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Template:Isda 6(b)(iv) summ: Difference between revisions
→Repackaging SPVs
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===[[Repackaging programme|Repackaging SPV]]s=== | ===[[Repackaging programme|Repackaging SPV]]s=== | ||
I know, I know, I know | I know, I know, I know: to a thoroughbred [[ISDA ninja]], [[repackaging]] SPVs are non-canonical heretical fan fiction and we shouldn’t really even talk about them, but still: when perusing part 1 of a repack SPV’s schedule you may see statements like this: | ||
{{quote|If an {{{{{1}}}|Additional Termination Event}} occurs, an {{{{{1}}}|Early Termination Date}} for the {{isdaprov|Transaction}} will occur immediately. The references to “{{{{{1}}}|Additional Termination Event}}” in Section {{{{{1}}}|6(b)(iv)}} will be deleted.}} | {{quote|If an {{{{{1}}}|Additional Termination Event}} occurs, an {{{{{1}}}|Early Termination Date}} for the {{isdaprov|Transaction}} will occur immediately. The references to “{{{{{1}}}|Additional Termination Event}}” in Section {{{{{1}}}|6(b)(iv)}} will be deleted.}} | ||
This is just a tacit recognition that the swap in a [[repackaging]] structure is part of a greater whole, and there are people depending on it (viz., noteholders) and who care about it more than the actual counterparty to the swap (which is, after all, a mindless [[espievie]]), but who, by dint of their shadowy and anonymous existence as bearer noteholders, are in no position to ensure things happen promptly. So rather than leaving it for all this nonsense with designating notices, it just kicks off automatically, allowing the various slaves, drones and pleasurebots that attend to an espievie’s every need, to go about unwinding the note. | This is just a tacit recognition that the swap in a [[repackaging]] structure is part of a greater whole, and there are people depending on it (viz., noteholders) and who care about it more than the actual counterparty to the swap (which is, after all, a mindless [[espievie]]), but who, by dint of their shadowy and anonymous existence as bearer noteholders, are in no position to ensure things happen promptly. So rather than leaving it for all this nonsense with designating notices, it just kicks off automatically, allowing the various slaves, drones and pleasurebots that attend to an espievie’s every need, to go about unwinding the note. | ||