Common use of Funds and currency Clause in Contracts

Funds and currency. (a) Subject to paragraph (b) below, payments under each Funded Participation shall be made in the currency in which the amount is denominated for value on the due date at such times and in such funds as are customary at the time for settlement of transactions in that currency. (b) Where the Grantor’s obligation to make a payment under any Funded Participation arises from receipt or recovery of any Cash Distribution, the Grantor shall make the payment in the currency and funds in which those monies were received or recovered and, if that currency is not the currency of the country where the designated Receiving Account of the Participant is located, it shall be made to the account of the Participant in the principal financial center of the country of that currency specified by the Participant.

Funds and currency. (a) Subject to paragraph (b) below, payments under each the Funded Participation shall be made in the currency in which the amount is denominated for value on the due date at such times and in such funds as are customary at the time for settlement of transactions in that currency. (b) Where the Grantor’s obligation to make a payment under any the Funded Participation arises from receipt or recovery of any Cash Distribution, an amount pursuant to the Credit Documentation the Grantor shall make the payment in the currency and funds in which those monies were received or recovered and, if that currency is not the currency of the country where the designated Receiving Account of the Participant is located, it shall be made to the account of the Participant in the principal financial center centre of the country of that currency specified by the Participant.

Funds and currency. (a) Subject to paragraph (b) below, payments under each the Funded Participation shall be made in the currency in which the amount is denominated for value on the due date at such times and in such funds as are customary at the time for settlement of transactions in that currency. (b) Where the Grantor’s 's obligation to make a payment under any the Funded Participation arises from receipt or recovery of any Cash Distribution, an amount pursuant to the Credit Documentation the Grantor shall make the payment in the currency and funds in which those monies were received or recovered and, if that currency is not the currency of the country where the designated Receiving Account of the Participant is located, it shall be made to the account of the Participant in the principal financial center centre of the country of that currency specified by the Participant.