Economic and Monetary Union in the European Community. (a) Without prejudice and in addition to any method of conversion or rounding prescribed by the EMU Legislation and without prejudice to the liabilities for indebtedness of the Borrowers to the Lenders under or pursuant to this Agreement, each reference in this Agreement to a fixed amount or fixed amounts (or an integral multiple thereof) in a national currency of a Subsequent Participant to be paid to or by the Administrative Agent shall be replaced by a reference to such reasonably comparable and convenient fixed amount or fixed amounts (or an integral multiple thereof) in Euro as the Administrative Agent may from time to time specify.
(b) Without prejudice to the respective liabilities of the Borrowers to the Lenders and the Lenders to the Borrowers under or pursuant to this Agreement each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent in consultation with the Company may from time to time specify to be necessary or appropriate to reflect the introduction of or changeover to the Euro in Participating Member States.
Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided in subsection (b) below of this SECTION 12.20, the occurrence or non-occurrence of an event associated with economic and monetary 111 union in the European Community will not have the effect of altering any term of, or discharging or excusing performance under, this Agreement, any other Loan Document, any Loan or any transaction contemplated by any of the foregoing, nor give a party the right unilaterally to alter or terminate this Agreement, any other Loan Document, any Loan or any transaction contemplated by any of the foregoing or give rise to an Event of Default or otherwise be the basis for the effective designation of a Termination Date. "An event associated with economic and monetary union in the European Community" includes, without limitation, each (and any combination) of the following:
(i) the introduction of, changeover to or operation of a single or unified European currency (whether known as the euro or otherwise);
(ii) the fixing of conversion rates between a member state's currency and the new currency or between the currencies of member states;
(iii) the substitution of that new currency for the ECU as the unit of account of the European Community;
(iv) the introduction of that new currency as lawful currency in a member state;
(v) the withdrawal from legal tender of any currency that, before the introduction of the new currency, was lawful currency in one of the member states; or
(vi) the disappearance or replacement of a relevant price source for the ECU or the national currency of any member state, or the failure of the agreed sponsor (or a successor sponsor) to publish or display a relevant rate, index, price, page or screen.
(b) Any agreement between the parties that amends or overrides the provisions of this Section in respect of any Loan or any other transaction contemplated by this Agreement or any of the Loan Documents will be effective if it is in writing and expressly refers to this Section or to European monetary union or to an event associated with economic and monetary union in the European Community and would otherwise be effective in accordance with Section 12.1).
(c) Each Company agrees that, notwithstanding anything to the contrary contained in any agreement relating to "an event associated with economic and monetary union in the European Community", upon the occurrence of any such event, the Banks shall have the right to convert any or all Offshore Currency Loans into Loan...
Economic and Monetary Union in the European Community. (a) If, as a result of the implementation of the European economic and monetary union ("EMU"), any currency available for borrowing under this Agreement (a "national currency") and the Euro are at the same time both recognized by the central bank or comparable Governmental Authority of the state issuing such currency as lawful currency of such state, then any amount borrowed hereunder by the Company in such national currency shall be payable in such national currency and any amount borrowed hereunder in the Euro shall be payable in the Euro. After the European Central Lender and/or the comparable Governmental Authority ceases to recognize any national currency, then the amount so payable shall be determined by redenominating or converting such national currency into the Euro at the exchange rate officially fixed by the European Central Lender for the purpose of implementing the EMU. Prior to the occurrence of the event or events described above, each amount payable hereunder in any such national currency will, except as otherwise provided herein, continue to be payable only in that national currency.
(b) The Company shall from time to time, at the request of any Lender, pay to such Lender the amount of any losses, damages, liabilities, claims, reduction in yield, additional expense or increased cost incurred by, or of any reduction in any amount payable to or in the effective return on its capital to, or any decrease or delay in the payment of interest or other return foregone by, such Lender or any of its Affiliates as a result of any political, tax, liquidity, currency exchange or market risk resulting from the introduction of, changeover to or operation of the Euro in any applicable nation or Eurocurrency market.
