Common use of Judgement Currency Clause in Contracts

Judgement Currency. If, for the purpose of obtaining judgment in any court or obtaining an order enforcing a judgment, it becomes necessary to convert any amount due under this Credit Agreement in Dollars or in any other currency (hereinafter in this ss.12.5 called the "first currency") into any other currency (hereinafter in this ss.12.5 called the "second currency"), then the conversion shall be made at the Administrative Agent's spot rate of exchange for buying the first currency with the second currency prevailing at the Administrative Agent's close of business on the Business Day next preceding the day on which the judgment is given or (as the case may be) the order is made. Any payment made to the Administrative Agent or any Lender pursuant to this Credit Agreement in the second currency shall constitute a discharge of the obligations of the Borrowers to pay to the Administrative Agent and the Lenders any amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement only to the extent of the amount of the first currency which the Administrative Agent and each of the Lenders is able, on the date of the receipt by it of such payment in any second currency, to purchase, in accordance with the Administrative Agent's and such Lender's normal banking procedures, with the amount of such second currency so received. If the amount of the first currency falls short of the amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement, each of the Borrowers hereby jointly and severally agrees that it will indemnify the Administrative Agent and each of the Lenders against and save the Administrative Agent and each of the Lenders harmless from any shortfall so arising. This indemnity shall constitute an obligation of each such Borrower separate and independent from the other obligations contained in this Credit Agreement, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to the Administrative Agent or any Lender under this Credit Agreement or under any such judgment or order. Any such shortfall shall be deemed to constitute a loss suffered by the Administrative Agent and each such Lender, as the case may be, and the Borrowers shall not be entitled to require any proof or evidence of any

Appears in 1 contract

Samples: Revolving Credit Agreement (Watts Industries Inc)

AutoNDA by SimpleDocs

Judgement Currency. If, for the purpose purposes of obtaining judgment in any court or obtaining an order enforcing a judgmentcourt, it becomes is necessary to convert any amount a sum due under this Credit Agreement in Dollars hereunder or in any other Settlement Document in the currency denominated in accordance with the applicable provisions of this Agreement (hereinafter in this ss.12.5 called the "first currency"“Agreement Currency”) into any other currency (hereinafter in this ss.12.5 called another currency, the "second currency")parties hereto agree, then to the conversion shall be made at fullest extent that they may effectively do so, that the Administrative Agent's spot rate of exchange for buying used shall be that at which in accordance with normal banking procedures the first Opioid Trust could purchase the Agreement Currency with such other currency with the second currency prevailing at the Administrative Agent's close of business on the Business Day next preceding the day that on which the final, non-appealable judgment is given or (as the case may be) the order is madegiven. Any payment made The obligations of each Settlement Party in respect of any such sum due from it to the Administrative Agent Opioid Trust (or any Lender pursuant to this Credit of its successors or assigns, in part or in whole) hereunder or under the other Settlement Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the Agreement in the second currency shall constitute a discharge of the obligations of the Borrowers to pay to the Administrative Agent and the Lenders any amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement Currency, be discharged only to the extent of the amount of the first currency which the Administrative Agent and each of the Lenders is able, that on the date of the Business Day following receipt by it the Opioid Trust (or any of such payment its successors or assigns, in part or in whole, as applicable) of any second currencysum adjudged to be so due in the Judgment Currency, to purchasethe Opioid Trust (or any of its successors or assigns, in part or in whole, as applicable) may in accordance with the Administrative Agent's and such Lender's normal banking procedures, procedures purchase the Agreement Currency with the amount of such second currency so receivedJudgment Currency. If the amount of the first currency falls short of Agreement Currency so purchased is less than the amount sum originally due to the Administrative Agent and the Lenders Opioid Trust (or any of its successors or assigns, in part or in whole, as applicable), in the first currency under this Credit AgreementAgreement Currency, each of the Borrowers hereby jointly Settlement Parties agree, as a separate obligation and severally agrees that it will notwithstanding any such judgment, to indemnify the Administrative Agent and each of the Lenders against and save the Administrative Agent and each of the Lenders harmless from any shortfall so arising. This indemnity shall constitute an obligation of each such Borrower separate and independent from the other obligations contained in this Credit Agreement, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to the Administrative Agent Opioid Trust (or any Lender under this Credit Agreement of its successors or under any assigns, in part or in whole, as applicable), or such judgment or order. Any other person to whom such shortfall shall be deemed to constitute a loss suffered by the Administrative Agent and each such Lenderobligation was owing, as the case may be, and against such loss. If the Borrowers shall not be entitled amount of the Agreement Currency so purchased is greater than the sum originally due to require the Opioid Trust (or any proof of its successors or evidence assigns, in part or in whole, as applicable) in the Agreement Currency, the Opioid Trust (or its applicable successors or assigns, in part or in whole) agrees to return the amount of anyany excess to the respective Settlement Party.

