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ISDA incorporated through a confirmation
- Reed Smith LLP
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- United Kingdom
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- June 25 2010
In this case, the jurisdiction of the English Court was questioned where an unamended ISDA MA governed a number of transactions by way of reference in a long-form confirmation
US Bankruptcy Court limits ISDA counterparty rights upon a bankruptcy event of default
- Reed Smith LLP
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- USA
- -
- June 25 2010
In this US decision, the Bankruptcy Court held that the "safe harbour" protections of the US Bankruptcy Code only protect a non-defaulting party's right to liquidate, terminate or accelerate a swap, to offset and to net termination values and payment amounts and to foreclose on collateral, but do not permit the withholding of performance under a swap if the swap is not terminated
ISDA MA early termination provisions are not an unenforceable penalty
- Reed Smith LLP
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- United Kingdom
- -
- June 25 2010
In this case, the early termination procedures of the ISDA MA were challenged as being an unenforceable penalty because they are not true liquidated damages as the requirement to reference a market price (which will invariably fluctuate significantly) makes it impossible to accurately agree the value in advance
English court challenges traditional view of condition precedent in the ISDA MA
- Reed Smith LLP
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- United Kingdom
- -
- June 25 2010
Although not a key issue in this case, the judge provided a surprising challenge to the traditional view of the operation of the condition precedent contained in Section 2(a)(iii) of the ISDA MA
Modification of ISDA MA terms by oral agreement
- Reed Smith LLP
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- United Kingdom
- -
- June 25 2010
Under the terms of Section 9(b) of the ISDA MA, any amendment must be in writing
English court challenges traditional view of condition precedent in ISDA master agreement
- Reed Smith LLP
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- United Kingdom
- -
- February 15 2010
Users of the International Swaps and Derivatives Association ("ISDA") Master Agreement should be aware of the recent decision of the English High Court in Marine Trade -v- Pioneer Freight Futures on the effect of the "flawed-asset" conditional payment provision of Section 2(a)(iii) of the ISDA Master Agreement
Current Search
- Workarea - Litigation
- Firm Name - Reed Smith LLP
- Author - Siân C. Fellows