Template:2(a)(iii) case table

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Case	Date	Judge	Issue	And?	Status
Enron v TXU	2003	NSW Supreme Court	If you suspend under 2(a)(iii) do you eventually have to close out or can you just sit there indefinitely?	You can just sit there for ever.	After global financial crisis this has become less and less popular with regulators, and is often amended (Wait Period) but it is still law.
Marine Trade v Pioneer	2009	Flaux J (High Court)	1. Can you net under Section 2(a) if there is an ongoing Event of Default? 2. (Obiter) If the Event of Default ceases, do payment obligations resume?	1. No, because the payment is not presently due. 2. No. The obligation is effectively extinguished.	1. Correct. 2. Overruled by Lomas v Firth Rixson.
Pioneer v Cosco	2011	Flaux J (High Court)	If the Event of Default ceases, do payment obligations resume?	No. The obligation is effectively extinguished.	Reversed on appeal (in Lomas v Firth Rixson)
Lomas v Firth Rixson	2012	Longmore LJ (Court of Appeal)	If the Event of Default ceases, do payment obligations resume?	Yes. The obligation is suspended, not extinguished.	Good law.
Pioneer v TMT
Metavante v Lehman