Contract – Construction. The Mercantile Court allowed BHL's claim that, on the true construction of a receivables finance agreement (RFA) between the defendant company and Cobra Beer Ltd, which subsequently went into administration, the defendant had not been entitled to charge a collection fee of 15% on receivables on Cobra Beer Ltd's sales ledger, in circumstances where BHL had agreed to indemnify the defendant in respect of sums due under the RFA, and had paid the defendant £950,000 in response to its demands for outstanding collect-out fees.