Template:GTMA Master Agreement 2004 20.1

20.1 Euro Mechanics
With effect from the date (if any) that England adopts the Euro as its lawful currency in substitution for sterling (the “Euro Effective Date"):

20.1.1 to the extent relevant, invoiced amounts shall be calculated in sterling and converted from sterling to Euro and shall be stated in the invoice in Euro;

20.1.2 payment of those invoices and all other payments falling due under Agreement on or after the Euro Effective Date shall be made by the payer to the relevant Euro account of the recipient in Euro in accordance with the provisions of clause 8.4;

20.1.3 no payments of invoices falling due after the Euro Effective Date which would have been payable in sterling under Agreement but for the adoption of the Euro by England as its lawful currency shall be made in sterling or national currency units; and

20.1.4 the rate of interest referred to in clause 8.4 shall be the equivalent rate of Barclays Bank plc for Euro.