Common use of Applicable Exchange Rate for Expenditures Incurred in Local Currency of the Borrower’s Country Clause in Contracts

Applicable Exchange Rate for Expenditures Incurred in Local Currency of the Borrower’s Country. For purposes of Article 4.10 of the General Conditions, the Parties agree that the applicable exchange rate shall be that indicated in paragraph (b)(ii) of said Article. Accordingly, the agreed exchange rate shall be the exchange rate on the effective date on/in which the Borrower, the Executing Agency, or any other person or legal entity in whom the power to incur expenditures has been vested makes the related payments to the contractor, the supplier, or beneficiary.

Applicable Exchange Rate for Expenditures Incurred in Local Currency of the Borrower’s Country. For purposes of Article 4.10 of the General Conditions, the Parties agree that the applicable exchange rate shall be that which is indicated in paragraph (b)(ii) of said Article. Accordingly, the agreed exchange rate shall be the exchange rate on the effective date on/in which the Borrower, the Executing Agency, or any other person or legal entity in whom the power to incur expenditures has been vested makes the related payments to the contractor, the supplier, or beneficiary.subsection a

Applicable Exchange Rate for Expenditures Incurred in Local Currency of the Borrower’s Country. For purposes of Article 4.10 of the General Conditions, the Parties agree that the applicable exchange rate shall be that indicated in paragraph (b)(ii) of said Article. Accordingly, the agreed exchange rate shall be the exchange rate established by the Bank of Guyana on the effective date on/in on which the Borrower, the Executing Agency, or any other person or legal entity in whom the power to incur expenditures has been vested makes the related payments to the contractor, the supplier, or beneficiary.