Common use of Revocation of currency Clause in Contracts

Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or (ii) participating in a Loan in the proposed Optional Currency might contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company to that effect promptly and in any event before noon on that day. (b) In this event: (i) that Lender must participate in the Loan in euros; and (ii) the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros during that Term. (c) Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at any one time. (d) A Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Loan by reason only of the operation of this Subclause.

Appears in 3 contracts

Samples: Multicurrency Revolving Credit Facility (United States Steel Corp), Multicurrency Revolving Credit Facility (United States Steel Corp), Credit Facility Agreement (United States Steel Corp)

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Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or (ii) participating in a Loan in the proposed Optional Currency might will or could reasonably be expected to contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company to that effect promptly and in any event before noon 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Loan in eurosUS Dollar (in an amount equal to that Lender’s proportion of the US Dollar Amount or, in respect of a Rollover Loan, an amount equal to that Lender’s proportion of the US Dollar Amount of the Rollover Loan that is due to be made); and (ii) the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros US Dollars during that Term. (c) Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans Loan or currencies outstanding at any one time. (d) A Revolving Facility Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Loan by reason only of the operation of this Subclause.

Appears in 2 contracts

Samples: Credit Facilities Agreement (Amec PLC), Credit Facilities Agreement (Amec PLC)

Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or (ii) participating in a Loan in the proposed Optional Currency might contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company to that effect promptly and in any event before noon 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Loan in euros; and (ii) the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros during that Term. (c) Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at any one time. (d) A Revolving Credit Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Revolving Credit Loan by reason only of the operation of this Subclause.

Appears in 2 contracts

Samples: Credit Facility Agreement (Merck Kgaa /Fi), Credit Facility Agreement (E. Merck oHG)

Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or (ii) participating in a Loan in the proposed Optional Currency might would contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company to that effect promptly and in any event before noon 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Loan in euroseuro; and (ii) the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros euro during that Term. (c) Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at any one time. (d) A Revolving Credit Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Revolving Credit Loan by reason only of the operation of this Subclause.

Appears in 1 contract

Samples: Credit Facility (Mittal Steel Co N.V.)

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Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency requested is not readily available to it in the relevant interbank market in the amount and for the period required; or (ii) participating in a Loan in the proposed Optional Currency might contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company to that effect promptly and in any event before noon 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Loan in euros; and (ii) the share of that Lender in the Loan and any other similarly affected Lender(s) will be treated as a separate Loan denominated in euros during that Term. (c) Any part of a Loan treated as a separate Loan under this Subclause will not be taken into account for the purposes of any limit on the number of Loans or currencies outstanding at any one time. (d) A Loan will still be treated as a Rollover Loan if it is not denominated in the same currency as the maturing Loan by reason only of the operation of this Subclause.

Appears in 1 contract

Samples: Facility Agreement (United States Steel Corp)

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