ISDA clause not a penalty
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The early termination provisions in an International Swap Dealers Association (ISDA) master agreement were held not to be a penalty, which would have made them unenforceable. In BNP Paribas v Wockhardt [2009] EWHC 3116 (Comm) the defendants had defaulted under the terms of the master agreement. That allowed the bank to designate an early termination […]