Exchange of Currencies. (a) The Bank shall notify or cause the Trustee to notify the Exchange Rate Agent at least three Business Days prior to each Payment Date of the aggregate amount of Specified Currency due to all holders of Foreign-Currency Notes scheduled to receive payments in U.S. dollars on such Payment Date. As near as practicable to 11:00 a.m., New York City time, on the second Business Day immediately preceding the applicable Payment Date, the Exchange Rate Agent will solicit or cause the solicitation of bid quotations from three or, if three are not available, then two Recognized Foreign Exchange Dealers (as defined in Section 7 hereof), one of which may be the Exchange Rate Agent, for the purchase of the aggregate amount of the Specified Currency which is to be exchanged for payment in U.S. dollars on such Payment Date. The settlement date for the exchange of such Specified Currency for U.S. dollars shall be the applicable Payment Date. The Exchange Rate Agent shall enter into an agreement to trade such currencies (in such amounts and upon such terms as indicated above and upon such further terms as are appropriate and not inconsistent with the above) with such Recognized Foreign Exchange Dealer as shall have submitted the highest bid. If some but not all of the Foreign-Currency Notes scheduled to receive payments in U.S. dollars on such Payment Date bear interest based on LIBOR (or any Benchmark Replacement (as defined in the Prospectus) or any other substitute or successor base rate to LIBOR) or EURIBOR, such second preceding Business Day will be determined for this purpose as if none of those Notes bore interest based on LIBOR or EURIBOR. If the Exchange Rate Agent determines that at least two such bids are not available, the Exchange Rate Agent will transmit the total amount of the Specified Currency received from the Bank for payment on the Payment Date (without converting the same into U.S. dollars) to the Bank’s paying agent as provided below. Upon the determination of an exchange rate as provided in this Section 3(a), the Exchange Rate Agent will as soon as practicable notify the Bank of such exchange rate.
Exchange of Currencies. (a) As provided in the Notes, payments of the principal of (and premium, if any) and interest on the Notes ("Note Payments") are to be made in U.S. dollars, provided that any Holder of Notes may elect to have his Note Payments made in the Specified Currency by filing a written request with the Paying Agent as provided in the Notes. At least ten calendar days prior to each Payment Date, the Corporation shall cause the Paying Agent to deliver a notice to the Exchange Rate Agent specifying (i) such Payment Date and (ii) the aggregate amount of Note Payments in the Specified Currency to be converted into U.S. dollars on such Payment Date, on the basis of written requests from Noteholders received by the Paying Agent as provided in the Notes (such aggregate amount of the Specified Currency to be converted on any Payment Date being referred to herein as the "Conversion Amount").
Exchange of Currencies. If Mexico desires the Exchange Rate Agent to purchase a given Specified Currency with U.S. dollars or U.S. dollars with a given Specified Currency, the following procedures shall be followed:
Exchange of Currencies. Unless otherwise specified in accordance with Section 2.01 with respect to any series of Securities, the following provisions shall apply:
Exchange of Currencies. Québec shall cause the Fiscal Agent to notify the Exchange Rate Agent at least two Business Days prior to each Payment Date of the aggregate amount of Foreign Currency due to all holders of Foreign Currency Notes scheduled to receive payments in U.S. dollars on such Payment Date. As near as practicable to 11:00 A.M., New York City time, on the second Business Day preceding a Payment Date, the Exchange Rate Agent will (i) confirm to Québec its bid quotation or a bid quotation of any of its affiliates (which shall be a competitive quotation in the market at that time for such a transaction) or (ii) obtain a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, in each case to trade such aggregate amount of Foreign Currency for U.S. dollars (upon such terms as indicated above and upon such further terms as are not inconsistent with the above). The settlement date for the exchange of such Foreign Currency for U.S. dollars shall be the applicable Payment Date. Upon the determination of an exchange rate as provided above, the Exchange Rate Agent will as soon as practicable notify the Fiscal Agent and Québec of such exchange rate and of the amount of U.S. dollars to be paid by the Exchange Rate Agent on such Payment Date. As early as practicable on the Payment Date, Québec shall remit to the Exchange Rate Agent the aggregate amount of Foreign Currency payable to all holders of Foreign Currency Notes scheduled to receive payments in US dollars on such Payment Date. As promptly as practicable thereafter on such Payment Date, the Exchange Rate Agent shall (i) exchange such amount of Foreign Currency for U.S. dollars and transmit the U.S. dollars received upon such exchange or (ii) if exchange bid quotations are not available, transmit the total amount of the Foreign Currency received from Québec, in each case to the Fiscal Agent, or in accordance with its instructions.
Exchange of Currencies. With respect to any payments to be made in respect of a Non-Dollar Note, the Calculation and Exchange Rate Agent will determine the amount of any U.S. dollar payment in respect of such Note by selecting at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable Payment Date, the indicative quotations for the Specified Currency appearing at such time on the bank composite or multi-contributor pages of the Quoting Source (as defined below) for the first three banks, in descending order of their appearance, on a list of banks to be agreed to by the Company and the Calculation and Exchange Rate Agent (any of which may include an Agent or the Calculation and Exchange Rate Agent) prior to such second Business Day, which are offering quotes on the Quoting Source. The Calculation and Exchange Rate Agent shall select from among the selected quotations the one which will yield the largest number of U.S. dollars upon conversion from such Specified Currency. The “Quoting Source” shall mean Reuters Monitor Foreign Exchange Service, or if the Calculation and Exchange Rate Agent determines that such service is not available, Telerate Monitor Foreign Exchange Service. If the Calculation and Exchange Rate Agent determines that neither service is available, the Company and the Calculation and Exchange Rate Agent shall agree on a comparable display or other comparable manner of obtaining quotations and such display or manner shall become the Quoting Source.
Exchange of Currencies. With respect to any payments to be made in respect of a Non-Dollar Note, the Calculation and Exchange Rate Agent will determine the amount of any U.S. dollar payment in respect of such Note by selecting at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable Payment Date, the indicative quotations for the Specified Currency appearing at such time on the bank composite or multi-contributor pages of the Quoting Source (as defined below) for the first three banks, in descending order of their appearance, on a list of banks to be agreed to by the Company and the Calculation and Exchange Rate Agent (any of which may include an Agent or the Calculation and Exchange Rate Agent) prior to such second Business Day, which are offering quotes on the Quoting Source. The Calculation and Exchange Rate Agent shall select from among the selected quotations the one which will yield the largest number of U.S. dollars upon conversion from such Specified Currency. The "Quoting Source" shall mean Reuters Monitor Foreign Exchange Service, or if the Calculation and Exchange Rate Agent determines that such service is not available,
