Common use of Currency Controls Clause in Contracts

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.