Guarantee limitation. 3.1 Without affecting Clause 2 above, if (and only if) an amount has been entered into the definition of Limit set out in Clause 1.1 (Definitions), the total amount which we can recover will not be more than that amount together with: (a) interest in respect of that total amount in accordance with Clause 5 (Interest) below; and (b) costs, charges and expenses in respect of that total amount in accordance with Clause 6 (Costs) below. 3.2 If any liability under this guarantee is in a currency other than that in which the Limit is shown, we will convert the limit into that currency at the exchange rate most favourable to the currency in which the limit is shown. We will convert the currency at the exchange rate most favourable to us that applies at any time between the date on which the liability was first incurred and the date on which it is repaid or cleared in some other way.
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Guarantee limitation. 3.1 Without affecting Clause 2 above, if (and only if) an amount has been entered into the definition of Limit set out in Clause 1.1 (Definitions), the total amount which we can recover will not be more than that amount Limit together with:
(a) interest in respect of that total amount in accordance with Clause 5 (Interest) below; and
(b) costs, charges and expenses in respect of that total amount in accordance with Clause 6 (Costs) below.
3.2 If any liability under this guarantee Deed is in a currency other than that in which the Limit is shown, we will convert the limit into that currency at the exchange rate most favourable to the currency in which the limit is shown. We will convert the currency at the exchange rate most favourable to us that applies at any time between the date on which the liability was first incurred and the date on which it is repaid or cleared in some other way.
Appears in 3 contracts
