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Template:Failure to pay procedure: Difference between revisions
Template:Failure to pay procedure (view source)
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At the expiry of the Section {{{{{1}}}|5(a)(i)}} [[grace period]], you finally have a fully operational {{{{{1}}}|Event of Default}}. Now Section {{{{{1}}}|6(a)}} allows you, by ''not more than 20 days’ notice''<ref name="20days">See discussion on at Section {{isdaprov|6(a)}} about the silliness of that time limit.</ref> to designate an {{{{{1}}}|Early Termination Date}} for all outstanding {{isdaprov|Transaction}}s. | At the expiry of the Section {{{{{1}}}|5(a)(i)}} [[grace period]], you finally have a fully operational {{{{{1}}}|Event of Default}}. Now Section {{{{{1}}}|6(a)}} allows you, by ''not more than 20 days’ notice''<ref name="20days">See discussion on at Section {{isdaprov|6(a)}} about the silliness of that time limit.</ref> to designate an {{{{{1}}}|Early Termination Date}} for all outstanding {{isdaprov|Transaction}}s. | ||
So, at some point in the next twenty days<ref name="20days"/> | So, at some point in the next twenty days<ref name="20days"/> outstanding {{{{{1}}}|Transaction}}s will be at an end.<ref> By a striking oversight, not actually so named in the {{1992ma}}.</ref> Now this is a different thing from knowing what the amounts will be, much less knowing when they will be paid: this is the date ''by reference to which'' termination amounts will be calculated. | ||
====5. Determine {{{{{1}}}|Close-out Amount}}s<ref name="close out amounts">Or their equivalents under the {{1992ma}}, of course.</ref>==== | ====5. Determine {{{{{1}}}|Close-out Amount}}s<ref name="close out amounts">Or their equivalents under the {{1992ma}}, of course.</ref>==== | ||