Template:Specified Information and Breach of Agreement: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "==== Not providing {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ==== The significance of the documents for delivery is rendered as follows: *B...") |
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Revision as of 12:51, 11 September 2017
Not providing documents for delivery is an Event of Default
The significance of the documents for delivery is rendered as follows:
- By dint of Section 4(a) of the ISDA Master Agreement the parties agree to furnish each other Specified Information.
- By dint of Section 5(a)(ii) a failure, to furnish the Specified Information set out, per Section 4(a)(i)(ii), in Part 3 of the Schedule amounts to a Breach of Agreement Event of Default under Section 5(a)(ii). (Note that this conclusion requires pursuit of a tortured chain of nested double negatives and careful parsing of interplay between Sections 4(a) and 5(a)(ii).
- However, there is a thirty day grace period for Events of Default which are only Breaches of Agreement (a Failure to Pay or Deliver is excluded from that definition, by the way, because it has its own EOD with a much tighter grace period).
- So if you really want that document urgently, and waiting 30 days won't cut it (it might not if it is a monthly NAV statement, for example) then you need to upgrade the failure to “furnish” to an Additional Termination Event.