Contract – Loan agreement. The defendant entered into a number of financing arrangements with a consortium of banks, including the Royal Bank of Scotland (RBS), concerning the purchase of a property in Madrid. The rights and obligations under a junior loan, an upside fee agreement (UFA) and a personal loan had been transferred from RBS to the claimants. The defendant defaulted on the personal loan. The claimants claimed the principal sum of €105,201,095.89, to which they claimed to be entitled as a fee due under the UFA, plus interest. The Commercial Court held that a 'payment event' had occurred, pursuant to the events of default under the agreement. Further, a clause in the agreement allowing for the fee, was not unenforceable as a penalty or disguised penalty.