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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>
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