Contract

The Court of Appeal 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 s 6 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.