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Template:Isda 3(d) summ: Difference between revisions
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The fabulous Section {{{{{1}}}|3(d)}} representation, giving one’s counterparty the right to [[close out]] should any so-designated [[representations]] turn out not to be true. This is sure to occupy an inordinate amount of your [[negotiation]] time — in that it occupies any time at all — because you are as likely to be hit in the face by a live flying starfish in the driest part of the Gobi Desert as you are to close out an {{isdama}} because your counterparty is late in preparing its annual accounts. [[Disclaimer|But that’s a personal view and you may not rely on it.]] | The fabulous Section {{{{{1}}}|3(d)}} representation, giving one’s counterparty the right to [[close out]] should any so-designated [[representations]] turn out not to be true. This is sure to occupy an inordinate amount of your [[negotiation]] time — in that it occupies any time at all — because you are as likely to be hit in the face by a live flying starfish in the driest part of the Gobi Desert as you are to close out an {{isdama}} because your counterparty is late in preparing its annual accounts. [[Disclaimer|But that’s a personal view and you may not rely on it.]] | ||
The {{{{{1}}}|3(d)}} representation, in the {{isdaprov|documents for delivery}} table in the {{isdaprov|Schedule}}, therefore covers only the ''accuracy and completeness'' of {{{{{1}}}|Specified Information}} and not (for example) whether {{{{{1}}}|Specified Information}} is delivered ''at all''. For that, see Section {{{{{1}}}|4(a)}} - {{{{{1}}}|Furnish Specified Information}}. | |||
===What’s that Section {{{{{1}}}|3(d)}} [[representation]] malarkey?=== | ===What’s that Section {{{{{1}}}|3(d)}} [[representation]] malarkey?=== | ||