nas hauliers ltd others vs equity bank t ltd another 2023 tzhccomd 110 19 april 2023
The SBLC/LC facility agreement dated 22 May 2019 (Exh.P-3) was executed by all three Plaintiffs and the Defendants, but the secured event—a foreign loan facility from Lamar to all three Plaintiffs—never materialized. Only the 1st Plaintiff entered a facility agreement with Lamar (Exh.P-7), and the SBLC/LC contemplated under Exh.P-3 was never issued by the 2nd Defendant. The Letter of Credit (Exh.D-10) issued by the 2nd Defendant was not the SBLC/LC contemplated under Exh.P-3, but was instead based on a separate, undisclosed sale and buy-back transaction involving heavy equipment, for which no…
Source excerpt
- Syndicated loans
- Letters of credit
- Standby letters of credit (sblc)
- Loan syndication
- Security trustee arrangements
- Breach of contract