Common use of Redenomination and Alternative Currencies Clause in Contracts

Redenomination and Alternative Currencies. Each obligation under this Agreement of the Bank and the Borrower which has been denominated in the national currency unit of a participating member state shall be redenominated into the euro unit in accordance with EMU legislation; provided, that if and to the extent that any EMU legislation provides that following the commencement of the third stage of EMU an amount denominated either in the euro unit or in the national currency unit of a participating member state and payable within that participating member state by crediting an account of the creditor can be paid by the debtor either in the euro unit or in that national currency unit, the Bank and the Borrower shall be entitled to pay or repay any such amount either in the euro unit or in such national currency unit.

Redenomination and Alternative Currencies. Each obligation (including each Obligation and Liability under this Agreement or any other Loan Document of the Bank and the Borrower a party to this Agreement or any other Loan Document which has been denominated in the national currency unit of a participating member state state) shall be redenominated into the euro unit in accordance with EMU legislation; provided, however, that if and to the extent that any EMU legislation provides that following the commencement of the third stage of EMU an amount denominated either in the euro unit or in the national currency unit of a participating member state and payable within that participating member state by crediting an account of the creditor can be paid by the debtor either in the euro unit or in that national currency unit, the Bank each party to this Agreement and the Borrower each other Loan Document shall be entitled to pay or repay any such amount either in the euro unit or in such national currency unit.