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Template:M summ 2002 ISDA 5(c): Difference between revisions
→Non-repudiatory {{isdaprov|Breach of Agreement}}
Amwelladmin (talk | contribs) Tag: Reverted |
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Why? Well, firstly, this is about {{isdaprov|Events of Default}} that are ''directly caused by'' an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure}}, not simply ones which are coincidental with them. That being said, disciples of [[David Hume]] will appreciate that causal relations are not always perfectly clear, a spurious [[correlation]] can resemble [[causation]], so there is inevitably scope for a mischievous defaulter to create confusion and angst here. Recognising this, {{icds}} inserted some language which, in a world governed unstintingly by cold economic logic, would be redundant, but may help to put [[Credit department|easily riled minds]] at rest here. | Why? Well, firstly, this is about {{isdaprov|Events of Default}} that are ''directly caused by'' an {{isdaprov|Illegality}} or {{isdaprov|Force Majeure}}, not simply ones which are coincidental with them. That being said, disciples of [[David Hume]] will appreciate that causal relations are not always perfectly clear, a spurious [[correlation]] can resemble [[causation]], so there is inevitably scope for a mischievous defaulter to create confusion and angst here. Recognising this, {{icds}} inserted some language which, in a world governed unstintingly by cold economic logic, would be redundant, but may help to put [[Credit department|easily riled minds]] at rest here. | ||
Secondly, if you have actually ''[[Repudiation|repudiated]]'' your contract — that is to say, point-blank ''refused'' to perform its clear terms — and, by lucky hap, your [[repudiation]] coincides with an {{isdaprov|Illegality}} or a | Secondly, if you have actually ''[[Repudiation|repudiated]]'' your contract — that is to say, point-blank ''refused'' to perform its clear terms — and, by lucky hap, your [[repudiation]] coincides with an {{isdaprov|Illegality}} or a {{isdaprov|Force Majeure}} by which you couldn’t perform it even if you wanted to, then your counterparty should not be obliged to give you the benefit of the doubt and have to close you out via the more genteel route of an {{isdaprov|Illegality}} {{isdaprov|Termination Event}}. | ||
If you’ve thrown your toys out of the pram, expected to be spanked, that is to say.<ref>It ought to go without saying that the [[Jolly Contrarian]] does not condone corporal punishment to wanton boys, although it never did him any harm.</ref> | If you’ve thrown your toys out of the pram, expected to be spanked, that is to say.<ref>It ought to go without saying that the [[Jolly Contrarian]] does not condone corporal punishment to wanton boys, although it never did him any harm.</ref> | ||