Clause 29 sets out the payment mechanics. Payments are to be made to the Agent in the principal financial centre for the currency concerned (or in the case of Euro, in one of the principal financial centres or in London ‘as specified by the Agent’1). This effectively passes exchange control risk and risk of insolvency of intermediaries2 to the borrower.
KeywordsPromissory Note Loan Agreement Floating Rate Jurisdiction Clause Unfair Contract Term
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