Common use of Currency for Payment Clause in Contracts

Currency for Payment. (a) Payment under this Guarantee will be in the currency of the Obligation guaranteed. (b) To the extent that any Obligation is to be paid in a currency other than U.S. dollars (a "non-U.S. currency"), and the Beneficiary obtains a judgment for payment of such Obligation in U.S. dollars, the Guarantor and the Beneficiary agree that, to the fullest extent permitted by law, the rate of exchange used shall be that at which the Beneficiary, in accordance with normal banking procedures, could purchase such non-U.S. currency with U.S. dollars (after any costs of exchange) on the New York bank business day preceding that on which final judgment is given. If the amount of any non-U.S. currency at such rate of exchange received by the Beneficiary is less than the amount due to Beneficiary under the terms of the Obligation, the Guarantor agrees, as a separate and independent obligation to indemnify the Beneficiary against such loss. If the amount of such non-U.S. currency received by the Beneficiary at such rate of exchange exceeds the amount due to Beneficiary under the terms of the Obligation, the Beneficiary agrees to promptly remit such excess amount to the Guarantor.