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Surely Party A needs ''some'' time to collect itself, canter back to the office, fish out its Rolodex, find Party A’s number, clear its throat, wait for Party A to pick up the line and exchange some pleasantries before imparting this vital news. If so, you might ask yourself just how different that sense of “[[immediately]]” is to “[[as soon as reasonably practicable]]”. ''Not very'', is your correspondent’s opinion. | Surely Party A needs ''some'' time to collect itself, canter back to the office, fish out its Rolodex, find Party A’s number, clear its throat, wait for Party A to pick up the line and exchange some pleasantries before imparting this vital news. If so, you might ask yourself just how different that sense of “[[immediately]]” is to “[[as soon as reasonably practicable]]”. ''Not very'', is your correspondent’s opinion. | ||
In any case, even where Party B is gagging to [[close out]] this poor fund, unless it is possessed of some unnatural intelligence as to the fund’s internal workings, the covenant is [[Practical|practically]] unenforceable in any case. Here are the possible scenarios after Party A changes its investment policy: | In any case, even where Party B is gagging to [[close out]] this poor fund, unless it is possessed of some unnatural intelligence as to the fund’s internal workings — and, when it comes down to it, even then — the [[covenant]] is [[Practical|practically]] unenforceable in any case. Here are the possible scenarios after Party A changes its investment policy: | ||
#'''Party A does not tell Party B ''at all''. Party B is oblivious to the change''': Party A has breached its covenant, but Party B cannot know this, so is in no position to take any action. Hard cheese, Party B! | #'''Party A does not tell Party B ''at all''. Party B is oblivious to the change''': Party A has breached its covenant, but Party B cannot know this, so is in no position to take any action. Hard cheese, Party B! | ||
#'''Party A does not tell Party B ''at all''. Somehow, Party B finds out anyway''': Party A has breached its contract, Party B knows this but, precisely ''because'' Party B knows about it, Party B is no worse of than had Party A told it, and cannot really suffer any loss as a result. | #'''Party A does not tell Party B ''at all''. Somehow, Party B finds out anyway''': Party A has breached its contract, Party B knows this but, precisely ''because'' Party B knows about it, Party B is no worse of than had Party A told it, and cannot really suffer any loss as a result. | ||