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.
Appears in 2 contracts
Samples: Facility Agreement (British Sky Broadcasting Group PLC), Facility Agreement (British Sky Broadcasting Group PLC)
Revaluation of Letters of Credit. (a) If any Letter Letters of Credit is are denominated in an Optional Currency, the Administrative Agent shall at six three monthly intervals after the date upon which the Letter of Credit is first issued Signing Date recalculate the Base Currency Amount of that 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.
Appears in 2 contracts
Samples: Letter of Credit Facility Agreement (Flowserve Corp), Agreement (Flowserve Corp)
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall at six three monthly intervals after the date upon which of the Letter of Credit is first issued 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 's Spot Rate of Exchange on the date of calculation.
Appears in 2 contracts
Samples: Agreement (Solutia Inc), Multicurrency Term and Revolving Facilities Agreement (Solutia Inc)
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall at six three-monthly intervals after the date upon which the Letter of Credit is first issued 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.
Appears in 1 contract
Revaluation of Letters of Credit. (a) If any Letter of Credit is denominated in an Optional Currency, the Agent shall will, at six 12 monthly intervals after commencing on the first anniversary of the date upon which the of issue of such Letter of Credit is first issued recalculate the Base Currency Amount of that 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 's Spot Rate of Exchange on the date of calculation.
Appears in 1 contract
Samples: Senior Facilities Agreement (Fintrax US Acquisition Subsidiary, Inc.)
