Clifford Chance
Payments due following swap close-out
16 March 2016
The English Court of Appeal has decided that the provision of reasonable details showing the calculation of the sum due on the early termination of transactions subject to the ISDA Master Agreement is not a pre-requisite to the sum becoming payable. All that is required is the correct figure. Similarly, the right to payment does not depend upon those details being provided within a reasonable time.
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