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.
Appears in 5 contracts
Samples: Letter of Credit Facility Agreement, Facility Agreement (ACE LTD), Facility Agreement (ACE LTD)
