Foreign Currency Commitment Clause Samples
A Foreign Currency Commitment clause defines the obligations of parties regarding transactions or payments that are to be made in a currency other than the local or contract currency. This clause typically specifies which foreign currency will be used, how exchange rates are determined, and who bears the risk of currency fluctuations. For example, it may require payment in US dollars for a contract performed in another country, and outline how conversion rates are set on the payment date. The core function of this clause is to provide certainty and allocate the risk of currency value changes, ensuring both parties understand their financial responsibilities in cross-border agreements.
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Foreign Currency Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Foreign Currency Lender severally agrees to make available to Airgas and the Foreign Borrowers such Foreign Currency Lender’s Applicable Percentage of revolving credit loans requested by Airgas or the applicable Foreign Borrower in U.S. Dollars or one or more Foreign Currencies (“Foreign Currency Loans”) from time to time from the Closing Date until the Maturity Date, or such earlier date as the Foreign Currency Commitments shall have been terminated as provided herein; provided, however, that the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans shall not exceed ONE HUNDRED MILLION U.S. DOLLARS ($100,000,000) (as such aggregate maximum amount may be increased or reduced from time to time as provided in Section 4.4, the “Foreign Currency Committed Amount”); provided, further, (i) with regard to each Foreign Currency Lender individually, the U.S. Dollar Equivalent of such Foreign Currency Lender’s outstanding Foreign Currency Loans shall not exceed such Foreign Currency Lender’s Applicable Percentage of the Foreign Currency Committed Amount and (ii) with regard to the Foreign Currency Lenders collectively, the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans plus the Foreign Swingline Facility Reserve shall not exceed the Foreign Currency Committed Amount. Foreign Currency Loans denominated in Foreign Currencies shall consist of Eurocurrency Loans. Foreign Currency Loans denominated in U.S. Dollars may consist of (A) in the case of borrowings by Airgas, U.S. Base Rate Loans, Eurocurrency Loans or a combination thereof, as Airgas may request, and (B) in the case of any Foreign Borrower, Eurocurrency Loans only. Foreign Currency Loans may be repaid and reborrowed in accordance with the provisions hereof; provided, however, that no more than eleven (11) Eurocurrency Loans which are Foreign Currency Loans (combined) shall be outstanding hereunder at any time. For purposes hereof, Eurocurrency Loans with different Interest Periods shall be considered as separate Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurocurrency Loan with a single Interest Period.
Foreign Currency Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Lender severally agrees to make available to the Borrower such Lender's Foreign Currency Commitment Percentage of revolving credit loans in the Available Foreign Currencies requested by the Borrower ("Foreign Currency Loans") from time to time from the date five (5) Business Days subsequent to the Closing Date until the Maturity Date, or such earlier date as the Foreign Currency Commitments shall have been terminated as provided herein for the purposes hereinafter set forth; provided, however, that the Dollar Amount (as determined as of the most recent Determination Date) of the aggregate amount of Foreign Currency Loans outstanding at any time shall not exceed FIVE MILLION DOLLARS ($5,000,000.00) (the "Foreign Currency Committed Amount"); provided, further, (i) with regard to each Lender individually, such Lender's outstanding Foreign Currency Loans shall not exceed such Lender's Foreign Commitment Percentage of the
Foreign Currency Commitment. The Borrower may from time to time permanently reduce the aggregate amount of the Foreign Currency Commitments in whole or in part without premium or penalty except as provided in Section 3.11 upon three Business Days' prior written notice to the Agent, provided that (A) after giving effect to any voluntary reduction the Dollar Amount (as determined as of the most recent Determination Date) of the Foreign Currency Loans then outstanding shall not exceed the Foreign Currency Committed Amount, as reduced from time to time, (B) after giving effect to any voluntary reduction the Dollar Amount (as determined as of the most recent Determination Date) of the Revolving Obligations then outstanding shall not exceed the Aggregate Revolving Committed Amount, as changed from time to time and (C) partial reductions shall be in the minimum principal amount of $1,000,000, and in integral multiples of $1,000,000 in excess thereof.
