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Evidence of Loss - ISDA Provision: Difference between revisions
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{{ | {{manual|MI|2002|8(d)|Section|8(d)|medium}} | ||
So if your clottish counterparty can’t follow simple instructions and sends you lire rather than pesetas, and thereby fails to cover your loss, as long as you can prove what the exchange rate was at the time you would have exchanged it into the {{isdaprov|Contractual Currency}}, you can recover a loss, ''even if you didn’t''. | So if your clottish counterparty can’t follow simple instructions and sends you lire rather than pesetas, and thereby fails to cover your loss, as long as you can prove what the exchange rate was at the time you would have exchanged it into the {{isdaprov|Contractual Currency}}, you can recover a loss, ''even if you didn’t''. | ||
Now this, to me, seems a little controversial. What if the exchange rate dropped through the floor, then recovered, and the Non-Affected Party held his nerve. Can he then cherry pick? | Now this, to me, seems a little controversial. What if the exchange rate dropped through the floor, then recovered, and the Non-Affected Party held his nerve. Can he then cherry pick? | ||