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Termination of course of dealings by notice - OSLA Provision: Difference between revisions
Termination of course of dealings by notice - OSLA Provision (view source)
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{{oslaanat|15}}What on earth, you might muse, is a “course of dealings”? According to [BusinessDictionary.com www.businessdictionary.com], it is “a pattern of normal business conduct between two parties. It is established over a period involving several {{oslaprov|transactions}}, and may be used as a reliable indicator of how they intend to deal in the future.” | {{oslaanat|15}}What on earth, you might muse, is a “course of dealings”? According to [BusinessDictionary.com www.businessdictionary.com], it is “a pattern of normal business conduct between two parties. It is established over a period involving several {{oslaprov|transactions}}, and may be used as a reliable indicator of how they intend to deal in the future.” | ||
In any weather, it adds nothing but heft to this clause. This is a standard termination on notice clause for the {{osla}} itself, but doesn’t cut across the terms — and in particular, any stipulated ''[[term]]'' for any loan, which will be set out in a {{oslaprov|Borrowing Request}}<ref>Curiously, the [[OSLA]] doesn’t define a “{{oslaprov|loan}}” as such, but rather refers to the terms, accepted by the {{oslaprov|Lender}}, of a {{oslaprov|Borrowing Request}}. This is [[The farmer and the sheep|counting-sheep-legs-and-dividing-by-four]] behaviour, [[calculated]] to discombobulate non-specialists and keep them away. They made a much better fist of it in the {{tag|GMSLA}}. | In any weather, it adds nothing but heft to this clause. This is a standard termination on notice clause for the {{osla}} itself, but doesn’t cut across the terms — and in particular, any stipulated ''[[term]]'' for any loan, which will be set out in a {{oslaprov|Borrowing Request}}<ref>Curiously, the [[OSLA]] doesn’t define a “{{oslaprov|loan}}” as such, but rather refers to the terms, accepted by the {{oslaprov|Lender}}, of a {{oslaprov|Borrowing Request}}. This is [[The farmer and the sheep|counting-sheep-legs-and-dividing-by-four]] behaviour, [[calculated]] to discombobulate non-specialists and keep them away.</ref> They made a much better fist of it in the {{tag|GMSLA}}. | ||
So before you can use this clause, you must validly terminate each loan under the terms of its {{oslaprov|Borrowing Request}}. | So before you can use this clause, you must validly terminate each loan under the terms of its {{oslaprov|Borrowing Request}}. | ||
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===Clause comparison with {{isdama}}=== | ===Clause comparison with {{isdama}}=== | ||
By way of ''further'' comparison, the {{isdama}} doesn’t have a general termination right of this sort ''at all''. You can ''only'' terminate {{isdaprov|Transactions}}, not the master agreement construct which sits around them itself. It is an immortal husk. This is to do with paranoid fears about the efficacy of the ISDA’s sainted [[close-out netting]] terms — meh; maybe — but I like to think it has unleashed on the world an army of wight-walker zombie ISDAs, doomed to roam the earth until the [[Omega|day of judgment]], apropos nothing but there, undead, and ready to animate and rally to the banner of Sauron, Beelzebub, [[Lehman Brothers]] etc., should they be reincarnated, to rain apocalyptic hell on the armies of men. | By way of ''further'' comparison, the {{isdama}} doesn’t have a general termination right of this sort ''at all''. You can ''only'' terminate {{isdaprov|Transactions}}, not the master agreement construct which sits around them itself. It is an immortal husk. This is to do with paranoid fears about the efficacy of the ISDA’s sainted [[close-out netting]] terms — meh; maybe — but I like to think it has unleashed on the world an army of wight-walker zombie ISDAs, doomed to roam the earth until the [[Omega|day of judgment]], apropos nothing but there, undead, and ready to animate and rally to the banner of Sauron, Beelzebub, [[Lehman Brothers]] etc., should they be reincarnated, to rain apocalyptic hell on the armies of men. | ||
{{sa}} | |||
*The [[Apocalypse]] | |||
{{ref}} | |||