Foreign Currency Advances Clause Samples
The Foreign Currency Advances clause governs the terms under which loans or credit facilities are provided in currencies other than the lender's or borrower's domestic currency. It typically outlines the procedures for requesting advances in a foreign currency, specifies how exchange rates are determined, and addresses the responsibilities for currency conversion costs or risks. This clause is essential for facilitating international transactions, as it clarifies how foreign currency loans are managed and helps allocate the risks associated with currency fluctuations between the parties.
Foreign Currency Advances. The Borrower shall ensure that the aggregate outstanding principal balance of all Advances denominated in any Agreed Foreign Currency does not exceed the Aggregate Principal Balance of all Eligible Collateral Loans denominated in such currency for any period of thirty (30) consecutive days.
Foreign Currency Advances. The Dollar Equivalent (calculated at the applicable Agent's Exchange Rate from time to time prevailing) of the aggregate principal amount of Foreign Currency Advances at any time outstanding under the Credit Facility (together with the Dollar Equivalent of the aggregate Stated Amount of Letters of Credit then outstanding and denominated in currencies other than Dollars) shall not exceed thirty percent (30%) of the then available Committed Amount. To the extent provisions of this Agreement require the calculation of amounts advanced or available under the Credit Facility in Dollars, any such amounts (if denominated in a Foreign Currency) which are subject to such calculation shall, for purposes of such calculations, be notionally converted to Dollars at the relevant Agent's Exchange Rate then prevailing. The calculation of such currency conversion shall be certified by the Agent, which certification, absent any manifest error, shall be conclusive and binding on the Borrower. If exchange rate fluctuations (a) cause the Credit Facility Balance to exceed the Committed Amount at any time or (b) cause the Foreign Currency Advances to exceed thirty percent (30%) of the then available Committed Amount at any time, then the Borrower shall, within seven (7) days of written demand of the Agent, repay Advances in an amount equal to the excess of the Credit Facility Balance over the Committed Amount or repay Foreign Currency Advances in an amount sufficient to reduce Foreign Currency Advances to not more than thirty percent (30%) of the then available Committed Amount, as the case may be.
Foreign Currency Advances. Each Foreign Currency Advance shall ------------------------- continue as such until the end of the then applicable Interest Period therefor, at which time such Foreign Currency Advance shall automatically be deemed to be continued as a Foreign Currency Advance in the same amount and the same Foreign Currency with a Eurocurrency Interest Period of one month (commencing on the last day of the expiring Interest Period), unless repaid or unless the Borrower shall have given the Agent a Conversion/Continuation Notice in accordance with Section 2.3.6(c) requesting that, at the end of such Interest Period, such Foreign Currency Advance continue as a Foreign Currency Advance in the same Foreign Currency for the same or another Eurocurrency Interest Period.
Foreign Currency Advances. Subject to the terms and conditions of this Agreement and relying upon the representations and warranties set forth in this Agreement, each Lender severally agrees to make Foreign Currency Advances to Company denominated in a Foreign Currency from time to time during any Business Day in the period commencing on the date the conditions specified in Section 3.1 are satisfied through the Business Day preceding the Maturity Date in an amount for each such advance not to exceed the Assigned Dollar Value of the Foreign Currency Commitment at such time; provided, however, that (i) the aggregate amount of all Foreign Currency Advances at any one time outstanding shall not exceed an Assigned Dollar Value of $50,000,000, (ii) the aggregate amount of the Revolving Credit at any one time outstanding shall not exceed $100,000,000, and (iii) the aggregate amount of all Foreign Currency Advances from Marine and Fleet may not exceed the Marine Foreign Currency Commitment or the Fleet Foreign Currency Commitment, respectively. Subject to Section 2.4 hereof, Foreign Currency Advances may be repaid and reborrowed in accordance with the provisions hereof; provided, however, no further Foreign Currency Advances shall be made on or after the Maturity Date, at which time the Revolving Credit must be paid in full. The failure of any Lender to make any Foreign Currency Advances requested to be made by such Lender shall not relieve any other Lender of its obligations, if any, to make such other Lender's share of any requested Foreign Currency Advance, but no Lender or the Agent shall be responsible for the failure of any other Lender to make any Foreign Currency Advance requested of such other Lender.
Foreign Currency Advances. The Dollar Equivalent (calculated at the applicable Agent's Exchange Rate from time to time prevailing) of the aggregate principal amount of Foreign Currency Advances at any time outstanding under the Credit Facility shall not exceed thirty percent (30%) of the then available Committed Amount. To the extent provisions of this Agreement require the calculation of amounts advanced or available under the Credit Facility in Dollars, any such amounts (if denominated in a Foreign Currency) which are subject to such calculation shall, for purposes of such calculations, be notionally converted to Dollars at the relevant Agent's Exchange Rate then prevailing. The calculation of such currency conversion shall be certified by the Agent, which certification, absent any manifest error, shall be conclusive and binding on the Borrower. If exchange rate fluctuations (a) cause the Credit Facility Balance to exceed the Committed Amount at any time or (b) cause the Foreign Currency Advances to exceed thirty percent (30%) of the then available Committed Amount at any time, then the Borrower shall, within seven (7) days of written demand of the Agent, repay Advances in an amount equal to the excess of the Credit Facility Balance over the Committed Amount or repay Foreign Currency Advances in an amount sufficient to reduce Foreign Currency Advances to not more than thirty percent (30%) of the then available Committed Amount, as the case may be.
Foreign Currency Advances. Interest on each Foreign Currency Advance with a term of less than 90 days is due on the last day of the term of such Foreign Currency Advance, without regard to whether such term is extended; interest on each Foreign Currency Advance with a term greater than 90 days shall be due and payable quarterly on the last day of each calendar quarter during the term of such Foreign Currency Advance; and accrued and unpaid interest and the principal amount of each Foreign Currency Advance is due on the last day of the term of such Foreign Currency Advance unless such term is extended in accordance with the terms of this Agreement. Repayment of Advances made in Dollars shall be made at Bank's offices in ▇▇▇▇▇▇, ▇▇▇▇▇▇ County, Texas or such other address as may be designated by Bank, and repayment of Foreign Currency Advances shall be made in the foreign currency advanced at a depository designated by Bank in the country in which such currency is legal tender during business hours of such designated depository.
Foreign Currency Advances. Max. 50% of Amount: (yes/no/n.a.) British Pound Advances: • [GBP] • [$exchange rate] • [$equivalent] EuroAdvances: • [€] • [$exchange rate] • [$equivalent]
Foreign Currency Advances. If Borrower requests and Bank accepts, Advances under the Line of Credit may be made in a foreign currency designated by Borrower ("Foreign Currency Advances"). The foreign currencies in which it is contemplated at this time that Foreign Currency Advances may feasibly be made include the following: Japanese Yen, French Francs, British Pounds, Deutsche Marks, Italian Liras, Swiss Francs, Norwegian Kroners, Swedish Kroners, Australian Dollars, Canadian Dollars, Dutch Guilders, Spanish Pesetas, Danish Kroners, Belgium Francs, Finnish Marks, Singapore Dollars, Taiwanese Dollars, Hong Kong Dollars, Israeli Shekels, Mexican Pesos, Irish Punts, and European Union Euros.