Common use of Effect of monetary Clause in Contracts

Effect of monetary. union ------------------------ If the country of any national currency in which any amount is expressed to be payable under this Agreement participates in Economic and Monetary Union in accordance with Article 109j of the Treaty on European Union, then: (a) any amount expressed to be payable under this Agreement in that national currency shall be made in that national currency or in euro as the Agent may, by not less than three Banking Days' notice to the Obligors and the Banks to that effect, require; (b) any amount so required to be paid in euro shall be converted from that national currency at the rate stipulated pursuant to Article 109l(4) of the Treaty on European Union and payment of the amount in euro derived from such conversion shall discharge the obligation of the relevant party to pay such national currency amount in accordance with, and subject to, the Regulation(s) made pursuant to Article 109l(4); (c) after consultation with the Parent and the Banks and notwithstanding clause 18.11 the Agent shall be entitled to make such amendments to this Agreement as it may determine to be necessary to take account of monetary union and any consequent changes in market practices (whether as to the settlement or rounding of obligations, the calculation of interest or otherwise howsoever). Any amendment so made to this Agreement by the Agent shall be promptly notified to the Banks and the Obligors by the Agent and shall be binding on all the Banks and the Obligors.