Contract interpretation

In the English case Lehman Brothers International (Europe) v Exxonmobil Financial Services BV [2016] EWHC 2699 (Comm), the High Court considered the meaning of “close of business” for a commercial bank in London.  In a decision which demonstrates that where certainty is desired in commercial contracts, parties should specify a definite deadline and avoid

It has long been considered that lenders under a syndicated facility retain a right to seek to recover their portion of a loan directly following a payment default, typically by seeking the winding up of obligors. This is based on the several nature of the rights of finance parties which appears in clause 2 of