Exchange of Currencies Sample Clauses

Exchange of Currencies. If Mexico desires the Exchange Rate Agent to purchase a given Specified Currency with U.S. dollars or U.S. dollars with a given Specified Currency, the following procedures shall be followed: (a) Mexico shall notify the Exchange Rate Agent at least seven Business Days prior to each Payment Date for a Multi-Currency Note on which, or with respect to which, Mexico desires the Exchange Rate Agent to purchase a Specified Currency with U.S. dollars or purchase U.S. dollars with a Specified Currency. Such notice shall also specify the account (the “Designated Account”) which the Exchange Rate Agent is authorized to debit in making payment for the Specified Currency or U.S. dollars, as the case may be. (b) On or before 11:00 a.m., New York City time, on the Second Business Day prior to the Payment Date, the Exchange Rate Agent shall purchase a given amount of the Specified Currency or U.S. dollars, as the case may be with, respectively, U.S. dollars or such Specified Currency for delivery on the Payment Date. The Exchange Rate Agent shall convert, subject to applicable laws or regulations, the Specified Currency or U.S. dollars, as the case may be, to the currency as instructed, using its then prevailing internal conversion rate, which conversion shall be conducted in a commercially reasonable manner. In no event shall the Exchange Rate Agent be liable to any party for the conversion rate so obtained. The Exchange Rate Agent may earn a normal and customary spread for such conversion. The Exchange Rate Agent shall notify Mexico and the Trustee of the rate of exchange. At or before the opening of business on the Payment Date, Mexico shall deposit in the Designated Account the amount of U.S. dollars or Specified Currency, as the case may be, required for such purchase on such Date (the “Required Amount”). On the Payment Date, the Exchange Rate Agent will: (i) debit the Designated Account for the Required Amount, (ii) effect such exchange, and (iii) transfer such amount of the Specified Currency or U.S. dollars, as the case may be, to the relevant Paying Agent.
Sample 1Sample 2Sample 3See All (16)
AutoNDA by SimpleDocs
Exchange of Currencies. Unless otherwise ---------------------- specified in accordance with Section 2.01 with respect to any series of Securities, the following provisions shall apply: (a) Except as provided in Section 2.11(b) and (d) below, the principal of and interest on the DTC Securities of any series denominated in a Foreign Currency or currency unit will be payable by the Company in Dollars based on the equivalent of that Foreign Currency or currency unit converted into Dollars in the manner described in Section 2.11(c) below. (b) It may be provided pursuant to Section 2.01 with respect to the DTC Securities of any series denominated in a Foreign Currency or currency unit that holders of beneficial interests in such Securities shall have the option, subject to Section 2.11(d) below, to receive payments of principal of and interest on such Securities in such Foreign Currency or currency unit by delivering to the Trustee (or to any duly appointed Paying Agent) for such Securities of that series a written election, to be in form and substance satisfactory to such Trustee (or to any such Paying Agent), not later than the close of business on the Election Date immediately preceding the applicable payment date. If a holder so elects to receive such payments in such Foreign Currency or currency unit, such election will remain in effect for such holder until changed by such holder by written notice to the Trustee (or to any such Paying Agent) for the Securities of that series; provided, however, that any such change must be -------- ------- made not later than the close of business on the Election Date immediately preceding the next payment date to be effective for the payment to be made on such payment date; and provided, further, that no such change or election may -------- ------- be made with respect to payments to be made on any Security of such series with respect to which an Event of Default has occurred, the Company has exercised any defeasance, satisfaction or discharge options pursuant to Article Twelve or notice of redemption has been given by the Company pursuant to Article Three. If any holder makes any such election, such election will not be effective as to any transferee of such holder and such transferee shall be paid in Dollars unless such transferee makes an election as specified above. Any holder who shall not have delivered any such election to the Trustee (or to any duly appointed Paying Agent) for the Securities of such series not later than the close of bu...
Sample 1
Exchange of Currencies. Québec shall cause the Fiscal Agent to notify the Exchange Rate Agent at least two Business Days prior to each Payment Date of the aggregate amount of Foreign Currency due to all holders of Foreign Currency Notes scheduled to receive payments in U.S. dollars on such Payment Date. As near as practicable to 11:00 A.M., New York City time, on the second Business Day preceding a Payment Date, the Exchange Rate Agent will (i) confirm to Québec its bid quotation or a bid quotation of any of its affiliates (which shall be a competitive quotation in the market at that time for such a transaction) or (ii) obtain a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, in each case to trade such aggregate amount of Foreign Currency for U.S. dollars (upon such terms as indicated above and upon such further terms as are not inconsistent with the above). The settlement date for the exchange of such Foreign Currency for U.S. dollars shall be the applicable Payment Date. Upon the determination of an exchange rate as provided above, the Exchange Rate Agent will as soon as practicable notify the Fiscal Agent and Québec of such exchange rate and of the amount of U.S. dollars to be paid by the Exchange Rate Agent on such Payment Date. As early as practicable on the Payment Date, Québec shall remit to the Exchange Rate Agent the aggregate amount of Foreign Currency payable to all holders of Foreign Currency Notes scheduled to receive payments in US dollars on such Payment Date. As promptly as practicable thereafter on such Payment Date, the Exchange Rate Agent shall (i) exchange such amount of Foreign Currency for U.S. dollars and transmit the U.S. dollars received upon such exchange or (ii) if exchange bid quotations are not available, transmit the total amount of the Foreign Currency received from Québec, in each case to the Fiscal Agent, or in accordance with its instructions.
Sample 1
Exchange of Currencies. With respect to any payments to be made in respect of a Non-Dollar Note, the Calculation and Exchange Rate Agent will determine the amount of any U.S. dollar payment in respect of such Note by selecting at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable Payment Date, the indicative quotations for the Specified Currency appearing at such time on the bank composite or multi-contributor pages of the Quoting Source (as defined below) for the first three banks, in descending order of their appearance, on a list of banks to be agreed to by the Company and the Calculation and Exchange Rate Agent (any of which may include an Agent or the Calculation and Exchange Rate Agent) prior to such second Business Day, which are offering quotes on the Quoting Source. The Calculation and Exchange Rate Agent shall select from among the selected quotations the one which will yield the largest number of U.S. dollars upon conversion from such Specified Currency. The “Quoting Source” shall mean Reuters Monitor Foreign Exchange Service, or if the Calculation and Exchange Rate Agent determines that such service is not available, Telerate Monitor Foreign Exchange Service. If the Calculation and Exchange Rate Agent determines that neither service is available, the Company and the Calculation and Exchange Rate Agent shall agree on a comparable display or other comparable manner of obtaining quotations and such display or manner shall become the Quoting Source.
Sample 1
Exchange of Currencies. With respect to any payments to be made in respect of a Non-Dollar Note, the Calculation and Exchange Rate Agent will determine the amount of any U.S. dollar payment in respect of such Note by selecting at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable Payment Date, the indicative quotations for the Specified Currency appearing at such time on the bank composite or multi-contributor pages of the Quoting Source (as defined below) for the first three banks, in descending order of their appearance, on a list of banks to be agreed to by the Company and the Calculation and Exchange Rate Agent (any of which may include an Agent or the Calculation and Exchange Rate Agent) prior to such second Business Day, which are offering quotes on the Quoting Source. The Calculation and Exchange Rate Agent shall select from among the selected quotations the one which will yield the largest number of U.S. dollars upon conversion from such Specified Currency. The "Quoting Source" shall mean Reuters Monitor Foreign Exchange Service, or if the Calculation and Exchange Rate Agent determines that such service is not available,
Sample 1

