§ 5-1602. Continuity of contract. 1. (a) If a subject or medium of
payment of a contract, security or instrument is a currency that has
been substituted or replaced by the euro, the euro will be a
commercially reasonable substitute and substantial equivalent that may
be either: (i) used in determining the value of such currency; or (ii)
tendered, in each case at the conversion rate specified in, and
otherwise calculated in accordance with, the regulations adopted by the
council of the European Union.

(b) If a subject or medium of payment of a contract, security or
instrument is the ECU, the euro will be a commercially reasonable
substitute and substantial equivalent that may be either: (i) used in
determining the value of the ECU; or (ii) tendered, in each case at the
conversion rate specified in, and otherwise calculated in accordance
with, the regulations adopted by the Council of the European Union.

(c) Performance of any of the obligations described in paragraph (a)
or (b) of this subdivision may be made in the currency or currencies
originally designated in such contract, security or instrument (so long
as such currency or currencies remain legal tender) or in euro, but not
in any other currency, whether or not such other currency (i) has been
substituted or replaced by the euro or (ii) is a currency that is
considered a denomination of the euro and has a fixed conversion rate
with respect to the euro.

2. None of: (a) the introduction of the euro; (b) the tendering of
euros in connection with any obligation in compliance with paragraph (a)
or (b) of subdivision one of this section; (c) the determining of the
value of any obligation in compliance with paragraph (a) or (b) of
subdivision one of this section; or (d) the calculating or determining
of the subject or medium of payment of a contract, security or
instrument with reference to interest rate or other basis has been
substituted or replaced due to the introduction of the euro and that is
a commercially reasonable substitute and substantial equivalent, shall
either have the effect of discharging or excusing performance under any
contract, security or instrument, or give a party the right to
unilaterally alter or terminate any contract, security or instrument.