Mr Justice Snowden has handed down judgment of the High Court in
the much anticipated Windermere VII Class X Notes dispute.
For those of you who haven't been following it, the dispute
relates to the Windermere VII Pan European CMBS in which the holder
of the Class X Notes and a holder of the Class B Notes commenced
proceedings in the English High Court seeking a number declarations
as to the proper construction of the transaction documents. Broadly
speaking, these declarations were with respect to the basis on
which payments of Class X interest had been made historically
(specifically, as a result of the application of the intercreditor
agreements), whether this underpayment constitutes an Event of
Default and whether or not any underpayments accrue interest at the
Class X Interest Rate. The holders of the Class X Notes and a
holder of the Class B Notes asserted that there had been historical
underpayments of Class X interest, that there had been an Event of
Default
