Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall at three monthly intervals after the date of this Agreement, recalculate the Base Currency Amount of each such Letter of Credit by notionally converting into the Base Currency the outstanding amount of each such Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.
(b) The Borrower shall, if requested by the Agent within five days of any calculation under paragraph (a) above, ensure that within three Business Days sufficient Utilisations are prepaid to prevent the Base Currency Amount of the Utilisations exceeding the Total Stated Amounts following any adjustment to a Base Currency Amount under paragraph (a) above.
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall, at the end of each Financial Quarter, or on any other date as determined by the Issuing Agent, recalculate the Base Currency Amount of that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.
(b) If, following any calculation of a Base Currency Amount under paragraph (a) above, the Revolving Facility Utilisations which are Letters of Credit exceed one hundred and two per cent. (102%) of the relevant Guarantee Sub-limit the Borrowers shall ensure that, by the last day of the shortest Interest Period currently applicable to any Loan following such adjustment to the Base Currency Amount, sufficient Letters of Credit are prepaid (by way of the provision of cash cover, such cash cover to be credited to the Cash Collateral Account, or reduction in the face-value amounts of Letters of Credit) so that the Base Currency Amount of the Revolving Facility Utilisations which are Letters of Credit under the affected Revolving Facility does not exceed one hundred per cent. (100%) of the relevant Guarantee Sub-limit.
Revaluation of Letters of Credit. If any Letters of Credit are denominated in an Optional Currency, the Administrative Agent shall, at the end of each Fiscal Quarter, recalculate the Base Currency Amount of each Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.
Revaluation of Letters of Credit. (a) If any Letters of Credit are denominated in an Optional Currency, the Administrative Agent shall at six monthly intervals after the date of the Letter of Credit recalculate the Base Currency Amount of each Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.
(b) The Parent shall, if requested by the Administrative Agent within (3) Business Days of any calculation under paragraph (a) above, ensure that within three Business Days sufficient Revolving Facility Utilizations are prepaid to prevent the Base Currency Amount of the Revolving Facility Utilizations exceeding the Total Revolving Facility Commitments (after deducting the total Ancillary Commitments) following any adjustment to a Base Currency Amount under paragraph (a) of this Section 2.43.
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent will, at 12 monthly intervals commencing on the first anniversary of the date of issue of such Letter of Credit recalculate the Base Currency Amount of each such Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on the date of calculation.
(b) If the notional conversion referred to in paragraph (a) above shows that the Base Currency Amount of the Letters of Credit outstanding under the Original Revolving Facility and the Base Currency Amount of the Original Revolving Facility Loans is greater than the Total Original Revolving Facility Commitments, the relevant Borrower (or the Obligors’ Agent on its behalf) shall, if so requested by the Agent or the Issuing Bank, within five (5) Business Days of any calculation under paragraph (a) above, ensure within three (3) Business Days sufficient Letters of Credit are prepaid, or Original Revolving Facility Loans prepaid, to prevent the Base Currency Amount of the Letters of Credit and Base Currency Amount of all Original Revolving Facility Loans from exceeding the Total Original Revolving Facility Commitments (after deducting the total Ancillary Commitments under the Original Revolving Facility) following any notional conversion under paragraph (a) above.
(c) If the notional conversion referred to in paragraph (a) above shows that the Base Currency Amount of the Letters of Credit outstanding under an Additional Revolving Facility and the Base Currency Amount of all Additional Revolving Facility Loans under that Additional Revolving Facility is greater than the Total Additional Revolving Facility Commitments in respect of that Additional Revolving Facility, the relevant Borrower (or the Obligors’ Agent on its behalf) shall, if so requested by the Agent or the Issuing Bank, within five (5) Business Days of any calculation under paragraph (a) above, ensure within three (3) Business Days sufficient Letters of Credit are prepaid, or Additional Revolving Facility Loans under that Additional Revolving Facility prepaid, to prevent the Base Currency Amount of the Letters of Credit and Base Currency Amount of all Additional Revolving Facility Loans under that Additional Revolving Facility from exceeding the Total Additional Revolving Facility Commitments in respect of that Additional Revolving Facility (after deducting the total Ancillary...
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall at six monthly intervals after the date upon which the Letter of Credit is first issued recalculate the Base Currency Amount of that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation.
(b) The Ultimate Holding Company shall, if requested by the Agent within 5 days of any calculation under paragraph (a) above, ensure that within three Banking Days of such request sufficient Utilisations are prepaid to prevent the Base Currency Amount of the Utilisations exceeding the Total Commitments (or the Base Currency Amount of the LC Utilisations exceeding the LC Limit, as the case may be) following any adjustment to a Base Currency Amount under paragraph (a) above.
Revaluation of Letters of Credit. (a) If any Letters of Credit are denominated in an Optional Currency, the Administrative Agent shall at three monthly intervals after the Signing Date recalculate the Base Currency Amount of each Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Administrative Agent’s Spot Rate of Exchange on the date of calculation.
(b) The Company shall, if requested by the Administrative Agent, within 3 Business Days of any calculation under paragraph (a) above, ensure that sufficient Letters of Credits are prepaid by providing cash cover in accordance with Clause 1.2(d)(i) or in accordance with Clause 1.2(d)(ii) to prevent the Base Currency Amount of the Letters of Credits exceeding the Total Commitment following any adjustment to a Base Currency Amount under paragraph (a) of this Clause 7.
Revaluation of Letters of Credit. If any Letter of Credit is denominated in an Optional Currency, the Facility Agent shall on each date it receives a Borrowing Base Certificate, recalculate the Base Currency Amount of that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Facility Agent's Spot Rate of Exchange on the date of calculation.
Revaluation of Letters of Credit. If any Letter of Credit is denominated in an Optional Currency, the Agent shall at three monthly intervals after the date of this Agreement, recalculate the Base Currency Amount of that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on the date of calculation.
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Facility Agent shall at twelve monthly intervals after the date of the Letter of Credit recalculate the Base Currency Amount of that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent's Spot Rate of Exchange on the date of calculation.
(b) A Borrower shall, if requested by the Facility Agent within three Business Days of any calculation under paragraph (a) above, ensure that within three Business Days sufficient Revolving Utilisations are prepaid to prevent the Base Currency Amount of the Revolving Utilisations exceeding the Total Revolving Facility Commitments following any adjustment to a Base Currency Amount under paragraph (a) above.
(c) From the date of any calculation under paragraph (a) above, for the purpose of any subsequent calculation under this Agreement the Base Currency Amount of the relevant Letter of Credit shall be the most recent recalculated amount applicable thereto.
