Common use of Revocation of currency Clause in Contracts

Revocation of currency. If before 9.30 a.m. (London time in the case of a Utilisation in Dollars, Swiss Francs or Yen) on any Rate Fixing Day, the Facility Agent receives notice from a Lender that: (a) it is impracticable for the Lender to fund its participation in the relevant Utilisation in the relevant Optional Currency during its Term in the ordinary course of business in the relevant interbank market; and/or (b) the use of the proposed Optional Currency might contravene any law or regulation, the Facility Agent shall give notice to the Company and to the Lenders to that effect before 11.00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event: (i) the Company and the Lenders may agree that the drawdown will not be made; or (ii) in the absence of agreement and in any other case in respect of a Loan only: (A) that Lender’s participation in the Loan (or, if more than one Lender is similarly affected, those Lenders’ participations in the Loans) shall be treated as a separate Loan denominated in euro; (B) in the definition of EURIBOR (insofar as it applies to that Loan) in Clause 1.1 (Definitions): I. there shall be substituted for the time “11.00 a.m.” the time “1.00 p.m.”; and II. paragraph (b) of that definition shall apply.

Appears in 1 contract

Samples: Multicurrency Revolving Credit and Guarantee Facility (Rhodia)

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Revocation of currency. If before 9.30 9:30 a.m. (London time in the case of a Utilisation in Dollars, Swiss Francs or Yen) on any Rate Fixing Dayday falling between Business Days prior to the commencement of an Interest Period relates to an Advance, the Facility Agent receives notice from a Lender that: (ai) it is impracticable for the Lender to fund its participation in the relevant Utilisation Advance in the relevant Optional Currency during its Term Interest Period in the ordinary course of business in the relevant London interbank market; and/or (bii) the use of the proposed Optional Currency might contravene any law or regulation, the Facility Agent shall give notice to the Company relevant Borrower and to the Lenders to that effect before 11.00 11:00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event: (i) the Company relevant Borrower and the Lenders Lender may agree that the drawdown will not be made; or (ii) in the absence of agreement and in any other case in respect of a Loan only:agreement; (A1) that the Lender’s 's participation in the Loan Advance (or, if more than one Lender is similarly affected, those Lenders’ Lender's participations in the LoansAdvance) shall be treated as a separate Loan Advance denominated in euroDollars during the relevant Interest Period; (B2) in the definition of EURIBOR "LIBOR" (insofar as it applies to that LoanAdvance) in Clause Section 1.1 (Definitions): I. ) there shall be substituted for the time “11.00 "11:00 a.m." the time “1.00 "1:00 p.m.”; and II. paragraph (b) of that definition shall apply".

Appears in 1 contract

Samples: Supplement Revolving Multicurrency Credit Agreement (Styrochem U S Inc)

Revocation of currency. If before 9.30 a.m. (London time in the case of a Utilisation in Dollars, Swiss Francs or Yen) on any Rate Fixing Day, the Facility Agent receives notice from a Lender that:Revolving Credit Bank that:- (a) it is impracticable for the Lender it to fund its participation in the relevant Utilisation a Revolving Loan in the relevant Optional Currency during its Term that Interest Period in the ordinary course of business in the relevant London interbank market; and/or (b) the use of the proposed Optional Currency might contravene any law or regulation, the Facility Agent shall give notice to the Company Obligors' Agent and to the Lenders Revolving Credit Banks to that effect before 11.00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event:event:- (i) the Company Obligors' Agent and the Lenders Revolving Credit Banks may agree that the drawdown will not be made; or (ii) in the absence of agreement and in any other case in respect of a Loan onlyagreement: (A1) that Lender’s Bank's participation in the Loan (or, if more than one Lender Bank is similarly affected, those Lenders’ Banks' participations in the LoansLoan) shall be treated as a separate Loan denominated in euroUS Dollars during the relevant Interest Period; (B2) in the definition of EURIBOR "LIBOR" (insofar as it applies to that Loan) in Clause 1.1 (Definitions): I. (A) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m."; and II. (B) paragraph (b) of that definition shall apply.

Appears in 1 contract

Samples: Facilities Agreement (Autoliv Inc)

Revocation of currency. If before 9.30 a.m. (London time in the case of a Utilisation in Dollars, Swiss Francs or Yen) on any Rate Fixing Day, the Facility Agent receives notice from a Lender Bank that: (a) it is impracticable for the Lender Bank to fund its participation in the relevant Utilisation Revolving Advance in the relevant Optional Currency during its Term Interest Period in the ordinary course of business in the relevant London interbank market; and/or (b) the use of the proposed Optional Currency might contravene any law or regulation, the Facility Agent shall give notice to the Company and to the Lenders Banks to that effect before 11.00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event: (i) the Company and the Lenders Banks may agree that the drawdown will not be made; or (ii) in the absence of agreement and in any other case in respect of a Loan onlyagreement: (A1) that Lender’s Bank's participation in the Loan Revolving Advance (or, if more than one Lender Bank is similarly affected, those Lenders’ Bank's participations in the LoansRevolving Advance) shall be treated as a separate Loan Revolving Advance denominated in euro;Sterling during the relevant Interest Period; and (B2) in the definition of EURIBOR "LIBOR" (insofar as it applies to that LoanRevolving Advance) in Clause 1.1 (Definitions): I. (A) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m."; and II. (B) paragraph (b) of that definition shall apply.

Appears in 1 contract

Samples: Revolving Credit Facility (Txu Europe LTD)

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Revocation of currency. If before 9.30 a.m. (London time in the case of a Utilisation in Dollars, Swiss Francs or Yen) on any Rate Fixing Day, the Facility Agent receives notice from a Lender that:Bank that:- (a) it is impracticable for the Lender Bank to fund its participation in the relevant Utilisation Loan in the relevant Optional Currency during its Term that Interest Period in the ordinary course of business in the relevant London interbank market; and/or (b) the use of the proposed Optional Currency might could reasonably be expected to contravene any law or regulation, the Facility Agent shall give notice to the Company and to the Lenders Banks to that effect before 11.00 a.m. (London time in the case of a Loan in Dollars, Swiss Francs or Yen) on that day. In this event:event:- (i) the Company and the Lenders Banks may agree that the drawdown will not be mademade or will be made in Sterling; or (ii) in the absence of agreement and in any other case in respect of a Loan onlycase: (A1) that Lender’s Bank's participation in the Loan (or, if more than one Lender Bank is similarly affected, those Lenders’ Banks' participations in the LoansLoan) shall be treated as a separate Loan denominated in euroSterling during the relevant Interest Period; (B2) in the definition of EURIBOR "LIBOR" (insofar as it applies to that Loan) in Clause 1.1 (Definitions): I. (A) there shall be substituted for the time "11.00 a.m." the time "1.00 p.m."; and II. (B) paragraph (bc) of that definition shall apply.

Appears in 1 contract

Samples: Credit Facility (Azurix Corp)

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