Common use of Exchange Rate Clause in Contracts

Exchange Rate. (a) The Borrower undertakes to justify, or to cause the Executing Agency to justify, as the case may be, expenditures chargeable to the Loan or the Additional Resources, expressing such expenditures in either the currency of denomination or the Approval Currency of the respective disbursement. (b) To determine the equivalence of an Eligible Expenditure incurred in the Local Currency of the Borrower’s country to the currency in which the disbursements are made, or alternatively to the Approval Currency, for purposes of accounting and justification of expenses, regardless of the source of financing of the Eligible Expenditure, one of the following exchange rates shall be used, pursuant to the Special Conditions: (i) the exchange rate in force on the date on which the Approval Currency or disbursement currency is converted into the Local Currency of the Borrower’s country; or (ii) the exchange rate in force on the date of payment of the expenditure in the Local Currency of the Borrower’s country. (c) In those cases in which the exchange rate established in paragraph (b)(i) of this Article is selected, to determine the equivalent of expenditures incurred in the Local Currency chargeable to the Additional Resources or the reimbursement of expenditures chargeable to the Loan, the rate used shall be the exchange rate agreed upon with the Bank in the Special Conditions.

Exchange Rate. (a) The Borrower undertakes to justify, or to cause the Executing Agency to justify, as the case may be, expenditures chargeable to the Loan or the Additional Resources, expressing such expenditures in either the currency of denomination or the Approval Currency of the respective disbursement. (b) To determine the equivalence of an Eligible Expenditure incurred in the Local Currency of the Borrower’s 's country to the currency in which the disbursements are made, or alternatively to the Approval Currency, for purposes of accounting and justification of expenses, regardless of the source of financing of the Eligible Expenditure, one of the following exchange rates shall be used, pursuant to the Special Conditions: (i) the exchange rate in force on the date on which the Approval Currency or disbursement currency is converted into the Local Currency of the Borrower’s 's country; or (ii) the exchange rate in force on the date of payment of the expenditure in the Local Currency of the Borrower’s 's country. (c) In those cases in which the exchange rate established in paragraph (b)(i) of this Article is selected, to determine the equivalent of expenditures incurred in the Local Currency chargeable to the Additional Resources or the reimbursement of expenditures chargeable to the Loan, the rate used shall be the exchange rate agreed upon with the Bank in the Special Conditions.

Exchange Rate. (a) The Borrower undertakes to justify, or to cause the Executing Agency to justify, as the case may be, expenditures chargeable to the Loan or the Additional Resources, expressing such expenditures in either the currency of denomination ofdenomination or the Approval Currency of the ofthe respective disbursement. (b) To determine the equivalence of an Eligible Expenditure incurred in the Local Currency of the Borrower’s 's country to the currency in which the disbursements are made, or alternatively to the Approval Currency, for purposes of accounting ofaccounting and justification of expensesofexpenses, regardless of the source of financing of the Eligible Expenditure, one of the following exchange rates shall be used, pursuant to the Special Conditions: (i) the exchange rate in force on the date on which the Approval Currency or disbursement currency is converted into the Local Currency of the Borrower’s ' s country; or (ii) the exchange rate in force on the date of payment of the expenditure in the Local Currency of the Borrower’s 's country. (c) In those cases in which the exchange rate established in paragraph (b)(i) of this Article is selected, to determine the equivalent of expenditures incurred in the Local Currency chargeable to the Additional Resources or the reimbursement of expenditures chargeable to the Loan, the rate used shall be the exchange rate agreed upon with the Bank in the Special Conditions.

Exchange Rate. (a) The Borrower Beneficiary undertakes to justify, or to cause the Executing Agency to justify, as the case may be, expenditures chargeable to the Loan Contribution or the Additional Resources, expressing such expenditures in either the currency of denomination or the Approval Currency of the respective disbursement. (b) To determine the equivalence of an Eligible Expenditure incurred in the Local Currency of the BorrowerBeneficiary’s country to the currency in which the disbursements are made, or alternatively to the Approval Currency, for purposes of accounting and justification of expenses, regardless of the source of financing of the Eligible Expenditure, one of the following exchange rates shall be used, pursuant to the Special Conditions: (i) the exchange rate in force on the date on which the Approval Currency or disbursement currency is converted into the Local Currency of the BorrowerBeneficiary’s country; or (ii) the exchange rate in force on the date of payment of the expenditure in the Local Currency of the BorrowerBeneficiary’s country. (c) In those cases in which the exchange rate established in paragraph (b)(i) of this Article is selected, to determine the equivalent of expenditures incurred in the Local Currency chargeable to the Additional Resources or the reimbursement of expenditures chargeable to the LoanContribution, the rate used shall be the exchange rate agreed upon with the Bank in the Special Conditions.