Close out provisions in 2002 ISDA Master Agreement should not be construed like those in the 1992 version (Court of Appeal) | Practical Law

Close out provisions in 2002 ISDA Master Agreement should not be construed like those in the 1992 version (Court of Appeal) | Practical Law

In Lehman Brothers International (Europe), Joint Administrators Of v Lehman Brothers Finance SA [2013] EWCA Civ 188 (14 March 2013) the Court of Appeal has held that the close out provisions under the 2002 ISDA Master Agreement should be interpreted differently to those in the 1992 ISDA Master Agreement.

Close out provisions in 2002 ISDA Master Agreement should not be construed like those in the 1992 version (Court of Appeal)

by PLC Finance
Published on 21 Mar 2013 • England, Wales
In Lehman Brothers International (Europe), Joint Administrators Of v Lehman Brothers Finance SA [2013] EWCA Civ 188 (14 March 2013) the Court of Appeal has held that the close out provisions under the 2002 ISDA Master Agreement should be interpreted differently to those in the 1992 ISDA Master Agreement.