Early termination of derivatives

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Impact of failure to give notice to a prior floating charge holder on an out of court administration appointment by a junior floating charge holder (NMUL Realisations Ltd)

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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...

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...

Incremental debt flexibility or accordion features

What are incremental facilities?An incremental facility is feature included in a credit agreement where, subject to meeting certain pre-agreed...

Direct agreements in project finance transactions

What is a direct agreement?Direct agreements are very common in project finance transactions. A direct agreement is an agreement which gives the...

Practice notes

What is securitisation?

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

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

Acquisition finance—ancillary facilities

On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds) required to fund the transaction, will...

9th Nov

Practice notes

Subordination

Subordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior creditor(s)) agree...

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

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

Bridge to bond facilities

What are they?A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing...

Produced in partnership with Cleary Gottlieb and Ian Chin of Morrison & Foerster 12th Jan

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

Debt securities—10b-5 letters

A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 12th Jan

Practice notes

Floating charges—advantages and disadvantages

Summary of advantages and disadvantages of the floating chargeThis Practice Note discusses the advantages and disadvantages of taking a floating as...

9th Nov

Practice notes

Drafting or reviewing legal opinions in loan transactions

Legal opinions are one of the key documentary conditions precedent in loan transactions. The legal opinion is a letter which sets out opinions as to...

9th Nov

Practice notes

Borrowing base facilities—structure, key terms and risks

What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...

Produced in partnership with Dentons UK and Middle East LLP 12th Jan

Precedents

Guarantee and indemnity: cross guarantee from group companies—bilateral—all monies

This Deed of guarantee and indemnity is made on [insert day and month] 20[insert year]Parties1[Insert name of Guarantor], a company incorporated in...

9th Nov

Practice notes

Commodity repo transactions and true sale considerations

Commodity repurchases (repos) are a common alternative method of financing. There are a number of advantages for both the financier and a commercial...

Produced in partnership with Sullivan 12th Jan

Most recent Early termination of derivatives content

Practice notes

Notices to send when terminating derivative transactions early

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

17th Jan

Practice notes

Scope of the ISDA Master Agreement—Section 6 (Early Termination)

ISDA documentsThe 1992 and 2002 ISDA Master Agreements (the Master Agreements) are standard form documents produced by the International Swaps and...

17th Jan

Practice notes

Terminating derivatives entered into under an ISDA Master Agreement

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

17th Jan

Practice notes

Financial derivatives—netting

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

12th Jan

Practice notes

Comparing negotiations of the 1992 ISDA Master Agreement (Multicurrency Cross-Border) and the 2002 ISDA Master Agreement

The International Swaps and Derivatives Association, Inc. (ISDA) publishes two versions of its commonly used master agreement, which sets out the...

Produced in partnership with King & Wood Mallesons 8th Jan

Practice notes

Potential Events of Default under an ISDA Master Agreement and cure periods—summary and comparison table

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

23rd Dec

Q&As

Can I amend my 1992 ISDA Master Agreement to reflect the provisions set out in the 2002 ISDA Master Agreement?

What are the differences between a 1992 ISDA Master Agreement and a 2002 ISDA Master Agreement?The 2002 ISDA Master Agreement was published to take...

28th Nov

Q&As

When negotiating a Schedule to an ISDA Master Agreement, does it matter if I specify an event as an Additional Event of Default or Additional Termination Event?

Capitalised terms used in this Q&A follow the defined terms used in the ISDA Master Agreement.What is an Event of Default?Events of Default are events...

28th Nov

Practice notes