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Simon Salzedo QC from Brick Court Chambers, and Varoon Saccaram, Senior Consultant at EY, examine the recent Court of Appeal decision in Netherlands v Deutsche Bank AG [2019] EWCA Civ 771 which determined that an interest rate defined in the ISDA Master Agreement could not be negative. This decision illustrates a problem that has regularly arisen when a prose definition does not express all the possible outcomes with mathematical precision. A possible solution is for drafting teams to include logical or mathematical expertise to view matters from a different angle to that of the lawyers.
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