Consent to Foreign Currency Accounts Clause Samples

The 'Consent to Foreign Currency Accounts' clause authorizes one party to hold or manage accounts in currencies other than the local or domestic currency. In practice, this means that funds related to the agreement may be deposited, maintained, or transacted in foreign currencies, such as US dollars or euros, rather than being restricted to the currency of the country where the agreement is executed. This clause is essential for facilitating international transactions, reducing currency conversion costs, and providing flexibility in managing cross-border financial arrangements.
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Consent to Foreign Currency Accounts. Consents for the Seller (a) to open, operate, and retain earnings in Foreign Currency bank accounts inside Pakistan (in accordance with the Laws of Pakistan prevailing on the date hereof), (b) to maintain bank accounts outside Pakistan and to transfer any funds from its accounts in Pakistan to its accounts maintained outside Pakistan as are necessary to implement and carry out the Project in accordance with the Project Agreements and (c) to open, operate and retain earnings in such other bank accounts (including reserve accounts) reasonably required to effect the arrangements provided under the Financing Documents and to carry out and perform its obligations under the Energy Purchase Agreement are included in the Specified Consents. Subsequent to the issuance of such Seller Consents, in the forms issued by the State Bank of Pakistan or other Relevant Authority, as the case may be, any withdrawal, revocation, modification, suspension or repeal of such Seller Consents shall constitute a Lapse of Consent. Nothing in this Agreement shall prevent the Seller from opening, operating and retaining Foreign Currency in additional Foreign Currency bank accounts outside Pakistan from time to time after the date of this Agreement, if and to the extent that it is or becomes otherwise permitted under the Laws of Pakistan.
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Consent to Foreign Currency Accounts. Consents for the Seller (a) to open, operate, and retain earnings in Foreign Currency bank accounts inside Pakistan (in accordance with the Laws of Pakistan prevailing on the date hereof),
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Consent to Foreign Currency Accounts. It is recognized that currently, the GOL has not implemented foreign currency exchange controls. Should the GOL implement limits on foreign currency exchange or transfer of funds, the following provisions shall apply: The GOL shall ensure that the Central Bank of Liberia gives the Company and its Contractors (other than the Fuel Supplier, whose rights are established in separate agreement(s)) consent for the opening, operation, and retention of earnings of foreign currency bank accounts inside Liberia (including the payment of all foreign exchange received under the Financing Documents or otherwise by the Company into such accounts and withdrawals therefrom) with respect to the Project. The GOL shall ensure, to the extent required under the Laws of Liberia, that the Central Bank of Liberia gives the Company permission (1) to maintain bank accounts outside Liberia, subject to generally applicable (A) Taxes, (B) Laws of Liberia enacted for the protection of creditors, and (C) measures described in this Section 12.2, and (2) to freely transfer funds from its accounts in Liberia to its accounts maintained outside Liberia, as necessary to implement and carry out the Project in accordance with this Agreement and the Power Purchase Agreement, including such accounts as are required under the Financing Documents, the Construction Contract, the O&M Agreement, the O&M (Transmission) Agreement and insurance policies related to the Project; provided, however, that the Company shall be subject to requirements under the Laws of Liberia to notify the Central Bank of Liberia with respect to material foreign currency transfers (as of the date of this Agreement, transfers in excess of Ten Thousand US Dollars (US$10,000)). Nothing in this Agreement shall prevent the Company from opening, operating and retaining moneys in additional foreign currency bank accounts outside Liberia from time to time after the date of this Agreement and to the extent that it is or becomes otherwise permitted under the Laws of Liberia.
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Related to Consent to Foreign Currency Accounts

  • Payments in Foreign Currency Except as disclosed in the Registration Statement, the Statutory Prospectus and the Prospectus, under current laws and regulations of the Cayman Islands and any political subdivision thereof, all dividends and other distributions declared and payable on the Offered Securities may be paid by the Company to the holder thereof in United States dollars or Cayman Islands dollars that may be converted into foreign currency and freely transferred out of the Cayman Islands and all such payments made to holders thereof or therein who are non-residents of the Cayman Islands will not be subject to income, withholding or other taxes under laws and regulations of the Cayman Islands or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the Cayman Islands or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands or any political subdivision or taxing authority thereof or therein. Any certificate signed by any officer or director of the Company and delivered to the Representative or counsel for the Underwriters in connection with the Offering shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.

  • Foreign Currency The term “

  • Securities in a Foreign Currency Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Company shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. All decisions and determinations of the Company regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders. The Trustee shall have no duty to calculate or verify the calculations made pursuant to this Section 10.15.

  • SECURITIES IN FOREIGN CURRENCIES Section 14.1. Applicability of Article.................................................. 82

  • Transactions Made in Foreign Currencies If a transaction is made in a foreign currency, we and Mastercard International or VISA International, depending on which card is used, will convert the transaction into a U.S. dollar amount. Mastercard and VISA will act in accordance with their operating regulations or conversion procedures in effect at the time the transaction is processed. Currently, their regulations and procedures provide that the currency conversion rate they use, to determine the transaction amount in U.S. dollar, is either (a) a wholesale market rate, or (b) a government-mandated rate in effect one day prior to the processing date. Mastercard and VISA increase this conversion rate by one percent (1%) and keep this increase as compensation for performing the currency conversion service. We will charge you two percent (2%) of the U.S. dollar amount of the transaction converted from a foreign currency. The currency conversion rate calculated in this manner that is in effect on the processing date may differ from the rate in effect on the transaction date or posting date. Other Charges. You agree we may assess, in addition to the Interest Charge, the Other Charges below which charges will be earned when assessed and are not subject to refund or rebate. The following fees may be added, as applicable, to the Account and treated as a Purchase as indicated on the Insert: