Common use of Transfer of Funds Clause in Contracts

Transfer of Funds. (1) Each Contracting Party shall guarantee to an investor of the other Contracting Party the unrestricted transfer of investments and returns. Without limiting the generality of the foregoing, each Contracting Party shall also guarantee to the investor the unrestricted transfer of: (a) Funds in repayment of loans related to an investment (it is noted that in the Republic of South Africa foreign currency loans must be approved in advance by the South African Reserve Bank); (b) The proceeds of the total or partial liquidation of any investment; (c) Wages and other remuneration accruing to a citizen of the other Contracting Party who was permitted to work in connection with an investment in the territory of the other Contracting Party; (d) Any compensation owed to an investor by virtue of Articles VII or VIII of the Agreement. (2) Transfers shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. Unless otherwise agreed by the investor, transfers shall be made at the market rate of exchange applicable on the date of transfer. (3) Notwithstanding paragraphs (1) and (2), a Contracting Party may prevent a transfer through the equitable, non- discriminatory and good faith application of its laws relating to: (a) Bankruptcy, insolvency or the protection of the rights of creditors; (b) Issuing, trading or dealing in securities; (c) Criminal or penal offenses; (d) Reports of transfers of currency or other monetary instruments; or (e) Ensuring the satisfaction of judgments in adjudicatory proceedings. (4) Neither Contracting Party may require its investors to transfer, or penalize its investors that fail to transfer, the returns attributable to investments in the territory of the other Contracting Party. (5) Paragraph (4) shall not be construed to prevent a Contracting Party from imposing any measure through the equitable, non-discriminatory and good faith application of its laws relating to the matters set out in subparagraphs (a) through (e) of paragraph (3). (6) With regard to the Republic of South Africa the provisions concerning transfers under Article VIII and this Article do not apply to citizens of Canada — who have obtained permanent residence in the Republic of South Africa and —who, by completing the required Exchange Control Form, have decided to immigrate to the Republic of South Africa once a five year period from the date of immigration has elapsed. This provision shall terminate upon removal of the relevant Exchange Control limitations by the Republic of South Africa.

Transfer of Funds. (1) . Each Contracting Party shall guarantee to an investor of the other Contracting Party the unrestricted transfer of investments and returns. Without limiting the generality of the foregoing, each Contracting Party shall also guarantee to the investor the unrestricted transfer of: (a) Funds in repayment of loans related to an investment (it is noted that in the Republic of South Africa foreign currency loans must be approved in advance by the South African Reserve Bank)investment; (b) The proceeds of the total or partial liquidation of any investment; (c) Wages and other remuneration accruing to a citizen of the other Contracting Party who was permitted to work in a capacity that is managerial, executive or involves specialized knowledge in connection with an investment in the territory of the other Contracting Party; (d) Any compensation owed to an investor by virtue of Articles VI or VII of the Agreement.Articles VI or VIII VII of the Agreement. (2) . Transfers shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. Unless otherwise agreed by the investor, transfers shall be made at the market rate of exchange applicable on the date of transfer. (3) . Neither Contracting Party may require its investors to transfer, or penalize its investors that fail to transfer, the returns attributable to investments in the territory of the other Contracting Party. 4. Notwithstanding paragraphs (1) , 2 and (2)3, a Contracting Party may prevent a transfer through the equitable, non- discriminatory and good faith application of its laws relating to:paragraphs 1, 2 and 3, a Contracting Party may prevent a transfer through the equitable, non-discriminatory and good faith application of its laws relating to: (a) Bankruptcy, insolvency or the protection of the rights of creditors; (b) Issuing, trading or dealing in securities; (c) Criminal or penal offenses; (d) Reports of transfers of currency or other monetary instruments; or (e) Ensuring the satisfaction of judgments in adjudicatory proceedings. (4) Neither Contracting Party may require its investors to transfer, or penalize its investors that fail to transfer, the returns attributable to investments in the territory of the other Contracting Party. (5) . Paragraph (4) 3 shall not be construed to prevent a Contracting Party from imposing any measure through the equitable, non-discriminatory and good faith application of its laws relating to the matters set out in subparagraphs (a) through (e) of paragraph 4.Paragraph 3 shall not be construed to prevent a Contracting Party from imposing any measure through the equitable, non-discriminatory and good faith application of its laws relating to the matters set out in subparagraphs (3)a) through (e) of paragraph 4. (6) With regard . Notwithstanding paragraphs 1, 2 and 3 and without limiting the applicability of paragraph 4, a Contracting Party may prevent or limit transfers by a financial institution to, or for the benefit of, an affiliate of or person related to such institution, through the Republic equitable, non-discriminatory and good faith application of South Africa the provisions concerning transfers under Article VIII and this Article do not apply measures relating to citizens of Canada — who have obtained permanent residence in the Republic of South Africa and —who, by completing the required Exchange Control Form, have decided to immigrate to the Republic of South Africa once a five year period from the date of immigration has elapsed. This provision shall terminate upon removal maintenance of the relevant Exchange Control limitations safety, soundness, integrity or financial responsibility of financial institutions.paragraphs 1, 2 and 3 and without limiting the applicability of paragraph 4, a Contracting Party may prevent or limit transfers by a financial institution to, or for the Republic benefit of, an affiliate of South Africaor person related to such institution, through the equitable, non-discriminatory and good faith application of measures relating to maintenance of the safety, soundness, integrity or financial responsibility of financial institutions.

