Common use of LOAN IN FOREIGN CURRENCY Clause in Contracts

LOAN IN FOREIGN CURRENCY. If a loan is not denominated in euro, the Borrower shall contact HBU by telephone before 10.00 a.m. (Amsterdam time) two business days prior to the agreed interest refixing date. Business day shall mean a day on which banking institutions in the Netherlands and the country where the currency in which the loan is denominated is the national unit are open for business. During or immediately after such telephone call, HBU shall inform the Borrower of the interest rate it proposes for the next interest period. If HBU and the Borrower then reach agreement, HBU shall confirm the interest rate to the Borrower in writing. If the Borrower fails to contact HBU before the time indicated above, HBU shall have the right to refix the interest rate on the basis of a one-year interest period.