Common use of Special Provisions Relating to Currencies Other Than Dollars Clause in Contracts

Special Provisions Relating to Currencies Other Than Dollars. (a) All funds to be made available to the applicable Administrative Agent pursuant to this Agreement in Canadian dollars shall be made available to such Administrative Agent in immediately available, freely transferable, cleared funds to such account with such bank in such principal financial center in Canada as such Administrative Agent shall from time to time nominate for this purpose. (b) In relation to the payment of any amount denominated in Canadian dollars, no Administrative Agent shall be liable to the Borrowers or any of the Lenders for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by such Administrative Agent if such Administrative Agent shall have taken all relevant and necessary steps to achieve, on the date required by this Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in Canadian dollars) to the account with the bank in the principal financial center in Canada which the Borrowers or, as the case may be, any Lender shall have specified for such purpose. In this Section 11.19(b), “all relevant steps” means all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as such Administrative Agent may from time to time determine for the purpose of clearing or settling payments of Canadian dollars. Furthermore, and without limiting the foregoing, such Administrative Agent shall not be liable to the Borrowers or any of the Lenders with respect to the foregoing matters in the absence of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision or pursuant to a binding arbitration award or as otherwise agreed in writing by the affected parties).

Appears in 3 contracts

Samples: Senior Secured, Super Priority Debtor in Possession and Exit Option Credit Agreement (Linens N Things Inc), Credit Agreement (Linens N Things Inc), Credit Agreement (Linens N Things Inc)

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Special Provisions Relating to Currencies Other Than Dollars. (a) All funds to be made available to the applicable Administrative Agent pursuant to this Agreement in Canadian dollars shall be made available to such Administrative Agent in immediately available, freely transferable, cleared funds to such account with such bank in such principal financial center in Canada as such Administrative Agent shall from time to time nominate for this purpose. (b) In relation to the payment of any amount denominated in Canadian dollars, no Administrative Agent shall be liable to the Borrowers or any of the Lenders for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by such Administrative Agent if such Administrative Agent shall have taken all relevant and necessary steps to achieve, on the date required by this Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in Canadian dollars) to the account with the bank in the principal financial center in Canada which the Borrowers or, as the case may be, any Lender shall have specified for such purpose. In this Section 11.19(b), "all relevant steps" means all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as such Administrative Agent may from time to time determine for the purpose of clearing or settling payments of Canadian dollars. Furthermore, and without limiting the foregoing, such Administrative Agent shall not be liable to the Borrowers or any of the Lenders with respect to the foregoing matters in the absence of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision or pursuant to a binding arbitration award or as otherwise agreed in writing by the affected parties).

Appears in 1 contract

Samples: Credit Agreement (LNT Leasing II, LLC)

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Special Provisions Relating to Currencies Other Than Dollars. (a) All funds to be made available to the applicable Administrative Agent pursuant to this Agreement in Canadian dollars Euros shall be made available to such Administrative Agent in immediately available, freely transferable, cleared funds to such account with such bank in such principal financial center in Canada such Participating Member State (or in London) as such Administrative Agent shall from time to time nominate for this purpose. (b) In relation to the payment of any amount denominated in Canadian dollarsEuros, no Administrative Agent shall not be liable to the Borrowers Borrower or any of the Lenders for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be paid by such Administrative Agent if such Administrative Agent shall have taken all relevant and necessary steps to achieve, on the date required by this Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in Canadian dollarsEuros) to the account with the bank in the principal financial center in Canada the Participating Member State which the Borrowers Borrower or, as the case may be, any Lender shall have specified for such purpose. In this Section 11.19(b2.28(b), “all relevant steps” means all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement system as such Administrative Agent may from time to time determine for the purpose of clearing or settling payments of Canadian dollarsEuros. Furthermore, and without limiting the foregoing, such Administrative Agent shall not be liable to the Borrowers Borrower or any of the Lenders with respect to the foregoing matters in the absence of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision or pursuant to a binding arbitration award or as otherwise agreed in writing by the affected parties).

Appears in 1 contract

Samples: Credit Agreement (Norcross Safety Products LLC)

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