29 Apr 2013
STRATEGIC NOMINEES LIMITED (IN RECEIVERSHIP) V BOS INTERNATIONAL (AUSTRALIA) LIMITED HC AK CIV 2012-404-006007
- Citation
- openlaw-27549d36_50c6_4a59_ab19_9b78bbbf5e9e.pdf
- Court
- High Court
The court held that interest capitalised in accordance with the Senior Facility Agreement ceased to be interest and became part of the principal facility outstanding for the purposes of the inter creditor deed; the deletion of '(including capitalised interest)' from paragraph (b) supports that construction; non-waiver clauses did not permit BOS to reverse its prior election to capitalise interest and treat it as interest again; on that basis BOS received $804,586.91 in excess and judgment in that sum was entered for Strategic.