Common use of Payments in U.S Clause in Contracts

Payments in U.S. CURRENCY. This is an international loan transaction in which the specification of United States Dollars is of the essence, and such currency shall be the currency of account in all events. The respective payment obligations of the Shipowner and the Indenture Trustee hereunder shall not be discharged by an amount paid in another currency, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on prompt conversion of such currency under normal banking procedures does not yield after deduction of any and all fees, taxes or any other charges imposed on the payment, the amount of United States Dollars then due. In the event that any payment by the Shipowner or the Indenture Trustee, whether pursuant to a judgment or otherwise, upon conversion and transfer, does not result in the payment of such amount of United States Dollars at the place such amount is due, each shall be entitled to demand immediate payment of, and shall have a separate cause of action against the other for, the additional amount necessary to yield the amount then due. In the event either the Shipowner or the Indenture Trustee, upon the conversion of such judgment into Dollars, shall receive (as a result of currency exchange rate fluctuations) an amount greater than that to which it was entitled, the defaulting party shall be entitled to immediate reimbursement of the excess amount.

Payments in U.S. CURRENCY. This is an international loan transaction in which the specification of United States Dollars currency is of the essence, and such currency shall be the currency of account in all events. The respective payment obligations of the Shipowner and the Indenture Trustee Secretary hereunder shall not be discharged by an amount paid in another currency, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on prompt conversion of to such currency under normal banking procedures does not yield after deduction of any and all fees, taxes or any other charges imposed on the payment, the payment of such amount of United States Dollars dollars then due. In the event that any payment by the Shipowner or the Indenture TrusteeSecretary, whether pursuant to a judgment or otherwise, upon conversion and transfer, does not result in the payment of such amount of United States Dollars currency at the place such amount is due, each shall be entitled to demand immediate payment of, and shall have a separate cause of action against the other for, the additional amount necessary to yield the amount then due. In the event either the Shipowner or the Indenture TrusteeSecretary, upon the conversion of such judgment into Dollarscurrency, shall receive (as a result of currency exchange rate fluctuations) an amount greater than that to which it was entitled, the defaulting party shall be entitled to immediate reimbursement of the excess amount.