Common use of European Monetary Union Clause in Contracts

European Monetary Union. It is hereby acknowledged that during the term of this Agreement the United Kingdom may adopt a single European currency as its lawful currency in place of Sterling as part of the anticipated European Economic and Monetary Union. It is hereby acknowledged and agreed that "Sterling", as defined herein, shall include any such successor currency and that conversion into such successor currency shall be made at the official rate of conversion on the date on which Sterling is so replaced, and that the denomination of the original currency shall be retained hereunder for so long as it is legally permissible. It is hereby further acknowledged and agreed that the provisions of this Agreement relating to Sterling Loans shall remain in full force and effect upon such conversion, and that neither the introduction of a single European currency, the replacement of Sterling thereby, the fixing of the official rate of conversion, nor any economic consequences resulting therefrom shall give rise to any right to terminate, contest, cancel, modify or renegotiate the provisions of this Agreement.

European Monetary Union. It is hereby acknowledged that during the term of this Agreement Agreement, any country which on the United Kingdom date hereof has not adopted the single European currency as part of the European Economic and Monetary Union may adopt a such single European currency as its lawful currency in place of Sterling as part of the anticipated European Economic and Monetary Unionits original currency. It is hereby acknowledged and agreed that "Sterling", as defined herein, the original currency of such country shall include any such successor currency and that conversion into such successor currency shall be made at the official rate of conversion on the date on which Sterling such original currency is so replaced, and that the denomination of the original currency shall be retained hereunder for so long as it is legally permissible. It is hereby further acknowledged and agreed that the provisions of this Agreement relating to Sterling Loans such original currency shall remain in full force and effect upon such conversion, and that neither the introduction of a single European currency, the replacement of Sterling therebysuch original currency by such successor currency, the fixing of the official rate of conversion, nor any economic consequences resulting therefrom shall give rise to any right to terminate, contest, cancel, modify or renegotiate the provisions of this Agreement.