The Law Dictionary

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CHERRY PICK Definition & Legal Meaning

Definition & Citations:

A process where a RECEIVER or administrator in a BANKRUPTCY case attempts to have the court honor DERIVATIVE contracts (and/or REPURCHASE AGREEMENTS) that benefit the COUNTERPARTY in DEFAULT, while disallowing those that harm it. When a MASTER AGREEMENT is used to document the transactions and the legal jurisdiction recognizes the concept of NETTING, cherry picking cannot occur.


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