Unit of Account. 1. There shall be a unit of account of the Common Market to be known as the Eastern and Southern Africa Currency Unit (ESACU) whose value shall be equal to one Special Drawing Right (SDR) of the International Monetary Fund or any other unit of account that may be determined by the Council from time to time on the recommendation of the Committee of Governors of Central Banks.
2. Each monetary authority shall communicate to the Clearing House the official exchange rate of its currency against its intervention currency or reference currency as the case may be.
3. Any change in the official exchange rate of the currency of a Member State shall be notified immediately by the monetary authority to the Clearing House.
4. All books of account of the Common Market and all monetary instruments issued by the Common Market shall be denominated in the unit of account of the Common Market.
Unit of Account reference currency of the sub-fund
Unit of Account. Different accounts, sub-accounts or itemised accounts may be opened in euros or other currencies, at the Client's request or for certain transactions. These accounts, sub- accounts or itemised accounts will be considered as subsets of the account, benefiting from a simple accounting autonomy. They will form together, at any time, an indivisible whole, whatever their operating methods may be. This principle of unit of account will apply by express agreement between the parties, irrespective of the numbering or identification of accounts, sub-accounts or itemised accounts, regardless of the currency of the transactions recorded and regardless of the Bank's branch where these accounts are opened. In application of this principle, the Bank is entitled to refuse to make a payment as soon as the merged balance of all these accounts proves to be insufficient regardless of the position of one of the accounts considered. This unit-of-account principle does not prevent the application of differentiated interests on each of the accounts in question, within the single account. With regards to the foreign currency accounts, the situation of the account as a whole will be assessed in euros. Transactions in foreign currencies will be determined for this purpose on the basis of the exchange rate of the currency(ies) concerned on the Paris foreign exchange market on the day of this valuation. Any transaction debited or credited to an account will be automatically converted, unless otherwise agreed, into the account currency. Some transactions may, however, be excluded from the unit-of-account principle. The following can therefore be held in a special account: The Bank, however, reserves the right to waive the individualisation of one or more of the entries referred to in the two preceding paragraphs, which are then entered in the accounts. The Bank may also, after lodging these entries in a special account, transfer them in whole or in part to the account at any time.
Unit of Account. (a) Subject to paragraphs (b) and (c) below, SDR is the unit of account and payment for any sum due from the Borrower under any Finance Document.
(b) Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.
(c) Any amount expressed to be payable in a unit or currency other than SDR shall be paid in that other unit or currency.
Unit of Account. 1. The unit of account referred to in Article 6 of this Convention is the Special Drawing Right as defined by the International Monetary Fund. The amounts mentioned in Article 6 are to be converted into the national currency of a State according to the value of such currency at the date of judgement or the date agreed upon by the parties. The value of a national currency, in terms of the Special Drawing Right, of a Contracting State which is a member of the International Monetary Fund is to be calculated in accordance with the method of valuation applied by the International Monetary Fund in effect at the date in question for its operations and transactions. The value of a national currency in terms of the Special Drawing Right of a Contracting State which is not a member of the International Monetary Fund is to be calculated in a manner determined by that State.
2. Nevertheless, those States which are not members of the International Monetary Fund and whose law does not permit the application of the provisions of paragraph 1 of this Article may, at the time of signature, or at the time of ratification, acceptance, approval or accession or at any time thereafter, declare that the limits of liability provided for in this Convention to be applied in their territories shall be fixed as: 12,500 monetary units per package or other shipping unit or 37.5 monetary units per kilogram of gross weight of the goods.
3. The monetary unit referred to in paragraph 2 of this Article corresponds to sixty-five and a half milligrams of gold of millesimal fineness nine hundred. The conversion of the amounts referred to in paragraph 2 into the national currency is to be made according to the law of the State concerned.
