Loan – Loan agreement. In 1997, the first defendant issuer issued a number of notes, which were floating rate commercial mortgage backed securities, as part of a financing structure relating to a total loan of £1,172m. The value of the underlying portfolio dropped and the servicing company sought to sell certain assets to improve the situation. The claimant note trustee issued a CPR Pt 8 claim to determine the best way forward. The Chancery Division held that the offering circular related to the notes could not be viewed as intended to constitute an appointment as defined in a servicing agreement. Further, the servicing agreement provided that the controlling party for the purpose of the service agreement, was to be the issuer.