Appears in 1 contract

Samples: Opioid Deferred Cash Payments Agreement (Mallinckrodt PLC)

Judgement Currency. If, for the purpose purposes of obtaining judgment judgement in any court or obtaining an order enforcing a judgmentjudgement, it becomes necessary to convert any amount due under this Credit Agreement in Dollars or in any other currency (hereinafter referred to in this ss.12.5 called Section as the "first currencyFirst Currency") into any other currency (hereinafter referred to in this ss.12.5 called Section as the "second currencySecond Currency"), then the conversion shall be made at the Administrative Agent's spot rate of exchange for buying the first currency First Currency with the second currency Second Currency prevailing at the Administrative Agent's close of business on the Business Day next preceding the day on which the judgment judgement is given or (as the case may be) the order is made. Any payment made to In the Administrative Agent or any Lender pursuant to this Credit Agreement in event that there is a difference between the second currency shall constitute a discharge rate of exchange on the obligations basis of the Borrowers to pay to the Administrative Agent and the Lenders any amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement only to the extent of which the amount of such judgement order is determined and the first currency which the Administrative Agent and each rate of the Lenders is able, exchange prevailing on the date of payment, then the receipt by it rate of exchange prevailing on the date of payment shall govern the amount owing hereunder, and each Borrower hereby agrees to pays such payment additional amount as may be necessary to ensure that the amount paid on such date in any second currencythe Second Currency is the amount in said such Second Currency which, to purchase, in accordance with when converted at the Administrative Agent's and such Lender's normal banking procedures, spot rate of exchange for buying the First Currency with the amount Second Currency prevailing at the Administrative Agent's opening of such second currency so received. If business on the date of payment, as the amount which was due under this Agreement in the First Currency before such judgement was obtained or made. Any amount due from the Borrowers to the Lenders under the second sentence of this Section will be due as separate debt of the first currency falls short of the amount originally due Company to the Administrative Agent Lenders and the Lenders shall not be affected by judgement or order being obtained for any other sum due under or in the first currency under respect of this Credit Agreement, each of the Borrowers hereby jointly and severally agrees that it will indemnify the Administrative Agent and each of the Lenders against and save the Administrative Agent and each of the Lenders harmless from any shortfall so arising. This indemnity shall constitute an obligation of each such Borrower separate and independent from the other obligations The covenant contained in this Credit Agreement, Section shall give rise to a separate and independent cause of action and shall continue survive the payment in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to all of the Administrative Agent or any Lender under this Credit Agreement or under any such judgment or order. Any such shortfall shall be deemed to constitute a loss suffered by the Administrative Agent and each such Lender, as the case may be, and the Borrowers shall not be entitled to require any proof or evidence of anyother Obligations.

