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Can the consent of an obligor be taken at face value?
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Lenders and their legal advisors carefully check the capacity of obligors, and the due authorisation of their signatories, at the commencement of a deal. In this In Practice article, we consider the issues arising when consents are needed from obligors during the life of a facility. The recent case of CRF I Ltd v Banco Nacional De Cuba and another [2023] EWHC 774 (Comm) is a cautionary reminder of the consequences of failing to obtain required obligor approvals going forward.
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