Template:Isda Defaulting Party and Affected Party summ: Difference between revisions

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Template:Isda Defaulting Party and Affected Party summ (view source)

Revision as of 19:24, 6 January 2024

2,139 bytes removed ,  6 January
Replaced content with "====Defaulting Party==== {{isda Defaulting Party summ|{{{1}}}}} ====Non-defaulting Party==== {{isda Non-defaulting Party summ|{{{1}}}}} ====Affected Party and Non-Affected Party==== {{isda Affected Party summ|{{{1}}}}}"
(Created page with "====Defaulting Party==== {{subst:M summ 2002 ISDA Defaulting Party}} ====Non-defaulting Party==== {{subst:M summ 2002 ISDA Non-defaulting Party}} ====Affected Party and Non-Affected Party==== {{subst:M summ 2002 ISDA Affected Party}}")
 
(Replaced content with "====Defaulting Party==== {{isda Defaulting Party summ|{{{1}}}}} ====Non-defaulting Party==== {{isda Non-defaulting Party summ|{{{1}}}}} ====Affected Party and Non-Affected Party==== {{isda Affected Party summ|{{{1}}}}}")
Tag: Replaced
 
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====Defaulting Party====
====Defaulting Party====
The key thing to notice here is that — in an uncharacteristically rather neat, understated bit of drafting — Defaulting Party encapsulates a party who has itself defaulted, or whose {{isdaprov|Credit Support Provider}} or {{isdaprov|Specified Entity}} has committed an act which amounts to an {{isdaprov|Event of Default}} for that counterparty to this {{isdama}}. I know, I know, this doesn’t seem that big of a deal: this sort of thing that should be plain, obvious and go without saying — but it saves you a job when, in your peregrinations round the party’s {{isdaprov|Confirmation}}, you come to talk of pending {{isdaprov|Events of Default}} and {{isdaprov|Termination Event}}s agaisnt that party.
{{isda Defaulting Party summ|{{{1}}}}}
 
Instead of saying, laboriously, i“f there is an {{isdaprov|Event of Default}} or {{isdaprov|Termination Event}} [[with respect to]] a party or its {{isdaprov|Credit Support Provider}}s or {{isdaprov|Specified Entities}}, [[as the case may be]]” you can speak of a {{isdaprov|Defaulting Party}} or an {{isdaprov|Affected Party}}.
 
Of course, it would be nice if there was a catch all for a party who has committed an {{isdaprov|Event of Default}} ''or'' suffered a {{isdaprov|Termination Event}}, so you didn’t need to go “{{isdaprov|Defaulting Party}} or {{isdaprov|Affected Party}}, [[as the case may be]]” — cheekily we suggest “{{isdaprov|Innocent Party}}” and “{{isdaprov|Implicated Party}}” (“Guilty Party”, though fun, isn’t quite right, seeing as {{isdaprov|Termination Event}}s aren’t meant to impute any kind of culpability).
====Non-defaulting Party====
====Non-defaulting Party====
To be compared with - well, {{isdaprov|Defaulting Party}}. Of all things. And {{isdaprov|Non-affected Party}}, as well. The difference between a {{isdaprov|Non-defaulting Party}} and a {{isdaprov|Non-affected Party}}, and the linguistic torture that distinction as inflicted on the race of ISDA lawyers ever since, says everything you need to know about the absurdity of modern commercial law.
{{isda Non-defaulting Party summ|{{{1}}}}}
 
*''Do say'': “the {{isdaprov|Non-defaulting Party}} or {{isdaprov|the non-Affected Party}}, as the case may be” over and over again.
*''Don’t say'': “Is there really no other way you could get across this concept, for crying out loud?”
====Affected Party and Non-Affected Party====
====Affected Party and Non-Affected Party====
{{isda Affected Party summ|isdaprov}}
{{isda Affected Party summ|{{{1}}}}}
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