Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...
This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...
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...
Commodity repurchases (repos) are a common alternative method of financing. There are a number of advantages for both the financier and a commercial...
Shares are commonly offered as security for a loan in commercial lending transactions.Practice Note: Taking security over shares explains how to take...
HaircutA term referring to the reduction in value of an asset or the cash flow received from it. This is usually expressed in percentage terms.Hedge...
ACTAssociation of Corporate Treasurers.ACT websiteAdministrationAdministration is a procedure under the Insolvency Act 1986 under which a company in...
Sale and leasebackA transaction where the seller sells real property to the purchaser who then leases it back to the sellerLexis®PSL resourcesSale and...
Debt pushdownWhere debt held by a holding company is repaid by the holding company and re-borrowed by a subsidiary (normally this is notional and done...
Yank the bankA provision in a facility agreement enabling the borrower to replace a lender if it fails to agree to a borrower request for a consent,...
Capitalisation of interestWhere interest is added to the principal amount of a loan to be paid at the same time as the principal. This contrasts with...
OECDThe Organisation for Economic Cooperation and Development, an association of industrialised economies which provides inter alia economic research...
Back officeAdministrative departments in a bank which are involved in activities such as settlement and accountsBack to back transactionA transaction...
RatingThe assessment given to debt obligations and/or to borrowers by debt rating agencies based on their ability to repay their debtsRating agencyA...
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