Template:GMSLA 2010 2.4: Difference between revisions

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{{gmslaprov|2.4}} '''{{gmslaprov|Currency conversions}}''' <br>
{{gmslaprov|2.4}} '''{{gmslaprov|Currency conversions}}''' <br>
Subject to paragraph {{gmslaprov|11}}, for the purposes of determining any prices, sums or values (including {{gmslaprov|Market Value}} and {{gmslaprov|Required Collateral Value}}) prices, sums or values stated in currencies other than the {{gmslaprov|Base Currency}} shall be converted into the {{gmslaprov|Base Currency}} at the latest available spot rate of exchange quoted by a bank selected by Lender (or if an {{gmslaprov|Event of Default}} has occurred in relation to {{gmslaprov|Lender}}, by {{gmslaprov|Borrower}}) in the {{gmslaprov|London}} inter bank market for the purchase of the {{gmslaprov|Base Currency}} with the currency concerned on the day on which the calculation is to be made or, if that day is not a {{gmslaprov|Business Day}}, the spot rate of exchange quoted at {{gmslaprov|Close of Business}} on the immediately preceding {{gmslaprov|Business Day}} on which such a quotation was available. <br>
Subject to paragraph {{gmslaprov|11}}, for the purposes of determining any prices, sums or values (including {{gmslaprov|Market Value}} and {{gmslaprov|Required Collateral Value}}) prices, sums or values stated in currencies other than the {{gmslaprov|Base Currency}} shall be converted into the {{gmslaprov|Base Currency}} at the latest available spot rate of exchange quoted by a bank selected by Lender (or if an {{gmslaprov|Event of Default}} has occurred in relation to {{gmslaprov|Lender}}, by {{gmslaprov|Borrower}}) in the {{gmslaprov|London}} inter bank market for the purchase of the {{gmslaprov|Base Currency}} with the currency concerned on the day on which the calculation is to be made or, if that day is not a {{gmslaprov|Business Day}}, the spot rate of exchange quoted at {{gmslaprov|Close of Business}} on the immediately preceding {{gmslaprov|Business Day}} on which such a quotation was available. <br>
{{gmslaprov|2.5}} The {{gmslaprov|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 {{gmslaprov|Agreement}} or any {{gmslaprov|Loan}} thereunder, nor give a {{gmslaprov|Party}} the right unilaterally to alter or terminate the {{gmslaprov|Agreement}} or any {{gmslaprov|Loan}} thereunder.  {{gmslaprov|Securities}} will for the purposes of this {{gmslaprov|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. <br>

Latest revision as of 15:52, 5 October 2017

2.4 Currency conversions
Subject to paragraph 11, for the purposes of determining any prices, sums or values (including Market Value and Required Collateral Value) prices, sums or values stated in currencies other than the Base Currency shall be converted into the Base Currency at the latest available spot rate of exchange quoted by a bank selected by Lender (or if an Event of Default has occurred in relation to Lender, by Borrower) in the London inter bank market for the purchase of the Base Currency with the currency concerned on the day on which the calculation is to be made or, if that day is not a Business Day, the spot rate of exchange quoted at Close of Business on the immediately preceding Business Day on which such a quotation was available.

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