Template:ISDA Master Agreement 2002 8(b): Difference between revisions
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{{isdaprov|8(b)}} '''{{isdaprov|Judgments}}'''. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the {{isdaprov|Contractual Currency}} is rendered (i) for the payment of any amount owing in respect of this {{isdaprov|Agreement}}, (ii) for the payment of any amount relating to any early termination in respect of this {{isdaprov|Agreement}} or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the {{isdaprov|Contractual Currency}} received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the {{isdaprov|Contractual Currency}} received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the {{isdaprov|Contractual Currency}} is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in [[good faith]] and using [[commercially reasonable]] procedures in converting the currency received into the {{isdaprov|Contractual Currency}}, to purchase the {{isdaprov|Contractual Currency}} with the amount of the currency of the judgment or order actually received by such party. <br> | {{isdaprov|8(b)}} '''{{isdaprov|Judgments}}'''. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the {{isdaprov|Contractual Currency}} is rendered (i) for the payment of any amount owing in respect of this {{isdaprov|Agreement}}, (ii) for the payment of any amount relating to any early termination in respect of this {{isdaprov|Agreement}} or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the {{isdaprov|Contractual Currency}} received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the {{isdaprov|Contractual Currency}} received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the {{isdaprov|rate of exchange}} at which the {{isdaprov|Contractual Currency}} is converted into the currency of the judgment or order for the purpose of such judgment or order and the {{isdaprov|rate of exchange}} at which such party is able, acting in [[good faith]] and using [[commercially reasonable]] procedures in converting the currency received into the {{isdaprov|Contractual Currency}}, to purchase the {{isdaprov|Contractual Currency}} with the amount of the currency of the judgment or order actually received by such party. <br> |
Latest revision as of 14:12, 27 June 2023
8(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party.