Commercial contract

The Commercial Court ruled on the second case on the Financial List and held that, for a trade on the 2012 Loan Market Association terms in respect of a surety bonds facility: (i) the trade would, generally speaking, include the economic burden of the seller’s obligations under issued surety bonds; (ii) the “purchased assets” were, generally speaking, “funded” to the extent that money had been paid by the seller under issued surety bonds, rather than to the extent by which the facility had been drawn by the mere issue of the surety bonds.