Template:Specified Information and Breach of Agreement: Difference between revisions
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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}} ... ''eventually'' ==== | ||
The importance of promptly furnishing<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows: | The importance of promptly [[furnishing]]<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows: | ||
*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|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}} | *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}} (Section {{isdaprov|5(a)(ii)}}). Be warned: you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parse the interplay between Sections {{isdaprov|4(a)}} and {{isdaprov|5(a)(ii)}} to grasp this, but it is true. | ||
* | *But, Section {{isdaprov|5(a)(ii)}} imposes a ''thirty freaking day'' [[grace period]] following notice before a {{isdaprov|Breach of Agreement}} counts as an {{isdaprov|Event of Default}} allowing termination. (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 | *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 {{isdaprov|5(a)(ii)}} {{isdaprov|Breach of Agreement}} to a full-blown {{isdaprov|Additional Termination Event}}. | ||
Revision as of 14:23, 24 October 2017
Not providing documents for delivery is an Event of Default ... eventually
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 (Section 5(a)(ii)). Be warned: you must pursue a tortured chain of nested double negatives and carefully parse the interplay between Sections 4(a) and 5(a)(ii) to grasp this, but it is true.
- But, Section 5(a)(ii) imposes a thirty freaking day grace period following notice before a Breach of Agreement counts as an Event of Default allowing termination. (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 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 5(a)(ii) Breach of Agreement to a full-blown Additional Termination Event.
- ↑ Sigh. Sending.