Promptly: Difference between revisions

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 ====Fund does not tell its broker ''at all''====
-=====1. The broker never finds out=====
+'''1. The broker never finds out''': The fund has breached its covenant, but its broker cannot know this, so is in no position to take any action. Hard cheese, broker!
-The fund has breached its covenant, but its broker cannot know this, so is in no position to take any action. Hard cheese, broker!
-=====2. The broker does find out=====
+'''2. The broker does find out''': The fund has breached its contract, its broker knows this but, precisely ''because'' the broker knows about it, no particular harm done. The broker is no worse of than had the fund told it, and cannot really suffer any loss as a result.
-The fund has breached its contract, its broker knows this but, precisely ''because'' the broker knows about it, no particular harm done. The broker is no worse of than had the fund told it, and cannot really suffer any loss as a result.
 ====Fund does not tell Party B ''at first====
-=====3. The broker has not found out ''yet''=====
+'''3. The broker has not found out ''yet''''': Same as 1: To paraphrase Terry, head cook at ''Fawlty Towers'', [[What the eye don’t see the chef gets away with|the eye is not seeing, so the chef is getting away with it]].
-Same as 1: To paraphrase Terry, head cook at ''Fawlty Towers'', [[What the eye don’t see the chef gets away with|the eye is not seeing, so the chef is getting away with it]].
-=====4. The broker funds out eventually====
+'''4. The broker funds out eventually''': Same as 2. By the time the broker finds out, the contract has both been breached ''and remedied'', so it is hard to see what action lies.
-Same as 2. By the time the broker finds out, the contract has both been breached ''and remedied'', so it is hard to see what action lies.
-“Immediately” might ''look'' severe, but it does have a handsome economy quite lacking from “[[as soon as reasonably practicable]]”. But not as much as “[[promptly]]”.
+“[[Immediately]]” might ''look'' severe, and it does have a handsome economy quite lacking from “[[as soon as reasonably practicable]]”. But not as much as “[[promptly]]”.
 {{sa}}