Common use of Transfers and Payments Clause in Contracts

Transfers and Payments. 1. Each Party shall permit transfers and payments for current transactions relating to its specific commitments to be made freely and without delay into and out of its territory. 2. Each Party shall permit such transfers and payments relating to the supply of services to be made in a freely usable currency at the market rate of exchange prevailing on the date of transfer. 3. Notwithstanding paragraphs 1 and 2, a Party may prevent or delay a transfer or payment 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, futures, options, or derivatives; (c) financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities; (d) criminal or penal offences; or (e) ensuring compliance with orders or judgments in judicial or administrative proceedings. 4. Nothing in this Chapter shall affect the rights and obligations of the members of the International Monetary Fund under the Articles of the Agreement of the International Monetary Fund, including the use of exchange actions which are in conformity with the Articles of the Agreement of the International Monetary Fund, provided that a Party shall not impose restrictions on any capital transactions inconsistently with its obligations under this Chapter regarding such transactions, except at the request of the International Monetary Fund.

Transfers and Payments. 1. Each Party shall permit all transfers and payments for current transactions relating to its specific commitments the cross- border supply of services to be made freely and without delay into and out of its territory. 2. Each Party shall permit such transfers and payments relating to the cross-border supply of services to be made in a freely usable currency at the market rate of exchange prevailing on the date of transfer. 3. Notwithstanding paragraphs 1 and 2, a Party may prevent or delay a transfer or payment through the equitable, non-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, futures, options, or derivatives; (c) financial reporting or record keeping of transfers when necessary to assist law enforcement or financial regulatory authorities; (d) criminal or penal offences; or; (e) ensuring compliance with orders or judgments in judicial or administrative proceedings; or (f) social security, public retirement or compulsory savings schemes. 4. Nothing in this Chapter shall affect the rights and obligations of the members of the International Monetary Fund IMF under the its Articles of the Agreement of the International Monetary FundAgreement, including the use of exchange actions which are in conformity with the said Articles of the Agreement of the International Monetary FundAgreement, provided that a Party shall not impose restrictions on any capital transactions inconsistently with its obligations under this Chapter regarding such transactions, except under Article 6.7 (Restrictions to Safeguard the Balance of Payments) or at the request of the International Monetary FundIMF.