Common use of Currency; Denominations Clause in Contracts

Currency; Denominations. (a) Unless otherwise specified in the Note Certificates or in any Supplemental Indenture, Notes will be denominated in, and payments of principal of, premium and interest on, and Additional Amounts in respect to, the Notes will be made in, U.S. dollars. The currency in which the Notes are denominated (or, if such currency is no longer legal tender for the payment of public and private debts in the country issuing such currency or, in the case of Euro, in the member states of the European Union that have adopted the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, such currency which is then such legal tender) is in the Indenture referred to as the "SPECIFIED CURRENCY". (b) The Trust appoints the Indenture Trustee as Exchange Rate Agent with respect to the Notes and the Indenture Trustee accepts such appointment. (c) If the Specified Currency for Foreign Currency Notes is not available for any required payment of principal, premium, if any, and/or interest, if any, due to the imposition of exchange controls or other circumstances beyond the control of the Trust, the Trust will be entitled to satisfy the obligations to the registered holders of such Foreign Currency Notes by making payments in United States dollars on the basis of the Market Exchange Rate, computed by the Exchange Rate Agent as described above, on the second business day prior to the particular payment or, if the Market Exchange Rate is not then available, on the basis of the most recently available market exchange rate. (d) Unless otherwise specified in the Note Certificates or in a Supplemental Indenture, Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof or equivalent denominations in other currencies. (e) The Trust may (if so specified in a Note Certificate or Supplemental Indenture) without the consent of the Holder of any Note, redenominate all, but not less than all, of the Notes on or after the date on which the member state of the European Union in whose national currency the Notes are denominated has become a participant member in the third stage of the European economic and monetary union as more fully set out in a Note Certificate or Supplemental Indenture. (f) Unless otherwise specified in a Note Certificate or Supplemental Indenture, the Trust shall not sell Foreign Currency Notes in, or to residents of, the country issuing the Specified Currency.

Appears in 2 contracts

Samples: Indenture Agreement (Allstate Life Insurance Co), Standard Indenture Terms (Allstate Life Insurance Co)

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Currency; Denominations. (a) Unless otherwise specified in the Note Certificates or in any Supplemental Indenture, Notes will be denominated in, and payments of principal of, premium and interest on, and Additional Amounts in respect to, the Notes will be made in, U.S. dollars. The currency in which the Notes are denominated (or, if such currency is no longer legal tender for the payment of public and private debts in the country issuing such currency or, in the case of Euro, in the member states of the European Union that have adopted the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, such currency which is then such legal tender) is in the Indenture referred to as the "SPECIFIED CURRENCYSpecified Currency". (b) The Unless otherwise provided in or pursuant to the Indenture, the Trust appoints the Indenture Trustee as Exchange Rate Agent with respect to the Notes and the Indenture Trustee accepts such appointment. (c) If the Specified Currency for Foreign Currency Notes is not available for any required payment of principal, premium, if any, and/or interest, if any, due to the imposition of exchange controls or other circumstances beyond the control of the Trust, the Trust will be entitled to satisfy the obligations to the registered holders of such Foreign Currency Notes by making payments in United States dollars on the basis of the Market Exchange Rate, computed by the Exchange Rate Agent as described above, on the second business day prior to the particular payment or, if the Market Exchange Rate is not then available, on the basis of the most recently available market exchange rate. (d) Unless otherwise specified in the Note Certificates or in a Supplemental Indenture, Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof or equivalent denominations in other currencies. (ed) The Trust may (if so specified in a Note Certificate or Supplemental Indenture) without the consent of the Holder of any Note, redenominate all, but not less than all, of the Notes on or after the date on which the member state of the European Union in whose national currency the Notes are denominated has become a participant member in the third stage of the European economic and monetary union as more fully set out in a Note Certificate or Supplemental Indenture. (fe) Unless otherwise specified in a Note Certificate or Supplemental Indenture, if the Specified Currency of the Notes is other than U.S. Dollars, the Trust shall not sell Foreign Currency the Notes in, or to residents of, the country issuing the such Specified Currency.

Appears in 2 contracts

Samples: Standard Indenture Terms (Allstate Life Global Funding), Standard Indenture Terms (Allstate Life Global Funding)

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Currency; Denominations. (a) Unless otherwise specified in the Note Certificates or in any Supplemental IndentureIndenture for any series of Notes, Notes of such series will be denominated in, and payments of principal of, premium and interest on, and Additional Amounts in respect to, the Notes of such series will be made in, U.S. dollars. The currency in which the a particular series of Notes are is denominated (or, if such currency is no longer legal tender for the payment of public and private debts in the country issuing such currency or, in the case of Euro, in the member states of the European Union that have adopted the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, such currency which is then such legal tender) is in the Indenture herein referred to as the "SPECIFIED CURRENCY"" with respect to such series of Notes. (b) The Trust appoints If the Indenture Trustee as Exchange Rate Agent principal of or premium and interest on, and Additional Amounts with respect to the Notes and the Indenture Trustee accepts such appointment. (c) If the to, any Note is payable in a Specified Currency for Foreign Currency Notes other than U.S. dollars which is not available for any required payment of principal, premium, if any, and/or interest, if any, due to the imposition of exchange controls or other circumstances beyond the control of the TrustIssuer, the Trust will Issuer shall be entitled to satisfy the its obligations to the registered holders of such Foreign Currency the Notes by making payments such payment in United States U.S. dollars on the basis of the Market Exchange Rate, computed by the Exchange Rate Agent as described above, on the second business day prior to the particular payment or, if the Market Exchange Rate is not then available, on the basis of the most recently available market bid quotation determined on the applicable determination date related to such payment from a leading foreign exchange ratebank in London or New York City selected by the Paying Agent, for the purchase of U.S. dollars with the Specified Currency for settlement on such payment date of the aggregate amount of the Specified Currency payable to all holders of Notes denominated other than in U.S. dollars scheduled to receive U.S. Dollar payments. (dc) Unless otherwise specified in the applicable Note Certificates or in a Supplemental Indenture, Notes of any series shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof or equivalent denominations in other currencies. (ed) The Trust Issuer may (if so specified in a an applicable Note Certificate or Supplemental Indenture) without the consent of the Holder of any Note, redenominate all, but not less than all, of the Notes of any series on or after the date on which the member state of the European Union in whose national currency the such Notes are denominated has become a participant member in the third stage of the European economic and monetary union as more fully set out in a the applicable Note Certificate or Supplemental Indenture. (fe) Unless otherwise specified in a an applicable Note Certificate or Supplemental Indenture, the Trust Issuer shall not sell Foreign Currency Notes in, or to residents of, the country issuing the Specified Currency.

Appears in 1 contract

Samples: Indenture (Allstate Life Global Funding)

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