ECU Clause Samples

ECU. (a) If, at any time:- (i) the ECU ceases to be utilised as the basic accounting unit of the European Union; (ii) the ECU ceases to be used in the European Monetary System; (iii) it becomes illegal, impossible or impracticable for payments to be made under this Agreement in ECU; or (iv) the Agent determines that any event mentioned in sub-paragraph (i) to (iii) above is likely to occur before the Final Repayment Date. then:- (1) the Agent shall notify the Company and the Banks promptly upon becoming aware of the event; (2) the Banks shall not be obliged to make any Loans denominated in ECU on or after the date of that notification; and (3) subsequently each amount which would otherwise have been payable by the relevant Borrower under this Agreement in ECU shall be paid by that Borrower in Dollars or any component currency of the ECU or any other currency acceptable to all of the Banks (the "REPLACEMENT CURRENCY") and the amount of replacement currency so payable will be determined in accordance with paragraph (b) below. (i) The equivalent in replacement currency of the Loan in ECU for the purposes of paragraph (a) above will be calculated by the Agent as the sum of the equivalent in replacement currency of the components of the ECU; (ii) the components of the ECU for this purpose will be the currency amounts that were components of the ECU when the ECU was most recently used in the European Monetary System, except that, if the ECU is being used for the settlement of transactions by public institutions of or within the European Community, or was so used after its most recent use in the European Monetary System, the components will be:- (1) the currency amounts that are components of the ECU as so used on the day the calculation of the amount of replacement currency is to be made (the "DAY OF VALUATION"); or (2) the currency amounts that were components of the ECU when it was most recently so used, as appropriate; (iii) the rates to be used by the Agent for the above purposes will be its rates for the purchase in the London foreign exchange market of replacement currency with each of the components at or about 11.00 a.rn. on the day of valuation for value on the day the relevant payment in replacement currency is due; and (iv) the day of valuation will be the day determined by the Agent for the purposes of calculating the equivalent in replacement currency of any amount in ECU and, unless the Agent considers it inappropriate, will be the day two Business Days...