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Swap termination costs recoverable from third party

  • White & Case LLP
  • -
  • United Kingdom
  • -
  • August 23 2010

In Parbulk AS v Kristen Marine SA, Aurele Trading Inco 2010 EWHC 900 (Comm), the High Court held that the costs of terminating a swap agreement were recoverable from the Defendants in circumstances where it was reasonably foreseeable that the Claimant would hedge its interest risk under a loan

ISDA terms incorporated through a confirmation

  • White & Case LLP
  • -
  • United Kingdom
  • -
  • July 20 2010

CALYON v Wytwornia Sprzetu Komunikacynego PZL Swidnik SA 2009 EWHC 1914 (Comm) involved an application by the defendant Wytwornia Sprzetu Komunikacynego PZL Swidnik SA ("PZL") for a declaration that the High Court had no jurisdiction to try a claim brought against it by CALYON in relation to a series of transactions governed by a substantially unamended form of the 1992 Master Agreement (Multicurrency Cross Border) (the "ISDA Master Agreement") referred to in a long-form confirmation (the "Confirmation"

Modification of ISDA master agreement terms by collateral oral agreement

  • White & Case LLP
  • -
  • United Kingdom
  • -
  • July 20 2010

In AS Klaveness Chartering v Pioneer Freight Futures Co., Ltd, Pioneer Metals Co., Ltd 2009 EWHC 3386 (Comm), the High Court considered a claim by AS Klaveness Chartering (“Klaveness”) for sums said to be due under a series of forward freight contracts entered into between it and Pioneer Freight Futures (“PFF”) which were guaranteed by Pioneer Metals Ltd (“PM”

Accurate notification is key to retaining credit protection

  • White & Case LLP
  • -
  • USA
  • -
  • May 27 2010

The recent decision in DKR Soundshore Oasis Holding v Merrill Lynch International is a timely reminder to market participants that one must strictly comply with the prescribed conditions to settlement contained in the 2003 ISDA Credit Derivatives Definitions (the "ISDA Definitions") before a protection seller will be contractually obliged to pay a physical settlement amount or cash settlement amount, as applicable, to a protection buyer under a credit derivative transaction

Significant High Court rulings and their impact on ISDA term agreements

  • White & Case LLP
  • -
  • United Kingdom
  • -
  • July 29 2010

There have been two recent rulings in the High Court in London, both of which impact on the way ISDA agreement terms can be modified and how the confirmation of terms should be made

ISDA master agreement choice of English jurisdiction upheld

  • White & Case LLP
  • -
  • United Kingdom
  • -
  • August 6 2010

In the recent case of Berliner Verkehrsbetriebe (BVG) Anstalt Des Offentlichen Rechts v JP Morgan Chase Bank N.A., JP Morgan Securities Limited 2010 EWCA Civ 309, Berliner (a German public body) had entered into a credit default swap with JPMorgan