Common use of SPECIFIC PROVISIONS ON MULTICURRENCY GUARANTEE FACILITIES Clause in Contracts

SPECIFIC PROVISIONS ON MULTICURRENCY GUARANTEE FACILITIES. 3.1 As regards multicurrency Guarantee Facilities, if during the term of the Guarantee Facility, the value of the Guarantee Instruments (determined by reference to the Reference Currency according to the provisions of Clause 3.2 below) exceeds the Facility Limit of the Guarantee Facility, the Facility Limit of the Guarantee Facility is automatically supplemented with such difference, and the Bank shall notify the new value of the Facility Limit of the Guarantee Facility to the Borrower. The Borrower undertakes to create additional security covering the value exceeding the Facility Limit of the Guarantee Facility, of the nature and within the deadline set out by the Bank and to perform the appropriate publicity formalities in a 10 (ten) Business Day period starting from the notification date. If during the 10 (ten) Business Day period the total value of the Guarantee Instruments expressed in the Reference Currency is below or equal to the level of the Facility Limit of the Guarantee Facility, the Borrower is no longer required to create the respective security. 3.2 The Bank performs daily the re-evaluation of the value of the issued Guarantee Instruments by reference to the Reference Currency, according to the exchange rate of the National Bank of Romania, in order to comply with the Facility Limit of the Guarantee Facility.