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No event of default or potential event of default: Difference between revisions
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No event of default or potential event of default (view source)
Revision as of 10:08, 9 June 2020
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{{repanat|No default or potential event of default|[[File:Andrex.jpg|450px|thumb|center|Your [[No event of default or potential event of default - Representation|No Event of Default]] representation, yesterday]]}} | {{repanat|No default or potential event of default|[[File:Andrex.jpg|450px|thumb|center|Your [[No event of default or potential event of default - Representation|No Event of Default]] representation, yesterday]]}} | ||
Can you understand the rationale for this representation? Sure. | Can you understand the rationale for this representation? Sure. Does it do any practical good? | ||
No. | |||
A [[No event of default or potential event of default - Representation|No EOD rep]] is a classic [[loo paper rep]]: soft, durable, comfy, absorbent — super cute when a wee Labrador pub grabs one end of the streamer and charges round your Italian sunken garden with it — but as a [[credit mitigant]] or a genuine contractual protection, only good for wiping your | A [[No event of default or potential event of default - Representation|No EOD rep]] is a classic [[loo paper rep]]: soft, durable, comfy, absorbent — super cute when a wee Labrador pub grabs one end of the streamer and charges round your Italian sunken garden with it — but as a [[credit mitigant]] or a genuine contractual protection, only good for wiping your backside on. | ||
Bear in mind you are asking someone — on pain of them being found in [[Fundamental breach|fundamental breach of contract]] — to swear to you they are not already in [[fundamental breach]] of {{t|contract}}. Now, how much comfort can you genuinely draw from such promise? Wouldn't it be better if your [[credit]] team did some cursory [[due diligence]] to establish, independently of the say-so of the prisoner in question, whether there are grounds to suppose it might be in [[fundamental breach]] of {{t|contract}}? | Bear in mind you are asking someone — on pain of them being found in [[Fundamental breach|fundamental breach of contract]] — to swear to you they are not already in [[fundamental breach]] of {{t|contract}}. Now, how much comfort can you genuinely draw from such promise? Wouldn't it be better if your [[credit]] team did some cursory [[due diligence]] to establish, independently of the say-so of the prisoner in question, whether there are grounds to suppose it might be in [[fundamental breach]] of {{t|contract}}? | ||