Revocation of currency. If, before 9.30 a.m. on any Rate Fixing Day for any Loan, the Agent receives notice from a Bank that: (A) it is impracticable for the Bank to fund its participation in the relevant Loan 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 might contravene any law or regulation, the Agent shall give notice to the Company and to the Banks to that effect before 11.00 a.m. on that day. In this event: (i) the Company and the Banks may agree that the drawdown will not be made; or (ii) in the absence of agreement, that Bank’s participation in the Loan (or, if more than one Bank is similarly affected, those Banks’ participations in the Loan) shall be treated as a separate Loan denominated in Sterling during the relevant Term.
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Samples: Facility Agreement (Tomkins PLC)
Revocation of currency. If, before 9.30 a.m. on any Rate Fixing Day for any LoanDay, the Agent receives notice from a Bank that:
(Aa) it is impracticable for the Bank to fund its participation in the relevant Loan in the relevant Optional Currency during its Term in the ordinary course of business in the London interbank market; and/or
(Bb) the use of the proposed Optional Currency might contravene any law or regulation, the Agent shall give notice to the Company and to the Banks to that effect before 11.00 a.m. on that day. In this event:
(i) the Company and the Banks may agree that the drawdown will not be made; or
(ii) in the absence of agreement, that Bank’s participation in the Loan (or, if more than one Bank is similarly affected, those Banks’ participations in the Loan) shall be treated as a separate Loan denominated in Sterling US Dollars during the relevant Term.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility (Scottish Power PLC)
Revocation of currency. If, before 9.30 a.m. on any Rate Fixing Day for any LoanDay, the Agent receives notice from a Bank that:
(Aa) it is impracticable for the Bank to fund its participation in the relevant Loan Utilisation in the relevant Optional Currency during its Term in the ordinary course of business in the London interbank market; and/or
(Bb) the use of the proposed Optional Currency might contravene any law or regulation, the Agent shall give notice to the Company and to the Banks to that effect before 11.00 a.m. on that day. In this event:
(i) the Company and the Banks may agree that the drawdown will not be made; or
(ii) in the absence of agreement, that Bank’s participation in the Loan Utilisation (or, if more than one Bank is similarly affected, those Banks’ participations in the LoanUtilisation) shall be treated as a separate Loan Utilisation denominated in Sterling US Dollars during the relevant Term.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility Agreement (Scottish Power PLC)
Revocation of currency. If, before 9.30 a.m. 9.
30 a. m. on any Rate Fixing Day for any LoanDay, the Agent receives notice from a Bank that:
(Aa) it is impracticable for the Bank to fund its participation in the relevant Loan in the relevant Optional Currency during its Term in the ordinary course of business in the London interbank market; and/or
(Bb) the use of the proposed Optional Currency might contravene any law or regulation, the Agent shall give notice to the Company and to the Banks to that effect before 11.00 a.m. on that day. In this event:
(i) the Company and the Banks may agree that the drawdown will not be made; or
(ii) in the absence of agreement, that Bank’s 's participation in the Loan (or, if more than one Bank is similarly affected, those Banks’ ' participations in the Loan) shall be treated as a separate Loan denominated in Sterling during the relevant Term.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility (Scottish Power PLC)
Revocation of currency. If, before 9.30 a.m. on any Rate Fixing Day for any LoanDay, the Agent receives notice from a Bank that:
(Aa) it is impracticable for the Bank to fund its participation in the relevant Loan in the relevant Optional Currency during its Term in the ordinary course of business in the London interbank market; and/or
(Bb) the use of the proposed Optional Currency might contravene any law or regulation, the Agent shall give notice to the Company and to the Banks to that effect before 11.00 a.m. on that day. In this event:
(i) the Company and the Banks may agree that the drawdown will not be made; or
(ii) in the absence of agreement, that Bank’s participation in the Loan (or, if more than one Bank is similarly affected, those Banks’ participations in the Loan) shall be treated as a separate Loan denominated in Sterling during the relevant Term.
Appears in 1 contract
Samples: Multicurrency Revolving Credit Facility (Scottish Power PLC)