Foreign Currency Advance definition
Examples of Foreign Currency Advance in a sentence
The amount of any Advance shall at least be equal to the least of (w) 1,000,000 AUDs, 1,000,000 CADs, $1,000,000, 1,000,000 Euros or 1,000,000 GBPs, as applicable, (x) the (1) Borrowing Base on such day minus (2) the Advances outstanding on such day, (y) the Foreign Currency Sublimit on such day minus the Foreign Currency Advance Amount on such day and (z) the (1) Facility Amount on such day minus (2) the Advances outstanding on such day before giving effect to the requested Advance as of such date.
Such Advances shall be used for the purpose of purchasing Eligible Loan Assets; provided, if such Eligible Loan Asset is a Foreign Currency Loan Asset, either (x) such Foreign Currency Loan Asset shall be subject to a Hedging Agreement, or (y) such Advance shall be a Foreign Currency Advance in the related Foreign Currency.
Under no circumstances shall any Lender make an Advance if, after giving effect to such Advance and any purchase of Eligible Collateral Obligations in connection therewith, (x) the aggregate outstanding principal amount of all Advances would exceed the lower of (i) the Facility Amount and (ii) the Borrowing Base on such day or (y) the Foreign Currency Advance Amount would exceed the Foreign Currency Sublimit on such day.
Each Foreign Currency Advance shall be in an amount (in an integral multiple of one hundred (100) units of account of the relevant currency) equal to or exceeding the then Dollar Equivalent of One Million Dollars (US$1,000,000).
All payments shall be made in lawful money of the United States of America except for payments of principal and interest with respect to Foreign Currency Advances, which may at Borrower's option be made in Dollars equal to the Foreign Currency Equivalent or in the foreign currency in which the related Foreign Currency Advance is made.
If and when the Company wishes the Lenders to make a Foreign Currency Advance available, the Company shall give an irrevocable notice to the Agent not later than 10:00 a.m. (New York time) not later than four (4) Business Days prior to the proposed commencement date of a LIBOR Rate Period.
In the event a Foreign Currency Advance is not repaid on the last day of the term of such Foreign Currency Advance and Bank pursues collection of the same from Borrower, Bank may, at its option, either pursue collection of such delinquent amount denomination in the foreign currency which was the subject of the advance or the Dollar Equivalent of the same, determined as of the date on which Borrower repays the indebtedness incurred by Bank in order to make such Foreign Currency Advance.
After receiving such notice from the Company, the Agent, within one Business Day thereof, shall promptly notify each Lender by telephone of such notice, such Lender's share of such Foreign Currency Advance, and the applicable Exchange Rate and shall promptly confirm such notice in writing, which writing shall include the applicable wire transfer instructions.
The Dollar Equivalent of each Foreign Currency Advance shall be determined on the second Business Day prior to the making or continuation of such Advance and on any other date that any Advance is made or continued hereunder.
For purposes of calculating the commitment fee hereunder, (i) the principal amount of each Foreign Currency Advance shall be the Dollar Equivalent of such Foreign Currency Advance on the first day of each Interest Period applicable to such Advance and (ii) the principal amount of all outstanding Competitive Bid Advances shall not count as usage.