Determinations; Judgment Currency Clause Samples
The "Determinations; Judgment Currency" clause defines how decisions regarding payments and the currency in which judgments are rendered are handled under the agreement. Typically, it specifies the process for determining amounts due, including the conversion of sums into a specified currency if a judgment is obtained in a different currency. For example, if a court issues a judgment in euros but the contract requires payment in US dollars, this clause outlines how to calculate the equivalent amount. Its core function is to ensure clarity and fairness in financial settlements, minimizing disputes over currency fluctuations and payment calculations.
Determinations; Judgment Currency. If, for the purposes of obtaining or enforcing judgment in any court in any jurisdiction with respect to this Agreement or any other Loan Document, it becomes necessary to convert into the currency of such jurisdiction (the “Judgment Currency”) any amount due under this Agreement or under any other Loan Document in any currency other than the Judgment Currency (the “Currency Due”) (or for the purposes of Section 2.9(f)), then, to the extent permitted by law, conversion shall be made at the Currency Exchange Rate on the Business Day before the day on which judgment is given (or for the purposes of Section 2.9(f), on the Business Day on which the payment was received by the Administrative Agent). In the event that there is a change in the Currency Exchange Rate between the Business Day before the day on which the judgment is given and the date of receipt by the Administrative Agent of the amount due, the Borrower shall to the extent permitted by law, on the date of receipt by the Administrative Agent, pay such additional amounts, if any, or be entitled to receive reimbursement of such amount, if any as may be necessary to ensure that the amount received by the Administrative Agent on such date is the amount in the Judgment Currency which (when converted at the Currency Exchange Rate on the date of receipt by the Administrative Agent in accordance with normal banking procedures in the relevant jurisdiction) is the amount then due under this Agreement or such other Loan Document in the Currency Due. If the amount of the Currency Due (including any Currency Due for purposes of Section 2.9) from the Borrower which the Administrative Agent is so able to purchase is less than the amount of the Currency Due (including any Currency Due for purposes of Section 2.9) originally due to it, the Borrower shall indemnify and save the Agents and Lenders harmless from and against loss or damage arising as a result of such deficiency. This indemnity shall (i) constitute an obligation separate and independent from the other obligations contained in this Agreement and the other Loan Documents, (ii) give rise to a separate and independent cause of action, (iii) apply irrespective of any indulgence granted by any Agent or any Lender from time to time, (iv) survive the payment in full of the Obligations and the termination of this Agreement, and (v) continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this A...
Determinations; Judgment Currency. This is an international financial transaction in which the specification of a currency and payment in the United States is of the essence. Dollars shall be the currency of account in the case of all payments pursuant to or arising under this Note or under any other Subordinated Debt Document, and all such payments shall be made to the account specified by the Payee (the “Payee’s Account”) in immediately available funds. To the fullest extent permitted by applicable law, the Obligations of each Maker to Payee under this Note and under the other Subordinated Debt Documents shall not be discharged by any amount paid in any other currency or in any other manner than to the Payee’s Account to the extent that the amount so paid after conversion under this Note and transfer to the Payee’s