Standby credits, on demand guarantees/bonds

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Negative pledges

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

Term Loan B facilities

This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged...

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

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...

Produced in partnership with Osborne Clarke 12th Jan

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

Role of a bond trustee

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

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...

9th Nov

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

Drafting and negotiating the facility agreement

This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...

9th Nov

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

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

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 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

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

Shipbuilding contracts

This Practice Note considers the main terms included in standard form shipbuilding contracts. In particular, it looks at:•standard forms of the...

9th Nov

Precedents

Director’s certificate for a bilateral loan: borrower

[insert date]To:[insert full name and address of lender]Dear [insert full name of lender]I am a director of [insert full name of borrower] (the...

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

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 Standby credits, on demand guarantees/bonds content

Practice notes

Standby letters of credit—standard rules and practices

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...

17th Jan

Practice notes

Characteristics of standby letters of credit

Standby letters of credit are a type of letter of credit.The common feature of all letters of credit is an undertaking by a bank to pay the...

14th Jan

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...

14th Jan

Precedents

Standby letter of credit (irrevocable)

[TO BE PRINTED ON THE HEADED PAPER OF THE ISSUING BANK]To:[insert name and address of beneficiary]Date: [insert date]Dear [insert organisation...

28th Nov

Q&As

What is the difference between a standby letter of credit and a letter of credit?

This Q&A considers the differences between a standby letter of credit (SBLC) and an ordinary letter of credit (CLC), sometimes also referred to as a...

28th Nov

Practice notes