DRV-F wikitext: Difference between revisions

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:{{drvfprov|6(6)}} If a floating amount, or a fixed amount to be calculated pursuant to sub-Clause (2) above, sentence 2, is due, the Bank shall notify the Counterparty of such amount, in the first case together with the applicable reference basis.

~~{{drvfprov|8}} '''{{drvfprov|Claims for Damages and Compensation for Benefits Received}}''' ~~

:{{drvfprov|8(1)}} In the event of {{drvfprov|Termination}}, the party giving notice or the solvent party, as the case may be, (hereinafter called '''{{drvfprov|Party Entitled to Damages}}''') shall be entitled to claim damages. Damages shall be determined on the basis of replacement transactions, to be effected without undue delay, which provide the {{drvfprov|Party Entitled to Damages}} with all payments and the performance of all other obligations to which it would have been entitled had the {{drvfprov|Agreement}} been properly performed. Such party shall be entitled to enter into contracts which, in its opinion, are suitable for this purpose. If it refrains from entering into such substitute transactions, it may base the calculation of damages on that amount which it would have needed to pay for such replacement transactions on the basis of interest rates, forward rates, exchange rates, market prices, indices and any other calculation basis, as well as costs and expenses, at the time of giving notice or upon becoming aware of the insolvency, as the case may be. Damages shall be calculated by taking into account all {{drvfprov|Transaction}}s; any financial benefit arising from the {{drvfprov|Termination}} of {{drvfprov|Transaction}}s (including those in respect of which the {{drvfprov|Party Entitled to Damages}} has already received all payments and performance of all other obligations by the other party) shall be taken into account as a reduction of damages otherwise determined.

:{{drvfprov|8(2)}} If the {{drvfprov|Party Entitled to Damages}} obtains an overall financial benefit from the {{drvfprov|Termination}} of {{drvfprov|Transaction}}s, it shall owe the other party, subject to Clause 9 sub-Clause (2) and, where agreed, Clause 12 sub-Clause (4), a sum corresponding to the amount of such benefit, but not exceeding the amount of damages incurred by the other party. When calculating such financial benefit, the principles of sub-Clause (1) as to the calculation of damages shall apply mutatis mutandis.

~~{{drvfprov|9}} '''{{drvfprov|Final Payment}}''' ~~

:{{drvfprov|9(1)}} Unpaid amounts and any other unperformed obligations, and the damages which are payable, shall be combined by the {{drvfprov|Party Entitled to Damages}} into a single compensation claim denominated in Euro, for which purpose a money equivalent in Euro shall be determined, in accordance with the principles set forth in Clause 8 sub-Clause sentences 2 to 4, in respect of claims for performance of such other overdue obligations.

:{{drvfprov|9(2)}} A compensation claim against the {{drvfprov|Party Entitled to Damages}} shall become due and payable only to the extent that such party does not, for any legal reason whatsoever, have any claims against the other party ('''{{drvfprov|Counterclaims}}'''). If {{drvfprov|Counterclaims}} exist, their value shall be deducted from the total amount of the compensation claim in order to determine the portion of the compensation claim that is due and payable. For the purpose of calculating the value of the {{drvfprov|Counterclaims}}, the {{drvfprov|Party Entitled to Damages}} shall (i) to the extent that they are not payable in Euro, convert such {{drvfprov|Counterclaims}} into Euro at a selling rate to be determined, if possible, on the basis of the official foreign-exchange rate applicable on the day of computation, (ii) to the extent that they are not claims for the payment of money, convert them into a claim for damages expressed in Euro and (iii) to the extent that they are not yet due and payable, take them into account at their present value (also having regard to interest claims). The {{drvfprov|Party Entitled to Damages}} may set off the compensation claim of the other Party against the counterclaims calculated in accordance w ith sentence 3. To the extent that it fails to do so, the compensation claim shall become due and payable as soon as and to the extent that it exceeds the aggregate amount of {{drvfprov|Counterclaims}}.

{{drvfprov|10}} {{drvfprov|Transfer}}

:The transfer of rights or obligations arising from the {{drvfprov|Agreement}} shall require in each case the prior written consent of the other party, either, by telex, telegraph, facsimile or in any other similar form. The provisions of Clauses 2 sub-Clause (2) shall apply mutatis mutandis.

