Common use of Selection of currency Clause in Contracts

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, in relation to a Term Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 5 contracts

Samples: Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC)

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Selection of currency. (a) A The Borrower (or the Company on behalf of a the Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, in relation to a Term Loan made to it) in a Selection Notice. (b) If a the Borrower (or the Company on behalf of a the Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term LoanNotice, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a the Borrower (or the Company on behalf of a the Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 4 contracts

Samples: Debt Bridge Facility Agreement (Xstrata PLC), Debt Bridge Facility Agreement (Xstrata PLC), Debt Bridge Facility Agreement (Xstrata PLC)

Selection of currency. (a) A Borrower (or the Company Obligors’ Agent on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company Obligors’ Agent on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company Obligors’ Agent on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 2 contracts

Samples: Facilities Agreement (Octel Corp), Facilities Agreement (Innospec Inc.)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a LoanUtilisation: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 2 contracts

Samples: Secured Facilities Agreement (Solutia Inc), Secured Facilities Agreement (Solutia Inc)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Term-Out Loan made to it) in a Selection NoticeNotice in each case by the specified time. (b) If a Borrower (or the Company on behalf of a Borrowerits behalf) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Term-Out Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrowerits behalf) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Multicurrency Revolving Facilities Agreement (Sage Group PLC)

Selection of currency. (a) A Borrower (or the Company Obligors' Agent on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company Obligors' Agent on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company Obligors' Agent on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facilities Agreement (Octel Corp)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Loan, it shall be deemed to have requested that the such Term Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency in relation to a Term Loan and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the such Term Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facilities Agreement (LG Acquisition Corp.)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of Facility A Loan, a Facility C Loan or a Facility E Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; andor (ii) (afterwards, after the first Interest Period in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Facility A Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Senior Term and Revolving Facilities Agreement (Melrose PLC)

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Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a LoanUtilisation: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Facility B Term Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Facility B Term Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facility Agreement (Gallaher Group PLC)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facility Agreement (Rio Tinto PLC)

Selection of currency. (a) A Borrower (or the Company Original Borrower on behalf of a Borrower) shall select the currency of a LoanLoan or Bank Guarantee: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, afterwards in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company Original Borrower on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company Original Borrower on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facilities Agreement (Benfield Greig Group PLC)

Selection of currency. (a) A Borrower (or the Company on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; and (ii) (afterwards, in relation to a Term Loan made to itor Facility B Loan after the initial Utilisation) in a Selection Notice. (b) If a Borrower (or the Company on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Loan or a Facility B Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding.. Back to Contents (c) If a Borrower (or the Company on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Company, the relevant Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Facility Agreement (Intercontinental Hotels Group PLC /New/)

Selection of currency. (a) A Borrower (or the Company Obligors’ Agent on behalf of a Borrower) shall select the currency of a Loan: (i) (in the case of an initial Utilisation) in a Utilisation Request; andand Table of Contents (ii) (afterwards, afterwards in relation to a Term Facility A Loan made to it) in a Selection Notice. (b) If a Borrower (or the Company Obligors’ Agent on behalf of a Borrower) fails to issue a Selection Notice or fails to select the currency of a Loan in a Selection Notice in relation to a Term Facility A Loan, it shall be deemed to have requested that the Loan will remain denominated for its next Interest Period in the same currency in which it is then outstanding. (c) If a Borrower (or the Company Obligors’ Agent on behalf of a Borrower) issues a Selection Notice requesting a change of currency and the first day of the requested Interest Period is not a Business Day for the new currency, the Facility Agent shall promptly notify the Borrower and the Lenders and the Loan will remain in the existing currency (with Interest Periods running from one Business Day until the next Business Day) until the next day which is a Business Day for both currencies, on which day the requested Interest Period will begin.

Appears in 1 contract

Samples: Amendment and Restatement Agreement (Octel Corp)

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