Introduction of Euro Sample Clauses

Introduction of Euro. For the avoidance of doubt, the parties hereto affirm and agree that neither the fixation of the conversion rate of any Offshore Currency of a country that is a member of the European Union against the Euro as a single currency, in accordance with the Treaty Establishing the European Economic Community, as amended by the Treaty on the European Union (the Maastricht Treaty), nor the conversion of any Obligations under the Loan Documents from an Offshore Currency of a country that is a member of the European Union into Euro, shall require the early termination of this Agreement or the prepayment of any amount due under the Loan Documents or create any liability of one party to another party for any direct or consequential loss arising from any of such events. As of the date that any such Offshore Currency is no longer the lawful currency of its respective country, all payment obligations under the Loan Documents that would otherwise be in such Offshore Currency shall thereafter by satisfied in Euro.
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Introduction of Euro. For the avoidance of doubt, the parties hereto -------------------- affirm and agree that neither the fixation of the conversion rate of any Offshore Currency of a country that is a member of the European Union against the Euro as a single currency, in accordance with the Treaty Establishing the European Economic Community, as amended by the Treaty on the European Union (the Maastricht Treaty), nor the conversion of any Obligations under the Loan Documents from an Offshore Currency of a country that is a member of the European Union into Euros, shall require the early termination of this Agreement or the prepayment of any amount due under the Loan Documents or create any liability of one party to another party for any direct or consequential loss arising from any of such events. As of the date that any such Offshore Currency is no longer the lawful currency of its respective country, all payment obligations under the Loan Documents that would otherwise be in such Offshore Currency shall thereafter be satisfied in Euros. If more than one currency or currency unit are at the same time recognized by the laws of any country as the lawful currency of that country, then:
Sample 1Sample 2
Introduction of Euro. For the avoidance of doubt, the parties hereto affirm and agree that neither the fixation of the conversion rate of any Permitted Currency of a country that is a member of the European Union against the Euro as a single currency, in accordance with the Treaty Establishing the European Economic Community, as amended by the Treaty on the European Union (the Maastricht Treaty), nor the conversion of any Obligations under the Loan Documents from a Permitted Currency of a country that is a member of the European Union into Euros, shall require the early termination of this Agreement or the prepayment of any amount due under the Loan Documents or create any liability of one party to another party for any direct or consequential loss arising from any of such events. As of the date that any such Permitted Currency is no longer the lawful currency of its respective country, all payment obligations under the Loan Documents that would otherwise be in such Permitted Currency shall thereafter be satisfied in Euros. If more than one currency or currency unit are at the same time recognized by the laws of any country as the lawful currency of that country, then: (a) any reference in this Agreement to, and any Obligations arising under this Agreement or the Loan Documents in, the currency of that country shall be translated into, or paid into, the lawful currency or currency unit of that country designated by the Administrative Agent; and (b) any translation from one currency or currency unit to another shall be at the official rate of exchange legally recognized by the central bank of the country issuing such currency for the conversion of that currency or currency unit into the other, rounded up or down by the Administrative Agent acting in accordance with any applicable law on rounding or, if there is no such law, acting reasonably in accordance with its market practice.
Sample 1
Introduction of Euro. (a) As from the beginning of the third stage of the European Monetary Union, except as provided in the following sentences, all payments by an Obligor expressed to be made in a sub-denomination of EURO in respect of the Loan or, as the case may be, the Guarantee will be made in EUROs. If upon the introduction of the EURO an Obligor has the option whether to make payments in respect of the Loan or, as the case may be, the Guarantee in EUROs or in a sub-denomination of the EURO, the Obligor will make payments in the relevant sub- denomination of the EURO until it has notified the Agent that thereafter payments will be made in EURO. (b) The parties agree to make such operational and administrative changes as are necessary and appropriate in the circumstances of the above, having regard to market practice existing at the time of the introduction of the EURO as the lawful currency in the states participating in the third stage of the European Monetary Union, provided that the parties hereby agree on the EURIBOR (Euro Interbank Offered Rate) as the new reference interest rate for EURO or any of its subdenominations. (c) The introduction of the EURO as currency and any amendments of this Agreement resulting therefrom will not entitle any party to this Agreement to any legal remedy, including, without limitation, any right of rescission or claim for damages.
Sample 1
Introduction of Euro. (i) Foreign Letters of Credit Issued in National Currency Units. Prior to the Transition Period Cutoff Date, Foreign Letters of Credit may be issued in National Currency Units of the Available EMU Currency designated by the applicable Borrower in its request for issuance of a Foreign Letter of Credit pursuant to Section 2.6(b). Reimbursements of drawings under Foreign Letters of Credit that were issued in National Currency Units pursuant to this Section shall be made in such National Currency Units; provided, however, that any Foreign Letter of Credit that is (A) denominated in National Currency Units and (B) outstanding as of the Transition Period Cutoff Date shall be automatically redenominated into euro as of the close of business on such date at the applicable Irrevocable Conversion Rate; and provided further that the reimbursement of all drawings under such Foreign Letters of Credit made after the Transition Period Cutoff Date shall be denominated in euro. After the Transition Period Cutoff Date, Foreign Letters of Credit shall no longer be issued in National Currency Units.
Sample 1
Introduction of Euro. (a) In the event that the EURO is introduced as the lawful currency of the Federal Republic of Germany, except as provided in the following sentences, at any time after the official substitution date all payments by an Obligor in respect of the Loan or, as the case may be, the Guarantee will be made in EUROs. If upon the introduction of the EURO an Obligor has the option whether to make payments in respect of the Loan or, as the case may be, the Guarantee in EUROs or in Deutsche Mark, xxe Obligor will make payments in Deutsche Mark xxxil it has notified the Agent that forthwith payments will be made in EURO. (b) The parties agree to make such operational and administrative changes as are necessary and appropriate in the circumstances of the above, having regard to market practice existing at the time of the introduction of the EURO as the lawful currency of the Federal Republic of Germany. (c) The introduction of the EURO as currency and any amendments of this Agreement resulting therefrom will not entitle any party to this Agreement to any legal remedy, including, without limitation, any right of rescission or claim for damages.
Sample 1

Related to Introduction of Euro

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  • Reproduction of Agreement Copies of this Agreement shall be printed at the expense of the Board within thirty days after the Agreement is signed and presented to all teachers now employed, hereafter employed, or offered a contract for employment by the Board. The Board shall furnish ten copies of this Agreement to the Association for its use. Each employee will have a copy delivered by e-mail. There will be at least two hard copies available in each attendance center. The agreement will be placed on the district website.

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