Common use of Economic and Monetary Union in the European Community Clause in Contracts

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 Loans denominated in Dollars determined as of a date, as may be selected by the Agent in its sole discretion. 112

Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided agreed to by all parties hereto in subsection (b) below of this SECTION 12.20writing, 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 Security Instrument, any Loan or any transaction contemplated by any of the foregoing, nor give a party the right to unilaterally to alter or terminate this Agreement, any other Loan Document, any Security Instrument, 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 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: (ia) the introduction of, changeover to or operation of a single or unified European currency (whether known as the euro or otherwise) ("Eurocurrency"); (iib) the fixing of conversion rates between a member state's currency and the new currency Eurocurrency 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; (ivc) the introduction of that new currency Eurocurrency as lawful currency in a member state; (vd) the withdrawal from legal tender of any currency that, before the introduction of the new currencyEurocurrency, was lawful currency in one of the member states; orand (vie) the disappearance or replacement of a relevant price source for the ECU 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. NB BOLLE CREDIT AGREEMENT (FINAL) Doc No: 190295 110 [SIGNATURES ON FOLLOWING PAGES. (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 Loans denominated in Dollars determined as of a date, as may be selected by the Agent in its sole discretion. 112]

Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided in subsection (b) below of this SECTION 12.20Section 13.16, 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 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); (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 Euro or 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 Euro or 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).13.6. ------------- (c) Each Company Borrower 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 Lenders shall have the right to convert any or all Offshore Alternative Currency Loans into Loans denominated in Dollars determined as of a date, such date as may be selected by the Agent in its sole discretion. 112.

Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided in subsection (b) below of this SECTION 12.20Section 12.16, the occurrence or non-occurrence occurence 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 the Revolving Credit 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 Euro Currency 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 Euro Currency 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)12.6. (c) Each Company The Borrower 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 Lenders shall have the right in their respective discretion to convert any or all Offshore Loans in an Alternative Currency Loans of a member of the European Union into Loans denominated in Dollars determined as of a date, as may be selected by the Agent in its sole discretion. 112

Economic and Monetary Union in the European Community. (a) The parties confirm that, except as provided in subsection (b) below of this SECTION 12.20Section 12.15, 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 Revolving Credit 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)12.07. (c) Each Company Borrower 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 Lenders shall have the right to convert any or all Offshore Alternative Currency Loans into Loans denominated in Dollars determined as of a date, such date as may be selected by the Agent in its sole discretion. 112.