9 Nov 2004
FIRST COMMERCIAL BANK AND OTHERS v. THE OWNERS AND/OR DEMISE CHARTERERS OF THE SHIP OR VESSEL "LIBERTY CONTAINER
- Citation
- FIRST COMMERCIAL BANK AND OTHERS v. THE OWNERS AND/OR DEMISE CHARTERERS OF THE SHIP OR VESSEL "LIBERTY CONTAINER
- Court
- Court of First Instance
- Case number
- HCAJ175/2003
Clause 9.3 (the 2% uplift on the applicable interest rate on default) is not a penalty and is enforceable in this commercial loan; the uplift applies only from the date the lenders validly called in the loan by written notice (16 April 2003) not from the earlier missed instalment date; plaintiffs are entitled to six days post-judgment interest on the judgment sums at the rate earned by the court on the deposited fund.