All payments made by the Borrower under this Agreement or the Note shall be made to the Bank without setoff or counterclaim and in freely transferable United States Dollars no later than 10:00 a.m.(time)at Crocker Los Angeles for the account of the Lending Office. Whenever any funds are due to be paid on a day which is not a Business Day,the date for the making thereof shall be extended to the next succeeding Business Day. Interest or any other amounts due hereunder shall be computed on the basis of the number of days elapsed until and including such succeeding Business Day.
Section 4.2 Obligation to Make Payments in Dollars
The obligation of the Borrower to repay the principal of and interest on the Loan and the Note, together with interest thereon, pursuant to the terms of this Agreement and of the Note, and the obligation of the Borrower to pay all other amounts under this Agreement, shall be dischargeable only by payment in Dollars, regardless of any law, rule, regulation or statute, whether now or hereafter in existence or in effect in any jurisdiction which affects or purports to affect such obligation. The obligation of the Borrower to make payment in Dollars of the principal of and interest on Loan and the Note shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, which is expressed in or converted by the Bank to any currency other than the full amount of Dollars expressed to be payable in respect of the principal of and interest on the Loan and the Note and all other amounts due hereunder. The obligation of the Borrower to make payments in Dollars as aforesaid shall be enforceable as an alternative or additional cause of action for the purpose of recovery in Dollars in the amount(if any)by which such actual receipt shall fall short of the full amount of Dollars expressed to be payable in respect to the principal of or interest on the Loan and the Note and all other amounts due hereunder, and shall not be affected by judgment being obtained for any other sums due under this Agreement or the Note.
Section 4.3 Borrowers Right to Partial Prepayment.
The Borrower shall have the right on not less than_________Business days written or telex notice(which notice shall be irrevocable)to the Bank specifying the amount and date of prepayment, to prepay the Loan in full or in part, together with accrued interest thereon, on any Interest Payment Date. Each partial prepayment shall be in integral multiples of_________and shall be applied first to unpaid installments of principal of the Loan in the inverse order of maturity thereof. The amounts so prepaid may not be reborrowed hereunder.
Section 4.4 Reimbursement
The Borrower will reimburse the Bank for all costs, expenses and losses(including loss of profit)incurred by the Bank(including, without limitation, costs, expenses and losses incurred in connection with the acquisition or liquidation of deposits or other funds acquired by the Bank in order to make or maintain the Loan or in connection with the re-employment of such deposits or other funds following the payment or prepayment of the Loan at rates lower than the rate of interest on the Loan as provided for by this Agreement except for loss of profit accruing after the Interest Payment Date next succeeding such payment or prepayment)by reason of (a) the Loan not being made on the date hereof, or (b) the payment or prepayment of any principal of the Loan on a date other than an Interest payment Date. The Bank shall describe and certify any such costs, expenses and losses incurred by it to the Borrower, and such certification and notice shall be binding and conclusive in the absence of manifest error in computation or transmission.
Section 4.5 Taxes
(a)All payments on account of the Note and the principal of and interest on the Loan and all other amounts payable under this Agreement or the Note by the Borrower shall be made free and clear of and without reduction by reason of all present and future income, stamp and other taxes, duties, fees, levies, imposts, deductions, charges, compulsory loans, withholdings or other charges whatsoever imposed, assessed, levied or collected by_________(Name of Country) or any department, agency or other political subdivision or taxing authority thereof or therein or any organization of which it is a member, together with interest thereon and penalties with respect thereof, if any, on or in respect of this Agreement, the Loan, the Note, the registration, notarization or other formalization of any thereof, the enforcement of any thereof, and any payment of principal, interest, charges, fees or other amounts made on, under or in respect of any thereof(herein collectively called“Taxes”). If any Taxes are so levied or imposed, the Borrower shall pay to the Bank such additional amounts as may be necessary so as to assure the Bank that it will receive a net amount equal to the total amount of the payments provided for herein or in the Note which the Bank would have received if such amounts had not been subject to Taxes. All Taxes will be paid by the Borrower prior to the date on which penalties attract thereto, within 45 days after the date on which payment of any such Taxes is due pursuant to applicable law, the Borrower will furnish to the Bank the original of a receipt for the full payment of such Taxes or, if such is not available, evidence of such payment satisfactory in form and substance to the Bank.
(b)The Borrower will indemnify and hold harmless the Bank or holder of the Note against and will reimburse to any such party upon demand the amount of any Taxes actually paid by any such party.
Section 4. 6 Increased Costs.