(c) In addition, this Agreement will be amended to the extent determined by the applicable Lender and the Administrative Agent (acting reasonably and in consultation with the Company) to be necessary to reflect such implementation of the EMU and change in currency and to put the Lenders and the Company in the same position, so far as possible, that they would have been in if such implementation and change in currency had not occurred. Except as provided in the foregoing provisions of this Section 14.11, no such implementation or change in currency nor any economic consequences resulting therefrom shall (i) give rise to any right to terminate prematurely, contest, cancel, rescind, alter, modify or renegotiate the provisions of this Agreement or ...
Economic and Monetary Union in the European Community. (a) The provisions of this Section 2.26 relate to Multicurrency Facility Loans which would otherwise be denominated in a National Currency Unit of a Participating Member State and shall be effective from and after the commencement of the third stage of EMU. If and to the extent that any such provisions relate to any country (or the currency of such country) that is not a Participating Member State on the commencement of the third stage of EMU, such provision shall become effective as to such country (and the currency of such country) if and when such country becomes a Participating Member State.
(b) Multicurrency Facility Loans and other Obligations to be Redenominated into euro Units.
(i) From and after the commencement of the third stage of EMU, each obligation under this Agreement of a party hereto which has been denominated in the National Currency Unit of a Participating Member State shall be redenominated into the euro unit in accordance with EMU Legislation and applicable state law, provided, if and to the extent that any EMU Legislation provides that amounts denominated in the euro unit or the National Currency Unit of a Participating Member State that are payable within that country may be made in either currency by crediting an account of the creditor, each party to this Agreement shall be entitled to pay or repay any such amounts in either the euro unit or such National Currency Unit.
(ii) Any Multicurrency Facility Loans denominated in a National Currency Unit of a Participating Member State which were made prior to the commencement of the third stage of EMU but which have Interest Periods ending after the commencement of the third stage of EMU shall, for purposes of this Agreement, remain denominated in such National Currency Unit provided, such Loans may be repaid either in the euro or in such National Currency Unit after the commencement of the third stage of EMU; provided, further, from and after January 1, 2002 all such amounts shall be deemed to be in euro units.
(iii) Any Multicurrency Facility Loans denominated in the National Currency Unit of a Participating Member State which are made, continued or converted on or after the commencement of the third stage of EMU shall instead be made, continued or converted in the euro unit; provided, the Borrower may request that Multicurrency Facility Loans be made, continued or converted in the National Currency Unit of such Participating Member State with respect to Loans having Interest Periods e...
Economic and Monetary Union in the European Community. The Agent may from time to time further modify the terms of, and practices contemplated by, this Agreement with respect to the euro to the extent the Agent determines, in its reasonable discretion, that such modifications are necessary or convenient to reflect new laws, regulations, customs or practices developed in connection with the euro. The Agent may effect such modifications, and this Agreement shall be deemed so amended, without the consent of the Borrower or Lenders to the extent such modifications are not materially disadvantageous to the Borrower and the Lenders, upon notice thereto.
Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided in subsection (b) below of this Section 11.16, the occurrence or non-occurence of an event associated with economic and monetary union in the European Community will not have the effect of altering any term of, or discharging or excusing performance under, this Agreement, any other Loan Document, any Loan or any transaction contemplated by any of the foregoing, nor give a party the right unilaterally to alter or terminate this Agreement, any other Loan Document, any Loan or any transaction contemplated by any of the foregoing or give rise to an Event of Default or otherwise be the basis for the effective designation of the Revolving Credit Termination Date.
