Payment in the Contractual Currency - ISDA Provision: Difference between revisions

Payment in the Contractual Currency - ISDA Provision (view source)

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-{{fullanat|isda|8(a)|2002}}
+{{isdaanat|8(a)}}
+One could have stopped after the first sentence, but it is a rare [[[ISDA ninja]] that can help himself babbling. Why the {{isdama}} feels the need to contemplate the discharge of obligations in one currency by payment of an amount in another, notwithstanding the terms of the contract, we can only guess. The payer’s ability to still depends on the recipient’s good humour: she need not indulge the payer, but can do so by converting the tendered amount into the {{isdaprov|Contractual Currency}}.
+If there is a shortfall, the payer must pay it ''immediately'' — fair, since the payer is craving the recipient’s indulgence in the first place and is really courting a Failure to Pay or Deliver by his cavalier behaviour.
+If there is an excess, the recipient must return it ''promptly'' — also fair, seeing as she didn’t ask to be paid in Brazilian real, and had to go to all the trouble of converting it and faffing around at the FX counter at that little shop in the arcade near Liverpool Street.