Cross default: Difference between revisions

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{{a|banking|[[File:Crossing Threshold Hope.jpg|450px|thumb|center|an equally forlorn attempt to influence matters beyond one's control]]}}This is a page about the general, generally stupid, concept of {{t|cross default}}.  
{{a|banking|{{image|Crossing Threshold Hope|jpg|An equally forlorn attempt to influence matters beyond one's control}}}}This is a page about the general, generally stupid, concept of {{t|cross default}}.  
===As a standard term in [[master trading agreement|master trading agreements]]===
===As a standard term in [[master trading agreement|master trading agreements]]===
For specific provisions see:
For specific provisions see:
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==={{isdaprov|Cross default}} in the {{isdama}}===
==={{isdaprov|Cross default}} in the {{isdama}}===
In their infinite wisdom (or jest), the framers of the [[1987 ISDA Interest Rate and Currency Exchange Agreement]] ([[cro-magnon man]] to the {{2002ma}}’s [[metropolitan hipster]]) thought it wise to include a [[cross default]], perhaps because, in those pioneering days, [[Credit Support Annex|credit support annexes]] weren’t run-of-the-mill, and may not even have been invented.
In their infinite wisdom (or jest), the framers of the [[1987 ISDA Interest Rate and Currency Exchange Agreement]] ([[cro-magnon man]] to the {{2002ma}}’s metropolitan hipster) thought it wise to include a [[cross default]], perhaps because, in those pioneering days, [[Credit Support Annex|credit support annexes]] weren’t run-of-the-mill, and may not even have been invented.


Subsequent generations of [[Mediocre lawyer|derivative lawyers]], being the creatures of habit they are, especially when sequestered into an [[ISDA working group]], never thought to take it out, and even our artisanal coffee-swilling {{2002ma}} boasts a tedious {{isdaprov|Cross Default}} provision, an embarrassing relic of its bogan parentage. It’s like that tattoo you got when you were a drunk, but physically attractive, 19 year-old.   
Subsequent generations of [[Mediocre lawyer|derivative lawyers]], being the creatures of habit they are, especially when sequestered into an [[ISDA working group]], never thought to take it out, and even our artisanal coffee-swilling {{2002ma}} boasts a tedious {{isdaprov|Cross Default}} provision, an embarrassing relic of its bogan parentage. It’s like that tattoo you got when you were a drunk, but physically attractive, 19 year-old.   
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