The defendant approached the applicants who wished to invest by holding four loans totalling USD 1.5 million to Swisspro Asset Management AG (Swisspro), of which he was chairman and sole participant in Wart. The specific clause of the credit contracts invoked by PDVSA (section 7.03) adds that the Tribunal added that there were serious doubts about the activation of Section 7.03 of the US sanctions in this area (although it did not have to rule on the point in light of its main finding). This will be interesting for those who want to design sanction clauses triggered by payment by a party that becomes sDN. The doubt expressed by the court indicated that: (a) US sanctions against Venezuela had not been imposed throughout the country; (b) U.S. sanctions were not that PDVSA`s “activities” were “subject to sanctions” and (c) PDVSA had historical assets from its operations prior to the entry into force of sanctions held outside the United States, and Section 7.03 (a) would not apply to those assets. In this blog post, we look at the specific delays in the announced LibOR transition miles, the likely effects of such a delay on liBOR`s transition to the credit market and the impact this may have on the process risk profile. Given that one of the main drivers of the conversion of the cash market to new risk-free interest rates (RFR) is not to create new LIBOR-related credits, RFRWG`s decision to delay this particular step is important, but unsurprisingly, given the pressure exerted by both lenders and businesses following COVID-19. In that case, the court said that the three members of the Makdessi test were intertwined. With respect to the contract, which is considered a comprehensive agreement for a certain return over the duration of the contract, the Tribunal commented that “… Not only do mathematics inexorably conclude that the sum is in no way disproportionate, but it also suggests that the commitment is a primary sum and not a sum owed (including on the merits). This practical note specifies certain common financial commitments used in commercial financial transactions, including: `Minimum Net Worth`s Test`, `Leverage Ratio`, `Current Ratio`, `Current Ratio `Current Ratio`, `Cash Flow`- Interest Rate Hedging Ratio and Credit-Value Ratio Regulators have repeatedly acknowledged that the credit market has made less progress in the transition from LIBOR.