Common use of Foreign Currency Note Clause in Contracts

Foreign Currency Note. If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note are payable by Québec in the Foreign Currency shown on the face hereof. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if any” shown on the face hereof marked “U.S. dollars” has been checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the “Exchange Rate Agent”, which term shall include, unless the context otherwise requires, its successors and assigns), will convert all payments of principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note to U.S. dollars, unless an owner of a beneficial interest in this Global Note elects to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the owner of a beneficial interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest and Additional Amounts, if any, on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile transmission. The owner of a beneficial interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest and Additional Amounts payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if any” shown on the face hereof marked “Foreign Currency” has been checked, payment of principal and premium, if any, and interest and Additional Amounts, if any, will be made in the Foreign Currency and an owner of a beneficial interest in this Global Note will not have the option to elect payment in U.S. dollars. If the Foreign Currency is not available for the payment of principal and premium, if any, and interest and Additional Amounts, if any, with respect to this Global Note due to the imposition of exchange controls or other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in U.S. dollars (i) on the basis of the Market Exchange Rate (as defined below) on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in “Other Provisions” on the face hereof. The Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by an owner of a beneficial interest in this Global Note as provided above, the accounts designated as provided above. In order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest and Additional Amounts, if any, in the Foreign Currency to receive such payments by wire transfer, such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such information and until such information has been received, no additional interest will accrue. Québec will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments will be borne by the Holder of this Global Note.

Foreign Currency Note. If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note are payable by Québec in the Foreign Currency shown on the face hereof. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “U.S. dollars” has been checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the “Exchange Rate Agent”, which term shall include, unless the context otherwise requires, its successors and assigns), will convert all payments of principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note to U.S. dollars, unless an a beneficial owner of a beneficial an interest in this Global Note elects to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the beneficial owner of a beneficial an interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest and Additional Amounts, if any, on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile transmission. The beneficial owner of a beneficial an interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest and Additional Amounts payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “Foreign Currency” has been checked, payment of principal and premium, if any, and interest and Additional Amounts, if any, will be made in the Foreign Currency and an a beneficial owner of a beneficial an interest in this Global Note will not have the option to elect payment in U.S. dollars. If the Foreign Currency is not available for the payment of principal and premium, if any, and interest and Additional Amounts, if any, with respect to this Global Note due to the imposition of exchange controls or other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in U.S. dollars (i) on the basis of the Market Exchange Rate (as defined below) on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in “Other Provisions” on the face hereof. The Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by an a beneficial owner of a beneficial an interest in this Global Note as provided above, the accounts designated as provided above. In order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest and Additional Amounts, if any, in the Foreign Currency to receive such payments by wire transfer, such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such information and until such information has been received, no additional interest will accrue. Québec will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments will be borne by the Holder of this Global Note.

Foreign Currency Note. If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note are payable by Québec in the Foreign Currency shown on the face hereof. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “U.S. dollars” has been checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the “Exchange Rate Agent”, which term shall include, unless the context otherwise requires, its successors and assigns), will convert all payments of principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note to U.S. dollars, unless an owner of a beneficial interest in this Global Note elects to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the owner of a beneficial interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest and Additional Amounts, if any, on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile transmission. The owner of a beneficial interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest and Additional Amounts payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “Foreign Currency” has been checked, payment of principal and premium, if any, and interest and Additional Amounts, if any, will be made in the Foreign Currency and an owner of a beneficial interest in this Global Note will not have the option to elect payment in U.S. dollars. If the Foreign Currency is not available for the payment of principal and premium, if any, and interest and Additional Amounts, if any, with respect to this Global Note due to the imposition of exchange controls or other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in U.S. dollars (i) on the basis of the Market Exchange Rate (as defined below) on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in “Other Provisions” on the face hereof. The Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by an owner of a beneficial interest in this Global Note as provided above, the accounts designated as provided above. In order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest and Additional Amounts, if any, in the Foreign Currency to receive such payments by wire transfer, such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such information and until such information has been received, no additional interest will accrue. Québec will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments will be borne by the Holder of this Global Note.

Foreign Currency Note. If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note are payable by Québec in the Foreign Currency shown on the face hereof. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “U.S. dollars” has been checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the “Exchange Rate Agent”, which term shall include, unless the context otherwise requires, its successors and assigns), will convert all payments of principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note to U.S. dollars, unless an owner of a beneficial interest in this Global Note elects to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the owner of a beneficial interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest and Additional Amounts, if any, on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile transmission. The owner of a beneficial interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest and Additional Amounts payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “Foreign Currency” has been checked, payment of principal and premium, if any, and interest and Additional Amounts, if any, will be made in the Foreign Currency and an owner of a beneficial interest in this Global Note will not have the option to elect payment in U.S. dollars. If the Foreign Currency is not available for the payment of principal and premium, if any, and interest and Additional Amounts, if any, with respect to this Global Note due to the imposition of exchange controls or other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in U.S. dollars (i) on the basis of the Market Exchange Rate (as defined below) on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in “Other Provisions” on the face hereof. The Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by an owner of a beneficial interest in this Global Note as provided above, the accounts designated as provided above. In order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest and Additional Amounts, if any, in the Foreign Currency to receive such payments by wire transfer, such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such information and until such information has been received, no additional interest will accrue. Québec will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments will be borne by the Holder of this Global Note.

