Urban Outfitters 2014 Annual Report Download - page 128

Section 4.13 Currencies; Currency Equivalent and Related Provisions .
(a) Redenomination and Alternate Currencies . Each obligation of any party under this Agreement which has been denominated in the fixed
national currency unit of a Participating Member State shall be redenominated into the euro in accordance with the legislation of the European Union applicable
to such currency, provided, that if and to the extent that any such legislation provides that an amount denominated either in the euro unit or in the national
currency unit of a Participating Member State and payable within the Participating Member State by crediting an account of a creditor can be paid by a debtor
either in the euro unit or in that national currency unit, each party to this Agreement shall be entitled to pay or repay any such amount either in the euro unit or
in such national currency unit.
(b) Loans. Any portion of an Alternate Currency Loan in the currency of a Participating Member State shall be made in the euro unit,
provided that any portion of such Alternate Currency Loan may, if so requested by Borrowers, be made in the national currency unit of any Participating
Member State so long as such national currency unit continues to be available as legal tender for obligations of the same type or character as the obligations set
forth in this Agreement, is freely convertible and is not subject to exchange controls.
(c) Payments by Borrowers. Those Sections of this Agreement providing for payment or repayment in a national currency unit shall be
construed so that, in relation to the payment of any amount of euro units or national currency units, such amount shall be made available to the Lenders in
immediately available, freely transferable, cleared funds to such account with Lenders (in such principal financial center) as Lenders may from time to time in
good faith nominate for this purpose.
(d) Payments by Lenders Generally. With respect to the payment of any amount denominated in the euro unit or in a national currency
unit, no Lender shall be liable to the Borrowers in any way whatsoever for any delay, or the consequences of any delay, in the crediting to any account of any
amount required by this Agreement to be paid by a Lender if such Lender has made reasonable effort to effect all relevant steps to achieve, on the date required
by the Agreement, the payment of such amount in immediately available, freely transferable, cleared funds (in the euro unit or, as the case may be, in a
national currency unit) to the account with such Lender in the principal financial center in the Participating Member State which the Borrowers shall have
specified for such purpose. In this paragraph, “all relevant steps” means all such steps as may be prescribed from time to time by the regulations or operating
procedures of such clearing or settlement system as the Lender may from time to time reasonably believe to be in effect for the purpose of clearing or settling
payment in the euro.
(e) Basis of Accrual. If the basis of accrual of interest or fees expressed in this Agreement with respect to the currency of any state that
becomes a Participating State Member, in Administrative Agent’s judgment, shall not be available because interest rate quotes for a national currency unit are
no longer provided, or shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest or fees in
respect of the euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a
Participating Member State; provided, however, if any or all of an Alternate Currency Loan in the currency of such state is outstanding immediately prior to
such date, such replacement shall take effect, with respect to such portion of the Alternate Currency Loan, on the last day of the current Interest Period.