@@ Line 58: / Line 58: @@
 :{{drvfprov|6(6)}}	If a floating amount, or a fixed amount to be calculated pursuant to sub-Clause (2) above, sentence 2, is due, the Bank shall notify the Counterparty of such amount, in the first case together with the applicable reference basis.<br>
-{{drvfprov|8}}	'''{{drvfprov|Claims for Damages and Compensation for Benefits Received}}'''<br>
-:{{drvfprov|8(1)}}	In the event of {{drvfprov|Termination}}, the party giving notice or the solvent party, as the case may be, (hereinafter called '''{{drvfprov|Party Entitled to Damages}}''') shall be entitled to claim damages. Damages shall be determined on the basis of replacement transactions, to be effected without undue delay, which provide the {{drvfprov|Party Entitled to Damages}} with all payments and the performance of all other obligations to which it would have been entitled had the {{drvfprov|Agreement}} been properly performed. Such party shall be entitled to enter into contracts which, in its opinion, are suitable for this purpose. If it refrains from entering into such substitute transactions, it may base the calculation of damages on that amount which it would have needed to pay for such replacement transactions on the basis of interest rates, forward rates, exchange rates, market prices, indices and any other calculation basis, as well as costs and expenses, at the time of giving notice or upon becoming aware of the insolvency, as the case may be. Damages shall be calculated by taking into account all {{drvfprov|Transaction}}s; any financial benefit arising from the {{drvfprov|Termination}} of {{drvfprov|Transaction}}s (including those in respect of which the {{drvfprov|Party Entitled to Damages}} has already received all payments and performance of all other obligations by the other party) shall be taken into account as a reduction of damages otherwise determined.<br>
-:{{drvfprov|8(2)}}	If the {{drvfprov|Party Entitled to Damages}} obtains an overall financial benefit from the {{drvfprov|Termination}} of {{drvfprov|Transaction}}s, it shall owe the other party, subject to Clause 9 sub-Clause (2) and, where agreed, Clause 12 sub-Clause (4), a sum corresponding to the amount of such benefit, but not exceeding the amount of damages incurred by the other party. When calculating such financial benefit, the principles of sub-Clause (1) as to the calculation of damages shall apply mutatis mutandis.<br>
-{{drvfprov|9}}	'''{{drvfprov|Final Payment}}'''<br>
-:{{drvfprov|9(1)}}	Unpaid amounts and any other unperformed obligations, and the damages which are payable, shall be combined by the {{drvfprov|Party Entitled to Damages}} into a single compensation claim denominated in Euro, for which purpose a money equivalent in Euro shall be determined, in accordance with the principles set forth in Clause 8 sub-Clause sentences 2 to 4, in respect of claims for performance of such other overdue obligations.<br>
-:{{drvfprov|9(2)}}	A compensation claim against the {{drvfprov|Party Entitled to Damages}} shall become due and payable only to the extent that such party does not, for any legal reason whatsoever, have any claims against the other party ('''{{drvfprov|Counterclaims}}'''). If {{drvfprov|Counterclaims}} exist, their value shall be deducted from the total amount of the compensation claim in order to determine the portion of the compensation claim that is due and payable. For the purpose of calculating the value of the {{drvfprov|Counterclaims}}, the {{drvfprov|Party Entitled to Damages}} shall (i) to the extent that they are not payable in Euro, convert such {{drvfprov|Counterclaims}} into Euro at a selling rate to be determined, if possible, on the basis of the official foreign-exchange rate applicable on the day of computation, (ii) to the extent that they are not claims for the payment of money, convert them into a claim for damages expressed in Euro and (iii) to the extent that they are not yet due and payable, take them into account at their present value (also having regard to interest claims). The {{drvfprov|Party Entitled to Damages}} may set off the compensation claim of the other Party against the counterclaims calculated in accordance w ith sentence 3. To the extent that it fails to do so, the compensation claim shall become due and payable as soon as and to the extent that it exceeds the aggregate amount of {{drvfprov|Counterclaims}}.<br>
 {{drvfprov|10}}	{{drvfprov|Transfer}}<br>
 :The transfer of rights or obligations arising from the {{drvfprov|Agreement}} shall require in each case the prior written consent of the other party, either, by telex, telegraph, facsimile or in any other similar form. The provisions of Clauses 2 sub-Clause (2) shall apply mutatis mutandis.<br>

DRV-F wikitext: Difference between revisions

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