Reimbursement Obligation and Settlement of Bills. 1. When the Bank assumes or performs the payment obligations under the terms and conditions of the L/C, the Importer shall reimburse the Bank in full and pay, on the settlement date prescribed in Article 9, the amount of the Bills or the Shipping Documents negotiated to the Bank or the Correspondent Banks in a relevant foreign currency or in Won currency calculated at the exchange rate prevailing on the settlement date as notified by the Bank. If the Importer intends to make settlement in a currency other than the United States Dollars, the Importer shall give notice to the Bank two (2) business days prior to the date of settlement.
