On The Horizon:

In this section we summarise cases, legislation and other developments in prospect in coming months:

¦ Exercise of discretion: meaning of “commercially reasonable manner” -

“Consent not to be unreasonably withheld” clauses are common in finance transactions but what precisely do the words mean and by what standards will a party be judged when exercising its discretion?

The Court of Appeal will be looking at this issue towards the end of February 2014 when it hears an appeal in the case of Barclays Bank Plc v (1) Unicredit Bank AG and (2) Unicredit Bank Austria AG [2012] EWHC 3655 (Comm). The issue under the microscope will be whether Barclays exercised its discretion in a “commercially reasonable manner” when it refused to consent to the early termination of a number of finance transactions....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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