Common use of Judgement Currency Clause in Contracts

Judgement Currency. If, for the purpose of calculating the amount of any judgement in any court, it is necessary to convert the currency of any obligation giving rise to the judgement (the "First Currency") into another currency (the "Other Currency"), the rate of exchange used shall be that at which the party obtaining such judgement could purchase the First Currency with the Other Currency from the Holder determined at the close of business on the Business Day immediately preceding the day on which judgement is rendered. The obligation of the party making payment on account of any judgement shall, notwithstanding any judgement in such Other Currency, be discharged only to the extent that, on the Business Day following the receipt of any sum paid on account of the judgement in the Other Currency, the recipient could purchase the First Currency from the Holder at 12:00 o'clock noon (Toronto time) on such date. If the value in the Other Currency of the First Currency so purchased or capable of being purchased is less than the sum due to the payee in the First Currency before conversion into the Other Currency, the payor, as a separate and distinct obligation and notwithstanding such judgement or payment, shall indemnify the payee against any loss and, if the value in the Other Currency of the First Currency so purchased or capable of being purchased exceeds the sum originally due to the payee in the First Currency before the conversion into the Other Currency, the payee shall remit such excess to the payor.