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Template:Isda 2(a)(iii) summ: Difference between revisions
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===Does not apply to {{isdaprov|Termination Events}}=== | |||
Since most {{isdama}}s that reach the life support machinery in an ICU get there by dint of a Failure to Pay or Bankruptcy this does not really, in point of fact, amount to much, but it is worth pointing out that while an Event of Default — and even an event that is not yet but with the passing of time might ''become'' an Event of Default — can trigger a 2(a)(iii) suspension, a Termination Event — even a catastrophic one like an {{isdaprov|Additional Termination Event}} (a [[NAV trigger]], [[Key person clause|key person event]] or some such — cannot. This might rile and unnerve [[credit officer]]s, be nature an easily perturbed lot, but given our arguments below for what a total shitshow the whole 2(a)(iii) thing is, more equable personalities will consider this a good thing. | |||
===No notice of suspension required=== | ===No notice of suspension required=== | ||
Leaving for a few moments the question of ''when'' one would ever need, let alone want to invoke Section {{{{{1}}}|2(a)(iii)}} other than in the strangest of days, let’s consider the mechanics. | Leaving for a few moments the question of ''when'' one would ever need, let alone want to invoke Section {{{{{1}}}|2(a)(iii)}} other than in the strangest of days, let’s consider the mechanics. | ||