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Amendments - ISDA Provision: Difference between revisions
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{{isdaanat|9(b)}} | {{isdaanat|9(b)}} | ||
Three lookouts here. | |||
'''One''': according to her majesty’s judiciary, [[email]] ''does not count as an [[electronic messaging system]]''. Let your klaxons blare. It seems absurd at first glance — [[some|Jolly Contrarian]] would say it seems absurd having read the whole judgment in {{Casenote|Greenclose|National Westminster Bank plc}} — but there it is: that is the law of the land at the time of writing. | '''One''': according to her majesty’s judiciary, [[email]] ''does not count as an [[electronic messaging system]]''. Let your klaxons blare. It seems absurd at first glance — [[some|Jolly Contrarian]] would say it seems absurd having read the whole judgment in {{Casenote|Greenclose|National Westminster Bank plc}} — but there it is: that is the law of the land at the time of writing. | ||
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And as for [[waiver|waivers]] — especially when your [[credit department]] is in the thrall of setting [[NAV trigger|NAV triggers]] it doesn’t monitor and isn’t likely to to exercise — are a different story. | And as for [[waiver|waivers]] — especially when your [[credit department]] is in the thrall of setting [[NAV trigger|NAV triggers]] it doesn’t monitor and isn’t likely to to exercise — are a different story. | ||
'''Three''': Good luck reconciling the above with the {{isdaprov|Counterparts and Confirmations}} clause, which says, rightly, that the binding action on a {{isdaprov|Transaction}} is ''the moment the parties first agree it'' — that is, as likely as not, a phone call or Bloomberg chat, or in volume products, an electronic handshake between booking systems. Since a {{isdaprov|Transaction}} ''is'' a modification to the {{isdama}} the words above ring a bit hollow. | |||
{{Seealso}} | {{Seealso}} | ||
*{{Casenote|Greenclose|National Westminster Bank plc}}, on whether email is an electronic messaging system; | *{{Casenote|Greenclose|National Westminster Bank plc}}, on whether email is an electronic messaging system; | ||
*{{casenote|Rock Advertising Limited|MWB Business Exchange Centres Limited}} on whether one can [[orally]] [[amend]] a contract with a “[[no oral modification]]” clause | *{{casenote|Rock Advertising Limited|MWB Business Exchange Centres Limited}} on whether one can [[orally]] [[amend]] a contract with a “[[no oral modification]]” clause | ||
{{ISDA 2002 Section 9 TOC}} | |||