162 Nominal amount of a debt.U.K.
(1)The nominal amount of a debt outstanding at any time is the amount of the debt outstanding at that time, expressed in terms of the settlement currency of the debt.
(2)In a case where—
(a)a payment or repayment is made at any time in a currency other than the settlement currency of a debt, and
(b)it falls to be decided whether there is in consequence an increase or decrease in the nominal amount of the debt outstanding,
the amount of the payment or repayment shall be taken to be its equivalent expressed in terms of the settlement currency of the debt.
(3)Any translation required by this section shall be made by reference to the London closing exchange rate for the currencies concerned for the day in which the time concerned falls.