Section 2(a)(iii) of ISDA® Master Agreement considered again (High Court) | Practical Law

Section 2(a)(iii) of ISDA® Master Agreement considered again (High Court) | Practical Law

In Lehman Brothers Special Financing Inc v Carlton Communications Ltd [2011] EWHC 718 (Ch), the High Court has considered whether section 2(a)(iii) of the ISDA Master Agreement offends the anti-deprivation principle or the doctrine of penalty, and whether certain terms should be implied into the ISDA Master Agreement.

Section 2(a)(iii) of ISDA® Master Agreement considered again (High Court)

Practical Law UK Legal Update Case Report 6-505-5353 (Approx. 7 pages)

Section 2(a)(iii) of ISDA® Master Agreement considered again (High Court)

by PLC Finance
Published on 07 Apr 2011 • England, Wales
In Lehman Brothers Special Financing Inc v Carlton Communications Ltd [2011] EWHC 718 (Ch), the High Court has considered whether section 2(a)(iii) of the ISDA Master Agreement offends the anti-deprivation principle or the doctrine of penalty, and whether certain terms should be implied into the ISDA Master Agreement.
NOTE: this case was upheld by the Court of Appeal on 3 April 2012, see Legal update, Section 2(a)(iii) ISDA Master Agreement: Court of Appeal judgment on four appeals.