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Latest Banking & Finance News

Banking and Finance weekly highlights—15 April 2021

The following Banking & Finance news provides comprehensive and up to date legal information on Banking and Finance weekly highlights—15 April 2021

TPR’s new climate change strategy to protect savers from climate risk—worth the wait?

The following Banking & Finance news provides comprehensive and up to date legal information on TPR’s new climate change strategy to protect savers from climate risk—worth the wait?

UK should diverge from EU’s green-finance taxonomy, former lawmaker Swinburne says

The following Banking & Finance news provides comprehensive and up to date legal information on UK should diverge from EU’s green-finance taxonomy, former lawmaker Swinburne says

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Featured Banking & Finance content

Negative pledges

This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge...

Common financial covenants

This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing...

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...

Practice notes

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...

9th Nov

Precedents

Real property mortgage: single company chargor—bilateral—specific monies

This Deed is made on [insert day and month] 20[insert year]Parties1[Insert name of Chargor], a company incorporated in England and Wales with...

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

Synthetic securitisations

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

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

Events of default

This Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to borrowers and...

9th Nov

COVID-19

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

On demand guarantees and bonds

Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For...

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

Instructing and managing local counsel

Given the cross-border nature of many banking transactions, it is common for the principal legal advisors for lenders and borrowers to need to...

9th Nov

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

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

Secondary debt trading—completing the trade confirmation

The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...

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 LMA commentary and developments content

Practice notes

Loan Market Association mandate letter—commentary

When are mandate letters used?Mandate letters are typically signed at the start of a transaction, and are often attached to an agreed term sheet. They...

14th Apr

Practice notes

The impact of regulatory and legal changes on facilities agreements

STOP PRESS: The Pension Schemes Act 2021 received royal assent on 11 February 2021 and introduces a framework of new measures, with the detail to be...

14th Apr

Practice notes

Events of default

This Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to borrowers and...

14th Apr

COVID-19

In-house

Practice notes

Governing law, jurisdiction and arbitration clauses in finance documents

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

14th Apr

In-house

Practice notes

Representations and warranties

This Practice Note considers the meaning of representations and warranties under general contract law. It looks at their purpose in the context of...

14th Apr

Practice notes

The effect of sanctions on loan agreements

This Practice Note looks at:•issues that sanctions can pose on lending transactions•the key provisions of the facility agreement that must be...

14th Apr

Practice notes

Loan Market Association investment grade term sheet—commentary

Loan Market Association (LMA) term sheet precedentThis precedent is drafted to be used alongside the LMA mandate letter precedent and the LMA's...

14th Apr

Practice notes

Undertakings (covenants)

This Practice Note explains what undertakings, or covenants, are and the usual types of undertaking found in facility documentation recording a...

14th Apr

Practice notes

Material adverse change and material adverse effect in facility agreements

The concepts of material adverse change (MAC) and material adverse effect (MAE) are used in different but related ways in a typical facility...

14th Apr

In-house

Practice notes

Acquisition finance—representations, covenants and events of default

This Practice Note discusses:•the purpose of and typical representations in a leveraged senior facilities agreement (SFA) and how these differ from...

14th Apr

Practice notes

Tips and traps—key issues in negotiating engagement letters, release and reliance letters

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

Produced in partnership with Oliver Hensby of RBS 14th Apr

Practice notes

Finance party default—lenders

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

14th Apr

Practice notes

The impact of FATCA on facilities agreements

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

Produced in partnership with RPC 14th Apr

Practice notes

Finance party default—facility agent

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

14th Apr

Practice notes

Key features in LMA PEPP documentation

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

Produced in partnership with Herman Park of Akin Gump Strauss Hauer & Feld and Robert Aulsebrook of Akin Gump Strauss Hauer & Feld 14th Apr

Practice notes

Loan Market Association (LMA)—latest news on documentation

This Practice Note contains a summary of the latest news from the Loan Market Association (LMA) on LMA documentation and related topics. It is updated...

12th Apr

Practice notes

Term sheets in acquisition finance

Term sheets in acquisition finance transactions are generally extensively negotiated, and include a lot of the detail which will eventually be...

8th Apr

Practice notes

Acquisition finance—mandatory prepayment clauses

Most facility agreements require the borrower(s) to prepay all or part of the facility on the occurrence of certain events, known as mandatory...

8th Apr

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...

8th Apr

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...

8th Apr