Close-out provisions under the 2002 Master: You still want to be the determining party

The recent high court judgment in Lehman Brothers Special Financing Inc v National Power Corporation and another [2018] EWHC 487 (Comm) considered a contested Close-out Amount determination under the 2002 ISDA Master Agreement. The judgment which contrasted key aspects of the Close-out Amount definition with Loss under the 1992 ISDA Master Agreement draws some significant distinctions between the two but also points to several common themes that are emerging from valuation disputes.

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Filed Under: JIBFL

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