Common use of Continuity of Contract Clause in Contracts

Continuity of Contract. The parties agree that the introduction of the euro or the occurrence or non-occurrence of any other event associated with economic or monetary union in the European Community shall not have the effect of altering any term of, nor of discharging or excusing any performance under, the Master Agreement or any Loan thereunder, nor give any party the right unilaterally to alter or terminate the Master Agreement or any Loan thereunder, or, in and of itself, give rise to a Default under the Master Agreement. An event associated with economic or monetary union in the European Community shall include, but not be limited to, (a) the introduction of or changeover to the euro; (b) the fixing of conversion rates between a member state's currency and the euro or between the currencies of member states; (c) the substitution of the euro for the ECU; (d) the introduction of the euro as the lawful currency of a member state; (e) the withdrawal from legal tender of any currency that, before the introduction of the euro, was lawful currency in one of the member states; (f) the disappearance or replacement of a relevant price source or rate for the ECU or the national currency of any member state, or the failure of a sponsor to publish or display a relevant rate, price, page or screen; or (g) the redenomination, renominalization or reconventioning of any Loaned Security or securities Collateral. April 1999 - Euro Amendment to the MSLA - 1

Continuity of Contract. The parties agree that the introduction of the euro or the occurrence or non-occurrence of any other event associated with economic or monetary union in the European Community shall not have the effect of altering any term of, nor of discharging or excusing any performance under, the Master Agreement or any Loan thereunder, nor give any party the right unilaterally to alter or terminate the Master Agreement or any Loan thereunder, or, in and of itself, give rise to a Default under the Master Agreement. An event associated with economic or monetary union in the European Community shall include, but not be limited to, (a) the introduction of or changeover to the euro; (b) the fixing of conversion rates between a member state's ’s currency and the euro or between the currencies of member states; (c) the substitution of the euro for the ECU; (d) the introduction of the euro as the lawful currency of a member state; (e) the withdrawal with- drawal from legal tender of any currency that, before the introduction of the euro, was lawful currency in one of the member states; (f) the disappearance or replacement of a relevant price source or rate for the ECU or the national currency of any member state, or the failure of a sponsor to publish or display a relevant rate, price, page or screen; or (g) the redenomination, renominalization or reconventioning of any Loaned Security or securities Collateral. April 1999 - Euro Amendment to the MSLA - 1.

Continuity of Contract. The parties agree that the introduction of the euro or the non-occurrence or non-occurrence of any other event associated with economic or monetary union in the European Community shall not have the effect of altering any term of, nor of discharging or excusing any performance under, the Master Agreement or any Loan thereunder, nor give any party the right unilaterally to alter or terminate the Master Agreement or any Loan thereunder, or, in and of itself, give rise to a Default under the Master Agreement. An event associated with economic or monetary union in the European Community shall include, but not be limited to, (a) the introduction of or changeover to the euro; (b) the fixing of conversion rates between a member state's currency and the euro or between the currencies of member states; (c) the substitution of the euro for the ECU; (d) the introduction of the euro as the lawful currency of a member state; (e) the withdrawal from legal tender of any currency that, before the introduction of the euro, was lawful currency in one of the member states; (f) the disappearance or replacement of a relevant price source or rate for the ECU or the national currency of any member state, or the failure of a sponsor to publish or display a relevant rate, price, page or screen; or (g) the redenomination, renominalization or reconventioning of any Loaned Security or securities Collateral. April 1999 - Euro Amendment to the MSLA - 1