Foreign Currency Commitment. During the Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make certain foreign currency revolving loans in the applicable Foreign Currency (the "FOREIGN CURRENCY LOANS") to Penton UK from time to time in the amount of such Lender's Revolving Commitment Percentage of such Foreign Currency Loans from time to time for the purposes hereinafter set forth; PROVIDED, that (i) with regard to each Lender individually, the Dollar Amount (determined as of the most recent Determination Date) of such Lender's Revolving Commitment Percentage of the sum of Revolving Loans PLUS Foreign Currency Loans shall not exceed such Lender's Revolving Committed Amount, and (ii) with regard to the Lenders collectively, the Dollar Amount (determined as of the most recent Determination Date) of the sum of Revolving Loans PLUS Foreign Currency Loans shall not exceed the Aggregate Revolving Committed Amount. Foreign Currency Loans shall consist solely of Eurocurrency Loans and may be repaid and reborrowed in accordance with the provisions hereof.
Foreign Currency Commitment. The Borrower may from time to time permanently reduce or terminate the Foreign Currency Committed Amount in whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if less, the full remaining amount of the then applicable Foreign Currency Committed Amount)) upon five Business Days' prior written notice to the Agent; provided, that, (i) no such termination or reduction shall be made which would cause the Dollar Amount (as of the most recent Determination Date) of the Foreign Currency Loans outstanding to exceed the Foreign Currency Committed Amount and (ii) no such termination or reduction shall be made which would cause the Dollar Amount (as of the most recent Determination Date) of the Revolving Obligations outstanding to exceed the Revolving Committed Amount, unless, concurrently with such termination or reduction, the Loans are repaid to the extent necessary to eliminate such excess. The Agent shall promptly notify each affected Lender of receipt by the Agent of any notice from the Borrower pursuant to this Section 3.4(b).
Foreign Currency Commitment. Subject to the terms and conditions hereof, each Bank severally agrees to make foreign currency revolving loans in Available Foreign Currencies (the "Foreign Currency Loans") to the Borrower and each Foreign Borrower from time to time in the amount of such Bank's Revolving Commitment Percentage of such Foreign Currency Loans from time to time for the purposes hereinafter set forth; provided, that (i) the Dollar Amount
Foreign Currency Commitment. The Borrower may from time to time permanently reduce or terminate the Foreign Currency Committed Amount in whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if less, the full remaining amount of the then applicable Foreign Currency Committed Amount)) upon five Business Days' prior written notice to the Administrative Agent; provided, that, (i) no such termination or reduction shall be made which would cause the Dollar Amount (as of the most recent Determination Date) of the Foreign Currency Loans outstanding to exceed the Foreign Currency Committed Amount and (ii) no such termination or reduction shall be made which would cause the Dollar Amount (as of the most recent Determination Date) of the Revolving Obligations outstanding to exceed the lesser of (A) the Revolving Committed Amount and (B) the Borrowing Base, unless, concurrently with such termination or reduction, the Loans are repaid to the extent necessary to eliminate such excess. The Administrative Agent shall promptly notify each affected Lender of receipt by the Administrative Agent of any notice from the Borrower pursuant to this Section 3.4(b).
Foreign Currency Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Lender severally agrees to make certain foreign currency revolving loans in Available Foreign Currencies ("Foreign Currency Loans") to the Borrower from time to time in the amount of such Lender's Foreign Currency Commitment Percentage of such Foreign Currency Loans; provided, however, that the Dollar Amount (as determined as of the most recent Determination Date) of the sum of Foreign Currency Loans outstanding at any time shall not exceed SEVENTY-FIVE MILLION DOLLARS ($75,000,000) (the "Foreign Currency Committed Amount"; provided, further, (i) with regard to each Lender individually, (A) the Dollar Amount (determined as of the most recent Determination