Common use of Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts Clause in Contracts

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of a Borrower to make a payment denominated in the National Currency Unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Period. (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. (c) References herein to minimum Dollar amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of Platinum US or Platinum Bermuda under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in Pounds Sterling shall be redenominated into Euros in the National Currency Unit of any member state of the European Union event that and at such time as Great Britain adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Period. (b) Each provision of this This Agreement shall be subject will, to such reasonable changes of construction as the extent the Administrative Agent may from time to time specify (acting reasonably after consultation with Platinum US or Platinum Bermuda) determines to be appropriate necessary, be amended to comply with any other generally accepted conventions and market practices in the London interbank market and otherwise to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the EuroGreat Britain. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each The obligation of each Credit Party under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in the National Currency Unit of any member state Pounds Sterling shall be redenominated into Euros as of the European Union that first Revaluation Date after Great Britain adopts the Euro as its lawful currency Currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior Currency, subject to such dateSwiss Holding’s consent (which consent shall not be unduly withheld, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Periodconditioned or delayed). (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as In the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by event that any member state of the European Union withdraws its adoption of the Euro and adopts another Currency, the adopted Currency shall not be a Foreign Currency unless it is an existing Foreign Currency. (c) This Agreement will, to the extent the Administrative Agent determines to be necessary, be amended to comply with any other generally accepted conventions and market practices and otherwise to reflect a change in currency of any other country and any relevant market conventions or practices relating to the Eurochange in currency, subject to Swiss Holding’s consent (which consent shall not be unduly withheld, conditioned or delayed). (cd) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency EquivalentsEquivalents (rounded as nearly as practicable to the nearest number of whole units of such Foreign Currency). Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of any Credit Party under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in Pounds Sterling shall be redenominated into Euros at the National Currency Unit of any member state of the European Union that time Great Britain adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Period. (b) Each provision of this This Agreement shall be subject will, to such reasonable changes of construction as the extent the Administrative Agent may from time to time specify (acting reasonably after consultation with the Borrower) determines to be appropriate necessary, be amended to comply with any other generally accepted conventions and market practices in the London interbank market and otherwise to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the EuroGreat Britain. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each The obligation of each Credit Party under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in the National Currency Unit of any member state Pounds Sterling shall be redenominated into Euros as of the European Union that first Revaluation Date after Great Britain adopts the Euro as its lawful currency Currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior Currency, subject to such dateAllied World’s consent (which consent shall not be unduly withheld, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Periodconditioned or delayed). (b) Each provision of this This Agreement shall be subject will, to such reasonable changes of construction as the extent the Administrative Agent may from time to time specify determines to be appropriate necessary, be amended to comply with any other generally accepted conventions and market practices in the London interbank market and otherwise to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions Great Britain, subject to Allied World’s consent (which consent shall not be unduly withheld, conditioned or practices relating to the Euro.delayed).. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency EquivalentsEquivalents (rounded as nearly as practicable to the nearest number of whole units of such Foreign Currency). Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of Platinum US, Platinum UK or Platinum Bermuda under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in Pounds Sterling shall be redenominated into Euros at the National Currency Unit of any member state of the European Union that time Great Britain adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Period. (b) Each provision of this This Agreement shall be subject will, to such reasonable changes of construction as the extent the Administrative Agent may from time to time specify (acting reasonably after consultation with Platinum US, Platinum UK or Platinum Bermuda) determines to be appropriate necessary, be amended to comply with any other generally accepted conventions and market practices in the London interbank market and otherwise to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the EuroGreat Britain. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of Platinum UK or Platinum Bermuda under this Agreement or any other Credit Document to which it is a Borrower party to make a payment denominated in Pounds Sterling shall be redenominated into Euros at the National Currency Unit of any member state of the European Union that time Great Britain adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption (in accordance with the EMU Legislation)hereof. If, in relation to the currency of any such member state, If the basis of accrual of interest expressed in this Agreement in respect of that currency Pounds Sterling shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state Great Britain adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving Loan, at the end of the then current Interest Period. (b) Each provision of this This Agreement shall be subject will, to such reasonable changes of construction as the extent the Administrative Agent may from time to time specify (acting reasonably after consultation with Platinum UK or Platinum Bermuda) determines to be appropriate necessary, be amended to comply with any other generally accepted conventions and market practices in the London interbank market and otherwise to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the EuroGreat Britain. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.

Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. (a) Each obligation of a the Borrower to make a payment denominated in the National Currency Unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Credit Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Foreign Currency Revolving Loan Extension of Credit in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Foreign Currency Revolving LoanExtension of Credit, at the end of the then current Interest Period. (b) Each provision of this Credit Agreement relating to Loans or Letters of Credit denominated in Euro shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro; provided such changes are generally made to the credit documentation for other borrowers similarly situated to the Borrower. (c) References herein to minimum Dollar amounts Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. Wherever in this Agreement an amount. (d) Notwithstanding anything to the contrary herein, such no Default or Event of Default will arise as a minimum result of any limitation or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed threshold set forth in Dollars, it shall be deemed to refer to the Dollar Amount thereofDollars being exceeded solely as a result of changes in currency exchange rates.