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

Revision as of 12:57, 11 September 2017

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 a Breach 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.

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 *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]] 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]]).
+*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 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}}.