UK Court Holds Non-defaulting Party to ISDA Master Agreement Can Withhold Net Payments and Is Not Obliged to Terminate

The attached Cleary Gottlieb Alert Memo summarizes a recent UK High Court decision that non-defaulting parties are entitled under an ISDA Master Agreement to withhold net payments under Section 2(a)(iii) and are not obliged to designate an Early Termination Date.

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