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Bankruptcy and Failure to Pay

Cashflow insolvency

Beware AET

Non-Bankruptcy close-out monkey business

Differences between a CDS Failure to Pay and an ISDA Section 5(a)(i) Failure to Pay or Deliver

Payments satisfied other ways Failure to Pay or Deliver carve-out

It is an Event of Default not to supply documents for delivery Paranoia alert: the unusually, and unwantedly, long reach this Event of Default gives to your Cross Default provision. How material is “material”?

Representations by agents on agent’s own behalf: the curious Mœbius loop of agency representing, on behalf of its principal, that it is not acting as agent.

Things you could ask an agent to represent

Due appointment, authority etc.

Loss of manager’s regulatory status, good standing etc Acceleration, not default

Default under any Specified Transaction, and the question of overreach

Final payments

Differences between Cross Default and DUST

Payment acceleration versus delivery acceleration — mini close-out

What if I “jump the gun”?

DUST as the quintessential negotiation oubliette The arguments for Cross Default

Cross Default against banks

The famous snowball effect

Comparison with DUST

Cross Acceleration: Cross Default for nice guys

Changes to the Threshold Amount over the years

Initial margin failure?

Could we just remove Cross Default? Mind your Automatic Early Termination

If you are in a hurry

In full And “all or substantially all” means what exactly?

Bankruptcy vs MWA

• Events of Default vs. Termination Events showdown: why is there a difference between Events of Default and Termination Events, what is the difference, how will it affect me in practice, tell me more about this odd netherworld of Additional Termination Events, and is there a good way of describing both, or must I really stick with “an Event of Default or a Termination Event, as the case may be”?
• A looooong essay about the genealogy of Termination Events and Events of Defaults, why they are different, what they do, which ones matter, which ones are regrettable and the curious incident of the flawed asset clause in the night-time.

Waiting Periods and Force Majeure in the 2002

Head office, branches and affiliates

Comparison with Change in Law in the ISDA Equity Derivatives definitions Some caveats

Waiting Periods and force majeure

• “Burdened” Party? Is that different from an Affected Party?

It’s loose, right?

Hedge funds, SPVs and CEUM

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• On why we need a hierarchy clause between Events of Default and Termination Events in the first place
• The Force Majeure Upgrade (for 1992 fans)
• The Repudiation exception: what is that all about?

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• A deep and unnecessarily ontological enquiry into the difference between a branch and an affiliate, drawing on the metaphor of a body and a limb imagining a scenario with Pink Floyd’s lead guitarist to put it all into context.