Commercially reasonable manner: recent jurisprudence on the much used qualifier
In over-the-counter financial instruments, phrases such as ‘commercially reasonable manner’ are often employed, sometimes with complete abandon, as a contractual check and balance or control exercise, but often at the cost of speed and certainty for the parties to the transaction.
The search for a universally applicable definition or test of what the term means is not possible because the meaning of the phrase has to be determined as a matter of construction of the particular agreement in its particular context.
However, the recent decision of the English Court of Appeal in Barclays Bank plc v Unicredit Bank AG & Anr at least provides some up-to-date judicial guidance on the phrase much used in the context of determinations made by parties to financial instruments…
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News from The Lawyer
Briefings from Macfarlanes
M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more
Macfarlanes has released its M&A Weekly Update for the period 27 June to 3 July 2014.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.