xr Trans-Lex.org Law Research Trans-Lex.org Law Research - Docid: 952000 -
Principle

No. V.2.1 - Payment in currency of place of payment

Unless otherwise agreed by the parties, payment of a money debt may always be made in the currency of the place for payment.

Commentary
The Principle provides a default rule for those rare cases in which the parties have not made an agreement on the currency of the contract price to be paid by one side. In such a case, the money debt must be paid by the debtor in the currency of the place of payment.

Please cite as: "Commentary to Trans-Lex Principle , http://www.trans-lex.org/952000"
References
Arbitral Awards
ICC Award No. 8874, ICC Bull. 10/No. 2 (1999), at 60 et seq.
Doctrine
Birk, Rolf, Die Umrechnungsbefugnis bei Fremdwährungsforderungen im Internationalen Privatrecht, 19 AWD 1973, at 425 et seq.
Domingo, Ortega, Rodriguez-Antolin, Zambrana, Principios de Derecho Global, Navarra, 2006
Magnus, Ulrich, Die allgemeinen Grundsätze im UN-Kaufrecht, 59 RabelsZ 1995, at 469 et seq.
Mann, Frederick Alexander, The Legal Aspect of Money, 5th ed., Oxford 1992
Marrella, Fabrizio, La nuova lex mercatoria, Principi Unidroit ed usi di contratti des comercio internazionale, CEDAM, Tratto di dritto commerciale e di dritto publico dell‘economia, Volume 30, Padova 2003
Nussbaum, Arthur, Das Geld in Theorie und Praxis des Deutschen und Ausländischen Rechts, Tübingen 1925
Ripert, Georges, Les Règles du Droit Civil Applicables aux Rapports Internationaux (Contribution à l'Etude des Principes Généraux du Droit Visés au Statut de la Cour Permanente de Justice Internationale), 44 Rec.Cours 1933-II, at 569 et seq.
National Legislation
Bürgerliches Gesetzbuch - German Civil Code
Ethiopian Civil Code
Nieuw Burgerlijk Wetboek - New Netherlands Civil Code ( Dutch Civil Code )
Principles / Restatements
Principles of European Contract Law - PECL
UNIDROIT Principles of International Commercial Contracts
Contract Clauses
1. Payment in Exclusively One Currency
Sales & Purchase Contract
Currency
All prices of Licensed Products and all payments made under this Agreement are quoted and shall be made in United States Dollars. In the event that any payment is received by the Company net of wire transfer fees, currency conversion charges or other fees or charges of whatever type or nature and whether imposed by the Distributor's financial institution or the Company's Distributor shall be responsible for all such fees and charges - (International Contracting: Law and Practice - Larry A. DiMatteo - §9.03 - S. 330).
Payment and Adjustments
All payments shall be made in U.S. Dollars.
2002
Price and Payment Terms
The aforementioned payments shall be made in freely available US Dollars, which has been agreed to be of the essence of the agreement. If it were legally or factually impossible to make any applicable payments in US Dollars, such payments shall be made in Pesos as follows, at the Sellers’ discretion: (a) at the selling rate of exchange reported by Banco de la Nación Argentina for US Dollars on the business day immediately prior to payment; or (b) in the amount of Pesos required to buy in Buenos Aires (Argentina), New York (New York State, United States of America) or Montevideo (Uruguay), at the Sellers’ discretion, such number of Argentine bonds denominated in US Dollars as, upon settlement in New York or Montevideo markets, is sufficient to buy, net of fees, expenses and taxes, the amount of US Dollars due. The aforementioned rates of exchange may be obtained from specialized publications such as Ámbito Financiero or El Cronista Comercial.
2010
Price and Payment Terms
If due to low performance of the business Sellers must reimburse in 2011 and/or 2012 part of the amount received as down payment, an interest equal to LIBOR + 5pp per year calculated from the closing date to the date of actual payment shall be added to the amount to be reimbursed. Those payments to be made by Sellers to Buyer hereunder shall be made by Sellers to Buyer in freely available US dollars. The provisions of (v) of this Section shall apply to this payment obligation. Any payments to be made by Sellers to Buyer in such event shall be in proportion to the Shares sold by each of them and the obligations of each Seller hereunder shall thus be joint pro rata obligations.
2010
Loan Contract
Payments; Application of Payments
All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid.
2012
Bankruptcy Agreement
Means of Cash Payments
Except as otherwise specified herein, Cash payments made pursuant to the Plan will be in U.S. currency by checks drawn on a domestic bank selected by the applicable Debtor or Reorganized Debtor or, at the option of the applicable Debtor or Reorganized Debtor, by wire transfer from a domestic bank; provided that Cash payments to foreign Holders of Allowed Claims may be made, at the option of the applicable Debtor or Reorganized Debtor, in such funds and by such means as are necessary or customary in a particular foreign jurisdiction (...)
2006
Joint Venture
Currency
Any exchange of funds between X and Y shall be made in United States dollars, including, any reimbursement or fees payable to X or Y. In addition, all calculations pursuant to this Agreement and any Master Venture Agreement shall be based on United States dollars.
2008
2. Currency Choice
Loan Contract
Conversions, Continuations
The Borrower may request that any portion of the Loan be (i) converted to a Base Rate Loan by irrevocable notice to be received by the Lender not later than 12:00 noon on the Business Day of the conversion, or (ii) continued as, or converted to, a Eurodollar Rate Loan by irrevocable notice to be received by the Lender not later than 12:00 noon three Business Days prior to the Business Day of the continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Loan, the Borrower shall be deemed to have requested that such Eurodollar Rate Loan be continued as a Eurodollar Rate Loan (...) Each Eurodollar Rate Loan shall be in a principal amount of ${X} or a whole multiple of ${X} in excess thereof. Each Base Rate Loan shall be in a minimum principal amount of ${X}.
2013
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