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

{{isdaprov|8(a)}} '''{{isdaprov|Payment in the Contractual Currency}}''': Each payment under this {{isdaprov|Agreement}} must be made in the currency specified for that payment (the “'''{{isdaprov|Contractual Currency}}'''”). Payments made in a {{isdaprov|Non-Contractual Currency}} will only discharge an 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>

:(i) 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}}.  

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