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

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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About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.