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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 | 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=== | ||
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? | 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 | But that would be too easy and not nearly circuitous enough. How are you meant to keep armies of [[legal eagle]]s employed if it is as straightforward as that? | ||
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 events (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: | 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)}}.}} | {{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 {{imcsdprov|Chargor}} has not paid it in full when due under Section {{isdaprov|6(d)(ii)}}.}} | ||