“…yage to Iran and the United States had recently announced the re-introduction of sanctions against Iran (see Mamancochet Mining Ltd v Aegis Managing Agency Ltd [2018] EWHC 2643 (Comm), [2019] 1 All ER (Comm) 335 at [10] to [29]). The Club was concerned that it might be unable to pay under its LOU if called upon to do so without being in brea…”
“…ion in a loan agreement (see Teare J’s eloquent exposition of this point in an insurance context at [49] in Mamancochet Mining Limited v. Aegis Managing Agency [2018] EWHC 2643 (Comm)), and (ii) that, in construing a commercial contract, the court must always take into account the commercial interests of both parties. There are indications i…”