The English courts will adopt a commercial approach to resolving contract disputes where traded instruments are involved, as shown by a recent English case involving commercial contracts of particular interest to the CLO...more
While English courts have wide powers to give guidance to trustees, they’re generally reluctant to exercise their discretionary jurisdiction to make a declaration unless there’s a real dilemma requiring their...more
English courts are willing to uphold no-action clauses, which are commonly found in transactions involving a trustee structure, and will not be easily persuaded by noteholders that such note issuance clauses can be...more
In Part 8 proceedings in Citibank, N.A., London Branch v Oceanwood Opportunities Master Fund, the English High Court grappled with an Indenture governed by New York law and an Intercreditor Agreement (ICA) governed by English...more
In yet another case to come out of the Lehman insolvency, the English High Court had to consider Section 6(e) of the 2002 ISDA Master Agreement: Lehman Brothers Special Financing Inc. –v- National Power Corporation. The case...more