Common use of Foreign Currency Remittance and Availability Clause in Contracts

Foreign Currency Remittance and Availability. (a) Except in the case of generally applicable exchange controls imposed on a non-discriminatory basis during a limited time period of genuine fiscal emergency and subject to the approval of the Central Bank, interest, dividends and all other payments for goods and services are freely remittable from the State and that if foreign currency is required to make such payments, in addition to that available from foreign currency accounts authorized under this License, foreign currency will be made available to make such payments up to the amount of foreign currency payments made by the Company to EMRA and converted into the State currency. (b) The Company has the right to establish, maintain and hold funds in bank accounts in Egyptian Pounds and in US Dollars in the State, in accordance with the Applicable Law and the instructions of the Central Bank as well as bank accounts in foreign currency located outside the State. (c) The Company has the right to freely repatriate abroad and freely dispose of all proceeds) and any other payments (including loan principal and interest) to be made abroad. (d) Any obligation originally stated in the State currency shall be converted to US Dollars at the National Bank of Egypt rate of exchange. (e) For purposes of determining compliance by the Company of required payments in the State currency under Applicable Law (including without limitation any Law determining minimum wages), the amount of any payment by the Company made in US Dollars shall be converted to Egyptian Pounds at the National Bank of Egypt rate of exchange as of the date of payment. (f) The Company shall have the right to remit and receive in US Dollars all payments, interest, finance charges, principal, management fees and other property payable items arising from, as a result of, or related to the operations of the Project.