This site uses cookies. Some of these cookies are essential to the operation of the site, while others help to improve your experience by providing insights into how the site is being used. For more information, please see the ProZ.com privacy policy.
Cookie settings
  1. KudoZ™ Top
  2. English
  3. Law: Contract(s)

proof in currency

English translation: explanation

05:55 Apr 27, 2007
English language (monolingual) [PRO]
Law/Patents - Law: Contract(s) / currency indemnity
English term or phrase: proof in currency
From a loan facility agreement:

"17. INDEMNITIES

17.1 Currency indemnity

(a) If receives an amount in respect of the Borrower's liability under this Agreement or ***if that liability is converted into a claim, proof, judgment or order in a currency*** other than the currency (the "contractual currency") in which the amount is expressed to be payable under this Agreement:

(i) the Borrower shall indemnify as an independent obligation against any loss or liability arising out of or as a result of the conversion;
(ii) ..."

The meaning of the passage highlighted with *** just eludes me: how can be a claim, a judgement, etc. (especially, a proof!) be (expressed?) "in currency"?

What does the passage mean?
ruslingua
Local time: 16:49
Selected answer:explanation
Explanation:
By way of illustration, let's say the borrower (a Mongolian company) owes the lender (a Mexican bank) an X amount of Mexican pesos and fails to repay. The Mexican bank sues the Mongolian company in a Mongolian court and gets an award in Mongolian tugriks (a currency other than the contractual currency, which is Mexican pesos). The Borrower (the Mongolian company) shall then indemnify the Mexican bank against any loss or liability arising out of or as a result of the conversion.
Selected response from:

Roman Bardachev
Canada
Local time: 07:49
Grading comment
Actually, this was my version, too:

"Если получит платеж в связи с исполнением обязательства Заемщика по настоящему Договору или если это обязательство будет конвертировано в силу какого-либо требования, доказанности какого-либо факта, либо в силу какого-либо решения или постановления суда в право на некоторую сумму в иной валюте, нежели валюта, в которой выражена сумма, подлежащая выплате по настоящему Договору («валюта договора»), то:"

However, the wording sounded (and still sounds) so weird to me that I was (and still am) uncertain, if even my a bit liberal translation makes perfect sense.

Thank you anyway!
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
3 +2written evidence
ErichEko ⟹⭐
2 +2explanation
Roman Bardachev


Discussion entries: 5





  

Answers


21 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +2
explanation


Explanation:
By way of illustration, let's say the borrower (a Mongolian company) owes the lender (a Mexican bank) an X amount of Mexican pesos and fails to repay. The Mexican bank sues the Mongolian company in a Mongolian court and gets an award in Mongolian tugriks (a currency other than the contractual currency, which is Mexican pesos). The Borrower (the Mongolian company) shall then indemnify the Mexican bank against any loss or liability arising out of or as a result of the conversion.

Roman Bardachev
Canada
Local time: 07:49
Specializes in field
Native speaker of: Russian
PRO pts in category: 4
Grading comment
Actually, this was my version, too:

"Если <creditor name> получит платеж в связи с исполнением обязательства Заемщика по настоящему Договору или если это обязательство будет конвертировано в силу какого-либо требования, доказанности какого-либо факта, либо в силу какого-либо решения или постановления суда в право на некоторую сумму в иной валюте, нежели валюта, в которой выражена сумма, подлежащая выплате по настоящему Договору («валюта договора»), то:"

However, the wording sounded (and still sounds) so weird to me that I was (and still am) uncertain, if even my a bit liberal translation makes perfect sense.

Thank you anyway!

Peer comments on this answer (and responses from the answerer)
agree  Jonas Teixeira (X): Well put.
2 hrs
  -> Thank you, Jonas
agree  Irina Romanova-Wasike: beautiful!
4 days
Login to enter a peer comment (or grade)

59 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
proof
written evidence


Explanation:
IMO, this is what "proof" refers to. Written evidence can take the form of a receipt in which the amount received is in the currency other than agree one.

ErichEko ⟹⭐
Indonesia
Local time: 20:49
Works in field
Native speaker of: Native in IndonesianIndonesian
PRO pts in category: 24

Peer comments on this answer (and responses from the answerer)
agree  Jonas Teixeira (X): Your and R. Bordachev's answer are complementary. Only comment refers to the termination of your sentence that should have read "...than the agreed one".
1 hr
  -> Thanks Jonas, for the suppport and the missing "the"!
agree  Irina Romanova-Wasike: i just have to agree with both answers :)
4 days
  -> Thanks Irina; both answers have their own strengths. Good luck :)
Login to enter a peer comment (or grade)



Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.

Return to KudoZ list

KudoZ™ translation help

The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.

See also:
ProZ.com term search
Search millions of term translations
Close search
Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search