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Template:M summ 2018 CSD 13(h): Difference between revisions
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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''. | 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.=== | ===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 | 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 subconscious 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 counsel|buy-side 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=== | ===What did they ''need'' to achieve? Straightforward=== | ||
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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. | 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. | ||
For those who don’t trust {{imcsdprov|Control Agreement}}s to do what they say on the tin, consider this kind of wording: | |||
{{quote|“'''{{imcsdprov|Secured Party Rights Event}}'''” means that, following the occurrence or designation of an {{isdaprov|Early Termination Date}} with respect to all outstanding {{isdaprov|Transaction}}s, an {{isdaprov|Early Termination Amount}} payable by the {{imcsdprov|Chargor}} has been determined and notified to the {{imcsdprov|Chargor}} under Section {{isdaprov|6(d)}}, and the Chargor has not paid it in full when due under Section {{isdaprov|6(d)(ii)}}.}} | |||