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Examples
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As far as I know, no American futures or options clearinghouse has failed, and no clearinghouse member default has threatened the capital of nondefaulting members.
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The judge further ruled that the benefits of the clause in question should remain in place until the scheduled maturity of the swap, and the nondefaulting counterparty's obligations would expire at that point so long as the defaulting counterparty hadn't cured its position.
Lehman Loses U.K. Swaps Ruling Katy Burne 2010
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It focused on a section of the ISDA master agreement that allows a nondefaulting counterparty on a swap to withhold payments from a counterparty that is either already in default, as was the case with LBIE, or one that could potentially be in default.
Lehman Loses U.K. Swaps Ruling Katy Burne 2010
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