Many counterparties are dealing with the impact of market volatility, unprecedented margin calls and the combined effects on their financial contracts, many of which are active master agreements executed years ago. It is important to check for terms like, “may” verses “shall”, applicable notice requirements and cure periods associated with default triggers and finally, the broad scope of cross default triggers. Stay proactive and if you are unsure about your rights, or ability to amend certain terms, consult with your counsel. During extreme volatility, the finance industry should consult with counsel early in the process rather than wait for suits to be filed.