ECONOMIC AND MONETARY UNION. If the United Kingdom becomes a participating member state with respect to the Euro, then:
(a) to the extent that any EMU legislation provides that an amount denominated either in Euro or in Sterling and payable within that participating member state by crediting an account of the creditor can be paid by the debtor either in the Euro unit or in Sterling, ACE shall be entitled to pay or repay any such amount payable hereunder either in the Euro unit or in Sterling;
(b) in addition to any method of conversion or rounding prescribed by any EMU legislation, each reference in this Agreement to a fixed amount in a national currency unit to be paid to or by the Bank shall be replaced by a reference to such comparable and convenient fixed amount in the Euro unit as the Bank may from time to time reasonably specify; and
(c) except as expressly provided in this Section 7.09, the Loan Documents shall be subject to such changes of construction or interpretation as the Bank may from time to time reasonably specify to be necessary to reflect the changeover to the Euro in the United Kingdom and to put the parties in the same position, so far as possible, that they would have been in if no change in currency had occurred.
ECONOMIC AND MONETARY UNION. If the United Kingdom becomes a Participating Member State and as a result the Bank of England recognises more than one currency or currency unit as the lawful currency of the United Kingdom:
ECONOMIC AND MONETARY UNION. Article Four.
ECONOMIC AND MONETARY UNION. If the United Kingdom becomes a Participating Member State and as a result the Bank of England recognises more than one currency or currency unit as the lawful currency of the United Kingdom:
24.1 (unless prohibited by law) the Note Trustee shall designate (upon receiving instructions from the Noteholders pursuant to Schedule 4 (Provisions for Meetings of Noteholders) to the Note Trust Deed) the currency or currency unit in which the obligations arising under the Issuer Documents are to be denominated or payable;
24.2 (unless prohibited by law) any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the Bank of England for conversion, rounded up or down by the Note Trustee (upon receiving instructions from the Noteholders pursuant to Schedule 4 (Provisions for Meetings of Noteholders) to the Note Trust Deed); and
24.3 each Issuer Document shall be subject to such reasonable changes of construction as the Note Trustee shall specify (upon receiving instructions from the Noteholders pursuant to Schedule 4 (Provisions for Meetings of Noteholders) to the Note Trust Deed) from time to time to be appropriate to reflect the adoption of the Euro in the United Kingdom and any relevant market conventions or practices relating to the Euro.
ECONOMIC AND MONETARY UNION. 25.1 If the United Kingdom becomes a Participating Member State and as a result the Bank of England recognises more than one currency or currency unit as the lawful currency of the United Kingdom:
25.1.1 (unless prohibited by law) the Security Trustee may designate (after consultation with the other Transaction Parties) which currency or currency unit the obligations arising under the Transaction Documents are to be denominated or payable in;
25.1.2 (unless prohibited by law) any translation from currency or currency unit to another shall be at the official rate of exchange recognised by the Bank of England for conversion, rounded up or down by the Security Trustee (acting reasonably); and
25.1.3 each Transaction Document shall be subject to such reasonable changes of construction as the Security Trustee may specify from time to time to be appropriate to reflect the adoption of the euro in the United Kingdom and any relevant market conventions or practices relating to the euro.
ECONOMIC AND MONETARY UNION. If, during the duration of this Agreement, the United Kingdom becomes a Participating Member State and, as a result, the Bank of England recognises the euro as the lawful currency of the United Kingdom, then:
18.1.1 unless prohibited by law, Ambac may designate the currency or currency unit in which any obligations arising under this Agreement otherwise payable in Sterling are to be denominated or payable;
18.1.2 unless prohibited by law, any translation from one currency or currency unit to another shall be made at the official rate of exchange recognised by the Bank of England for conversion, rounded up or down by Ambac; and
18.1.3 this Agreement shall be subject to such reasonable changes of construction as Ambac may specify from time to time to be appropriate to reflect (a) the adoption of the euro in the United Kingdom and (b) any relevant market practices relating to the euro.
ECONOMIC AND MONETARY UNION. If the United Kingdom becomes a Participating Member State and as a result the Bank of England recognises more than one currency or currency unit as the lawful currency of the United Kingdom:
36.1.1 (unless prohibited by law) the Agent may designate (after consultation with the Relevant Obligor) which currency or currency unit the obligations arising under the Finance Documents are to be denominated or payable in;
36.1.2 (unless prohibited by law) any translation from currency or currency unit to another shall be at the official rate of exchange recognised by the Bank of England for conversion, rounded up or down by the Agent (acting reasonably); and
36.1.3 the Finance Documents shall be subject to such reasonable changes of construction as the Agent may specify from time to time to be appropriate to reflect the adoption of the euro in the United Kingdom and any relevant market conventions or practices relating to the euro.
36.1.4 any amount payable by the Agent to the Banks under the Finance Document shall be paid in the euro unit.
ECONOMIC AND MONETARY UNION. If Sterling is, or is to be, replaced by the euro, the Company may notify the Noteholders of any amendments to this Instrument which the Company considers necessary to reflect that replacement and to put the Noteholders in the same position, so far as possible, that they would have been in if no such replacement had occurred. Upon such notification, this Instrument shall be deemed to be amended in accordance with such notification.
ECONOMIC AND MONETARY UNION. Without prejudice to Article 3 of Regulation (EC) No 103\97 of 17th June 1997 of the Council of Members of the European Union, the introduction of the euro shall not, of itself:
ECONOMIC AND MONETARY UNION. 24.1 If the Notes are redenominated pursuant to Condition 19 (Redenomination, Renominalisation and Reconventioning), then following redenomination and subject always to the terms of Condition 19 (Redenomination, Renominalisation and Reconventioning):
