The House was called on to construe the terms of a Eurobond. The question was as to the entitlement to require the trustees to issue a notice of default which would accelerate payment under the bond, and the ability of the Trustees to call for an indemnity, and the extent of the indemnity to be given. There had been a dispute when the bondholders’ nominee to the board of trustees had been suspended.
Held: An incident had occurred which gave rise to the power to issue the notice of default. The Trustee was entitled to a full indemnity in such form as he saw appropriate.
Judges:
Lord Steyn, Lord Hoffmann, Lord Hutton, Lord Scott of Foscote, Lord Walker of Gestingthorpe
Citations:
[2005] UKHL 27, Times 02-May-2005, [2005] 1 WLR 1591
Links:
Jurisdiction:
England and Wales
Citing:
Appeal from – Concord Trust v The Law Debenture Trust Corporation Plc CA 28-Jul-2004
. .
Cited by:
Cited – Force India Formula One Team Ltd v Etihad Airways PJSC and Another QBD 4-Nov-2009
The parties had entered into a sponsorship agreement, with the claimants undertaking to display the name of the defendants on their car. After the agreement, the claimant company had been taken over by parties with interests competing with those of . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Contract
Updated: 29 June 2022; Ref: scu.224488