83,240
edits
Template:Nutshell 1992 ISDA 8(a): Difference between revisions
Jump to navigation
Jump to search
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{isda92prov|8(a)}} '''{{isda92prov|Payment in the Contractual Currency}}''' | {{isda92prov|8(a)}} '''{{isda92prov|Payment in the Contractual Currency}}''': Each payment under this {{isda92prov|Agreement}} must be made in the currency specified for that payment (the “'''{{isda92prov|Contractual Currency}}'''”). Payments made in a {{isda92prov|Non-Contractual Currency}} will only discharge an obligation [[to the extent]] the recipient, having converted it into the {{isda92prov|Contractual Currency}} in [[good faith]] using [[commercially reasonable]] procedures, achieves the full amount payable in the {{isda92prov|Contractual Currency}}. <br> | ||
:Each payment under this {{isda92prov|Agreement}} must be made in the currency specified for that payment (the “'''{{isda92prov|Contractual Currency}}'''”). Payments made in a {{isda92prov|Non-Contractual Currency}} will only discharge an obligation [[to the extent]] the recipient, having converted it into the {{isda92prov|Contractual Currency}} in [[good faith]] using [[commercially reasonable]] procedures, achieves the full amount payable in the {{isda92prov|Contractual Currency}}. <br> | |||
:If the converted amount falls short of the amount payable in the {{isda92prov|Contractual Currency}}, the payer must ''immediately'' pay the necessary balance in the {{isda92prov|Contractual Currency}}. | :If the converted amount falls short of the amount payable in the {{isda92prov|Contractual Currency}}, the payer must ''immediately'' pay the necessary balance in the {{isda92prov|Contractual Currency}}. | ||
:If the converted amount exceeds the full amount payable in the {{isda92prov|Contractual Currency}}, the payee must ''promptly'' refund the excess. <br> | :If the converted amount exceeds the full amount payable in the {{isda92prov|Contractual Currency}}, the payee must ''promptly'' refund the excess. <br> | ||