Common use of Currency Indemnity – US Dollar Transaction Clause in Contracts

Currency Indemnity – US Dollar Transaction. 18.2.1 The Loan is a US Dollar transaction in which the specification of payment in US Dollars and payment at the place specified in the applicable Loan Documents are of the essence. US Dollars shall be the sole currency of account and of payment with respect to all sums due and payable in connection with or related to the Loan, and the place specified in the applicable Loan Documents shall be the sole place of payment in all events. 18.2.2 The obligations of the Chargor to make any payment to the Chargee under this Deed or any of the Loan Documents in US Dollars at the place of payment specified in the applicable Loan Documents shall not be discharged or satisfied by an amount paid or recovered, whether pursuant to a judgment, order, award or otherwise, which is expressed in or converted into any currency other than US Dollars to the extent that the amount so paid or recovered on prompt conversion into US Dollars and transferred to the place of payment under normal banking procedures yields at the required place of payment an amount which is less than the amount of US Dollars (after deducting any costs of exchange and any other related costs) that is then due under the applicable Loan Documents. In such an event, the Chargee shall be entitled to demand that the Chargor indemnifies the Chargee against the shortfall. In addition, to the extent the Chargee is unable to convert any sum paid, payable or collectable by the Chargee (including, without limitation, any sums payable to the Chargee from the enforcement of any order, judgment, or award) under or pursuant to this Deed from a currency other than US Dollars to US Dollars, or otherwise remit any sums received or collected under or pursuant to this Deed in the PRC to an offshore jurisdiction specified by the Chargee, the Chargor shall also indemnify the Chargee from and against, any and all costs, liabilities, or losses arising out of or relating to the Chargee’s inability to so convert or remit such sum. 18.2.3 The Chargor shall indemnify the Chargee as required under Section 18.2 within five (5) Business Days of its receipt of a written demand from the Chargee for indemnity under this Section. 18.2.4 The indemnity obligation of the Chargor under this Section 18.2 shall be an obligation of the Chargor independent of and in addition to its other obligations under this Deed and the other Loan Documents and shall take effect notwithstanding any time or other concession granted to any Loan Party or any judgment or order being obtained or the filing of any claim in the liquidation, dissolution or bankruptcy (or analogous process) of any Loan Party.

Currency Indemnity – US Dollar Transaction. 18.2.1 The Loan is a US Dollar transaction in which the specification of payment in US Dollars and payment at the place specified in the applicable Loan Documents are of the essence. US Dollars shall be the sole currency of account and of payment with respect to all sums due and payable in connection with or related to the Loan, and the place specified in the applicable Loan Documents shall be the sole place of payment in all events. 18.2.2 The obligations of the Chargor Mortgagor to make any payment to the Chargee Mortgagee under this Deed or any of the Loan Documents in US Dollars at the place of payment specified in the applicable Loan Documents shall not be discharged or satisfied by an amount paid or recovered, whether pursuant to a judgment, order, award or otherwise, which is expressed in or converted into any currency other than US Dollars to the extent that the amount so paid or recovered on prompt conversion into US Dollars and transferred to the place of payment under normal banking procedures yields at the required place of payment an amount which is less than the amount of US Dollars (after deducting any costs of exchange and any other related costs) that is then due under the applicable Loan Documents. In such an event, the Chargee Mortgagee shall be entitled to demand that the Chargor Mortgagor indemnifies the Chargee Mortgagee against the shortfall. In addition, to the extent the Chargee Mortgagee is unable to convert any sum paid, payable or collectable by the Chargee Mortgagee (including, without limitation, any sums payable to the Chargee Mortgagee from the enforcement of any order, judgment, or award) under or pursuant to this Deed from a currency other than US Dollars to US Dollars, or otherwise remit any sums received or collected under or pursuant to this Deed in the PRC to an offshore jurisdiction specified by the ChargeeMortgagee, the Chargor Mortgagor shall also indemnify the Chargee Mortgagee from and against, any and all costs, liabilities, or losses arising out of or relating to the ChargeeMortgagee’s inability to so convert or remit such sum. 18.2.3 The Chargor Mortgagor shall indemnify the Chargee Mortgagee as required under Section 18.2 within five (5) Business Days of its receipt of a written demand from the Chargee Mortgagee for indemnity under this Section. 18.2.4 The indemnity obligation of the Chargor Mortgagor under this Section 18.2 shall be an obligation of the Chargor Mortgagor independent of and in addition to its other obligations under this Deed and the other Loan Documents and shall take effect notwithstanding any time or other concession granted to any Loan Party or any judgment or order being obtained or the filing of any claim in the liquidation, dissolution or bankruptcy (or analogous process) of any Loan Party.