Law360 Canada ( May 27, 2025, 1:54 PM EDT) -- Appeal by plaintiff from conclusion of judge that currency exchange savings (CES) did not form part of net distributable capital (NDC). The parties entered a loan transaction relating to a real estate development project. The defendants had the option to repay the loan in Canadian dollars or Korean won, with any currency exchange savings or losses allocated to the defendants. Due to fluctuations in exchange rates between the loan advance and repayment dates, the defendants realized significant CES of approximately $10 million when repaying the loan. The plaintiff contended it was entitled to a portion of the CES under the parties’ Participation Agreement, which granted the plaintiff a right to a 10 per cent share of the project’s net distributable capital. The dispute centred on whether the CES should be included in calculating the plaintiff’s share of the project’s NDC under the parties’ agreements. The appellant argued that the judge erred in concluding that the CES did not form part of the NDC under the agreements between the parties and in determining what was the appropriate standard of review for issues of contractual interpretation on appeal....