Common use of EFFECT OF MONETARY UNION Clause in Contracts

EFFECT OF MONETARY UNION. If the country of any national currency in which any amount is expressed to be payable under this Agreement participates in economic and monetary union in accordance with Article 109J of the Treaty on European Union, then: (a) any amount expressed to be payable under this Agreement in that national currency shall (until the end of the transitional period) be made in that national currency or in Euros as the Facility Agent may, by not less than two Banking Days' notice to the Primary Borrower and the Banks to that effect, require; (b) any amount so required under clause 8.12 (a) to be paid in Euros shall be converted from that national currency at the rate stipulated pursuant to Article 109L(4) of the Treaty on European Union and payment of the amount in Euro derived from such conversion shall discharge the obligation of the relevant party to pay such national currency amount; and (c) after consultation with the Primary Borrower and the Banks and notwithstanding clause 22, the Facility Agent shall be entitled to make from time to time such amendments to this Agreement as it may determine to be necessary to take account of monetary union and any consequent changes in market practices (whether as to the settlement or rounding of obligations, the calculation of interest or otherwise howsoever). Any amendment so made to this Agreement by the Facility Agent shall be promptly notified to the other Finance Parties and the Primary Borrower by the Facility Agent and shall be binding on all the other Finance Parties and any Borrower and any other party to this Agreement.

EFFECT OF MONETARY UNION. If the country of any national currency in which any amount is expressed to be payable under this Agreement participates in economic and monetary union in accordance with Article 109J of the Treaty on European Union, then: (a) any amount expressed to be payable under this Agreement in that national currency shall (until the end of the transitional period) be made in that national currency or in Euros as the Facility Agent may, by not less than two Banking Days' notice to the Primary Borrower and the Banks to that effect, require; (b) any amount so required under clause 8.12 (a) to be paid in Euros shall be converted from that national currency at the rate stipulated pursuant to Article 109L(4) of the Treaty on European Union and payment of the amount in Euro derived from such conversion shall discharge the obligation of the relevant party to pay such national currency amount; and (c) after consultation with the Primary Borrower and the Banks and notwithstanding clause 22, the Facility Agent shall be entitled to make from time to time such amendments to this Agreement as it may determine to be necessary to take account of monetary union and any consequent changes in market practices (whether as to the settlement or rounding of obligations, the calculation of interest or otherwise howsoever). Any amendment so made to this Agreement by the Facility Agent shall be promptly notified to the other Finance Parties and the Primary Borrower by the Facility Agent and shall be binding on all the other Finance Parties and any the Primary Borrower and any other party to this Agreement.

EFFECT OF MONETARY UNION. 63 If the country of any national currency in which any amount is expressed to be payable under this Agreement participates in economic Economic and monetary union Monetary Union in accordance with Article 109J 109j of the Treaty on European Union, then: (a) any amount expressed to be payable under this Agreement in that national currency shall (until the end of the transitional period) be made in that national currency or in Euros as the Facility Agent may, by not less than two Banking Days' notice to the Primary Borrower and the Banks to that effect, requireeuro; (b) any amount so required under clause 8.12 (a) to be paid in Euros euro shall be converted from that national currency at the rate stipulated pursuant to Article 109L(4109l(4) of the Treaty on European Union and payment of the amount in Euro euro derived from such conversion shall discharge the obligation of the relevant party to pay such national currency amountamount in accordance with, and subject to, the Regulation(s) made pursuant to Article 109l(4); and (c) after consultation with the Primary Borrower and the Banks Lenders, and notwithstanding clause 2217.11, the Facility Agent shall be entitled to make from time to time such reasonable amendments to this Agreement as it may determine to be necessary to take account of monetary union and any consequent changes in market practices (whether as to the settlement or rounding of obligations, the calculation of interest or otherwise howsoever). Any amendment so made to this Agreement by the Facility Agent shall be promptly notified to the other Finance Parties and the Primary Borrower Obligors by the Facility Agent and shall be binding on all the other Finance Parties and any Borrower and any other party to this Agreementthe Obligors.