The Lehman Bankruptcy and Swap Lessons Learned Negotiating an ISDA Master Agreement in Today’s Market

Recent market events have caused many entities to examine their agreements regarding a variety of relationships they have with brokers and other trading counterparties.  Many over-the-counter derivative trades are documented using the form of Master Agreement of the International Swaps and Derivatives Association Inc. (ISDA), and therefore many entities have been paying particular attention to these ISDA Master Agreements and their related schedules and confirmations.  In a guest article, Thomas H. French and Jack I. Habert, Partner and Special Counsel, respectively, at Willkie Farr & Gallagher LLP, highlight certain provisions of the ISDA Master Agreement that have generated significant interest for counterparties as market conditions have changed in the wake of the Lehman bankruptcy.

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