Related to Exchange of Currencies

  • Change of Currency (a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Committed Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period. (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. (c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.

  • Conversion of Currencies (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. (b) The obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may, in accordance with normal banking procedures in the relevant jurisdiction, purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section 10.13 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

  • Conversion of Currency (a) The Company covenants and agrees that the following provisions shall apply to conversion of currency in the case of the Securities and this Indenture: (i) If for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert into a currency (the “Judgment Currency”) an amount due or contingently due in any other currency under the Securities of any series and this Indenture (the “Base Currency”), then the conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which a final judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise determine). (ii) If there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment referred to in (i) above is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, the Company shall pay such additional (or, as the case may be, such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in the Base Currency originally due. (b) In the event of the winding-up of the Company at any time while any amount or damages owing under the Securities and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustees harmless against any deficiency arising or resulting from any variation in rates of exchange between (1) the date as of which the equivalent of the amount in the Base Currency due or contingently due under the Securities and this Indenture (other than under this Subsection (b)) is calculated for the purposes of such winding-up, and (2) the final date for the filing of proofs of claim in such winding-up. For the purpose of this Subsection (b) the final date for the filing of proofs of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Company may be ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto. (c) The obligations contained in Subsections (a)(ii) and (b) of this Section shall constitute separate and independent obligations of the Company from its other obligations under the Securities and this Indenture, shall give rise to separate and independent causes of action against the Company, shall apply irrespective of any waiver or extension granted by any Holder or the Trustees or either of them from time to time and shall continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Company for a liquidated sum in respect of amounts due hereunder (other than under Subsection (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustees, as the case may be, and no proof or evidence of any actual loss shall be required by the Company or its liquidator. In the case of Subsection (b) above, the amount of such deficiency shall not be deemed to be increased or reduced by any variation in rates of exchange occurring between the said final date and the date of any liquidating distribution.

  • Optional Currencies 25 8. Repayment....................................................... 29 9.

  • Substitution of Currency If a change in any Committed Currency occurs pursuant to any applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the definition of Eurocurrency Rate) will be amended to the extent determined by the Agent (acting reasonably and in consultation with the Company) to be necessary to reflect the change in currency and to put the Lenders and the Borrowers in the same position, so far as possible, that they would have been in if no change in such Committed Currency had occurred.

  • Selection of currency A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan in a Utilisation Request.

  • Conversion to Single Currency 31.1 For evaluation and comparison purposes, the currency(ies) of the Tender shall be converted in a single currency as specified in the TDS.

  • Blocked Currency In each country where the local currency is blocked and cannot be removed from the country, royalties or profit share payments accrued in that country shall be paid to the receiving Party in the country in local currency by deposit in a local bank designated by the receiving Party, unless the Parties otherwise agree.

  • Currency; Denominations Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture.

  • Currencies 46.1 All payments shall be made in Indian Rupees.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!