Unification of Certain Currencies. Notwithstanding the commencement of the third stage of European Monetary Union ("EMU") (which as of the date of this Agreement is scheduled to occur on January 1, 1999), all Advances denominated in any Eligible Currency shall continue to be so denominated, interest rates with respect to Eurocurrency Rate Loans denominated in any Eligible Currency shall continue to be determined by reference to such Permitted Currency in accordance with the procedures specified in the definition of "Eurocurrency Rate", all calculations with respect to Advances outstanding in any Eligible Currency shall continue to be made in units of such currency, and the obligations of the Company with respect to payments of principal and interest on Advances outstanding in any Eligible Currency shall continue to be payable in such currency, all without regard to the conversion rates or rounding rules referred to in European Council Regulation 96/0249 (CNS). Following the commencement of the third stage of EMU and prior to the first issuance of euro-bank notes by the European Central Bank pursuant to Article 105A(1) of the Treaty Establishing the European Community, as amended, (which as of the date of this Agreement is scheduled to occur on January 1, 2002) the Company and the Lenders agree to negotiate in good faith an amendment to this Agreement, satisfactory in form and substance to the Company and the Lenders to modify this Agreement in light of EMU.
Appears in 1 contract
Samples: Loan Agreement (Airnet Systems Inc)
Unification of Certain Currencies. Notwithstanding the commencement of the third stage of European Monetary Union ("EMU") (which as of the date of this Agreement is scheduled to occur on January 1, 1999), all Advances denominated in any Eligible Permitted Currency subject to the EMU shall continue to be so denominated, interest rates with respect to Eurocurrency Rate Loans denominated in any Eligible Permitted Currency subject to the EMU shall continue to be determined by reference to such Permitted Currency in accordance with the procedures specified in the definition of "Eurocurrency Rate"herein, all calculations with respect to Advances outstanding in any Eligible such Permitted Currency shall continue to be made in units of such currency, and the obligations of the Company Borrowers with respect to payments of principal and interest on Advances outstanding in any Eligible such Permitted Currency shall continue to be payable in such currency, all without regard to the conversion rates or rounding rules referred to in European Council Regulation 96/0249 (CNS). Following the commencement of the third stage of EMU and prior to the first issuance of euro-bank notes by the European Central Bank pursuant to Article 105A(1) of the Treaty Establishing the European Community, as amended, amended (which as of the date of this Agreement is scheduled to occur on January 1, 2002) ), each of the Company Borrowers, the Lenders, and the Lenders agree Agents agrees to negotiate in good faith an amendment to this Agreement, satisfactory in form and substance to each of the Company Borrowers, the Lenders, and the Lenders Agents to modify this Agreement in light of EMU.
Appears in 1 contract
Samples: Loan Agreement (Iae Inc)
Unification of Certain Currencies. Notwithstanding the commencement of the third stage of European Monetary Union ("EMU") (which as of the date of this Agreement is scheduled to occur on January 1, 1999), all Advances denominated in any Eligible Permitted Currency shall continue to be so denominated, interest rates with respect to Eurocurrency Rate Loans denominated in any Eligible Permitted Currency shall continue to be determined by reference to such Permitted Currency in accordance with the procedures specified in the definition of "Eurocurrency Rate", all calculations with respect to Advances outstanding in any Eligible Permitted Currency shall continue to be made in units of such currency, and the obligations of the Company Borrowers with respect to payments of principal and interest on Advances outstanding in any Eligible Permitted Currency shall continue to be payable in such currency, all without regard to the conversion rates or rounding rules referred to in European Council Regulation 96/0249 (CNS). Following the commencement of the third stage of EMU and prior to the first issuance of euro-bank notes by the European Central Bank pursuant to Article 105A(1) of the Treaty Establishing the European Community, as amended, (which as of the date of this Agreement is scheduled to occur on January 1, 2002) each of the Company Borrowers, the Banks, and the Lenders agree Agent agrees to negotiate in good faith an amendment to this Agreement, satisfactory in form and substance to each of the Company Borrowers, the Banks, and the Lenders Agent to modify this Agreement in light of EMU.
Appears in 1 contract
Samples: Loan Agreement (Jabil Circuit Inc)
Unification of Certain Currencies. Notwithstanding the commencement of the third stage of European Monetary Union ("EMU") (which as of the date of this Agreement is scheduled to occur on January 1, 1999), all Advances denominated in any Eligible Currency shall continue to be so denominated, interest rates with respect to Eurocurrency Rate Loans denominated in any Eligible Currency shall continue to be determined by reference to such Permitted Currency in accordance with the procedures specified in the definition of "Eurocurrency Rate", all calculations with respect to Advances outstanding in any Eligible Currency shall continue to be made in units of such currency, and the obligations of the Company Borrowers with respect to payments of principal and interest on Advances outstanding in any Eligible Currency shall continue to be payable in such currency, all without regard to the conversion rates or rounding rules referred to in European Council Regulation 96/0249 (CNS). Following the commencement of the third stage of EMU and prior to the first issuance of euro-bank notes by the European Central Bank pursuant to Article 105A(1) of the Treaty Establishing the European Community, as amended, (which as of the date of this Agreement is scheduled to occur on January 1, 2002) each of the Company Borrowers, the Lenders, and the Lenders agree Agent agrees to negotiate in good faith an amendment to this Agreement, satisfactory in form and substance to each of the Company Borrowers, the Lenders, and the Lenders Agent to modify this Agreement in light of EMU.
Appears in 1 contract
Samples: Credit Agreement (MSX International Business Services Inc)