Common use of Foreign Currency Obligations Clause in Contracts

Foreign Currency Obligations. If the Instrument is in foreign currency, the Applicant's payment shall be in United States currency at the Bank's then current selling rate for cable transfers to the place of payment of the Instrument on the date of such payment or of the Bank's settlement of its obligation, as the Bank may require. If, for any cause, on the date of payment or settlement, as the case may be, there is no selling rate or other rate of exchange generally current in New York for effecting such transfers, the Applicant will pay the Bank on demand an amount in United States currency equivalent to the Bank's actual cost of settlement of its obligation however or whenever the Bank shall make such settlement, with interest from the date of settlement to the date of payment by the Applicant. The Applicant will comply with all governmental exchange regulations now or hereafter applicable to the Credit or Instrument or payments related thereto and will pay the Bank, on demand, in United States currency, such amount as the Bank may have been required to expend on account of such regulations.