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welcome to the third in our autumn 2014 series of four short webcasts in which we take a bite some of the key themes emerging from the courts of the last 12 months in todays webcast Rose Prince a senior associate in our finance litigation team will be reviewing the latest developments in the case law with regard to is de master agreements hello this webcast will focus on two recent cases which clarify aspects of the is de master agreement the first case green close limited against national Westminster Bank PLC provides important clarification on notifications under the 1992 is the master agreement ii lehman brothers against Oppenheim provides clarification on the market quotation route for assessing loss in green clays the bank advanced a 15 million pound loan to its customer they also entered into a 5 million pound interest rate collar transaction as a hedge for part of the loan it was intended to protect green close against a rise in interest rates above 6 percent the hedge was a fi