Transfer of Funds. (1) . Each Contracting Party shall guarantee to an investor of the other Contracting Party the unrestricted transfer of investments and returns. Without limiting the generality of the foregoing, each Contracting Party shall also guarantee to the investor the unrestricted transfer of: (a) Funds in repayment of loans related to an investment (it is noted that in the Republic of South Africa foreign currency loans must be approved in advance by the South African Reserve Bank)investment; (b) The proceeds of the total or partial liquidation of any investment; (c) Wages Xxxxx and other remuneration accruing to a citizen of the other Contracting Party who was permitted to work in connection with an investment in the territory of the other Contracting Party;; and (d) Any compensation owed to an investor by virtue of Articles VII or VIII of the this Agreement. (2) . Transfers shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. Unless otherwise agreed by the investor, transfers shall be made at the market rate of exchange applicable on the date of transfer. (3) . Notwithstanding paragraphs (1) 1 and (2), a Contracting Party may prevent a transfer through the equitable, non- discriminatory and good faith application of its laws relating to:paragraphs 1 and 2, a Contracting Party may prevent a transfer through the equitable, non-discriminatory and good faith application of its laws relating to: (a) Bankruptcy, insolvency or the protection of the rights of creditors; (b) Issuing, trading or dealing in securities; (c) Criminal or penal offensesoffences; (d) Reports of transfers of currency or other monetary instruments; or (e) Ensuring the satisfaction of judgments in adjudicatory proceedings. (4) . Neither Contracting Party may require its investors to transfer, or penalize its investors that fail to transfer, the returns attributable to investments in the territory of the other Contracting Party. (5) . Paragraph (4) 4 shall not be construed to prevent a Contracting Party from imposing any measure through the equitable, non-discriminatory and good faith application of its laws relating to the matters set out in subparagraphs (a) through (e) of paragraph (3). (6) With regard to the Republic of South Africa the provisions concerning . Notwithstanding paragraph 1, a Contracting Party may restrict transfers in kind in circumstances where it could otherwise restrict such transfers under Article VIII the WTO Agreement and this Article do not apply to citizens of Canada — who have obtained permanent residence as set out in paragraph 3.paragraph 1, a Contracting Party may restrict transfers in kind in circumstances where it could otherwise restrict such transfers under the Republic of South Africa WTO Agreement and —who, by completing the required Exchange Control Form, have decided to immigrate to the Republic of South Africa once a five year period from the date of immigration has elapsed. This provision shall terminate upon removal of the relevant Exchange Control limitations by the Republic of South Africaas set out in paragraph 3.