Common use of Dollar Transaction Clause in Contracts

Dollar Transaction. This is an international loan transaction in which the specification of U.S. Dollars and payment in the United States is of the essence, and U.S. Dollars shall be the currency of account, of advance and of payment in all events. The obligation of the Bank to advance and of the Borrower to pay amounts due hereunder shall not be discharged by payment of an amount in another currency or in another place, whether pursuant to a judgment or otherwise. In the event that any payment, whether pursuant to a judgment or otherwise, shall be made in a currency other than U.S. Dollars or in a place other than within the United States, such amount shall be promptly converted into U.S. Dollars and transferred to New York under normal banking procedures at then prevailing spot market foreign exchange rates. In the event that any such payment does not satisfy the obligations of the Borrower hereunder, the Bank shall be entitled to demand immediate payment of, and shall have a separate cause of action against the Borrower for, the U.S. Dollars deficiency in respect of the payments due to it.