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Event of default: Difference between revisions
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Sometimes known as an [[enforcement event]], an [[event of default]] is an action a counterparty takes which justifies the innocent party from terminating the contract, [[close out|closing out]] open transactions, and raining down fiery hell on the wronger and its affiliates, directors, officers, employees, agents and delegates. | Sometimes known as an [[enforcement event]], an [[event of default]] is an action a counterparty takes which justifies the innocent party from terminating the contract, [[close out|closing out]] open transactions, and raining down fiery hell on the wronger and its affiliates, directors, officers, employees, agents and delegates. | ||
===Under the [[master agreements|master trading agreements]]=== | |||
There is specific idiosyncratic lore attaching to the events of default under differing market standard master agreements, so go with alacrity to: | There is specific idiosyncratic lore attaching to the events of default under differing market standard master agreements, so go with alacrity to: | ||
*{{isdaprov|Event of Default}} | *'''{{isdama}}''': {{isdaprov|Event of Default}} | ||
*'''{{gmsla}}''': {{gmslaprov|Event of Default}} | |||
*'''{{gmra}}''': {{gmraprov|Event of Default}} | |||
Not to be, although easily, confused with: | Not to be, although easily, confused with: | ||
*{{isdaprov|Termination Events}} ({{isdama}}) | *{{isdaprov|Termination Events}} ({{isdama}}) | ||