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Amendments - ISDA Provision: Difference between revisions
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To be sure, most financial institutions have a military-industrial complex handling the negotiation of {{isdama}}s and other trading contracts, so a formal amendment is not likely to pass with copperplate script execution. But where the Agreement contains a manifest error, and the parties perform notwithstanding to the intended commercial bargain - who can say? | To be sure, most financial institutions have a military-industrial complex handling the negotiation of {{isdama}}s and other trading contracts, so a formal amendment is not likely to pass with copperplate script execution. But where the Agreement contains a manifest error, and the parties perform notwithstanding to the intended commercial bargain - who can say? | ||
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 — | 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 — by the lights of this clause you ''must'' formally confirm them in writing, which is a profound waste of everyone’s time. | ||
'''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. | '''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. | ||