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 is reasonably likely in the opinion of that Lender 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 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit in the Base Currency; and (ii) the share of that Lender in the Credit and any other similarly affected Lender(s) will be treated as a separate Credit denominated in the Base Currency. (c) Any part of a Credit treated as a separate Credit under this Subclause 9.4 will not be taken into account for the purposes of any limit on the number of Credits or currencies outstanding at any one time. (d) A Credit will still be treated as a Rollover Credit if it is not denominated in the same currency as the maturing Revolving Credit Loan by reason only of the operation of this Subclause 9.4.

Appears in 3 contracts

Samples: Senior Credit Facility (Smurfit Kappa Funding PLC), Senior Credit Facility Agreement (JSG Funding PLC), Senior Credit Facility (Smurfit Kappa Acquisitions)

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Revocation of currency. (a) Notwithstanding any other term of this Agreement, if If before 9.30 9:30 a.m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) as regards a Loan, 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 is would, or would reasonably likely in the opinion of that Lender to 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 11.00 11:00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit Loan in the Base Currency; and (ii) the share of that Lender in the Credit Loan and any other similarly affected Lender(s) will be treated as a separate Credit Loan denominated in the Base CurrencyCurrency during that Interest Period. (c) Any part of a Credit Loan treated as a separate Credit Loan under this Subclause 9.4 Clause 8.2 will not be taken into account for the purposes of any limit on the number of Credits Loans or currencies outstanding at any one time. (d) A Credit Revolving Facility Loan will still be treated as a Rollover Credit if it is not denominated in the same currency as the maturing Revolving Credit Facility Loan by reason only of the operation of this Subclause 9.4Clause 8.2.

Appears in 2 contracts

Samples: Senior Facilities Agreement (Nordic Telephone CO ApS), Senior Facilities Agreement (Nordic Telephone CO ApS)

Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. 9. 30 a. m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency (other than a Committed 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 is reasonably likely in the opinion of that Lender to 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 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit a Loan in the Base CurrencyU.S. Dollars; and (ii) the share of that Lender in the Credit Loan and any other similarly affected Lender(s) will be treated as a separate Credit Loan denominated in the Base CurrencyU.S. Dollars during that Term. (c) Any part of a Credit Loan treated as a separate Credit Loan under this Subclause 9.4 will not be taken into account for the purposes of any limit on the number of Credits Loans or currencies outstanding at any one time. (d) A Credit Loan will still be treated as a Rollover Credit 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 9.4Subclause.

Appears in 1 contract

Samples: Credit Facility Agreement (Oratec Interventions Inc)

Revocation of currency. (a) Notwithstanding any other term of this Agreement, if before 9.30 a.m. 9. 30 a. m. on any Rate Fixing Day the Facility Agent receives notice from a Lender that: (i) the Optional Currency (other than a Committed 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 is reasonably likely in the opinion of that Lender to might contravene any law or regulation applicable to it, the Facility Agent must give notice to the Company Parent to that effect promptly and in any event before 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit a Loan in the Base CurrencyU.S. Dollars; and (ii) the share of that Lender in the Credit Loan and any other similarly affected Lender(s) will be treated as a separate Credit Loan denominated in the Base CurrencyU.S. Dollars during that Term. (c) Any part of a Credit Loan treated as a separate Credit Loan under this Subclause 9.4 will not be taken into account for the purposes of any limit on the number of Credits Loans or currencies outstanding at any one time. (d) A Credit Loan will still be treated as a Rollover Credit 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 9.4Subclause.

Appears in 1 contract

Samples: Credit Facility Agreement (Smith & Nephew PLC)

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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 (other than a Committed 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 is reasonably likely in the opinion of that Lender to 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 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit a Loan in the Base CurrencyU.S. Dollars; and (ii) the share of that Lender in the Credit Loan and any other similarly affected Lender(s) will be treated as a separate Credit distinct Loan denominated in the Base CurrencyU.S. Dollars during that Term. (c) Any part of a Credit Loan treated as a separate Credit distinct Loan under this Subclause 9.4 will not be taken into account for the purposes of any limit on the number of Credits Loans or currencies outstanding at any one time. (d) A Credit Loan will still be treated as a Rollover Credit 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 9.4Subclause.

Appears in 1 contract

Samples: Loan Agreement (Smith & Nephew 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 (other than a Committed 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 is reasonably likely in the opinion of that Lender to 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 11.00 a.m. on that day. (b) In this event: (i) that Lender must participate in the Credit a Loan in the Base CurrencyU.S. Dollars; and (ii) the share of that Lender in the Credit Loan and any other similarly affected Lender(s) will be treated as a separate Credit Loan denominated in the Base CurrencyU.S. Dollars during that Term. (c) Any part of a Credit Loan treated as a separate Credit Loan under this Subclause 9.4 will not be taken into account for the purposes of any limit on the number of Credits Loans or currencies outstanding at any one time. (d) A Credit Loan will still be treated as a Rollover Credit 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 9.4Subclause.

Appears in 1 contract

Samples: Facility Agreement (Smith & Nephew PLC)

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