Template:Specified Information and Breach of Agreement: Difference between revisions

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==== Not providing {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ====
==== Not providing {{isdaprov|documents for delivery}} is an {{isdaprov|Event of Default}} ... ''eventually'' ====


The importance of promptly furnishing<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows:  
The importance of promptly [[furnishing]]<ref>Sigh. ''Sending''. </ref> the [[documents for delivery]] goes as follows:  
*By dint of Section {{isdaprov|4(a)}} you agree to furnish each other {{isdaprov|Specified Information}} set out in {{isdaprov|Part 3}} of the {{isdaprov|Schedule}}.
*By dint of Section {{isdaprov|4(a)}} you agree to [[furnish]] each other {{isdaprov|Specified Information}} set out in {{isdaprov|Part 3}} of the {{isdaprov|Schedule}}.
*By dint of Section {{isdaprov|5(a)(ii)}} if you ''don’t'' then that can be a {{isdaprov|Breach of Agreement}} {{isdaprov|Event of Default}} under Section {{isdaprov|5(a)(ii)}}. (Note you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parsing of interplay between Sections {{isdaprov|4(a)}} and {{isdaprov|5(a)(ii)}} to grasp this.)
*By dint of Section {{isdaprov|5(a)(ii)}} if you ''don’t'' then that can be a {{isdaprov|Breach of Agreement}} {{isdaprov|Event of Default}} (Section {{isdaprov|5(a)(ii)}}). Be warned: you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parse the interplay between Sections {{isdaprov|4(a)}} and {{isdaprov|5(a)(ii)}} to grasp this, but it is true.
*However, there is a ''thirty day'' [[grace period]] following notice before a {{isdaprov|Breach of Agreement}} is an official {{isdaprov|Event of Default}}. (A {{isdaprov|Failure to Pay or Deliver}} is excluded from that definition, by the way, because it has its own [[EOD]] with a much tighter [[grace period]]).
*But, Section {{isdaprov|5(a)(ii)}} imposes a ''thirty freaking day'' [[grace period]] following notice before a {{isdaprov|Breach of Agreement}} counts as an {{isdaprov|Event of Default}} allowing termination. (A {{isdaprov|Failure to Pay or Deliver}} is excluded from that definition, by the way, because it has its own [[EOD]] with a much tighter [[grace period]]).
*So if you need that document urgently and can’t wait a month for it (it might not if you are a [[credit officer]] and it is a monthly [[NAV]] statement, for example) then you must upgrade failure to “furnish” this agreement to an {{isdaprov|Additional Termination Event}}.
*So if you need a document “furnished” urgently and can’t wait a month for it (you might not, if you are a [[credit officer]] and it is a monthly [[NAV]] statement, for example) then you must upgrade a simple {{isdaprov|5(a)(ii)}} {{isdaprov|Breach of Agreement}} to a full-blown {{isdaprov|Additional Termination Event}}.

Revision as of 14:23, 24 October 2017

Not providing documents for delivery is an Event of Default ... eventually

The importance of promptly furnishing[1] the documents for delivery goes as follows:

  1. Sigh. Sending.