What is the phrase 'payable in foreign currency' modifying in the following sentence?:

The borrowing cost ceiling includes spread over relevant benchmark rate, loan related insurance premium and other loan related fees payable in foreign currency, except commitment fee, cost & expenses and fees payable in local currency.

Does it modify only 'other loan related fees' or it also modify 'loan related insurance premium and spread over relevant benchmark rate?

  • The lack of a comma before "and other loan related fees" suggests to me that it applies to the entire list.
    – Barmar
    Commented Jul 2 at 20:04
  • Probably if you know what all those things are, you can work out which are payable in foreign currency and which aren't, and it'll make more sense. Otherwise, speak to a lawyer or financial advisor because we can't help you.
    – Stuart F
    Commented Jul 2 at 21:55
  • At least as a question it is not too simple a one. I would think it modifies all monies that are previously enumerated. As you say, there is no comma for it.
    – Elliot
    Commented Jul 3 at 1:39
  • 1
    The sentence is so poorly constructed that it's impossible to tell.
    – BillJ
    Commented Jul 3 at 5:58
  • I've tried and failed; I'm sure BillJ is right. Despite the use of both '&' and 'and' in an attempt to clarify, this sentence is poorly constructed. Commented Jul 3 at 11:24


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