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 {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ==== | ==== Not providing {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ==== | ||
The | The importance of promptly furnishing<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows: | ||
*By dint of Section 4(a) | *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 {{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.) | |||
*However, there is a ''thirty day'' [[grace period]] | *However, there is a ''thirty day'' [[grace period]] following notice before {{isdaprov|Breaches 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 | *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}}. | ||
Revision as of 12:57, 11 September 2017
Not providing documents for delivery is an Event of Default
The importance of promptly furnishing[1] the documents for delivery goes as follows:
- By dint of Section 4(a) you agree to furnish each other Specified Information set out in Part 3 of the Schedule.
- By dint of Section 5(a)(ii) if you don’t then that can be a Breach of Agreement Event of Default under Section 5(a)(ii). (Note you must pursue a tortured chain of nested double negatives and carefully parsing of interplay between Sections 4(a) and 5(a)(ii) to grasp this.)
- However, there is a thirty day grace period following notice before Breaches of Agreement is an official Event of Default. (A 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 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 Additional Termination Event.
- ↑ Sigh. Sending.