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Interesting LMA early evening seminar yesterday hosted by Allen & Overy on ‘Trends impacting loan transfers and debt syndication in the Leveraged Finance Market’. On the panel were Filippo Crosara (Barclays), Matt Moore (A&O),
James Slessenger (Xtract) and Ash Tehrani (J.P. Morgan).
The discussion focused on the increasingly restrictive nature of the transfer provisions in leveraged finance facilities agreements.
The seminar started with setting out a typical market position in the current climate — the Parent is required to consent to assignments and transfers (subject to reasonableness and deemed consent), unless the transfer is made 1) to other Lenders,
Related Funds or Affiliates, 2) to entities named on an Approved Lender List or 3) following certain material Events of Default (typically only insolvency and non-payment). The restriction and exceptions are then subject to an override that, in
any event, there are to be no assignments or tran
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1. Banking and finance lawyer with experience in leveraged finance, real estate finance and restructuring
2. Likes Spanish cooking, playing the piano and planning adventures
3. Thinks the law is a necessary evil
Miranda is a solicitor specialising in leveraged and acquisition finance. She trained at Hogan Lovells International LLP and qualified into the international banking and finance team. During her time at Hogan Lovells she worked on a variety of domestic and cross-border transactions, acting for both borrowers and lenders. She also experienced secondments to Barclays Bank PLC and Kaupthing Bank hf.
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