Exchange Rate Divergence definition

Exchange Rate Divergence means, upon notice to the EMTA membership, that, in the reasonable and independent judgment, as notified to EMTA in accordance with the EMTA BRL Exchange Rate Divergence Procedures, of not less than 7 unaffiliated EMTA members that are recognized market makers active in the USD/BRL foreign exchange market (no less than 4 of which shall be active participants in the onshore USD/BRL spot market), the BRL-PTAX Rate (or BRL09) (following a split of the exchange rates in Brazil or otherwise) no longer reflects the then-prevailing USD/BRL spot rate for standard-size wholesale financial transactions involving the exchange of BRL for USD delivered outside of Brazil. For purpose hereof,
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Exchange Rate Divergence means, upon notice to the EMTA membership, that, in the reasonable and independent judgement, as notified to EMTA in accordance with the EMTA BRL Exchange Rate Divergence Procedures, of not less than 7 unaffiliated EMTA members that are recognized market makers active in the USD/BRL foreign exchange market (no less than 4 of which shall be active participants in the onshore USD/BRL spot market), the USD/BRL FX Rate (following a split of the exchange rates in Brazil or otherwise) no longer reflects the then-prevailing USD/BRL spot rate for standard-size wholesale financial transactions involving the exchange of BRL for USD delivered outside of Brazil. For purpose hereof, "unaffiliated EMTA members" mean EMTA members that are not (i) within the same business group, (ii) under common control or (iii) related corporate entities, and "EMTA members" are EMTA members in good standing at the time of the submission of the notice;
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Exchange Rate Divergence means (and shall be deemed to have occurred) in respect of the ARS MAE or ARS05 Rate, if, in the reasonable opinion of not less than five unaffiliated EMTA Members notified to EMTA (or its successor) by not later than 4:00 p.m., Buenos Aires time, on the relevant Adjusted Scheduled Valuation Date, the MAE or ARS05 Rate has failed, for a period of not less than three consecutive Buenos Aires Business Days (for any reason, including due to a split in the currency exchange rate or other event) to reflect the current prevailing ARS bid and offer rates for a standard size ARS/USD financial transaction for same-day settlement in the Buenos Aires marketplace on such relevant Adjusted Scheduled Valuation Date.
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Examples of Exchange Rate Divergence in a sentence

  • In a recent example, during the Argentina USD/ARS Exchange Rate Divergence (a term defined in previously used EMTA template terms that many parties use to document USD/ARS NDFs), parties found that there was a need for Calculation Agent determination where the Exchange Rate Divergence occurred beyond the maximum number of days for postponement specified for the transaction.

  • If there is a Price Source Disruption (including an Exchange Rate Divergence), the valuation of the contract will first be postponed (Valuation Postponement) until the earlier of (i) the re-appearance of a valid ARS MAE (ARS05) and (ii) the lapse of a period of up to 30 calendar days (i.e., the contract will not be fixed or valued during this period).

  • Upon the lapse of these 30 calendar days and provided that the Price Source Disruption (including an Exchange Rate Divergence) has not been “cured” or has ceased by that time, the Calculation Agent for that contract is tasked with determining the Settlement Rate for that contract.


More Definitions of Exchange Rate Divergence

Exchange Rate Divergence means, with respect to BRL PTAX, and upon notice to the EMTA membership, that, in the reasonable and independent judgement, as notified to EMTA in accordance with the EMTA BRL Exchange Rate Divergence procedures in effect from time to time, of not less than seven (7) unaffiliated EMTA members that are recognized market makers active in the BRL/USD foreign exchange market (no less than four (4) of which shall be active participants in the onshore BRL/USD spot market), the BRL PTAX (following a split of the exchange rates in Brazil or otherwise) no longer reflects the then-prevailing BRL/USD spot rate for standard-size wholesale financial transactions involving the exchange of Reais for Dollars delivered outside of Brazil;
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Exchange Rate Divergence means, upon notice to the EM T A m e mbe rsh ip, tha t, in the rea sona b le a nd indep end ent judgement, as notified to EMTA in accordance with the EM T A BR L Ex chan ge Rate D ivergen ce P ro cedu res, of no t le ss tha n 7 u na ff ilia te d EM T A m embers that are reco gn ized market makers active in the USD/BRL foreign exchange market (no le ss tha n 4 of wh ich sha ll b e activ e pa rtic ipa nts in the o n sho re US D/BRLsp ot ma rke t), the US D/BR L F X Ra te (f o llo win g a sp lit of the e xcha n ge ra te s in Bra z il or oth e rw ise ) no lon ge r ref le cts the then -p re va ilin g US D/BRLsp ot ra te fo r sta nda rd -size wh o le sa le f inanc ia l tran sactio ns invo lv in g th e exchange of BRL fo r US D d e liv e red ou tsid e of Bra z il. F o r purpose hereof, "unaffiliated EMTA members" mean EM T A m em be rs tha t a re no t (i) with in the sa me bu sin ess group , (ii) unde r c om mon control or (iii) re la ted co rpo rate entitie s, a n d "EMTA members" a re EM T A m embers in good sta nding at the time of the submissio n of the notice;
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Related to Exchange Rate Divergence

