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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==== Not providing | ====Not providing documents for delivery is an Event of Default ... ''eventually'' ==== | ||
The importance of promptly sending required [[documents for delivery]] goes as follows: | |||
The | *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 4(a) | *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 | *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}}. <br> | ||
*So if you | |||
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}}.