Derivatives · glossary
The bank's two roles: Agent and lender under the loan, and the other party to the swap. A notice or a waiver in one role does not count in the other, so the waiver letter needed a separate paragraph for the swap. Schedule, Part 5.1 · Chapter 2 · Chapter 8
Explained in Chapter 2, The Swap, Line by Line, of Derivatives.
The bank wears two hats: agent for the lenders under the loan, and party to the swap. Wearing the first hat, it cannot give away a right that belongs to the desk. So your firm added one paragraph to the lenders’ draft, in which the bank waives the swap default itself…Read Chapter 8, The First Winter: Events of Default, Cross Default and the Two Hats →
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