Common use of Revocation of currency Clause in Contracts

Revocation of currency. If the currency selected in accordance with Clause 5.2(b) (Completion of Requests) is an Optional Currency other than Sterling or U.S. Dollars, and, before 9.30 a.m. on any Rate Fixing Day relating to the start of any Term, the Agent receives notice from a Bank that: (a) it is impossible for that Bank to fund its participation in the relevant Advance in the relevant Optional Currency during its Term in the ordinary course of business in the London interbank market; and/or (b) the use of the proposed Optional Currency would contravene any law or regulation, the Agent shall give notice to the relevant Borrower to that effect before 11.00 a.m. on that day. In this event: (i) the relevant Borrower and the Bank may agree that the Advance will not be made; or (ii) in the absence of agreement: (1) that Bank's participation in the Advance (or, if more than one Bank is similarly affected, those Banks' participations in the Advance) shall be treated as a separate Advance denominated in Sterling; and (2) in the definition of "LIBOR" (insofar as it applies to that Advance) in Clause 1.1 (Definitions) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m.". -------------------------------------------------------------------------------- --------------------------------------------------------------------------------

Appears in 5 contracts

Samples: Syndicated Credit Facility Agreement (Gec Acquisition Corp), Syndicated Credit Facility (Gec Acquisition Corp), Syndicated Credit Facility (Gec Acquisition Corp)

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Revocation of currency. If before 11.00 a.m. (London time in the currency selected case of a Loan in accordance with Clause 5.2(b) (Completion of Requests) is an Optional Currency other than Sterling or U.S. Dollars, and, before 9.30 a.m. Swiss Francs or Yen) on any Rate Fixing Day relating to the start of any TermDay, the Agent receives notice from a Bank that: (a) it is impossible impracticable for that the Bank to fund its participation in the relevant Advance Loan in the relevant Optional Currency during its Term Interest Period in the ordinary course of business in the London relevant interbank market; and/or (b) the use of the proposed Optional Currency would might contravene any law or regulation, the Agent shall give notice to the relevant Borrower Obligors' Agent and to the Banks to that effect before 11.00 12.00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event: (i) the relevant Borrower Obligors' Agent and the Bank Banks may agree that the Advance drawdown will not be made; or (ii) in the absence of agreementagreement and in any other case: (1) that Bank's participation in the Advance Loan (or, if more than one Bank is similarly affected, those Banks' participations in the AdvanceLoan) shall be treated as a separate Advance Loan denominated in Sterling; andEuros; (2) in the definition of "LIBOREURIBOR" (insofar as it applies to that AdvanceLoan) in Clause 1.1 (Definitions): (A) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m.". -------------------------------------------------------------------------------- --------------------------------------------------------------------------------; and (B) paragraph (b) of that definition shall apply.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Facility (Cousin Acquisition Inc)

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Revocation of currency. If the currency selected in accordance with Clause 5.2(b) (Completion of Requests) is an Optional Currency other than Sterling or U.S. Dollars, and, before 9.30 9:30 a.m. on any Rate Fixing Day day falling ---------------------- two Business Days prior to the commencement of an Interest Period relating to the start of any Terma Revolving Advance, the Agent receives notice from a Bank Lender that: : (ai) it is impossible impracticable for that Bank the Lender to fund its participation in Commitment Percentage of the relevant Revolving Advance in the relevant Optional Currency during its Term Interest Period in the ordinary course of business in the London interbank market; and/or and/or (bii) the use of the proposed Optional Currency would might contravene any law or regulation, the Agent shall give notice to the relevant Borrower and to the Lenders to that effect before 11.00 11:00 a.m. on that day. In this event: , (i) the relevant Borrower and the Bank Lender may agree that the Advance drawdown will not be made; or or (ii) in the absence of agreement: (1) that BankLender's participation in Commitment Percentage of the Revolving Advance (or, if more than one Bank Lender is similarly affected, those Banks' participations Lender's participation in the Revolving Advance) shall be treated as a separate Advance denominated in SterlingDollars during the relevant Interest Period; and (2) in the definition of "LIBOR" (insofar as it applies to that Revolving Advance) in Clause Section 1.1 (Definitions) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m.". -------------------------------------------------------------------------------- --------------------------------------------------------------------------------.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Radnor Holdings Corp)

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