Approved Offshore Currency definition

Approved Offshore Currency means Euros, and any other currency that in the opinion of all Banks is freely traded in the offshore interbank foreign exchange markets and is freely transferable and freely convertible into Dollars and in which dealings in deposits are carried out on the London interbank market.
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Approved Offshore Currency means any Pound Sterling, Danish Kroner, Norwegian Kroner, Finnish Markka, Swiss Francs, Canadian Dollars, Euro or any other freely available currency (excluding Mexican Pesos) certified by the Lenders to the Administrative Agent upon not less than 10 Business Days' notice that in the opinion of all Lenders, in their sole discretion, is at such time freely traded in the offshore interbank foreign exchange markets and is freely transferable and freely convertible into Dollars.
Sample 1
Approved Offshore Currency means (a) with respect to Offshore Advances and Offshore Bid Rate Advances, the Euro, and the lawful currency of Switzerland, England and Australia, provided that with respect to Offshore Advances in the opinion of Determining Lenders of the Revolving Credit Lenders in their aggregate discretion, such currency is at such time freely traded in the offshore interbank foreign exchange markets and is freely transferable and freely convertible into Dollars, (b) with respect to Swingline Advances, the lawful currency of Mexico, Denmark, Norway, Sweden, Turkey, New Zealand, Singapore, Taiwan, Thailand and Hong Kong, provided that in the opinion of the Swingline Bank, in its sole discretion, such currency is at such time freely traded in the offshore interbank foreign exchange markets and is freely transferable and freely convertible into Dollars, and (c) with respect to any Letter of Credit, any lawful currency described in clauses (a) and (b), and, at the sole discretion of the Primary Issuing Bank, any other lawful currency.
Sample 1

Examples of Approved Offshore Currency in a sentence

  • The provisions of this Section shall apply as if each Lender or its Participants had match funded any Obligation as to which interest is accruing at the applicable LIBOR Rate by acquiring eurodollar, Canadian Dollar or Approved Offshore Currency deposits for each Interest Period in the amount of the LIBOR Rate Loans.

  • The Borrowers shall use the proceeds of Revolving Credit Advances and Letters of Credit for refinancing of certain Indebtedness of the Borrowers (including in respect of the Existing Credit Agreement), for Acquisitions permitted hereunder and for working capital and other general corporate purposes, subject to the limitation on Approved Offshore Currency Advances set forth in the definition of the Approved Offshore Currency Borrowing Limit.

  • Before giving any notice to the Borrowers pursuant to this Section, the notifying Lender shall designate a different Offshore Lending Office or Approved Offshore Currency Lending Office if such designation will avoid the need for giving such notice and will not, in the sole judgment of the Lender, be materially disadvantageous to the Lender.

  • Any Letter of Credit can be issued in a face amount denominated in either Dollars or an Approved Offshore Currency.

  • Such cash collateral shall be provided (i) with respect to any Letter of Credit Usage denominated in Canadian Dollars, in Canadian Dollars, (ii) with respect to any Letter of Credit Usage denominated in an Approved Offshore Currency, in the applicable Approved Offshore Currency, and (iii) with respect to any Letter of Credit Usage denominated in Dollars, in Dollars.

  • If such notice from the Borrowers designated an Approved Offshore Currency, the Administrative Agent shall promptly notify the Borrowers and the Lenders of the Dollar Equivalent thereof.

  • Each European Letter of Credit (and corresponding European Underlying Letter of Credit) shall be in form and substance acceptable to the European Issuing Lender (in the exercise of its Permitted Discretion), including the requirement that the amounts payable thereunder must be payable in Dollars or an Approved Offshore Currency.

  • Such telephonic notice and the written confirming Notice of Borrowing shall specify (i) the requested funding date, which shall be a Business Day, (ii) the amount of the proposed Swingline Advance, (iii) if the Swingline Advance is not in Dollars, the Approved Offshore Currency for such Swingline Advance and (iv) the Interest Period for such Swingline Advance.

  • The provisions 52 58 of this Agreement relating to calculation of the Offshore Dollar Rate and Approved Offshore Currency Rate are included only for the purpose of determining the rate of interest or other amounts to be paid hereunder that are based upon such rate, it being understood that each Lender shall be entitled to fund and maintain its funding of all or any part of an Offshore Advance as such Lender determines in its sole discretion.

  • The provisions of this Agreement relating to calculation of the Offshore Dollar Rate and Approved Offshore Currency Rate are included only for the purpose of determining the rate of interest or other amounts to be paid hereunder that are based upon such rate, it being understood that each Lender shall be entitled to fund and maintain its funding of all or any part of an Offshore Advance as it sees fit.


