Template:Nutshell 2002 ISDA 8(a): Difference between revisions

{{isdaprov|8(a)}} '''{{isdaprov|Payment in the Contractual Currency}}'''. Each payment under this {{isdaprov|Agreement}} will be made in the currency specified for that payment (the “'''{{isdaprov|Contractual Currency}}'''”). Payments made in another currency will only discharged a {{isdaprov|Contractual Currency}} obligation [[to the extent]] the recipient, having converted it into the {{isdaprov|Contractual Currency}} in [[good faith]] using [[commercially reasonable]] procedures, achieves the full amount payable in the {{isdaprov|Contractual Currency}}. <br>

 

If the converted amount falls short of the amount payable in the {{isdaprov|Contractual Currency}}, the payer must immediately pay the necessary balance in the {{isdaprov|Contractual Currency}}.  

 

If the converted amount exceeds the full amount payable in the {{isdaprov|Contractual Currency}}, the payee must promptly refund the excess. <br>