Derivatives · glossary
The rule in clause 2.4 that a party need not pay while the other side is in default, or about to be. The payment is postponed, not cancelled, as Lomas v Firth Rixson (2012) held. In the first winter the bank could have held back €62,500, and paid anyway. Clause 2.4 · Chapter 7
Explained in Chapter 7, Payments, Netting and the Calendar, of Derivatives.
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