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GMSLA Anatomy™
In a Nutshell™ Clause 2.5:
2.5 The substitution of the lawful currency in a country will not alter the parties’ obligations under the Agreement or any Loan. Securities will be regarded as equivalent to other securities notwithstanding their redenomination into the new currency or their nominal value changing as a result.
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2010 GMSLA full text of Clause 2.5:
2.5 The Parties confirm that introduction of and/or substitution (in place of an existing currency) of a new currency as the lawful currency of a country shall not have the effect of altering, or discharging, or excusing performance under, any term of the Agreement or any Loan thereunder, nor give a Party the right unilaterally to alter or terminate the Agreement or any Loan thereunder. Securities will for the purposes of this Agreement be regarded as equivalent to other securities notwithstanding that as a result of such introduction and/or substitution those securities have been redenominated into the new currency or the nominal value of the securities has changed in connection with such redenomination.
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To be read in conjunction with paragraph 2.4, which allows parties to convert sums into the Base Currency.