BDC FINANCE L.L.C., Plaintiff-Appellant-res, v. BARCLAYS BANK PLC, Defendantres-res

9906. BDC FINANCE L.L.C., Plaintiff-Appellant-res, v. BARCLAYS BANK PLC, Defendantres-res — BARCLAYS BANK PLC, COUNTERCLAIM-PLAINTIFF-res-ap, v. BDC FINANCE L.L.C., COUNTERCLAIM-DEFENDANT-Appellant-res — Richards Kibbe & Orbe LLP, New York (Craig A. Newman of counsel), for appellant-res — Sullivan & Cromwell LLP, New York (Robinson B. Lacy of counsel), for res-res — Order, Supreme Court, New York County (Eileen Bransten, J.), entered August 15, 2012, which, to the extent appealed from as limited by the briefs, denied plaintiff's motion for summary judgment on liability on its breach of contract claim, granted in part defendant's motion for summary judgment dismissing that claim, and denied defendant's motion as to its breach of contract counterclaims, modified, on the law, to grant plaintiff's motion, to deny defendant's motion, and otherwise affirmed, without costs.

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9906. BDC FINANCE L.L.C., Plaintiff-Appellant-res, v. BARCLAYS BANK PLC, Defendantres-res — BARCLAYS BANK PLC, COUNTERCLAIM-PLAINTIFF-res-ap, v. BDC FINANCE L.L.C., COUNTERCLAIM-DEFENDANT-Appellant-res — Richards Kibbe & Orbe LLP, New York (Craig A. Newman of counsel), for appellant-res — Sullivan & Cromwell LLP, New York (Robinson B. Lacy of counsel), for res-res — Order, Supreme Court, New York County (Eileen Bransten, J.), entered August 15, 2012, which, to the extent appealed from as limited by the briefs, denied plaintiff’s motion for summary judgment on liability on its breach of contract claim, granted in part defendant’s motion for summary judgment dismissing that claim, and denied defendant’s motion as to its breach of contract counterclaims, modified, on the law, to grant plaintiff’s motion, to deny defendant’s motion, and otherwise affirmed, without costs.

On May 5, 2005, plaintiff BDC Finance LLC and defendant Barclays Bank PLC entered into a total return swap, a derivative transaction whereby BDC would obtain the benefits, and assume the risk, of an investment in a portfolio of corporate debt instruments in exchange for paying financing fees to Barclays, which owned the loans. The agreement was memorialized in a series of documents, including a standard form Master Agreement, a standard form Credit Support Annex (CSA), and a negotiated Master Confirmation that modified certain provisions of the standard forms.

BDC FINANCE L.L.C., Plaintiff-Appellant-res, v. BARCLAYS BANK PLC, Defendantres-res

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