Common use of Revaluation of Documentary Credits Clause in Contracts

Revaluation of Documentary Credits. (a) If any Documentary Credit is denominated in a currency other than Sterling and has a Term of more than 6 months, the Facility Agent shall on each Quarter Date falling on 31 March and 30 September recalculate the Sterling Amount of that Documentary Credit by notionally converting into the relevant currency, the outstanding amount of that Documentary Credit on the basis of the Facility Agent’s Spot Rate of Exchange on the date of calculation. (b) The relevant Borrower shall, if requested by the Facility Agent within 2 days of any calculation under paragraph (a) above, ensure that within 3 Business Days sufficient Revolving Facility Outstandings are repaid (subject to Break Costs, if applicable, but otherwise without penalty or premium which might otherwise be payable) to prevent the Sterling Amount of the Revolving Facility Outstandings exceeding the aggregate amount of all of the Revolving Facility Commitments adjusted to reflect any cancellations or reductions, following any adjustment under paragraph (a) above.

Revaluation of Documentary Credits. (a) If any Documentary Credit is denominated in a currency other than Sterling and has a Term of more than 6 months, the Facility Agent shall on each Quarter Date falling on 31 March and 30 September recalculate the Sterling Amount of that Documentary Credit by notionally converting into the relevant currency, the outstanding amount of that Documentary Credit on the basis of the Facility Agent’s Spot Rate of Exchange on the date of calculation. (b) The relevant Borrower shall, if requested by the Facility Agent within 2 days of any calculation under paragraph (a) above, ensure that within 3 Business Days sufficient Revolving Facility Outstandings and Secondary Revolving Facility Outstandings are repaid (subject to Break Costs, if applicable, but otherwise without penalty or premium which might otherwise be payable) ), pro rata to the Outstandings thereunder immediately prior to such repayment, to prevent the Sterling Amount of the Revolving Facility Outstandings and Secondary Revolving Facility Outstandings exceeding the aggregate amount of all of the Revolving RCF Facility Commitments adjusted to reflect any cancellations or reductions, following any adjustment under paragraph (a) above.

Revaluation of Documentary Credits. (a) If any Documentary Credit is denominated in a currency other than Sterling and has a Term of more than 6 months, the Facility Agent shall on each Quarter Date falling on 31 March and 30 September recalculate the Sterling Amount of that Documentary Credit by notionally converting into the relevant currency, the outstanding amount of that Documentary Credit on the basis of the Facility Agent’s Agents Spot Rate of Exchange on the date of calculation. (b) The relevant Borrower shall, if requested by the Facility Agent within 2 days of any calculation under paragraph (a) above, ensure that within 3 Business Days sufficient Revolving Facility Outstandings and Secondary Revolving Facility Outstandings are repaid (subject to Break Costs, if applicable, but otherwise without penalty or premium which might otherwise be payable) ), pro rata to the Outstandings thereunder immediately prior to such repayment, to prevent the Sterling Amount of the Revolving Facility Outstandings and Secondary Revolving Facility Outstandings exceeding the aggregate amount of all of the Revolving RCF Facility Commitments adjusted to reflect any cancellations or reductions, following any adjustment under paragraph (a) above.