Default under specified transaction: Difference between revisions

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-A [[default under specified transaction]], or "[[DUST]]", is a concept native to the {{isdama}} but which you may see in other Master Trading Documentation (but not a {{gmsla}} or a {{gmra}}).
+{{g}}''For the {{isdama}} provision specifically see {{isdaprov|Default Under Specified Transaction}}''<br>
-[[DUST]] provides a right to terminate the master trading agreement in which it features upon a default by your counterparty under one or more transactions documented under a ''different'' {{tag|master agreement}} ''between you and that same counterparty''.
+A [[default under specified transaction]], or “[[DUST]]”, is a concept native to the {{isdama}} but which you may see in other master trading documentation (but not a {{gmsla}} or a {{gmra}}). [[DUST]] gives a fellow the right to terminate the master trading agreement upon a default by {{sex|her}} [[counterparty]] under one or more transactions documented under ''different'' {{tag|Master Agreements}} ''between you and that same counterparty''.
-It can be compared to [[cross default]], which allows you to terminate your {{tag|master agreement}} when the counterparty defaults under indebtedness ''to a third party'' (not you).
+Compare and contrast with [[cross default]], which allows you to terminate your master agreement when the counterparty defaults under indebtedness ''to a third party'' (not you).
-===Differences between cross default and DUST===
+{{sa}}
-*'''[[Cross default]]''' generally references indebtedbess; '''[[DUST]]''' references bilateral derivative and trading transactions whcih are not in the nature of indebtedness;
-*'''[[Cross default]]''' is only triggered once a certain threshold amount of indebtedness is defaulted upon; '''[[DUST]]''' is triggered upon any breach;
-*'''[[Cross default]]''' references your counterparty owes to a third party; '''[[DUST]]''' references other obligations your counterparty owes you.
-===See also===
 *[[Cross default]]
 *{{isdaprov|Default Under Specified Transaction}} (ISDA)
 *[[Event of default]]
+{{ref}}
-{{isdaanatomy}}