Place Of Performance Loan Agreement
The Court of Appeal accepted the High Court`s result, but accepted different considerations. In particular, the Court of Appeal pointed out that the clause in question was a standard concept and that, therefore, the actual context of interpretation played a much more limited role than that assigned by the High Court. While the High Court focused on the concrete intentions of the parties to the Facility Agreement, the Court of Appeal focused on the broader context of core capital agreements within the EU. The lender requested that the borrower be required to continue payments under the agreement, despite the risk that it would be subject to secondary penalties. The High Court found that the borrower was entitled to take advantage of section 9.1 of the facility agreement as long as Mr. Vekselberg remained SDN and the lender remained a locked person because he was in possession of Mr. Vekselberg. 3. Article 9, paragraph 3, of Rome I (Regulation 593/2008/EC) gives the Court discretion: In this blog post, we take into account the specific delays in the provisional libor transitional miles announced, the likely impact of such a delay on the libor on the credit market and how this may affect the profile of the risks associated with the process. The current RFRWG schedule for the use of LIBOR-related loan products is as follows: under the facility agreement, the applicant awarded the defendant $30 million in tier 2 capital for a ten-year term, with interest to be paid on June 21 and December 21 of each year for the duration of the loan. Article 9.1 of the facility agreement provided that the borrower would not default if the amounts due were not paid “to meet a mandatory provision of the law, regulation or injunction of a competent court.” The facility agreement was governed by English law. Although U.S. sanctions necessarily made it illegal to perform PDVSA`s payment obligations at the venue, the court found that the credit contracts required PDVSA to apply for a licence from the U.S.
Office of Foreign Assets Control (OFAC) to make payments it had not made.