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''With profound apologies to Wilfred Owen | ''With profound apologies to Wilfred Owen.''<br> | ||
When from that [[conference call]] I [[Escalate|escalated]] <br> | |||
Some | Some dull [[representation]], long since [[Waiver|waived]] <br> | ||
To [[Credit]]: their dyspeptic permission granted <br> | |||
Though [[caveat|caveated]] teeth, a route to | Though [[caveat|caveated]] teeth, a route to sweet [[Consensus ad idem|resolve]]. <br> | ||
They the value of [[Encumbrance|encumbered]] [[asset]]s mused, <br> | |||
Too [[Fixed charge|fix’d in charge]], or [[pledge]], or [[ | Too [[Fixed charge|fix’d in charge]], or [[pledge]], or [[surety]] to [[reuse]]. <br> | ||
Then, as I probed the [[lien]]s, one sprang up, and cried<br> | Then, as I probed the [[lien]]s, one [[springing lien|sprang]] up, and cried<br> | ||
With piteous [[recharacterisation]] in | With piteous [[recharacterisation]] in its eyes, <br> | ||
“It is distressèd debt!” as if to justify — <br> | |||
How that speculation tanked. I knew the truth and made a [[margin call]],— <br> | |||
[[Without limitation|Absent limit]], [[For the avoidance of doubt|all doubt avoided]]: we stood in Hell. <br> | [[Without limitation|Absent limit]], [[For the avoidance of doubt|all doubt avoided]]: we stood in Hell. <br> | ||
With a thousand fears that [[Negotiator|doc-jockey]]’s face was grained; <br> | With a thousand fears that [[Negotiator|doc-jockey]]’s face was grained; <br> | ||
Yet, no {{isdaprov| | Yet, no {{isdaprov|representations}} (to which Part {{isdaprov|3(c)}} applied) <br> | ||
Reached there from where our | Reached there from where our aspirations died. <br> | ||
“Strange friend,” I said, “I see no incoming [[Credit Support - ISDA Provision|credit support]], <br> | |||
“Strange friend,” I said, “I see no incoming [[Credit Support - ISDA Provision|credit support]].” <br> | To allay my credit’s darkening fear. I thought <br> | ||
A [[covenant]] might not be inordinate. <br> | |||
But came there no such [[warranty]], not [[Senior unsecured|senior]] nor [[Subordinated|subordinate]].” <br> | |||
“None,” said that other, “save this [[Perfect|unperfectèd]] [[charge]], <br> | “None,” said that other, “save this [[Perfect|unperfectèd]] [[charge]], <br> | ||
The hopelessness | The hopelessness! Whatever [[Beneficial ownership|beneficial interest]] I hold, <br> | ||
Was [[title transfer|title]] to this wretched asset [[flawed]]?<br> | Was [[title transfer|title]] to this wretched asset [[flawed]]?<br> | ||
Were’st thou by my [[tax attorney]]’s explanation bored? <br> | Were’st thou by my [[tax attorney]]’s explanation bored? <br> | ||
Her expertise lies not in thought, nor [[deed]], nor [[tedious]] phrase,<br> | Her expertise lies not in thought, nor [[deed]], nor [[tedious]] phrase,<br> | ||
But mocks the steady drifting of one’s gaze, <br> | But mocks the steady drifting of one’s gaze, <br> | ||
Toward the floor — the | Toward the floor — the sky — the wall — <br> | ||
The whole [[Entropy|entropic]] ''all''. <br> | The whole [[Entropy|entropic]] ''all''. <br> | ||
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And so [[Expiration Date - Equity Derivatives Provision|expired]] — [[Mark-down|marked-down]] — the [[option]] cruelly tamed: <br> | And so [[Expiration Date - Equity Derivatives Provision|expired]] — [[Mark-down|marked-down]] — the [[option]] cruelly tamed: <br> | ||
The [[bid price]] of war, the [[offer]]ed war [[Disclaimer|disclaimed]]. <br> | The [[bid price]] of war, the [[offer]]ed war [[Disclaimer|disclaimed]]. <br> | ||
No [[key man]] shall have a [[NAV trigger]] pulled | No [[key man]] shall have a [[NAV trigger|trigger]] pulled once [[waiver|waived]].<br> | ||
And should one [[Modified following business day convention|follow, modified]], and be saved. <br> | And should one [[Modified following business day convention|follow, modified]], and be saved. <br> | ||
[[Execution date|Execution]] will be [[SWIFT|swift]], regardless of the [[TARGET]]. <br> | [[Execution date|Execution]] will be [[SWIFT|swift]], regardless of the [[TARGET]]. <br> | ||
None will [[breakage costs|break]] their [[cost of funding]] though their [[change in law]]. <br> | None will [[breakage costs|break]] their [[cost of funding]] though their [[change in law]]. <br> | ||
The [[mark-up]] was mine — [[Credit]] made me — it had mystery; <br> | |||
[[Subject matter expertise]] was mine, and I was [[ISDA ninja|ninjery]]: <br> | |||
To | To hide my client identifier by this redacting hand<br> | ||
With vain [[proviso]]s excepting that which it hath banned. <br> | |||
Then, | Then, with legal sludge that clogs its chariot-wheels, <br> | ||
I would | I would anoint the contract by which the [[Broker dealer|broker deals]], <br> | ||
[[Without limitation|Without limit]], [[from time to time]], amended with the spanner<br> | |||
Never [[Negligence, fraud or wilful default|fraud, gross negligence nor default]]<br> | |||
Exercisèd always in [[commercially reasonable manner]] — <br> | |||
These are our closing memoranda; our articles of [[good faith]]. <br> | |||
We put them in the first draft; held out for seven, removed them in the eighth <br> | |||
We reached accord, that is to say, through words and not the code of war. <br> | |||
By refitting [[EMIR]], [[For the avoidance of doubt|avoiding doubt]], remediating [[LIBOR]]. <br> | |||
“I am the | “I am the [[NAV trigger]] you pulled, my friend. You [[Waive|waived]] it not. <br> | ||
I | In fog of war your unbending risk approach you would not flout<br> | ||
Look, I missed a little [[margin call]], by just a bit: you [[Close out|closed me out]]. <br> | |||
I risk-reduced as best I could; when all is told <br> | |||
My lucky streak ran out; <br> | |||
My credit line went cold. <br> | |||
Let us sleep now. . . .”<br> | Let us sleep now. . . .”<br> | ||