Currency Swaps Sample Clauses

Currency Swaps. Swap Contracts entered into by Borrower or a Restricted Subsidiary with the purpose and effect of fixing the rate of exchange between two currencies with respect to the amount of the payments to be made or received by Borrower or a Restricted Subsidiary in one of such currencies pursuant to an agreement, provided that (1) the term does not extend past the Maturity Date, (2) no such contract (other than a Lender Swap Contract) requires Borrower to put up money, assets, or other security against the event of its nonperformance prior to actual default by Borrower in performing its obligations thereunder, (3) each such contract is with (i) a Lender or an Affiliate of a Lender or (ii) a counterparty who is unsecured who at the time the contract is entered into maintains a minimum debt rating of BBB or Baa2 as determined either by S&P Global Ratings or ▇▇▇▇▇’▇ Investors Service, Inc. and (4) such Swap Contract is otherwise acceptable to Agent.

Currency Swaps. Contracts entered into by Borrower with the purpose and effect of fixing the rate of exchange between two currencies with respect to the amount of the payments to be made or received by Borrower or a Subsidiary in one of such currencies pursuant to an agreement, provided that (1) the term does not extend past the Maturity Date, (2) no such contract (other than a Lender Swap Contract) requires Borrower to put up money, assets, or other security against the event of its nonperformance prior to actual default by Borrower in performing its obligations thereunder, and (3) each such contract is with (i) a Lender or an Affiliate of a Lender or (ii) an unsecured counterparty who at the time of the contract maintains a minimum debt rating of BBB or Baa2 as determined either by Standard & Poor’s Corporation or ▇▇▇▇▇’▇ Investors Service, Inc. or is otherwise acceptable to Agent.

Currency Swaps. ▪ Currency Swaps are essentially forward contracts that can be tailored for specific needs. 3 Phases. 1. Principal 2. Interest (Fixed/Floating)

Currency Swaps. The simplest kind, a fixed-for-fixed currency swap, involves exchanging interest and principal payments in one currency for interest and principal payments in another currency. • Requires principal to be specified in each of the two currencies. Principal amounts are usually exchanged at the beginning and at the end of the swap • Usually the principal amounts are chosen to be equivalent using the exchange rate at the initiation of the swap (but can be quite different at the end of the life of the swap) • Illustration:

Currency Swaps. (a) Subject to paragraph (b), if an Early Termination Date is designated in respect of a Currency Swap: (i) an amount with respect to that Early Termination Date and Currency Swap must be calculated in accordance with Section [6(e)(i)(3)] or Section [6(e)(ii)], as applicable, independently of any other Transactions (including any other Currency Swap) and notwithstanding that there are other Terminated Transactions in relation to that Early Termination Date; and (ii) that amount (and any interest on it) must be paid in accordance with Section [6(d)(ii)] independently of amounts due by or to the payer in respect of other Terminated Transactions (and without set-off against amounts due to the payer under this Agreement or otherwise). (b) Notwithstanding paragraph (a), any amount payable by or to a party in respect of an Early Termination Date being designated in relation to a Currency Swap may be set-off against any sum or obligation owing to or by that party in accordance with Part [5(25)]. Nothing in this Part [5(6)] affects the obligation of the parties under Section 6 in respect of Transactions which are not Currency Swaps.