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

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

The importance of promptly sending required [[documents for delivery]] goes as follows:  

*By dint of Section {{{{{1}}}|4(a)}} you agree to [[furnish]] each other {{{{{1}}}|Specified Information}} set out in {{{{{1}}}|Part 3}} of the {{{{{1}}}|Schedule}}.

*By dint of Section {{{{{1}}}|5(a)(ii)}} if you ''don’t'' then that can be a {{{{{1}}}|Breach of Agreement}} {{{{{1}}}|Event of Default}} (Section {{{{{1}}}|5(a)(ii)}}). Be warned: you must pursue a tortured chain of nested [[double negative|double negatives]] and carefully parse the interplay between Sections {{{{{1}}}|4(a)}} and {{{{{1}}}|5(a)(ii)}} to grasp this, but it is true.

*But, Section {{{{{1}}}|5(a)(ii)}} imposes a ''thirty freaking day'' [[grace period]] following notice before a {{{{{1}}}|Breach of Agreement}} counts as an {{{{{1}}}|Event of Default}} allowing termination. (A {{{{{1}}}|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 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 {{{{{1}}}|5(a)(ii)}} {{{{{1}}}|Breach of Agreement}} to a full-blown {{{{{1}}}|Additional Termination Event}}. <br>