4. The calculation mentioned in the last sentence of paragraph 1 and the conversion mentioned in paragraph 3 of this Article is to be made in such a manner as to express in the national currency of the Contracting State as far as possible the same real value for the amounts in Article 6 as is expressed there in units of account. Contracting States must communicate to the depositary the manner of calculation pursuant to paragraph 1 of this Article, or the result of the conversion mentioned in paragraph 3 of this Article, as the case may be, at the time of signature or when depositing their instruments of ratification, acceptance, approval or accession, or when availing themselves of the option provided for in paragraph 2 of this Article and whenever there is a ch...
Unit of Account. 1. There shall be a unit of account of the Common Market to be known as the Eastern and Southern Africa Currency Unit (ESACU) whose value shall be equal to one Special Drawing Right (SDR) of the International Monetary Fund or any other unit of account that may be determined by the Council from time to time on the recommendation of the Committee of Governors of
Unit of Account. If several accounts or sub-accounts are already opened or are to be opened in the name of the Customer, in one or more French branches of the Bank, these accounts or sub-accounts, whether they are demand or time deposit accounts, denominated in Euros or in foreign currencies, shall constitute, except where otherwise agreed, the elements of this single Account, even if they operate under different terms, names or numbers. In particular, the fungibility of the various accounts or sub - accounts of the Customer into a single current account such as the Account shall not be affected by the fact that some of these accounts are subject to different interest rates or are not merged with the principal account for the calculation of interest. The Bank may, at any time and without notice, combine the various accounts or sub-accounts of the Customer in order to show a single general balance. If such accounts or sub-accounts record transactions in foreign currencies, these currencies shall be converted into Euros at the rate in effect on the date the balance is determined for the calculation of the total balance in the event of a provisional or final account closing pursuant to the regulations in force. The Customer shall be exclusively responsible for the risk of exchange rates fluctuations and the Bank shall incur no liability in this respect. However, the Account shall not include the accounts or sub -accounts recording claims in favour of the Bank, rights of security or liens of any kind, whether personal or real, legal or contractual, or the accounts or sub-accounts that the Bank may have opened on its books in order to exercise a future recourse for any claim against the Customer resulting, in particular, from liabilities for unpaid commercial paper or cheques which the Bank may incur. The entries related to such transactions shall be recorded in special accounts or sub-accounts; however, the Bank reserves the right to waive their segregation or to debit them to the Account. In such case, the rights of security and liens in favour of the Bank shall be preserved in order to secure the debit balance of the Account. In the event that such accounts or sub-accounts are closed, their balances shall be immediately and without further action set off, whether in Euros or in foreign currencies, which shall be converted into Euros.
Unit of Account. 1. The Unit of Account referred to in Articles 6 and 7 is the Special Drawing Right as defined by the International Monetary Fund. The amounts mentioned in Articles 6 and 7 shall be converted into the national currency of the State in which limitation is sought, according to the value of that currency at the date the limitation fund shall have been constituted, payment is made, or security is given which under the law of that State is equivalent to such payment. The value of a national currency in terms of the Special Drawing Right, of a State Party which is a member of the International Monetary Fund, shall be calculated in accordance with the method of valuation applied by the International Monetary Fund in effect at the date in question for its operations and transactions. The value of a national currency in terms of the Special Drawing Right, of a State Party which is not a member of the International Monetary Fund, shall be calculated in a manner determined by that State Party.
Unit of Account. (a) Accounts shall be kept, calculations relating to operations shall be made and credits granted by virtue of Articles 11 and 13 shall be expressed in terms of a unit of account of 0.00000000 grammes of fine gold.
(b) The parity between the unit of account and the currency of each Contracting Party shall be determined by that Contracting Party.
(c) No Contracting Party may oppose a decision of the Organisation, taken by virtue of paragraph (a) of Article 30, modifying the value of the unit of account by a proportion no greater than that by which the parity of its own currency with the unit of account, as determined on 1st July, 1950, has been modified in the same direction since that date.
Unit of Account reference currency of the UCITS
