Consent to Foreign Currency Accounts. Consents for the Seller (a) to open, operate, and retain earnings in Foreign Currency bank accounts inside Pakistan (in accordance with the Laws of Pakistan prevailing on the date hereof), (b) to maintain bank accounts outside Pakistan and to transfer any funds from its accounts in Pakistan to its accounts maintained outside Pakistan as are necessary to implement and carry out the Project in accordance with the Project Agreements and (c) to open, operate and retain earnings in such other bank accounts (including reserve accounts) reasonably required to effect the arrangements provided under the Financing Documents and to carry out and perform its obligations under the Energy Purchase Agreement are included in the Specified Consents. Subsequent to the issuance of such Seller Consents, in the forms issued by the State Bank of Pakistan or other Relevant Authority, as the case may be, any withdrawal, revocation, modification, suspension or repeal of such Seller Consents shall constitute a Lapse of Consent. Nothing in this Agreement shall prevent the Seller from opening, operating and retaining Foreign Currency in additional Foreign Currency bank accounts outside Pakistan from time to time after the date of this Agreement, if and to the extent that it is or becomes otherwise permitted under the Laws of Pakistan.
Consent to Foreign Currency Accounts. Consents for the Seller (a) to open, operate, and retain earnings in Foreign Currency bank accounts inside Pakistan (in accordance with the Laws of Pakistan prevailing on the date hereof),
Consent to Foreign Currency Accounts. It is recognized that currently, the GOL has not implemented foreign currency exchange controls. Should the GOL implement limits on foreign currency exchange or transfer of funds, the following provisions shall apply: The GOL shall ensure that the Central Bank of Liberia gives the Company and its Contractors (other than the Fuel Supplier, whose rights are established in separate agreement(s)) consent for the opening, operation, and retention of earnings of foreign currency bank accounts inside Liberia (including the payment of all foreign exchange received under the Financing Documents or otherwise by the Company into such accounts and withdrawals therefrom) with respect to the Project. The GOL shall ensure, to the extent required under the Laws of Liberia, that the Central Bank of Liberia gives the Company permission (1) to maintain bank accounts outside Liberia, subject to generally applicable (A) Taxes, (B) Laws of Liberia enacted for the protection of creditors, and (C) measures described in this Section 12.2, and (2) to freely transfer funds from its accounts in Liberia to its accounts maintained outside Liberia, as necessary to implement and carry out the Project in accordance with this Agreement and the Power Purchase Agreement, including such accounts as are required under the Financing Documents, the Construction Contract, the O&M Agreement, the O&M (Transmission) Agreement and insurance policies related to the Project; provided, however, that the Company shall be subject to requirements under the Laws of Liberia to notify the Central Bank of Liberia with respect to material foreign currency transfers (as of the date of this Agreement, transfers in excess of Ten Thousand US Dollars (US$10,000)). Nothing in this Agreement shall prevent the Company from opening, operating and retaining moneys in additional foreign currency bank accounts outside Liberia from time to time after the date of this Agreement and to the extent that it is or becomes otherwise permitted under the Laws of Liberia.
