Template:M summ 2002 ISDA Affected Party: Difference between revisions
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Note that, in its wisdom, {{icds}} chose not to have a generic term for the sort of person who is subject to ''either'' a {{isdaprov|Termination Event}} ''or'' an {{isdaprov|Event of Default}}, so there is much “{{isdaprov|Defaulting Party}} [[and/or]] {{isdaprov|Affected Party}}, [[as the case may be]]” sort of malarkey. This depresses we prose stylists, but {{icds}} has ''never'' cared about us, so we should hardly be surprised. | Note that, in its wisdom, {{icds}} chose not to have a generic term for the sort of person who is subject to ''either'' a {{isdaprov|Termination Event}} ''or'' an {{isdaprov|Event of Default}}, so there is much “{{isdaprov|Defaulting Party}} [[and/or]] {{isdaprov|Affected Party}}, [[as the case may be]]” sort of malarkey. This depresses we prose stylists, but {{icds}} has ''never'' cared about us, so we should hardly be surprised. | ||
And given its relentless quest for infinitesimal particularity — and accepting for a moment it is ''warranted''<ref>~''Grimaces''~ Right. Moment over.</ref> — perhaps {{icds}} has a point, for “{{isdaprov|Affected Party}} appears in subtly different guises in each of the {{isdaprov|Termination Events}}. Sometimes there is one {{isdaprov|Affected Party}}; sometimes there are two. Where there are two {{isdaprov|Affected Parties}} there is not a “victim” and a “perpetrator” as such, but you are in this odd new millennial world where everyone’s a victim, either party may trigger the {{isdaprov|Termination Event}}, both may estimate replacement prices on termination and they have to split the difference. | And given its relentless quest for infinitesimal particularity — and accepting for a moment it is ''warranted''<ref>~''Grimaces''~ Right. Moment over.</ref> — perhaps {{icds}} has a point, for “{{isdaprov|Affected Party}}” appears in subtly different guises in each of the {{isdaprov|Termination Events}}. Sometimes there is one {{isdaprov|Affected Party}}; sometimes there are two. Where there are two {{isdaprov|Affected Parties}} there is not a “victim” and a “perpetrator” as such, but you are in this odd new millennial world where everyone’s a victim, either party may trigger the {{isdaprov|Termination Event}}, both may estimate replacement prices on termination and they have to split the difference. | ||
Where there is one {{isdaprov|Affected Party}}, only the {{isdaprov|Unaffected Party}} can terminate, and it is responsible for obtaining the valuation. | Where there is one {{isdaprov|Affected Party}}, only the {{isdaprov|Unaffected Party}} can terminate, and it is responsible for obtaining the valuation. |