Common use of Exchange Rate Calculations Clause in Contracts

Exchange Rate Calculations. On each Calculation Date, the Administrative Agent (or the Singapore Administrative Agent in the event that any such calculation pertains solely to the Singapore Revolving Commitments, the Singapore Credit Exposure or the Singapore Borrowing Base or the UAE Administrative Agent in the event that any such calculation pertains solely to the UAE Revolving Commitment, the UAE Credit Exposure or the UAE Borrowing Base) shall (a) determine the Exchange Rate as of such Calculation Date in respect of Canadian Dollars, Euros, Australian Dollars, Singapore Dollars, Dirham and British Pounds Sterling (and any other currency for which an Exchange Rate is required) and (b) give notice thereof to the applicable Borrower, and with respect to each Lender, to any Lender that shall have requested such information. The Exchange Rate so determined shall become effective on the first Business Day immediately following the relevant Calculation Date (each, a “Reset Date”) and shall remain effective until the next succeeding Reset Date, and shall for all purposes of this Agreement (other than any provision expressly requiring the use of a current Exchange Rate) be the Exchange Rate employed in converting amounts between Dollars, on the one hand, and any other applicable currency on the other hand; provided that, for purposes of determining any Borrowing Base, the relevant Exchange Rate shall be determined by the applicable Borrower at the time that the relevant Borrowing Base Certificate is prepared and shall be set forth in such Borrowing Base Certificate. Notwithstanding the foregoing, for purposes of determining compliance by the Loan Parties with the limitations on Indebtedness, Indebtedness secured by Liens, loans, advances, investments, Guarantees and payments contained in clauses (e), (f), (j), (k) and (o) of Section 6.01, clauses (i) and (n) of Xxxxxxx 0.00, xxxxxxx (x), (x), (x), (x), and (q) of Section 6.04, clause (g) of Section 6.05, clause (a)(ii)(A) of Section 6.08, and clause (j) of Section 6.09, compliance will be determined based on the Dollar Equivalent amount of the Indebtedness, Liens, Loans, advances, investments, Guarantees and payments denominated in currencies other than Dollars subject to such provisions on the date of incurrence or payment thereof, and Borrowers will not be deemed to be in violation of such covenants solely as a result of subsequent changes in the Exchange Rate which cause the Dollar Equivalent amount of such obligations or payments to exceed such limitations.