Appears in 1 contract

Samples: Loan Agreement (Bekins Co /New/)

Judgement Currency. If, for the purpose of obtaining judgment in any court or obtaining an order enforcing a judgment, it becomes necessary to convert any amount due under this Credit Agreement in Dollars or in any other currency (hereinafter in this ss.12.5 Section 12.5 called the "first currencyFIRST CURRENCY") into any other currency (hereinafter in this ss.12.5 Section 12.5 called the "second currencySECOND CURRENCY"), then the conversion shall be made at the Administrative Agent's spot rate of exchange for buying the first currency with the second currency prevailing at the Administrative Agent's close of business on the Business Day next preceding the day on which the judgment is given or (as the case may be) the order is made. Any payment made to the Administrative Agent or any Lender pursuant to this Credit Agreement in the second currency shall constitute a discharge of the obligations of the Borrowers to pay to the Administrative Agent and the Lenders any amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement only to the extent of the amount of the first currency which the Administrative Agent and each of the Lenders is able, on the date of the receipt by it of such payment in any second currency, to purchase, in accordance with the Administrative Agent's and such Lender's normal banking procedures, with the amount of such second currency so received. If the amount of the first currency falls short of the amount originally due to the Administrative Agent and the Lenders in the first currency under this Credit Agreement, each of the Borrowers hereby jointly Borrowers, with respect to itself and severally its Subsidiaries, agrees that it will indemnify the Administrative Agent and each of the Lenders against and save the Administrative Agent and each of the Lenders harmless from any shortfall so arising. This indemnity shall constitute an obligation of each such Borrower separate and independent from the other obligations contained in this Credit Agreement, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to the Administrative Agent or any Lender under this Credit Agreement or under any such judgment or order. Any such shortfall shall be deemed to constitute a loss suffered by the Administrative Agent and each such Lender, as the case may be, and the Borrowers shall not be entitled to require any proof or evidence of anyany actual loss. The covenant contained in this Section 12.5 shall survive the payment in full of all of the other obligations of the Borrower under this Credit Agreement.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Hexcel Corp /De/)

AutoNDA by SimpleDocs

Judgement Currency. If, for the purpose of obtaining judgment in any court or obtaining an order enforcing a judgment, it becomes necessary to convert any amount due under this Credit Agreement or the other Loan Documents in Dollars or in any other currency (hereinafter in this ss.12.5 ss.14.5 called the "first currency") into any other currency (hereinafter in this ss.12.5 ss.14.5 called the "second currency"), then the conversion shall be made at the Administrative Agent's spot rate of exchange for buying the first currency with the second currency prevailing at the Administrative Agent's close of business on the Business Day next preceding the day on which the judgment is given or (as the case may be) the order is made. Any payment made to the Administrative Agent or any Lender Bank pursuant to this Credit Agreement or the other Loan Documents in the second currency shall constitute a discharge of the obligations of the Borrowers Borrower to pay to the Administrative Agent and the Lenders Banks any amount originally due to the Administrative Agent and the Lenders Banks in the first currency under this Credit Agreement the Loan Documents only to the extent of the amount of the first currency which the Administrative Agent and each of the Lenders Banks is able, on the date of the receipt by it of such payment in any second currency, to purchase, in accordance with the Administrative Agent's and such LenderBank's normal banking procedures, with the amount of such second currency so received. If the amount of the first currency falls short of the amount originally due to the Administrative Agent and the Lenders Banks in the first currency under this Credit Agreementthe Loan Documents, each of the Borrowers Borrower hereby jointly and severally agrees that it will indemnify the Administrative Agent and each of the Lenders Banks against and save the Administrative Agent and each of the Lenders Banks harmless from any shortfall so arising. This indemnity shall constitute an obligation of each such the Borrower separate and independent from the other obligations contained in this Credit Agreement, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect of amounts due to the Administrative Agent or any Lender Bank under this Credit Agreement or under any such judgment or orderorder and shall be secured by the Collateral. Any such shortfall shall be deemed to constitute a loss suffered by the Administrative Agent and each such LenderBank, as the case may be, and the Borrowers Borrower shall not be entitled to require any proof or evidence of anyany actual loss. The covenant contained in this ss.14.5 shall survive the payment in full of all of the other obligations of the Borrower under this Credit Agreement.

Appears in 1 contract

Samples: Revolving Credit Agreement (Digitas Inc)

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