Template:M summ 2018 CSD 13(h): Difference between revisions

Template:M summ 2018 CSD 13(h) (view source)

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 With this provision it looks like the ’squad got to the point of maximum disarray, with all rocks upturned and slaters, bugs and cockroaches scuttling everywhere, and it just had a tantrum and stormed off. These provisions don’t even make ''sense''. They are not even ''grammatical''.
+===What were they ''trying'' to achieve? go figure.===
+God only knows what they thought they were trying to achieve. Whatever remote objective they had as a goal, and whatever contingencies were dogging the ’squad’s fevered subconsious as they trudged, in formation, through the moist, dengue-infested swamps of of this drafting exercise — and there is some talk that there may have been skirmishes with pockets of rogue buyside advisors to distract them as they went waded through the hip-high sludge —  what is left to posterity is a confused, gibbering disaster.
+===What did they ''need'' to achieve? Straightforward===
+All this provision does is describe when a {{imcsdprov|Secured Party}} can actually take the initial margin the {{imcsdprov|Custodian (IM)}} is holding for it. You should not be surprised to hear this should be, more or less, ''when the Chargor has defaulted'' — and, really, the control of secured collateral held under {{imcsdprov|Control Agreement}} would ordinarily be most suitably dealt ''by that {{imcsdprov|Control Agreement}}''. The clue is, surely, in the name?
+But that would be too easy and not nearly circuitous enough. How are you meant to keep armies of legal eagles employed if it is as straightforward as that?
-God only knows what they thought they were trying to achieve. Whatever remote objective they had as a goal, and whatever contingencies were dogging the ’squad’s fevered subconsious as they trudged, in formation, through the moist, dengue-infested swamps of of this drafting exercise — and there is some talk that there may have been skirmishes with pockets of rogue buyside advisors to distract them as they went waded through the hip-high sludge —  what is left to posterity is a confused, gibbering disaster.
+So {{isda}} confused everything by adding a whole new range of “{{imcsdprov|Access Conditions}}” — just in case these are different from actually executed close out (why would they be?), and then confabulating, half-heartedly, all kinds of different triggers for this access.