Template:Isda 1 summ: Difference between revisions

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 In a nutshell: DO NOT ADJUST THIS PROVISION. It does no-one any harm. How ''could'' it?
-...''Unless'' you are writing an {{isdama}} for a [[repackaging vehicle]] issuing segregated, secured, [[limited recourse]] obligations. In that case you — and here I am supposing that “you” are the [[inhouse legal eagle]] at the arranging bank, or someone advising her — will have multiple {{isdaprov|Transaction}}s ''nominally'' between the same two entities — your employer and the [[SPV]] — but economically being totally distinct, relating as they do to discrete ring-fenced “Series” issued by the [[SPV]] and you absolutely do ''not'' want these to form a [[single agreement]] with each other, or net, or do anything ostensibly desirable like that.
+...''Unless'' you are writing an {{isdama}} for a [[repackaging vehicle]] issuing segregated, secured, [[limited recourse]] obligations. In that case you — and here I am supposing that “you” are the [[inhouse legal eagle]] at the arranging bank, or someone advising her — will have multiple {{{{{1}}}|Transaction}}s ''nominally'' between the same two entities — your employer and the [[SPV]] — but economically being totally distinct, relating as they do to discrete ring-fenced “Series” issued by the [[SPV]] and you absolutely do ''not'' want these to form a [[single agreement]] with each other, or net, or do anything ostensibly desirable like that.
-Each {{isdaprov|Transaction}} (or ''set'' of {{isdaprov|Transaction}}s, if more than one {{isdaprov|Transaction}} attaches to a single Series) stands quite alone, should not be [[accelerated]], [[Cross default|cross-defaulted]], [[DUST - ISDA Provision|DUSTed]], closed out or heaven forbid [[Netting - ISDA Provision|netted]], just because some other {{isdaprov|Transaction}}, relating to another series, has gone [[Tetas arriba|''arriba'']]. Treat them as if each Series had its own distinct {{isdama}}, completely isolated, air-gapped and insulated against misadventure occurring in other {{isdama}}s the SPV has entered with you relating to other Series.<ref>Except as regards {{isdaprov|Bankruptcy}} of the SPV, but if you have structured your vehicle correctly, it won’t be able to go Bankrupt. And in any case the same bankruptcy event would be an independent Event of Default occurring under each discrete Master Agreement.</ref>
+Each {{{{{1}}}|Transaction}} (or ''set'' of {{{{{1}}}|Transaction}}s, if more than one {{{{{1}}}|Transaction}} attaches to a single Series) stands quite alone, should not be [[accelerated]], [[Cross default|cross-defaulted]], [[DUST - ISDA Provision|DUSTed]], closed out or heaven forbid [[Netting - ISDA Provision|netted]], just because some other {{{{{1}}}|Transaction}}, relating to another series, has gone [[Tetas arriba|''arriba'']]. Treat them as if each Series had its own distinct {{isdama}}, completely isolated, air-gapped and insulated against misadventure occurring in other {{isdama}}s the SPV has entered with you relating to other Series.<ref>Except as regards {{{{{1}}}|Bankruptcy}} of the [[SPV]], but if you have structured your vehicle correctly, it won’t be ''able'' to go bankrupt. And, in any case, the same bankruptcy event would be an independent Event of Default occurring under each discrete Master Agreement any way.</ref>