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Practice notes
Credit linked notesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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19th May
Practice notes
Term Loan B facilitiesThis Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in...
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Produced in partnership with Carlo de Vito Piscicelli of Cleary Gottlieb Steen & Hamilton 19th May
Practice notes
Transferring a loan by sub-participationSub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an...
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19th May
Practice notes
WarrantsIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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19th May
Practice notes
Perfecting security over aircraft and registering security on the UK Register of Aircraft MortgagesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020...
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19th May
Practice notes
Loan Market Association (LMA) leveraged documentationDevelopment of the Loan Market Association (LMA) documentationThe project to develop the LMA...
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19th May
Practice notes
Perfecting securityIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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19th May
Precedents
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...
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19th May
Precedents
[TO BE PRINTED ON THE HEADED PAPER OF THE LENDER][insert name and address of borrower][insert date]Dear [insert full name of borrower]We offer to...
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19th May
Practice notes
Crystallisation of floating chargesThe key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the...
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19th May
Practice notes
Borrowing base facilities—structure, key terms and risksWhat is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of...
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Produced in partnership with Dentons 19th May
Practice notes
What is credit support and how is it used in the ISDA credit support documentation?What is credit support?Credit support is a means of a party...
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19th May
Precedents
[To be printed on the headed paper of the lender][insert date]To:[insert name and address of borrower]Dear [insert name of borrower],We are pleased to...
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19th May
Practice notes
Third party securityIn many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in...
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19th May
Practice notes
Direct agreements in project finance transactionsWhat is a direct agreement?Direct agreements are very common in project finance transactions. A...
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19th May

Most recent Banking & Finance glossary content

Practice notes
Banking & Finance Glossary—FFace valueThe nominal value of a security rather than its market valueFacility agentThe financial institution that acts as...
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10th Jun
Practice notes
Banking & Finance Glossary—RRatingThe assessment given to debt obligations and/or to borrowers by debt rating agencies based on their ability to repay...
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10th Jun
Practice notes
Banking & Finance Glossary—LLag mechanismThis is a mechanism for calculating compounded SONIA for use in bond or loan markets. It is intended to...
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10th Jun
Practice notes
Banking & Finance Glossary—GGearingA term which indicates the debt to equity ratio of a companyGiltsSecurities issued by the British governmentGrace...
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10th Jun
Practice notes
Banking & Finance Glossary—CCapitalisation of interestWhere interest is added to the principal amount of a loan to be paid at the same time as the...
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10th Jun
Practice notes
Banking & Finance Glossary—QQuasi-equityEquity that is invested in the form of subordinated loan...
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10th Jun
Practice notes
Banking & Finance Glossary—YYank the bankA provision in a facility agreement enabling the borrower to replace a lender if it fails to agree to a...
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10th Jun
Practice notes
Banking & Finance Glossary—NNaked credit default swapA credit default swap which is purely speculative and on which neither party owns the reference...
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10th Jun
Practice notes
Banking & Finance Glossary—MMaintenance covenantType of covenant which is tested on a regular basis; contrasts with an incurrence covenant where...
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10th Jun
Practice notes
Banking & Finance Glossary—BBack officeAdministrative departments in a bank which are involved in activities such as settlement and accountsBack to...
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10th Jun
Practice notes
Banking & Finance Glossary—PParThe face value of a security at which it will be redeemed by the borrower at maturityPari passuLiterally means on an...
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10th Jun
Practice notes
Banking & Finance Glossary—UUCITsUCITS stands for ‘undertakings for collective investment in transferable securities’. The regulatory regime for UCITS...
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10th Jun
Practice notes
Banking & Finance Glossary—AACTAssociation of Corporate Treasurers.ACT websiteAdministrationAdministration is a procedure under the Insolvency Act...
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10th Jun
Practice notes
Banking & Finance Glossary—SSale and leasebackA transaction where the seller sells real property to the purchaser who then leases it back to the...
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10th Jun
Practice notes
Banking & Finance Glossary—KKey personOne or more persons designated by lenders/investors as key to a business. Contractual...
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10th Jun
Practice notes
Banking & Finance Glossary—ZZero coupon bond/noteA...
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10th Jun
Practice notes
Banking & Finance Glossary—TTangible assetsAssets with physical substance, eg land, cash or propertyTargetA company or business that is the subject of...
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10th Jun
Practice notes
Banking & Finance Glossary—IIBAThis refers to ICE Benchmarks Administration Ltd, the administrator of LIBORIBOR‘IBORs’ are benchmarks based on...
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10th Jun
Practice notes
Banking & Finance Glossary—EEBITDAEBITDA is an acronym for ‘earnings before interest, tax, depreciation and amortisation’. The EBITDA of the business...
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10th Jun
Practice notes
Banking & Finance Glossary—WWarrantA tradeable security which gives the holder the right, but not the obligation, to buy or sell a specified asset at...
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10th Jun

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