Source: All England Reporter
Publisher Citation: [2016] All ER (D) 151 (Mar)
Neutral Citation: [2016] EWCA Civ 130
Court: Court of Appeal, Civil Division
Judge:

Gloster LJ, Cranston J and Sir Stephen Richards

Representation Sonia Tolaney QC and Nik Yeo (instructed by Allen & Overy LLP) for the claimant.
  Giles Wheeler (instructed by TLT LLP) for the defendants.
Judgment Dates: 15 March 2016

Catchwords

Contract - Construction - ISDA Master Agreement - First defendant failing to pay sums due under contract - Claimant terminating contract and claiming payment in accordance with contract - Claimant commencing proceedings for non-payment and seeking summary judgment - Application being dismissed on ground claimant not providing defendants with sufficient details of how sum claimed being calculated - Claimant providing further details - Claimant obtaining summary judgment - Defendants appealing - Whether there being any applicable time limit to notice requiring payment of sum calculated as due following early termination.

The Case

Contract Construction. The Court of Appeal, Civil Division, dismissed the defendants' appeal against the grant of summary judgment to the claimant in the sum of almost US $4.1m, together with interest and expenses. In construing s6 of the 1992 (Multicurrency Cross Border) ISDA Master Agreement, it held that a debt obligation in respect of an early termination date arose, or accrued due on, or as at, the early termination date. The payment date was triggered, for the purposes of s 6(d)(ii) of the Master Agreement, by the 'effective' giving of notice of the amount payable.

Practice Areas

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