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This News Analysis provides a summary of the note published by the Loan Market Association (LMA) in which they address five key documentary areas where questions have been raised as to the potential effect of Brexit: (1) use of English law, (2) jurisdiction provisions, (3) EU references in documentation, (4) lending restrictions, and (5) Article 55 Bail-In clauses.
Although Brexit will likely affect the future financial landscape in the UK and Europe, for the most part it will not create a need for immediate contractual change, the Loan Market Association (LMA) has said. To reassure the market, the LMA has produced a note which addresses some Brexit-related concerns for LMA facility documentation.
On 6 September 2016, the LMA published a note addressing five key documentary areas where questions have been raised as to the potential effect of Brexit. These are:
For each of the above points, the note looks at potential issues that may arise as a result of Brexit. The note then discusses whether the LMA intends to make any changes to LMA facility documentation and/or whether parties using the documents should potentially consider making any changes.
The note is not intended to be comprehensive or to give legal or other advice.
This News Analysis summarises the points made in the note. The note can be read in full by members of the LMA by logging into the LMA website.
Most of the LMA's recommended forms of documentation are expressed to be governed by English law (except for those designed specifically for the requirements of local markets). Questions have been raised as to how Brexit may affect the choice of English law to govern facility documentation.
In summary, the LMA does not plan to make any change to the governing law of its recommended forms of documentation. This is because:
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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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