N.Y. General Obligations Law § 5-1602: Continuity of contract

§ 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.