Foreign Currency Exchange and Transfer of Funds. It is recognized that currently, the GOL has not implemented foreign currency exchange controls. Should the GOL implement limits on foreign currency exchange or transfer of funds, the following provisions shall apply: Until the expiration of the Term of this Agreement and the Power Purchase Agreement, the GOL shall, and shall cause the relevant GOL Entities to, make available to the Company in Liberia upon application by the Company pursuant to Section 12.3 all foreign currency necessary to permit construction, operation and maintenance, debt service and other payments under the Financing Documents, distributions to owners of the Company, and payments to service providers or otherwise. The GOL shall make available to LEC all foreign currency, including US Dollars, necessary to satisfy LEC’s obligations under the Power Purchase Agreement. The GOL shall make available to the trustee and payment agent under the Financing Documents all foreign currency, including US Dollars, necessary to convert the payments received from the IEUs and other consumers of electricity in Liberian Dollars into US Dollars. The GOL shall not, and shall cause the GOL Entities not to, impose any exchange controls or otherwise restrict the foreign transfer of funds by the Company.
Foreign Currency Exchange and Transfer of Funds
