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There are two Coverage Tests, namely the Class A Par Value Test and the Class A Interest Coverage Test. For present purposes the latter may be disregarded. I shall have to describe the nature and effect of this stage in the interest waterfall, and the Class A Par Value Test, in due course.
In this context, a distinction must be made between absurdity and irrationality on the one hand, and apparent unfairness or one-sidedness on the other. The former may compel the court to conclude that something must have gone wrong with the language, but it is no part of the court's task to mend businessmen's bargains: see in particular Chartbrook Ltd v Persimmon Homes Ltd [2009] 1AC 1101 per Lord Hoffmann at paragraph 20, and Ing Bank NV v. Ros Roca [2011] EWCA Civ353, per Rix LJ at paragraph 110.
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Common Room
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