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Fish or cut bait: Difference between revisions
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To carry on the rugby {{t|metaphor}}, when you have a good maul going forward, but momentum stalls and it looks like someone might have their hands on your ball, you might call “[[fish or cut bait]]!” to stop an untriggered [[termination event]] hovering indefinitely over you and freaking your out your investors. | To carry on the rugby {{t|metaphor}}, when you have a good maul going forward, but momentum stalls and it looks like someone might have their hands on your ball, you might call “[[fish or cut bait]]!” to stop an untriggered [[termination event]] hovering indefinitely over you and freaking your out your investors. | ||
Let’s say you’ve had a wonky month — [[Coronavirus]], right? —and there’s been a marked drawdown on your [[assets under management|AUM]] — so much so that you have blown through [[NAV trigger]] you were forced into when you were a two-person start-up above a shoe-shop in Camden. | Let’s say you’ve had a wonky month — [[Coronavirus]], right? —and there’s been a marked drawdown on your [[assets under management|AUM]] — so much so that you have blown through that preposterous [[NAV trigger]] you were forced into when you were a two-person start-up above a shoe-shop in Camden. | ||
Suddenly, out of nowhere, your [[broker]] | Suddenly, out of nowhere, your [[broker]] has a gun to your head, but apparently not much better an idea than you do what to ''do'' about it. {{sex|She}} keeps muttering nervously and changing the subject whenever you mention it. | ||
Now you ''could'' ask for a [[NAV trigger]] ''waiver'',<ref>And you should: this will start a petulant war between the broker’s legal and credit teams about whose job it is to prepare and send it.</ref> but the moment you blow through an [[ATE]] never feels like the ''best'' time to crave your broker’s indulgence. It would be much better had you sorted this out back in the day, when you were negotiating docs: the weather was fair, the wind filled your sail, the [[sales]]guy was frisky, and all was well in the world. | Now you ''could'' ask for a [[NAV trigger]] ''waiver'',<ref>And you should: this will start a petulant war between the broker’s legal and credit teams about whose job it is to prepare and send it.</ref> but the moment you blow through an [[ATE]] never feels like the ''best'' time to crave your broker’s indulgence. It would be much better had you sorted this out back in the day, when you were negotiating docs: the weather was fair, the wind filled your sail, the [[sales]]guy was frisky, and all was well in the world. | ||