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- Heading
- Richard Farnhill (sitting as a Deputy High Court Judge of the Chancery Division)
- Factual Background to the Dispute
- The witnesses
- Factual developments since my First Judgment
- The Counterclaim
- Interpretation of the express terms
- Implication of terms
- Equity
- The offers
- Is the Default Rate a penalty?
- The law on penalties
- The question remitted by the Court of Appeal
- Objective approach
- Primary or secondary obligation?
- What were the legitimate interests?
- Was the Default Rate extortionate by reference to the primary obligations that triggered it?
- The counterclaim for statutory interest under the Senior Courts Act 1981
- Conclusions