Facility Currency definition
Examples of Facility Currency in a sentence
Payments made by the Borrower to the Bank pursuant to a judgement or order of a court or tribunal in a currency other than that of the Facility (the “Facility Currency”) shall constitute a discharge of the Borrower’s obligation hereunder only to the extent of the amount of the Facility Currency that the Bank, immediately after receipt of such payment in such other currency, would be able to purchase with the amount so received on a recognized foreign exchange market.
If the amount so received should be less than the amount due in the Facility Currency under this agreement, then as a separate and independent obligation which gives rise to a separate cause of action the Borrower is obliged to pay the difference.
If the amount so received should be less than the amount due in the Facility Currency under this Credit Facility Agreement, then as a separate and independent obligation which gives rise to a separate cause of action the Borrower is obliged to pay the difference.
Payments made by the Borrower to the Bank pursuant to a judgment or order of a court or tribunal in a currency other than that of the Credit Facility (the ”Facility Currency”) shall constitute a discharge of the Borrower´s obligation hereunder only to the extent of the amount of the Facility Currency that the Bank, immediately after receipt of such payment in such other currency, would be able to purchase with the amount so received on a recognized foreign exchange market.
Unless stated otherwise expressly in this Letter of Undertaking, at the Commencement date of the Validity of the Credit Facilities or at the Renewal Date of the Validity of the Credit Facilities, as the case may be, every other revolving credit facility in the Credit Facility Currency, which has been and/or shall be allocated to us up to that date in the Current Account, shall be null and void.
The Company shall indemnify the Bank fully against any loss or cost incurred by the Bank in converting the currency of the amount received into the Facility Currency.
The Borrower to which a Facility C Loan has been made may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Facility C Loan (but if in part, being an amount that reduces the Facility Currency Amount of the Facility C Loan by a minimum amount of USD 5,000,000).
The Borrower to which a Facility B Loan has been made may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Facility B Loan (but if in part, being an amount that reduces the Facility Currency Amount of the Facility B Loan by a minimum amount of EUR 5,000,000).
The obligation of a Transaction Party under this Agreement or any other Transaction Document to make payments in the currency set out in Section 3 of this Agreement entitled “Facility Amount” (the “ Facility Currency ”) will not be discharged or satisfied by any payment or recovery, whether pursuant to any judgment or otherwise, expressed in or converted into any other currency except to the extent of the amount of Facility Currency that is actually received by EDC as a result of such payment or recovery .