  • Market Exchange Rate means, unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect of such securities.

  • Exchange Rate Officer s Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 302 in the relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable bid quotation signed by the Chief Financial Officer or any Vice President of the Company.

  • FX Exchange Rate means the FX Exchange Rate as specified in § 2 of the Product and Underlying Data.

  • Spot Exchange Rate has the meaning specified in the related Terms Document.

  • Canadian-U.S. Exchange Rate means, on any date, the inverse of the U.S. - Canadian Exchange Rate in effect on such date;

  • Exchange Rate means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation.

  • Reference Exchange Rate means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;

  • Applicable Exchange Rate means, with respect to any Contract denominated and payable in Euros or GBPs on any day, the lesser of (a) the applicable currency Dollar spot rate used by the Borrower (as determined by the Collateral Manager) to acquire such currency on the date such Contract is included in the Borrower Collateral and (b) the Applicable Conversion Rate for such currency.

  • U.S.-Canadian Exchange Rate means, on any date:

  • Exchange Rate Agent means, with respect to Securities of or within any series, unless otherwise specified with respect to any Securities pursuant to Section 301, a New York Clearing House bank, designated pursuant to Section 301 or Section 313.

  • Prevailing Exchange Rate means, for purposes of translating, as of any date, any amount in a non-U.S. currency to U.S. dollars, the spot mid-rate of exchange between such currencies prevailing as of 4 p.m., New York City time, on such date, as displayed on, or derived from, Bloomberg page “BFIX” (or, if such page is not available, its equivalent successor page) in respect of such currencies. If such rate cannot be determined as provided in the immediately preceding sentence on such date (which, for the purpose of this definition, will be deemed to be the “affected day”), then the Prevailing Exchange Rate for such date will be determined mutatis mutandis but with respect to the immediately preceding day on which such rate can be so determined; provided, however, that, if such immediately preceding day is before the fifth (5th) day before such affected day, or if such rate cannot be so determined, then the Prevailing Exchange Rate will be determined in such other commercially reasonable manner as determined by the Company in good faith.

  • Base Rate Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Reference Rate Determination Date means, in relation to any Reference Rate Business Day(i):

  • Agent’s Spot Rate of Exchange means the Agent’s spot rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day.

  • Reference Rate of Interest Event means, with respect to the Swap Rate or any subsequent Reference Rate of Interest (the "Reference Rate of Interest") one of the following events:

  • Dollar Equivalent of the Foreign Currency has the meaning specified in Section 312(f).

  • Mid-Market Swap Rate Quotation means a quotation (expressed as a percentage rate per annum) for the relevant Mid-Market Swap Rate;

  • Alternative Currency Term Rate means, for any Interest Period, with respect to any Credit Extension:

  • Central Bank Rate Adjustment has the meaning given to that term in the Reference Rate Terms.

  • spot rate of exchange shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, United States dollars.

  • Overnight Foreign Currency Rate means, for any amount payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency.

  • Dollar Equivalent of the Currency Unit shall be determined by the Exchange Rate Agent and subject to the provisions of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

  • available rate of exchange means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. This Clause 21.4 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.

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

  • Foreign Exchange Rate means for any day that rate for the currency in question as published at 12:00 Eastern Standard Time, by the Bank of Canada in the City of Ottawa.

  • Currency Determination Agent means the agent, if any, from time to time selected by the Trustee for purposes of Section 3.10; provided that such agent shall accept such appointment in writing and the terms of such appointment shall be acceptable to the Company and shall, in the opinion of the Company and the Trustee at the time of such appointment, require such agent to make the determinations required by this Indenture by a method consistent with the method provided in this Indenture for the making of such decision or determination.