Economic and Monetary Union in the European Community. (a) The parties confirm that, except as agreed to by all parties hereto in writing, the occurrence or non-occurrence of an event associated with economic and monetary union in the European Community will not have the effect of altering any term of, or discharging or excusing performance under, this Agreement, any other Loan Document, any Security Instrument, any Loan or transaction contemplated by any of the foregoing, nor give a party the right to unilaterally alter or terminate this Agreement, any other Loan Document, any Security Instrument, any Loan or transaction contemplated by any of the foregoing or give rise to an Event of Default or otherwise be the basis for the effective designation of the Revolving Credit Termination Date or the Facility Termination Date. "An event associated with economic and monetary union in the European Community" includes, without limitation, each (and any combination) of the following:
(i) the introduction of, changeover to or operation of a single or unified European currency (whether known as the euro or otherwise) ("Eurocurrency");
(ii) the fixing of conversion rates between a member state's currency and the Eurocurrency or between the currencies of member states;
(iii) the introduction of Eurocurrency as lawful currency in a member state;
(iv) the withdrawal from legal tender of any currency that, before the introduction of Eurocurrency, was lawful currency in one of the member states; and
(v) the disappearance or replacement of a relevant price source for the Eurocurrency or the national currency of any member state, or the failure of the agreed sponsor (or a successor sponsor) to publish or display a relevant rate, index, price, page or screen.
Economic and Monetary Union in the European Community. (a) If, as a result of the implementation of the European economic and monetary union ("EMU"), (i) any currency available for borrowing under this Agreement (a "national currency") ceases to be lawful currency of the state issuing the same and is replaced by a European single or common currency (the "Euro") or (ii) any national currency and the Euro are at the same time both recognized by the central bank or comparable governmental authority of the state issuing such currency as lawful currency of such state, then any amount borrowed hereunder by any party hereto in such national currency shall be payable in such national currency and any amount borrowed
Economic and Monetary Union in the European Community. (a) As a result of the implementation of the European economic and monetary union ("EMU"), the French Franc and the euro are at the Closing Date, and anticipated until December 31, 2001 to be, both recognized by the central bank or comparable governmental authority of France and, subject to Section 6.09(e) below, any amount borrowed hereunder by any party hereto in the French Franc shall be payable in French Francs and any amount borrowed hereunder in the euro shall be payable in the euro. After the European Central Bank and/or the comparable government authority ceases to recognize the French Franc, then the amount so
Economic and Monetary Union in the European Community. (a) As a result of the implementation of the European economic and monetary union ("EMU"), the French Franc and the euro are at the Closing Date, and anticipated until December 31, 2001 to be, both recognized by the central bank or comparable governmental authority of France and, subject to SECTION 6.09(e) below, any amount borrowed hereunder by any party hereto in the French Franc shall be payable in French Francs and any amount borrowed hereunder in the euro shall be payable in the euro. After the European Central Bank and/or the comparable government authority ceases to recognize the French Franc, then the amount so payable shall be determined by redenominating or converting such French Francs into the euro at the exchange rate officially fixed by the European Central Bank for the purpose of implementing the EMU.
(b) The Applicable Borrowers shall from time to time, at the request of any Lender, pay to such Lender the amount of any losses, damages, liabilities, claims, reduction in yield, additional expense or increased cost incurred by, or of any reduction in any amount payable to or in the effective return on its capital to, or any decrease or delay in the payment of interest or other return foregone by, such Lender or any of its affiliates as a result of any political, tax, liquidity, currency exchange or market risk resulting from the introduction of, changeover to or operation of the euro in any applicable nation or eurocurrency market.
(c) Without prejudice and in addition to any method of conversion or rounding prescribed by any EMU Legislation and without prejudice to (i) the liabilities for Indebtedness of the Borrowers to the Lenders under or pursuant to this Agreement or (ii) each Lender's Commitment, any reference in this Agreement to a minimum amount (or an integral multiple thereof) in a national currency of a Subsequent Participant to be paid to or by the UK Facility Agent shall immediately, upon it becoming a Participating Member State, be replaced by a reference to such reasonably comparable and convenient amount (or an integral multiple thereof) in the euro unit as the UK Facility Agent may specify. 108 115
(d) Notwithstanding SECTIONS 3.02, 3.03 and 3.04, if and to the extent that EMU Legislation provides that amounts denominated in the euro or French Franc may be paid within France in either the euro or the French Franc by crediting an account of the creditor in France, payments with respect to the UK Facility Alternative Currency Tr...
