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Metavante and ISDA Master Agreement: BVI Perspective
  • British Virgin Islands
  • 28 October 2009

The judge responsible for the Lehman bankruptcy proceedings recently held that Metavante Corporation could not rely on Section 2(a)(iii) of the International Swaps and Derivatives Association Master Agreement to suspend payments. Historically, a BVI court would uphold the contractual provisions of Sections 2(a)(iii) and 6(a) on the occurrence of a Section 5(a)(vii) bankruptcy event in respect of a BVI counterparty.

Colin Riegels
Harneys
  • Tortola
  • British Virgin Islands