- Effective termination of a repo (Lehman Brothers International (Europe) v Exxonmobil Financial Services)
- Original news
- What are the practical implications of this case
- What was this case about?
- Background to the case
- Why was there a dispute as to the validity of the DVN?
- What should a default notice include?
- Can notices be sent by email?
- When is 'close of business'?
- How can default market value be calculated?
- Why did LBIE contest EMFS's valuation of the securities?
- What should practitioners consider in light of this case?
- Case details
Banking & Finance analysis: A recent decision in the Lehmans insolvency discusses the construction of the termination provisions in the Global Master Repurchase Agreement (GMRA), how these provisions are effected in practice and how the securities should be valued
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