Foreign Currency Payments. If this Note is a Foreign Currency Note, the principal and premium, if any, and interest on this Note are payable by Québec in the Foreign Currency shown on the face hereof. Payment of principal and premium, if any, and interest will be made in the Foreign Currency by wire transfer to the Holder’s bank account and the Holder 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 with respect to this 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 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. In order for any Holder of this Note to receive payments of principal and premium, if any, and interest in the Foreign Currency by wire transfer, such Holder shall designate an appropriate bank account 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 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 Note.
Foreign Currency Payments. If a series of Notes is denominated in a currency other than the U.S. dollar, as set forth in the applicable Pricing Supplement, the Company may make payment of principal and any interest in the currency in which the Notes are denominated (the “Specified Currency”), as specified in the applicable Pricing Supplement, or will otherwise make such payments in U.S. dollars. DTC will elect to have all such payments of principal and interest in U.S. dollars unless notified by any of its Participants through which an interest in the Global Security is held that it elects to receive such payment of principal or interest in the Specified Currency. On or prior to the third Business Day after the record date for payment of interest and twelve (12) days prior to the date for payment of principal, such Participant shall notify DTC of (i) its election to receive all or the specified portion of such payment in the Specified Currency and (ii) its instructions for wire transfer of such payment to an account in the Specified Currency. DTC will notify the Company on or prior to the fifth Business Day after the record date for payment of interest and ten (10) days prior to the date for payment of principal of the portion of such payment to be received in the Specified Currency and the applicable wire transfer instructions, and the Company shall use such instructions to pay the Participants directly. If DTC does not so notify the Company, it is understood that only U.S. dollar payments are to be made. The Company, based on information provided by the Exchange Rate Agent, as defined in the applicable Pricing Supplement, if any, shall notify DTC on or prior to the second DTC business day prior to the payment date of the exchange rate to be used and the resulting U.S. dollar amount to be paid per U.S. $1,000 principal amount. In the event that the Company’s or such Exchange Rate Agent’s quotation to convert the Specified Currency into U.S. dollars is not available, the Company shall notify DTC’s Dividend Department that the entire payment is to be made in the Specified Currency. DTC then will ask its Participants for payment instructions and forward such instructions to the Company; and the Company shall use such instructions to pay the Participants directly.
Foreign Currency Payments. In the event of a claim under Section 4.02.2, if a currency other than Local Currency or U.S. dollars ("Foreign Currency") is tendered by the Foreign Governing Authority as compensation for requisitioned produced Petroleum, compensation shall not exceed the U.S. dollar equivalent of the purchase price in Foreign Currency of the requisitioned produced Petroleum determined in accordance with the Project Agreement governing the sale of such produced Petroleum, the U.S. dollar equivalent to be determined by converting such Foreign Currency at the exchange rate determined by notionally converting the amount of such Foreign Currency into U.S. dollars at the rate quoted by the Reuters WRLD Screen for buying U.S. dollars with such Foreign Currency at 12 noon New York time on the date such Foreign Currency is tendered. If the exchange rate cannot be established from the source described above, the exchange rate shall be the rate determined to be equitable for such transactions by a third party acceptable to OPIC and the Investor.
