UKCA [2016] EWCA Civ 412
Edgeworth Capital (Luxembourg) SARL v Ramblas Investments BV
Type
Case
Court
UK Court of Appeal
Jurisdiction
Dubai International Financial Centre
Taxonomy
Breach, Discharge & Rescission of Contract, Lending & Security
Decision date
28 Apr 2016
Catchwords
Contract – Penalty – Upside Fee Agreement (UFA) – UFA Forming Part Of Suite Of Loan Agreements And Providing For Payment Of Large Fee Upon Occurrence Of Payment Event – Default By Borrowers Under Related Loan Accelerating Loan Under UFA And Triggering Payment Event – Judge Finding Defendant Being Liable To Pay Fee Under UFA – Whether Payment Event As Defined In UFA Having Occurred – Whether Rule Against Penalties Applying – Whether Error Occurring In Calculation Of Fee.
This case relates to Article 21 of DIFC Law No. 7/2005