Template:Nutshell 2002 ISDA 8(b): Difference between revisions

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{{isdaprov|8(b)}} '''{{isdaprov|Judgments}}'''. If a party obtains judgment in a {{isdaprov|Non-Contractual Currency}} against the other for any amount due under (or upon early termination of) this {{isdaprov|Agreement}} and, having recovered the the judgment debt, there is a shortfall or excess over the amount originally due in the {{isdaprov|Contractual Currency}} due to the exchange rate at which that party, in [[good faith]] and a [[commercially reasonable]] manner, converts the judgement debt into the {{isdaprov|Contractual Currency}}, that judgment creditor:
{{isdaprov|8(b)}} '''{{isdaprov|Judgments}}'''. If a party obtains judgment in a {{isdaprov|Non-Contractual Currency}} against the other for any amount due under this {{isdaprov|Agreement}} and, having recovered that judgment debt, a shortfall or excess remains over the original amount due in the {{isdaprov|Contractual Currency}} (due to the exchange rate at which the judgment creditor, in [[good faith]] and a [[commercially reasonable]] manner, converted the judgement debt into the {{isdaprov|Contractual Currency}}), that judgment creditor:
:will be entitled to ''immediately'' receive from the other party, in the {{isdaprov|Contractual Currency}}, any such shortfall; and
:(i) will be entitled to ''immediately'' receive from the other party, the value of any such shortfall in the {{isdaprov|Contractual Currency}}; and
:must ''promptly'' refund to the other party, in the {{isdaprov|Contractual Currency}}, any such excess. <br>
:(ii) must ''promptly'' refund to the other party any such excess in the {{isdaprov|Contractual Currency}}. <br>

Latest revision as of 16:21, 13 April 2020

8(b) Judgments. If a party obtains judgment in a Non-Contractual Currency against the other for any amount due under this Agreement and, having recovered that judgment debt, a shortfall or excess remains over the original amount due in the Contractual Currency (due to the exchange rate at which the judgment creditor, in good faith and a commercially reasonable manner, converted the judgement debt into the Contractual Currency), that judgment creditor:

(i) will be entitled to immediately receive from the other party, the value of any such shortfall in the Contractual Currency; and
(ii) must promptly refund to the other party any such excess in the Contractual Currency.
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