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Contracts Keyed to Calamari
Banco Do Brasil S.A. v. State of Antigua and Barbuda
Facts
On or about November 12, 1981, the Plaintiff, Banco Do Brasil (the "Plaintiff"), entered into a loan agreement with the Defendant, the State of Antigua and Barbuda (the "Defendant"). The Plaintiff agreed to loan the Defendant $3,000,000 plus interest. The Defendant executed certain promissory notes providing for the repayment of the loan with interest. The last payment was due on January 21, 1985. The Ministry of Finance of the State of Antigua and Barbuda (the "Ministry") agreed to act as guarantor of the loan and promissory notes on behalf of the Defendant. If the Defendant were to default, the Ministry would repay the loan. The Defendant failed to pay the loan within the requisite time period. On October 5, 1989, the Ministry wrote a letter to the Plaintiff confirming its obligation "to pay the amount due under the loan agreement", but recognized due to damages from Hurricane Hugo, needed to reschedule its payments. On February 24, 1997, the Ministry wrote another letter re-confirming its obligation. Specifically, the Ministry laid out "the then-current balances (principal plus interest) due under the loan agreement". Additionally, it "set forth the original amount, accrued interest, past-due interest and the total of $11,400,810.96 due and owing of that date." The Defendant did not pay the amount due and owing under the loan agreement, and the Plaintiff commenced this action.
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