UK:
Withholding Consent Under Finance Transactions: Objective Standards Of Reasonableness
21 March 2013
DMH Stallard
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The High Court has ruled that an objective standard of
reasonableness test should be applied to determine whether consent
has been withheld in a 'commercially reasonable manner' by
one party to a finance transaction. The ruling in Barclays Bank
plc v UniCredit Bank AG has particular relevance to facility
agreements which often require a lender to gain the borrower's
consent before they can assign their rights under the
agreement.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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