EMU. The economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single Xxxxxxxx Xxx 0000, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.
EMU. European Economic and Monetary Union anticipate the introduction of a single currency and the substitution of the national currencies of Member States participating in Monetary Union. On the date on which the Deutsche Xxxx is replaced by the single currency, conversion into such currency shall take effect. The denomination of the original currency shall be retained for so long as this is legally permissible. Conversions shall be based on the officially fixed rate of conversion. Neither the introduction of the single currency nor the substitution of the national currencies of the Member States participating in European Monetary Union nor the fixing of the official rate of conversion nor any economic consequences that arise from any of the aforementioned events or in connection with European Monetary Union shall give rise to any right to terminate prematurely, contest, cancel, rescind, modify, or renegotiate this Agreement or any of its provisions or to raise any other objections and/or exceptions or to assert any claims for compensation. This Agreement shall continue in full force and effect in accordance with its terms.
EMU. If, as a result of sterling joining EMU an amount is to be paid to the Authority in euro, such payment shall be made in euro and in immediately available, freely transferable cleared funds to such account as the Authority may specify, and thereafter each reference in this Agreement to a sterling amount shall be replaced by a reference to a comparable euro amount fixed by the Authority and this Agreement shall be subject to such other consequential changes as the Authority reasonably decides are necessary.
EMU. If and to the extent that any provision of this Section relates to any state (or the currency of such state) that is not a Participating Member State on the Effective Date, such provision shall become effective in relation to such state (and the currency of such state) at and from the date on which such state becomes a Participating Member State.
(a) An amount denominated in the National Currency Unit of a Participating Member State shall be redenominated into Euro in accordance with EMU legislation and paid by the debtor either in the Euro Unit or in that National Currency Unit and an amount denominated in the Euro Unit shall be paid by the debtor in the Euro Unit unless EMU Legislation provides otherwise, provided, that if and to the extent that any EMU Legislation provides that an amount denominated either in the Euro or in the National Currency Unit of a Participating Member State and payable within the Participating Member State by crediting an account of the creditor can be paid by the debtor either in the Euro Unit or in that National Currency Unit, any party to this Agreement shall be entitled to pay or repay any such amount either in the Euro Unit or in such National Currency Unit.
(b) If the basis of accrual of interest or fees expressed in this Agreement with respect to the currency of any state that is or becomes a Participating Member State shall be inconsistent with any convention or practice in the London Interbank Market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State.
(c) Without prejudice to the respective liabilities of the Borrowers to the Lenders, the Issuer and the Loan Note Guarantor and the Lenders, the Issuer and the Loan Note Guarantor to the Borrowers under or pursuant to this Agreement, except as expressly provided in this clause (c), each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent in consultation with the Borrowers may from time to time specify to be necessary or appropriate to reflect the introduction of or changeover to the Euro in Participating Member States.
EMU. 25.1. The Contractor and the Authority acknowledge that during the Contract Period Economic and Monetary Union and/or the introduction of a Single European Currency may occur between some or all of the Member States of the European Union or (having previously occurred, may expand to include other Member States). The Contractor and the Authority agree that each of them should bear any costs which fall upon them as a result of such event (whether or not Great Britain is a party to them) and neither will make any claim to any payment from the other, nor to any increase or reduction in any existing payment as a result of such events.
25.2. Unless the Authority and the Contractor agree otherwise the Contract Price will become payable in units of European Currency with effect from the beginning of the month in which the day occurs on which the Pound Sterling ceases to be legal tender in England.
25.3. At the date referred to in 25.2 the Contract Price will be converted from Pounds Sterling to units of European Currency using the fixed conversion rate applicable on the said date.
EMU. 9.2.1 The Contractor warrants that the Services will:
9.2.1.1 be capable of performing all functions set out in Schedule 2 and Schedule 4 for sterling and for the common currency adopted generally by members of the European Union (the “euro”);
9.2.1.2 comply with all legal requirements applicable to the euro in the United Kingdom, including but without limitation, the rules on conversion and rounding set out in the EC Regulation number 1103/97; and
9.2.1.3 be capable of displaying and printing and will incorporate in all relevant screen layouts, all symbols and codes adopted by the Government in relation to the euro.
EMU. (a) Redenomination of Alternative Currency Loans and other Obligations into Euro Units.
(i) On the date on which any nation becomes a Participating Member State, each obligation under this Agreement of a party to this Agreement which (1) was originally denominated in the former national currency of such Participating Member State or (2) would otherwise have been denominated in such former national currency prior to such date shall be redenominated into the Euro Unit in accordance with EMU Legislation and applicable state law, provided, that if and to the extent that any EMU Legislation provides that amounts denominated either in euros or in the National Currency Unit of a Participating Member State, that are payable by crediting an account of the creditor within that country, may be paid by the debtor in either euros or National Currency Units, the debtor shall be entitled to pay or repay any such amounts in either the Euro Unit or such National Currency Unit.
(ii) Subject to any EMU Legislation, references in this Agreement to a minimum amount (or an integral multiple thereof) in a National Currency Unit to be paid to or by a party hereto shall be deemed to be a reference to such reasonably comparable and convenient amount (or an integral multiple thereof) in the Euro Unit as the Multicurrency Administrative Agent may from time to time specify.
EMU. To the extent that any of the Guaranteed Obligations are denominated in Deutsche Xxxx, conversion of any such Deutsche Xxxx amounts into Euro shall be based on the officially fixed rate of conversion established in connection with the introduction of the Euro as the single currency of the Member States participating in the European Economic and Monetary Union. Such conversion shall be effective as of the date on which the Deutsche Xxxx is replaced by such single currency.
EMU. All amounts in the Financing Documents, the Operative Documents, the Project Agreements and the Amendment Agreements denominated in Deutsche Mxxx shall be converted into Euro based on the officially fixed rate of conversion established in connection with the introduction of the Euro as the single currency of the Member States participating in the European Economic and Monetary Union. Such conversion shall be effective as of the date on which the Deutsche Mxxx is replaced by such single currency.
EMU
