Common use of Payments in U.S Clause in Contracts

Payments in U.S. CURRENCY. This Guarantee is part of an international financial transaction in which the specification of United States currency is of the essence, and such currency shall be the currency of account in all events. The payment obligations of the Guarantor hereunder shall not be discharged by an amount paid in another currency, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on prompt conversion to such currency under normal banking procedures does not yield after deduction of any and all fees, taxes or any other charges imposed on the payment of such amount of United States dollars then due. In the event that any payment by the Guarantor, whether pursuant to a judgment or otherwise, upon conversion and transfer, does not result in the payment of such amount of United States currency at the place such amount is due, the Secretary shall be entitled to demand immediate payment of, and shall have a cause of action against the Guarantor for, the additional amount necessary to yield the amount then due. In the event the Secretary, upon the conversion of such judgment into currency, shall receive (as a result of currency exchange rate fluctuations) an amount greater than that to which it was entitled, the Guarantor shall be entitled to immediate reimbursement of the excess amount. The terms "U.S. currency" or the "dollars" or the symbol "$" as used herein shall mean dollars in any coin or currency of the United States of America.