Foreign Currency Letters of Credit. If the Issuing Bank agrees pursuant to the last sentence of Section 2.18(b) to issue a Letter of Credit denominated in a currency other than Dollars, then notwithstanding anything herein to the contrary, with respect to any such Letter of Credit, the related LC Exposure, the related Reimbursement Obligation of U.S. Borrower, any reimbursement obligation of any Revolving Lender pursuant to Section 2.18(e), any other obligation owed by or to any Revolving Lender, and any LC Participation Fee or Fronting Fee owed pursuant to Section 2.05(c) shall be calculated and due solely in Dollars. The exchange rate for conversion into Dollars utilized shall be the Dollar equivalent of the applicable foreign currency as reasonably determined by the Issuing Bank and the Administrative Agent based on the rate at which the Issuing Bank could convert or has converted any such foreign currency into Dollars taking into account all transaction costs. Any such exchange rate shall be updated at intervals reasonably determined by the Issuing Bank and the Administrative Agent.
Foreign Currency Letters of Credit. For purposes of calculating the letter of credit fees, fronting fees and other fees under this Section 2.3, the face amount of each Letter of Credit made in a Foreign Currency shall be at any time the Dollar Amount of such Letter of Credit as determined on the most recent Computation Date with respect to such Letter of Credit
Foreign Currency Letters of Credit. If on any Currency Calculation Date after giving effect to the determination of all relevant Dollar Amounts hereunder, (A) the aggregate Revolving Foreign Currency LC Exposure exceeds 105.0% of the Revolving Foreign Currency LC Committed Amount, the Borrower shall Cash Collateralize Revolving LC Obligations in respect of Revolving Foreign Currency Letters of Credit so that, after giving effect to the Cash Collateralization of Revolving LC Obligations pursuant to this subsection (iv), the aggregate Revolving Foreign Currency LC Exposure does not exceed 105.0% of the Revolving Foreign Currency LC Committed Amount and/or (B) the aggregate Credit-Linked Foreign Currency LC Exposure exceeds 105.0% of the Credit-Linked Foreign Currency LC Committed Amount, the Borrower shall Cash Collateralize Credit-Linked LC Obligations in respect of Credit-Linked Foreign Currency Letters of Credit so that, after giving effect to the Cash Collateralization of Credit-Linked LC Obligations pursuant to this subsection (iv), the aggregate Credit-Linked Foreign Currency LC Exposure does not exceed 105.0% of the Credit-Linked Foreign Currency LC Committed Amount. In determining the aggregate Revolving Foreign Currency LC Exposure for purposes of this subsection (iv), the applicable Revolving LC Obligations shall be reduced to the extent that they are Cash Collateralized as contemplated by this subsection (iv). In determining the aggregate Credit-Linked Foreign Currency LC Exposure for purposes of this subsection (iv), the applicable Credit-Linked LC Obligations shall be reduced to the extent that they are Cash Collateralized pursuant to this subsection (iv) (it being understood and agreed that no cash collateral posted by the Borrower in accordance with Section 2.05(e) in connection with the issuance of a Foreign Currency Credit-Linked Letter of Credit shall reduce the Credit-Linked LC Obligations for purposes of this clause (iv)). Each Cash Collateralization of LC Obligations required by this subsection (iv) shall be applied ratably based on the respective amounts thereof then outstanding.”
(xv) Clause (x) of Section 2.09(b) of the Credit Agreement (as redesignated pursuant to paragraph (x) above) is hereby amended to read in full as follows:
Foreign Currency Letters of Credit. A new Section 2.3(k) is added to the Credit Agreement which reads as follows:
Foreign Currency Letters of Credit. Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges).
Foreign Currency Letters of Credit. IF on any Currency Calculation Date after giving effect to the determination of all relevant U.S. Dollar Amounts or Canadian Dollar Amounts, as the case may be, hereunder, (x) the aggregate U.S. Foreign Currency LC Exposure exceeds the U.S. Foreign Currency LC Committed Amount or (y) the aggregate Canadian Foreign Currency LC Exposure exceeds the Canadian Foreign Currency LC Committed Amount, the relevant Borrower shall Cash Collateralize LC Obligations in respect of the relevant Foreign Currency Letters of Credit so that, after giving effect to the Cash Collateralization of such LC Obligations pursuant to this SUBSECTION (iii), the relevant aggregate Foreign Currency LC Exposure does not exceed the US. Foreign Currency LC Committed Amount or the Canadian Foreign Currency LC Committed Amount, as the case may be. In determining the relevant aggregate Foreign Currency LC Exposure for purposes of this SUBSECTION (iii), LC Obligations shall be reduced to the extent that they are Cash Collateralized as contemplated by this SUBSECTION (iii). Each Cash Collateralization of LC Obligations required by this SUBSECTION (iii) shall be applied ratably among LC Obligations in respect of all relevant Foreign Currency Letters of Credit based on the respective amounts thereof then outstanding.
Foreign Currency Letters of Credit. Upon the issuance of any Foreign Currency Letter of Credit, and so long as any Foreign Currency Letter of Credit (or LC Disbursement in respect thereof) remains outstanding, the following provisions shall apply:
Foreign Currency Letters of Credit. If on any Currency Calculation Date after giving effect to the determination of all relevant Dollar Amounts hereunder, the aggregate Foreign Currency LC Exposure exceeds 105.0% of the Foreign Currency LC Committed Amount, the Borrower shall Cash Collateralize LC Obligations in respect of Foreign Currency Letters of Credit so that, after giving effect to the Cash Collateralization of LC Obligations pursuant to this subsection (iii), the aggregate Foreign Currency LC Exposure does not exceed 105.0% of the Foreign Currency LC Committed Amount. In determining the aggregate Foreign Currency LC Exposure for purposes of this subsection (iii), LC Obligations shall be reduced to the extent that they are Cash Collateralized as contemplated by this subsection (iii). Each Cash Collateralization of LC Obligations required by this subsection (iii) shall be applied ratably among LC Obligations in respect of Foreign Currency Letters of Credit based on the respective amounts thereof then outstanding.
Foreign Currency Letters of Credit. Notwithstanding any other provision of this Agreement to the contrary, the following provisions shall govern with respect to Letters of Credit denominated in a currency other than Dollars, in each case as to the matters covered:
Foreign Currency Letters of Credit. Notwithstanding any other provision of this Agreement:
(i) The Borrowers may request Letters of Credit denominated in (A) Dollars, and (B) any other freely-available currency acceptable to the Agent in its sole discretion.
(ii) The amount of any Borrower's reimbursement obligations under any Letter of Credit shall be the Dollar Equivalent of the amount of the payment by the Agent under any such Letter of Credit, determined as of the date of such payment.
(iii) If the Agent notifies the Banks of an unreimbursed payment under a Letter of Credit pursuant to Section 2.02(e)(ii), each Bank shall forthwith, and not later than one Business Day after its receipt of such notice, transfer to the Agent, in immediately available funds, an amount equal to such Bank's Percentage Share of the Dollar Equivalent of such unreimbursed payment, determined as of the date of such unreimbursed payment.
(iv) In addition to the requirements set forth in Sections 2.02(h)(i) - (iii) above, any determination or calculation of any amount of currency, including without limitation the face amount of any Letter of Credit or the amount of any undrawn availability or reimbursement obligation of the Borrower under any Letter of Credit, shall be determined as a Dollar Equivalent.
