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Banking and Finance weekly highlights—4 March 2021

The following Banking & Finance news provides comprehensive and up to date legal information on Banking and Finance weekly highlights—4 March 2021

City adapts to fading hope of EU market access deal

The following Banking & Finance news provides comprehensive and up to date legal information on City adapts to fading hope of EU market access deal

Insurers must pay bank for £34m loans after cocoa fraud

The following Banking & Finance news provides comprehensive and up to date legal information on Insurers must pay bank for £34m loans after cocoa fraud

The difficulties in proving guarantees were signed (Lynch v Cadwallader)

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Featured Banking & Finance content

Sources of Shari'ah

IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal...

Loan Market Association (LMA)—news on documentation [Archived]

This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from...

Foreign exchange (FX) derivatives

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Intercreditor agreement—key provisions

This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...

Practice notes

Types of debt securities

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

9th Nov

Practice notes

Loan Market Association (LMA) leveraged documentation

Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...

9th Nov

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

9th Nov

In-house

Practice notes

Overdrafts, term loans and revolving credit facilities

This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...

9th Nov

In-house

Practice notes

The facility agent

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

9th Nov

Practice notes

Crystallisation of floating charges

The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...

9th Nov

Practice notes

Third party security

In many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in being able to recover...

9th Nov

Practice notes

Increased costs

This Practice Note considers the costs that a lender operating in the interbank market will incur when providing funding to a borrower and the steps...

9th Nov

Practice notes

Hot topics for Banking & Finance lawyers

This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...

9th Nov

Practice notes

Transferring a loan by sub-participation

Sub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an overview of the reasons why a lender might...

9th Nov

Practice notes

Transferring a loan by legal assignment

Assignment is a means by which a lender can transfer its interest in a loan to another lender.For an overview of the reasons why a lender might...

9th Nov

Practice notes

Transferring a loan by novation

Novation is a means by which a lender can transfer its interest in a loan to another lender.This Practice Note looks at what is meant by novation...

9th Nov

In-house

Practice notes

Key issues in loan transfers

There are times when a lender might want to get back some of the money it has lent to a borrower before the borrower is due to repay it.If the...

9th Nov

Practice notes

Market disruption clauses in facility agreements

In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...

9th Nov

Practice notes

Project finance—key finance documents

Documents for a typical project finance transaction can be split into three broad categories:•finance documents—the finance documents govern the debt...

9th Nov

Practice notes

Guide to completing the ISDA Schedule

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

9th Nov

Most recent Claims and remedies content

Practice notes

Ending a contract by agreement

A contract may be wholly discharged by agreement as follows:•where one party releases the other from its obligations by deed (release)•the parties...

19th Feb

In-house

Practice notes

Proprietary remedies following rescission and rectification

This Practice Note considers the availability of proprietary remedies following rescission and rectification. Where a contract (or gift) has been...

18th Feb

Practice notes

Getting the Deal Through: Commercial Contracts 2020

Jurisdictions coveredThe following jurisdictions are covered in this report:Armenia; Australia; Canada; Germany; Japan; Mexico; Spain; Switzerland;...

17th Feb

Q&As

What is the process for revoking a deed or contract and putting in place a new replacement deed or contract?

We refer you to the following Practice Notes set out below, found in the LexisPSL® Commercial module subtopic Contract termination—overview, which may...

15th Feb

Q&As

What is the meaning of ‘severe breach’? What is the meaning of fundamental or repudiatory breach? What termination rights and rights to claim damages may arise in the event of any such breach?

What is a 'fundamental breach'?Following the decision in Photo Production Ltd v Securicor Transport Ltd, it has now been settled that a fundamental...

15th Feb

Q&As

Can I terminate a fixed-term commercial contract early?

Can I terminate a fixed term commercial contract early?We have a contract with another organisation, which is for a fixed term. However, we would like...

15th Feb

Q&As

Can a contract be rescinded if, subsequent to the contract being concluded, one party attempts to redefine the terms?

In order to determine whether an event has occurred, which enables a party to rescind a contract, it is necessary to consider whether the activity...

15th Feb

Q&As

What are best and reasonable endeavours clauses?

To what extent can the terms best endeavours and reasonable endeavours be enforced?In general contractual obligations can be absolute or qualified....

15th Feb

Q&As

What remedies are available for breach of a contractual exclusivity clause?

In answering this Q&A, we have assumed that the contract in question is a business to business (B2B) contract.From a practical perspective, much will...

15th Feb

Q&As

Can I terminate a contract on reasonable notice?

In answering this Q&A, we have taken into consideration what steps a party needs to take to terminate a written contract that does not contain any...

15th Feb

Q&As

Can you provide case law on a scenario where an enforcement of security has been challenged by a borrower and the borrower then sued the bank for loss of opportunity?

There appears to be no reported case where, in this sort of scenario, the borrower has succeeded in suing the bank (for examples of failed attempts to...

Produced in partnership with James Hall of Hardwicke Chambers 15th Feb

Practice notes

Limitation—constructive trust claims

What is the nature of the constructive trust?There are two categories of 'constructive trustee' as described by Lord Sumption in Williams v Central...

11th Feb

Q&As

Can my force majeure clause protect me against the economic impact of coronavirus (COVID-19)?

Is there a force majeure event?In English law, the expression ‘force majeure’ does not refer to a legal doctrine. Instead, the expression ‘force...

11th Feb

COVID-19

Q&As

How do I activate a force majeure provision?

There is no judicially accepted definition of the term ‘force majeure’, so what the parties mean by it must be expressly set out in the contract (ie...

Produced in partnership with Richard Nicholas of Browne Jacobson 11th Feb

COVID-19

Q&As

Can an agreement be terminated for frustration due to coronavirus (COVID-19)?

What is the doctrine of frustration?If the contract does not include a force majeure clause or it does but the applicable force majeure event is not...

11th Feb

COVID-19

Q&As

Can I rely on ‘Certificates of Force Majeure’ issued by the Chinese government confirming that coronavirus (COVID-19) is force majeure as a force majeure event under English law?

While a force majeure certificate from China could not bind the English courts in their determination of whether such an event had occurred for the...

Produced in partnership with Richard Colbey of Lamb Chambers 11th Feb

COVID-19

Practice notes

Contract interpretation—battle of the forms—on whose terms have parties contracted?

This Practice Note considers the court’s approach when there is dispute as to which party’s terms and conditions govern their contract in a ‘battle of...

1st Feb

In-house

Practice notes

Misrepresentation—what it is and similar claims

This Practice Note describes what an actionable misrepresentation is, the essential elements of the Misrepresentation Act 1967 (MA 1967) and provides...

28th Jan

Practice notes