giving effect to any Loans to be made or repaid on such date) and (ii) notify the Revolving Banks and the Company of the results of such determination.
(c) If, on any Reset Date, the Dollar Equivalent of the Local Currency Loans outstanding exceeds 105% of the Local Currency Sublimit, then the applicable Borrowers shall, within three Business Days after notice thereof to the Company from the Administrative Agent, prepay Local Currency Loans in an aggregate amount such that, after giving effect thereto, the Dollar Equivalent of all outstanding Local Currency Loans shall be equal to or less than the Local Currency Sublimit.
(d) If, on any Reset Date, the sum of the Total Revolving Extensions of Credit and the Local Currency Loan Exposure exceeds 105% of the Total Revolving Credit Commitments, then, within three Business Days after notice thereof from the Administrative Agent, the Company shall prepay the Revolving Loans in accordance with this Agreement, in an aggregate amount such that, after giving effect thereto, the sum of the Total Revolving Extensions of Credit and the Local Currency Loan Exposure shall be equal to or less than the Total Revolving Credit Commitments.
(e) If any prepayment pursuant to paragraph (c) or (d) above occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Company shall pay to the Revolving Banks such amounts, if any, as may be required pursuant to Section 1.11.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the Multi-Currency Payment Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each Multi-Currency for which there are at such time outstanding Multi-Currency Loans or Letters of Credit issued under the Multi-Currency Commitments and (ii) give notice thereof to the Multi-Currency Lenders which have committed to make Multi-Currency Loans in each such Multi-Currency and to the Company. The Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (a "RESET DATE") and shall remain effective until the next succeeding Reset Date.
Currency Fluctuations, etc. (a) Not later than 1:00 p.m., New York City time, on each Calculation Date, the US Administrative Agent shall determine the Exchange Rate as of such Calculation Date. Except as otherwise provided in Section 2.09 and Section 2.24, the Exchange Rate so determined shall become effective on the first US Business Day immediately following the relevant Calculation Date (a “Reset Date”) and shall remain effective until the next succeeding Reset Date.
(b) Not later than 5:00 p.m., London time, on each Reset Date, the US Administrative Agent shall consult with the UK Administrative Agent and the Administrative Agents shall determine the total UK Exposure (both in Dollars and in Optional Currency) and the total US Exposure.
(c) If, on any Reset Date, the total UK Exposure exceeds the total UK Commitments, then (i) the UK Administrative Agent shall give notice thereof to the UK Borrower and the UK Lenders and (ii) within two UK Business Days thereafter, the UK Borrower shall repay or prepay UK Revolving Loans in accordance with this Agreement in an aggregate principal amount such that, after giving effect thereto, the total UK Exposure (expressed in Optional Currency) shall not exceed the total UK Commitments.
(d) To the extent the repayments and prepayments referenced in paragraph (c) do not result in a total UK Exposure (expressed in Optional Currency) that is less than or equal to the total UK Commitments, then the Borrowers shall provide cash collateral in accordance with Section 2.06(j) to the extent required to obtain such result.
