Common use of European Monetary Union Clause in Contracts

European Monetary Union. If, as a result of any nation’s becoming a member of the European monetary union, (a) any currency ceases to be lawful currency of the nation issuing the same and is replaced by the Euro, then any amount payable hereunder by any party hereto in such currency shall instead be payable in Euros and the amount so payable shall be determined by translating the amount payable in such currency to Euros at the exchange rate recognized by the European Central Bank for the purpose of such nation’s becoming a member of the European monetary union, or (b) any currency and the Euro are at the same time recognized by the central bank or comparable authority of the nation issuing such currency as lawful currency of such nation, then (i) any Loan made at such time shall be made in Euros and (ii) any other amount payable by any party hereto in such currency shall be payable in such currency or in Euros (in an amount determined as set forth in clause (a)), at the election of the obligor. Prior to the occurrence of the event or events described in clause (a) or (b) of the preceding sentence, each amount payable hereunder in any currency will continue to be payable only in that currency.

European Monetary Union. If, as a result of any nation’s becoming a member the further implementation of the European monetary union, (a) any currency Alternative Currency (other than the euro) ceases to be lawful currency of the nation issuing the same and is replaced by the Euroeuro, then any amount payable hereunder by any party hereto in such currency shall instead be payable in Euros euro and the amount so payable shall be determined by translating the amount payable in such currency to Euros euro at the exchange rate recognized by the European Central Bank for the purpose of replacing such nation’s becoming a member of currency by the European monetary unioneuro, or (b) any currency such Alternative Currency and the Euro euro are at the same time recognized by the central bank or comparable authority of the nation issuing such currency as lawful currency of such nation, then (i) any Loan made Alternative Currency Letter of Credit issued at such time that would otherwise be denominated in such currency shall be made denominated in Euros euro and (ii) any other amount payable by any party hereto in such currency shall be payable in such currency or in Euros euro (in an amount determined as set forth in clause (a)), at the election of the obligor. Prior to the occurrence of the event or events described in clause (a) or (b) of the preceding sentence, each amount payable hereunder in any currency will continue to be payable only in that currency.

European Monetary Union. If, as a result of any nation’s becoming a member of the European monetary union, (a) any currency ceases to be lawful currency of the nation issuing the same and is replaced by the Euroeuro, then any amount payable hereunder by any party hereto in such currency shall instead be payable in Euros euros and the amount so payable shall be determined by translating the amount payable in such currency to Euros euros at the exchange rate recognized by the European Central Bank for the purpose of such nation’s becoming a member of the European monetary union, or (b) any currency and the Euro euro are at the same time recognized by the central bank or comparable authority of the nation issuing such currency as lawful currency of such nation, then (i) any Loan made at such time shall be made in Euros euros and (ii) any other amount payable by any party hereto in such currency shall be payable in such currency or in Euros euros (in an amount determined as set forth in clause (a)), at the election of the obligor. Prior to the occurrence of the event or events described in clause (a) or (b) of the preceding sentence, each amount payable hereunder in any currency will continue to be payable only in that currency.