Template:Specified Information and Breach of Agreement: Difference between revisions

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==== Not providing {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ====
====Not providing documents for delivery is an Event of Default ... ''eventually'' ====
 
The importance of promptly sending required [[documents for delivery]] goes as follows:  
The importance of promptly furnishing<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows:  
*By dint of Section {{{{{1}}}|4(a)}} you agree to [[furnish]] each other {{{{{1}}}|Specified Information}} set out in {{{{{1}}}|Part 3}} of the {{{{{1}}}|Schedule}}.
*By dint of Section {{isdaprov|4(a)}} you agree to furnish each other {{isdaprov|Specified Information}} set out in {{isdaprov|Part 3}} of the {{isdaprov|Schedule}}.
*By dint of Section {{{{{1}}}|5(a)(ii)}} if you ''don’t'' then that can be a {{{{{1}}}|Breach of Agreement}} {{{{{1}}}|Event of Default}} (Section {{{{{1}}}|5(a)(ii)}}). Be warned: you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parse the interplay between Sections {{{{{1}}}|4(a)}} and {{{{{1}}}|5(a)(ii)}} to grasp this, but it is true.
*By dint of Section {{isdaprov|5(a)(ii)}} if you ''don’t'' then that can be a {{isdaprov|Breach of Agreement}} {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(ii)}}. (Note you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parsing of interplay between Sections {{isdaprov|4(a)}} and {{isdaprov|5(a)(ii)}} to grasp this.)
*But, Section {{{{{1}}}|5(a)(ii)}} imposes a ''thirty freaking day'' [[grace period]] following notice before a {{{{{1}}}|Breach of Agreement}} counts as an {{{{{1}}}|Event of Default}} allowing termination. (A {{{{{1}}}|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]]).
*However, there is a ''thirty day'' [[grace period]] following notice before a {{isdaprov|Breach of Agreement}} is an official {{isdaprov|Event of Default}}. (A {{isdaprov|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 need a document “furnished” urgently and can’t wait a month for it (you might not, if you are a [[credit officer]] and it is a monthly [[NAV]] statement, for example) then you must upgrade a simple {{{{{1}}}|5(a)(ii)}} {{{{{1}}}|Breach of Agreement}} to a full-blown {{{{{1}}}|Additional Termination Event}}. <br>
*So if you need that document urgently and can’t wait a month for it (it might not if you are a [[credit officer]] and it is a monthly [[NAV]] statement, for example) then you must upgrade failure to “furnish” this agreement to an {{isdaprov|Additional Termination Event}}.

Latest revision as of 17:02, 4 February 2024

Not providing documents for delivery is an Event of Default ... eventually

The importance of promptly sending required documents for delivery goes as follows:

  • By dint of Section {{{{{1}}}|4(a)}} you agree to furnish each other {{{{{1}}}|Specified Information}} set out in {{{{{1}}}|Part 3}} of the {{{{{1}}}|Schedule}}.
  • By dint of Section {{{{{1}}}|5(a)(ii)}} if you don’t then that can be a {{{{{1}}}|Breach of Agreement}} {{{{{1}}}|Event of Default}} (Section {{{{{1}}}|5(a)(ii)}}). Be warned: you must pursue a tortured chain of nested double negatives and carefully parse the interplay between Sections {{{{{1}}}|4(a)}} and {{{{{1}}}|5(a)(ii)}} to grasp this, but it is true.
  • But, Section {{{{{1}}}|5(a)(ii)}} imposes a thirty freaking day grace period following notice before a {{{{{1}}}|Breach of Agreement}} counts as an {{{{{1}}}|Event of Default}} allowing termination. (A {{{{{1}}}|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 need a document “furnished” urgently and can’t wait a month for it (you might not, if you are a credit officer and it is a monthly NAV statement, for example) then you must upgrade a simple {{{{{1}}}|5(a)(ii)}} {{{{{1}}}|Breach of Agreement}} to a full-blown {{{{{1}}}|Additional Termination Event}}.