Court confirms it is reasonable for banks to look out for themselves
The English Court of Appeal has confirmed a High Court decision that a bank does not need to take into account the interests of a contractual counterparty when exercising its discretion on a ‘commercially reasonable’ basis. The use of such a term did require the bank to act in an objectively reasonable manner, but it was fully entitled to put its own interests ahead of those of the counterparty.
In Barclays v Unicredit, Barclays’ refusal to give consent to an early termination of loan securitisation unless it received five years’ fees was upheld to be ‘commercially reasonable’…
Click on the link below to read the rest of the Hogan Lovells briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
The decision of the US Court of Appeals has raised questions about how issuers should present their disclosures on conflict minerals under Exchange Act Rule 13p-1 and Form SD.
An interesting judgment was delivered by the Honourable J Majiki on 19 November 2013 in the Eastern Cape High Court, Port Elizabeth.
Analysis from The Lawyer
As international firms question their future in these small, closely linked markets, local lawyers too are eyeing the business environment with caution
Beyond the headline infrastructure projects, UK construction work is still recovering from the clobbering it took during the slump