Currency Controls Clause Samples

Currency Controls. There are controls on payments imposed by a Governmental Authority which interfere with the payment of obligations under the Loan Documents; or

Currency Controls. If MGI is precluded at any time from making any payments due to ILEX under the provisions of this Agreement because MGI has failed to obtain any governmental approvals that may be required under the laws and regulations in a particular country for such transfers of funds, then MGI shall: (a) deposit, or cause its agent to deposit, such sums to an account designated by ILEX at a bank or other entity in such country; (b) provide, or cause its agent to provide, to ILEX documentary evidence of such deposits; and (c) remit such deposits to ILEX immediately upon the subsequent receipt of any required governmental approvals for such transfers. Subject to any applicable regulatory requirements, MGI further agrees, and shall cause any agent of MGI to agree, that the form of such depository account shall permit ILEX to withdraw the deposited amounts at will, but neither MGI nor any agent of MGI shall withdraw the deposited amounts otherwise than for the purpose of remitting such amounts to ILEX pursuant to the provisions of this Section.

Currency Controls. There are no controls on payments by any Governmental Authority which could interfere with payments of obligations under the Loan Documents.

Currency Controls. If any governmental authority with jurisdiction over the Hotel imposes restrictions on the transfer of funds or currency to places outside the Country and such restrictions result in Hyatt or its Affiliates not receiving payments or reimbursements consistent with the requirements of this Agreement or the other Hyatt Agreements, then Hyatt may direct Owner to deposit all payments required under this Agreement and the other Hyatt Agreements into such accounts in the Country as Hyatt may designate and Owner, at its sole cost and expense, shall take such other action as Hyatt may reasonably request to cause payment of such accumulated amounts to be remitted in the manner provided for in this Agreement, and the other Hyatt Agreements, as soon as possible thereafter. In the event that, after a period of 90 days, Owner remains unable, on the basis of regulatory controls and notwithstanding Owner’s reasonable and good faith efforts, to remit all or any portion of the amounts due to Hyatt and its Affiliates under the Hyatt Agreements, then Hyatt may terminate this Agreement and the other Hyatt Agreements on 90 days’ advance notice to Owner.

Currency Controls. If Dainippon is precluded at any time from making any payments due to MGI under the provisions of this Agreement because Dainippon has failed, notwithstanding its Best Efforts, to obtain any governmental approvals that may be required under the laws and regulations in the Territory for such transfers of funds, then Dainippon shall: (a) deposit, or cause its agent to deposit, such sums to an account designated by MGI at a bank or other entity within the Territory; (b) provide, or cause its agent to provide, to MGI documentary evidence of such deposits; and (c) remit such deposits to MGI immediately upon the subsequent receipt of any required governmental approvals for such transfers. Subject to any applicable regulatory requirements, Dainippon further agrees, and shall cause any agent of Dainippon to agree, that the form of such depository account shall permit MGI to withdraw the deposited amounts at will, but neither Dainippon nor any agent of Dainippon shall withdraw the deposited amounts otherwise than for the purpose of remitting such amounts to MGI pursuant to the provisions of this Section.

Currency Controls. If Kissei is precluded at any time from paying any Milestone Payment or royalties due to MGI under the provisions of Section 7.2 because Kissei has failed, notwithstanding its Best Efforts, to obtain any governmental approvals that may be required under the laws and regulations of any jurisdiction in the Territory for such transfers of funds, then Kissei shall: (a) deposit, or cause its agent to deposit, such sums to the account of MGI at a bank within such jurisdiction designated by MGI; (b) provide, or cause its agent to provide, to MGI documentary evidence of such deposits; and (c) remit such deposits to MGI immediately upon the subsequent receipt of any required governmental approvals for such transfers.

Currency Controls. There are controls on payments imposed by a Governmental Authority which interfere with the payment of obligations hereunder, any Note or any Subsidiary Guaranty;

Currency Controls. If, after the designation by the Banks of any currency as an Agreed Currency, (x) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (y) such currency is, in the determination of the Agent, no longer readily available or freely traded or (z) in the determination of the Agent, a U.S. Dollar Amount Equivalent such currency is not readily calculable, the Agent shall promptly notify the Banks and the Company, and such currency shall no longer be an Agreed Currency until such time as all of the Banks agree to reinstate such currency as an Agreed Currency and promptly, but in any event within five Business Days of receipt of such notice from the Agent, the affected Borrower shall repay all Loans in such affected currency or convert such Loans into Loans in U.S. Dollars or another Agreed Currency, subject to the other terms set forth in this Agreement.