Template:Isda 8 general: Difference between revisions
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=== Section {{{{{1}}}|8(b)}} === | === Section {{{{{1}}}|8(b)}} === | ||
It is a fact of life that when enforcing a cross border contract, you may find yourself journeying for foreign climes in a bid to prise assets and payments out of a foreign counterparty. With the best will in the world, and the firmest written intentions that the agreement be governed by [[English law]] and justiciable exclusively by [[Queen’s Bench Division|her majesty’s courts]]<ref>Yes, yes: ''or'' American law, before [[Judge Wapner]] in the [[People’s Court]].</ref>, that may still mean engaging with foreign court systems, if that is where your counterparty and its financial resources are located. Those courts may require you to enforce your English judgment in the local currency. That exposes you to FX risk. This clause requires the parties to true up — ''immediately'', should the windfall accrue to the Defaulting Party, only ''promptly'' if it accues to the innocent one — by reference to a fairly determined “{{{{{1}}}|rate of exchange}}”. | |||
===={{{{{1}}}|Rate of exchange}}=== | |||
Abvout that “{{{{{1}}}|rate of exchange}}” — in the {{1992ma}} defined on the spot; in the {{2002ma}} promoted to the big league and featuring in the main {{isdaprov|Definitions}} section. Allow the [[JC]] a pet moan. Goddamn “[[definitions]]”. | |||
{{isda rate of exchange summ|isda92prov}} | {{isda rate of exchange summ|isda92prov}} | ||