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There are two kinds of pointless things we habitually stick in contracts. | There are two kinds of pointless things we habitually stick in contracts. | ||
The first: absurd aspirations of the [[credit team]]. All those at the coalface know these will be rejected, just as habitually, by any counterparty advisor having a pulse. Yet the credit team seems to draw strength and | The first: absurd aspirations of the [[credit team]]. Walk-aways, [[Key person clause|key person clauses]], [[NAV triggers]]. All those at the coalface know these will be rejected, just as habitually, by any counterparty advisor having a pulse. Yet the credit team seems to draw strength and comfort just from the knowledge they are being sought at all. We know not why. | ||
The second: matters of tedious internal compliance — be they accommodations of [[Prime brokerage disclosure annex|the manifold misconceived pedantries of bad regulation]] or internal [[policy|policy overreactions]] sustained in the aftermath of some collapse or other blunt trauma in the markets in times gone by. If you wonder why [[terms of business]] are such lengthy, irrational, illogical, random tracts, this is the reason. They are a graveyard for random matters of tedious compliance. Can’t we just shove something in the tobs? is a refrain the legal department will hear once a week. No matter how strong his heart or earnest his resolution, the poor fellow responsible for the TOBs will eventually lose the will to resist.<ref>You may detect the tang of personal experience here. I cannot deny it.</ref> | The second: matters of tedious internal compliance — be they accommodations of [[Prime brokerage disclosure annex|the manifold misconceived pedantries of bad regulation]] or internal [[policy|policy overreactions]] sustained in the aftermath of some collapse or other blunt trauma in the markets in times gone by. If you wonder why [[terms of business]] are such lengthy, irrational, illogical, random tracts, this is the reason. They are a graveyard for random matters of tedious compliance. Can’t we just shove something in the tobs? is a refrain the legal department will hear once a week. No matter how strong his heart or earnest his resolution, the poor fellow responsible for the TOBs will eventually lose the will to resist.<ref>You may detect the tang of personal experience here. I cannot deny it.</ref> | ||