European Economic and Monetary Union. The Treaty contemplated that EMU would occur in three stages. On January 1, 1999 the third and final stage of the EMU commenced with the irrevocable fixing of the exchange rates of the currencies of the initial 11 participating member states for interbank transfers in a single currency, the “euro”. Complete replacement of member currencies was completed in 2002. As of the date of this Agreement, the participating member states in the EMU are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia and Spain.
European Economic and Monetary Union. In the event that the United Kingdom joins EMU any figures expressed in "£" and "sterling" under this Agreement shall be converted into Euro at the rate for conversion of sterling into Euro established by the Council of the European Union pursuant to the Treaty (including compliance with rules relating to rounding in accordance with European Community regulations) and any reference to a figure in "£" or "Sterling" shall mean that figure adjusted into Euro. INSURANCE PROCEEDS ACCOUNT Each of the Issuer and the Authority (together the "Account Holders") hereby appoint [ ] as the Account Bank. The Account Bank has opened on its books, at its office at [ ], an account in the joint names of the Account Holders designated the Authority Insurance Proceeds Account (the "Account"). The Account Bank shall, save as otherwise provided herein, maintain the Account in accordance with its usual practices, provided that, in the event of any conflict between the provisions of this Agreement and any applicable mandate, the provisions of this Agreement shall prevail. Notwithstanding anything else in this Agreement, no person shall request or require that any withdrawal be made from the Account if it would cause the Account to become overdrawn and to the extent that any withdrawal (if made in full) would cause the Account to become so overdrawn, such withdrawal shall be made in part in as great an amount as possible as will not result in such Account becoming overdrawn. Where any withdrawal required under this Agreement cannot be made in its entirety, the Account Bank shall promptly notify both of the Account Holders of that fact and provide details of the payment not made, the date on which it should have been made and the amount unpaid. Each amount from time to time standing to the credit of the Account shall bear interest at the rate agreed between the Account Bank and the Account Holders from time to time, such interest to be credited to the Account in respect of which such interest has accrued in accordance with the relevant mandate. Subject to and in accordance with the provisions of this Agreement, including without limitation Clause 4 (General Provisions for the Account) of this Agreement, the Account Bank agrees that it shall make such payments out of the amount standing to the credit of the Account as may from time to time be requested by the Account Holders jointly subject to the restrictions as contained in this Agreement. Save as otherwise provided in this Agreem...
European Economic and Monetary Union. If any Advance made (or to ------------------------------------ be made) would, but for the provisions of this Section 2.13, be capable of being made in either the Euro or in a National Currency Unit, such Subsidiary Borrower Advance shall be made in the Euro. Without prejudice to any method of conversion or rounding prescribed by any legislative measures of the Council of the European Union, each reference in this Agreement to a fixed amount or to fixed amounts in a National Currency Unit to be paid to or by the Agent shall, notwithstanding any other provision of this Agreement, be replaced by a reference to such comparable and convenient fixed amount or fixed amounts in the Euro as the Agent may from time to time specify. The Agent may notify the other parties to this Agreement of any modifications to this Agreement which the Agent (acting reasonably and after consultation with the other parties to this Agreement) determines to be necessary as a result of in relation to the agreement of the Lenders hereunder to include the Euro as an Eligible Currency. Notwithstanding any other provision of this Agreement, any modifications of which the Agent so notifies the other parties shall take effect in accordance with the terms of such notification.
European Economic and Monetary Union. (a) DEFINITIONS In this Clause 11.13 and in each other provision of this Agreement to which reference is made in this Clause 11.13 expressly or impliedly (including, without limitation, Clause 15), the following terms have the meanings given to them is this Clause 11.13:
European Economic and Monetary Union. (a) Advances After ------------------------------------ -------------- the Euro Implementation Date. If any Advance made (or to be made) on or after ---------------------------- the Euro Implementation Date is capable of being made in either the Euro or in a National Currency Unit, then the Company shall, by notice to the Administrative Agent, select whether such Advance shall be made in the Euro or in such National Currency Unit.
European Economic and Monetary Union. The European Economic and Monetary Union (the "EUROPEAN MONETARY UNION") anticipates the introduction of a single currency and the substitution of such currency for the national currencies of the member states participating in the European Monetary Union. On the date on which any Offshore Currency is replaced by such single currency, it is hereby acknowledged and agreed that "Sterling," "Francs" and "Marks," each as defined herein, shall include any such single currency and that conversion of any outstanding Loans denominated in such Offshore Currency into such single currency shall take effect; PROVIDED that the original Offshore Currency shall be retained for so long as legally permissible; PROVIDED FURTHER that any such conversion shall be based on the rate of conversion officially fixed by the European Monetary Union on the date such single currency replaces the applicable Offshore Currency. Notwithstanding anything contained herein to the contrary, none of the introduction of such single currency, the substitution of such currency for any Offshore Currency, the fixing of such official rate of conversion nor any economic consequences that arise from any of the aforementioned events or otherwise in connection with the European Monetary Union shall give rise to any right to terminate prematurely, contest, cancel, rescind, modify or renegotiate this Agreement or any of its provisions or to raise any other objections and/or exceptions or to assert any claims for compensation.
European Economic and Monetary Union. The terms and provisions of this Agreement will be subject to such reasonable changes of construction as determined by the Multicurrency Agent to reflect the implementation of the economic and monetary union in any member state of the European Union not currently participating in the economic and monetary union or any market conventions relating to the fixing and/or calculation of interest being changed or replaced and to reflect market practice at that time, and subject thereto, to put the Agents, the Lenders and the Borrowers in the same position, so far as possible, that they would have been if such implementation had not occurred. In connection therewith, the Borrowers agree, at the request of the Multicurrency Agent, at the time of or at any time following the implementation of the economic and monetary union in any member state of the European Union not currently participating in the economic and monetary union or any market conventions relating to the fixing and/or calculation of interest being changed or replaced, to enter into an agreement amending this Agreement in such manner as the Multicurrency Agent shall reasonably request.
European Economic and Monetary Union. (a) If as a result of the implementation of European economic and monetary union ("Monetary Union"):