Common use of With Reference to Article Vi Clause in Contracts

With Reference to Article Vi. (a) The Party receiving the investment shall grant the investor of the other Party or the company in which it participates access to the official foreign exchange market on a non-discriminatory basis, under the same conditions as local companies in which there is no foreign participation, in order to acquire the foreign exchange necessary to carry out the transfers covered by this article. (b) Transfers shall take place after the investor has fulfilled the fiscal obligations established by the legislation in force in the Party receiving the investment. (c) The Parties undertake to facilitate the procedures necessary to effect such transfers without excessive delay or restrictions. In particular, no more than six months should elapse from the date on which the investor has duly submitted the requests necessary to carry out the transfer until the time when the transfer is actually carried out. Each Party therefore undertakes to complete the necessary formalities both for the purchase of currency and for its effective transfer abroad before the above-mentioned deadline. (d) Each Party retains the right, in the event of exceptional balance of payments difficulties, to impose limitations on transfers, on an equitable basis, without discrimination and in accordance with its international obligations. Such limitations may not exceed, for each investor, a period of thirty-six months and shall include the possibility of spreading each transfer in several tranches over periods of not more than eighteen months.