More Definitions of Approved Offshore Currency

Approved Offshore Currency means Sterling or Euro.
Sample 1

Related to Approved Offshore Currency

  • Offshore Currency means any lawful currency (other than dollars) that the relevant Issuing Bank with respect to any Offshore Currency Letter of Credit, in its sole reasonable opinion, at any time determines to be (a) freely traded in the offshore interbank foreign exchange markets, (b) freely transferable and (c) freely convertible into dollars.

  • Offshore Currency Loan means any Offshore Rate Loan denominated in an Offshore Currency.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • Alternate Currency means (i) with respect to any Letter of Credit, Canadian Dollars, Euros, Pound Sterling, New Zealand Dollars and Australian Dollars and any other currency other than Dollars as may be acceptable to the Administrative Agent and the Issuing Bank with respect thereto in their sole discretion and (ii) with respect to any Loan, any currency other than Dollars that is approved in accordance with Section 1.05.

  • Alternative Currency means each of Euro, Sterling, Yen and each other currency (other than Dollars) that is approved in accordance with Section 1.06.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Applicable Currency means, as to any particular payment or Loan, Dollars or the Offshore Currency in which it is denominated or is payable.

  • Quote Currency means the second currency in the Currency Pair which can be bought or sold by the Client for the Base Currency.

  • Alternative Currency Daily Rate Loan means a Committed Loan that bears interest at a rate based on the definition of “Alternative Currency Daily Rate.” All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency.

  • Alternative Currencies means (a) Euro, (b) Sterling, (c) Yen and (d) each other currency (other than Dollars) approved in accordance with Section 1.08.

  • Eligible Currency means any currency other than Dollars (i) that is readily available, (ii) that is freely traded, (iii) in which deposits are customarily offered to banks in the London interbank market, (iv) that is convertible into Dollars in the international interbank market and (v) as to which a Dollar Equivalent Amount may be readily calculated. If, after the designation by the Revolving Credit Lenders of any currency as an Agreed Currency, (x) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (y) such currency is, in the reasonable determination of the Administrative Agent, no longer readily available or freely traded or (z) in the reasonable determination of the Administrative Agent, a Dollar Equivalent Amount of such currency is not readily calculable, the Administrative Agent shall promptly notify the Lenders and the Company, and such currency shall no longer be an Agreed Currency until such time as all of the Revolving Credit Lenders agree to reinstate such currency as an Agreed Currency and promptly, but in any event within five Business Days of receipt of such notice from the Administrative Agent, the Borrower shall repay all Loans in such affected currency or convert such Loans into Loans in Dollars or another Agreed Currency, subject to the other terms set forth in Article II.

  • Alternative Currency Loan means an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan, as applicable.

  • Foreign Currency Letter of Credit means a Letter of Credit denominated in a Foreign Currency.

  • Alternative Currency Term Rate Loan means a Committed Loan that bears interest at a rate based on the definition of “Alternative Currency Term Rate.” All Alternative Currency Term Rate Loans must be denominated in an Alternative Currency.

  • Canadian Dollar means the lawful currency of Canada.

  • Canadian Revolving Loan means Loans made by a Lender in respect of its Canadian Revolving Commitment to the U.S. Borrower pursuant to Section 2.02(c) and/or Section 2.24.

  • Alternate Currency Loan means any Loan denominated in an Alternate Currency.

  • Approved Currency means each of Dollars and each Alternative Currency.

  • Available Currency means Dollars, and any other currency as the relevant Borrower, each of the relevant Revolving Credit Lenders or the relevant Term Lenders, as the case may be, and the Administrative Agent may agree to from time to time.

  • Australian Dollar means the lawful currency of Australia.

  • Base Currency means the first currency in the Currency Pair against which the Client buys or sells the Quote Currency.

  • Alternative Currency Daily Rate means, for any day, with respect to any Credit Extension:

  • Reference Currency means the currency specified as such in the applicable Final Terms.

  • Foreign Currency LC Exposure means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.

  • Canadian Revolving Commitment means, as to each Canadian Revolving Lender, its obligation to make Canadian Revolving Loans to the Canadian Borrower pursuant to Section 2.01, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Canadian Revolving Lender’s name on Schedule 2.01, in the Assignment and Assumption or other agreement pursuant to which such Canadian Revolving Lender becomes a party hereto, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Canadian Base Rate Loan means a Canadian Loan that bears interest at a rate per annum determined by reference to the Canadian Prime Rate.