Foreign Currency Note. If this Global Note is a Foreign Currency Note, the principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note are payable by Québec in the Foreign Currency shown on the face hereof. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “U.S. dollars” has been checked, Citibank, N.A., in its capacity as exchange rate agent, or such other person as shall be appointed by Québec (the “Exchange Rate Agent”, which term shall include, unless the context otherwise requires, its successors and assigns), will convert all payments of principal and premium, if any, and interest and Additional Amounts, if any, on this Global Note to U.S. dollars, unless an a beneficial owner of a beneficial an interest in this Global Note elects to receive such payments in the Foreign Currency as described below. Any U.S. dollar amount to be received by a Holder of this Global Note will be based on either a bid quotation that the Exchange Rate Agent or any of its affiliates quotes, which shall be a competitive quotation in the market at that time for such a transaction, or a bid quotation from a leading foreign exchange bank in The City of New York selected by the Exchange Rate Agent, at 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date for purchase by the Exchange Rate Agent of the Foreign Currency for U.S. dollars for settlement on such payment date in the aggregate amount of the Foreign Currency due to all Holders of Notes scheduled to receive U.S. dollar payments. All currency exchange risks and costs will be borne by the Holder of this Global Note by deductions from such payments. Notwithstanding the above, the beneficial owner of a beneficial an interest in this Global Note may elect to receive payment of the principal of and premium, if any, and interest and Additional Amounts, if any, on this Global Note in the Foreign Currency by transmitting a written request for such payment (and designating at the same time the appropriate bank account to which the payment will be made) to the participant through which its interest is held on or prior to the applicable Record Date or at least fifteen days prior to the applicable Maturity Date, as the case may be. Such participant must notify the Depositary of such election and designated bank account on or prior to the third Business Days Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such Depositary must notify the Fiscal Agent of such election and designated bank account on or prior to the fifth Business Day after the applicable Record Date or at least ten days prior to the applicable Maturity Date, as the case may be. Such request may be mailed or hand delivered or sent by facsimile transmission. The beneficial owner of a beneficial an interest in this Global Note may elect to receive payment in the Foreign Currency for all principal, premium and interest and Additional Amounts payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Fiscal Agent, but written notice of any such revocation must be received by the Fiscal Agent on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. If the box under the heading “Payments of Principal and Premium, if any, and Interest and Additional Amounts, if anyInterest” shown on the face hereof marked “Foreign Currency” has been checked, payment of principal and premium, if any, and interest and Additional Amounts, if any, will be made in the Foreign Currency and an a beneficial owner of a beneficial an interest in this Global Note will not have the option to elect payment in U.S. dollars. If the Foreign Currency is not available for the payment of principal and premium, if any, and interest and Additional Amounts, if any, with respect to this Global Note due to the imposition of exchange controls or other circumstances beyond the control of Québec, Québec will be entitled to satisfy its obligations to the Holder of this Global Note by making such payment in U.S. dollars (i) on the basis of the Market Exchange Rate (as defined below) on the date of the payment, or (ii) if the Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate, or (iii) as the case may be, as otherwise specified in “Other Provisions” on the face hereof. The Fiscal Agent will, subject to applicable laws and regulations, make all payments in the Foreign Currency with respect to this Global Note by wire transfers to the appropriate bank accounts of which DTC or any other depositary through which this Global Note is held, as the case may be, notifies the Fiscal Agent which shall be, where such payment is made as a result of an election by an a beneficial owner of a beneficial an interest in this Global Note as provided above, the accounts designated as provided above. In order for any Holder of this Global Note entitled to receive payments of principal and premium, if any, and interest and Additional Amounts, if any, in the Foreign Currency to receive such payments by wire transfer, such Holder shall designate an appropriate bank account. Such designation shall be made by filing the appropriate information with the Fiscal Agent at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least sixteen days prior to the applicable Maturity Date, as the case may be. The Fiscal Agent will, subject to applicable laws and regulations and until it receives notice to the contrary, make such payment and all succeeding payments to such Holder by wire transfer to the designated account. If a payment cannot be made by wire transfer because the required information has not been received by the Fiscal Agent on or before the requisite date, a notice will be mailed to the Holder of this Global Note at its registered address requesting such information and until such information has been received, no additional interest will accrue. Québec will pay all administrative costs imposed by banks in connection with making payments by wire transfer, but any tax, assessment or governmental charge imposed upon such payments will be borne by the Holder of this Global Note.