Template:Nutshell 2002 ISDA 8(a): Difference between revisions
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{{isdaprov|8(a)}} '''{{isdaprov|Payment in the Contractual Currency}}''' | {{isdaprov|8(a)}} '''{{isdaprov|Payment in the Contractual Currency}}''': Each payment under this {{isdaprov|Agreement}} must be made in the currency specified for that payment (the “'''{{isdaprov|Contractual Currency}}'''”). Payments made in a {{isdaprov|Non-Contractual Currency}} will only discharge an obligation [[to the extent]] the recipient, having converted it into the {{isdaprov|Contractual Currency}} in [[good faith]] using [[commercially reasonable]] procedures, achieves the full amount payable in the {{isdaprov|Contractual Currency}}. <br> | ||
:(i) If the converted amount falls short of the amount payable in the {{isdaprov|Contractual Currency}}, the payer must ''immediately'' pay the necessary balance in the {{isdaprov|Contractual Currency}}. | |||
If the converted amount falls short of the amount payable in the {{isdaprov|Contractual Currency}}, the payer must immediately pay the necessary balance in the {{isdaprov|Contractual Currency}}. | :(ii) If the converted amount exceeds the full amount payable in the {{isdaprov|Contractual Currency}}, the payee must ''promptly'' refund the excess. <br> | ||
If the converted amount exceeds the full amount payable in the {{isdaprov|Contractual Currency}}, the payee must promptly refund the excess. <br> | |||
Latest revision as of 17:00, 13 April 2020
8(a) Payment in the Contractual Currency: Each payment under this Agreement must be made in the currency specified for that payment (the “Contractual Currency”). Payments made in a Non-Contractual Currency will only discharge an obligation to the extent the recipient, having converted it into the Contractual Currency in good faith using commercially reasonable procedures, achieves the full amount payable in the Contractual Currency.
- (i) If the converted amount falls short of the amount payable in the Contractual Currency, the payer must immediately pay the necessary balance in the Contractual Currency.
- (ii) If the converted amount exceeds the full amount payable in the Contractual Currency, the payee must promptly refund the excess.