ISDA Master Agreements: New guidance on when an Event of Default is 'continuing'

Members of our Litigation and Derivatives teams have written an article discussing the impact of the judgment in Grant & Ors v FR Acquisitions Corporation and (Europe) Ltd & JFV Firth Rixson Inc [2022] EWHC 2532 (Ch) which offers important new guidance on when an Event of Default is ‘continuing’ under both the 1992 and 2002 versions of the ISDA Master Agreement. The High Court held that Events of Default under the 1992 and 2002 versions of the ISDA Master Agreement were no longer ‘continuing’ and therefore the non-defaulting parties’ obligations under those agreements were no longer suspended.

To read the full article click here.