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Banking and Finance weekly highlights—21 January 2021

The following Banking & Finance news provides comprehensive and up to date legal information on Banking and Finance weekly highlights—21 January 2021

Recognition and enforcement of UK judgments in Norway post no-deal Brexit

The following Banking & Finance news provides comprehensive and up to date legal information on Recognition and enforcement of UK judgments in Norway post no-deal Brexit

UK accession to the Hague Convention on Choice of Court Agreements

The following Arbitration news provides comprehensive and up to date legal information on UK accession to the Hague Convention on Choice of Court Agreements

UK application to join the Lugano Convention—hedging the risk of rejection

The following Banking & Finance news provides comprehensive and up to date legal information on UK application to join the Lugano Convention—hedging the risk of rejection

Featured Banking & Finance content

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...

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...

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...

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...

Practice notes

Fixed and floating charges

There are four main types of security available under English law: •mortgage•charge•pledge, and•lienThis Practice Note explains:•the nature of a...

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

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

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

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

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

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

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 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

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

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

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

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

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

Most recent Real estate finance content

Practice notes

Fixtures and fittings

When transferring an interest in land, any fixtures form part of the land and are transferred with it, unless there is express provision to the...

11th Dec

Practice notes

Getting the Deal Through: Construction 2021

Jurisdictions coveredThe following jurisdictions are covered in this report:Australia; Austria; Brazil; Canada; China; Denmark; France; Germany;...

7th Dec

Q&As

What should a lender know when evaluating the professional indemnity cover of consultants, contractors and sub-contractors in a collateral warranty and what is the difference between a ‘per claim or series of claims’ basis as opposed to a ‘per occurrence or series of occurrences’ basis in a collateral warranty?

Professional indemnity (PI) insurance provides cover in respect of claims for professional negligence. Many professionals are required to take out PI...

6th Dec

Q&As

What is the difference between joint insured, co-insured and composite insured?

In financing and construction documentation for development projects it is usual to see requirements for parties to arrange insurance so that a...

6th Dec

Q&As

Can the board of a co-operative and community benefit society (a registered society) delegate powers to any third party, and can the registered society grant a power of attorney to a third party to execute documents on its behalf?

A registered society is a body corporate with limited liability and its own legal personality, registered by the Financial Conduct Authority under the...

6th Dec

Practice notes

What is a good and marketable title?

A good marketable title is shown where a seller is able to deduce a good title to the property he has contracted to sell. The seller is not required...

29th Nov

Precedents

Completion undertakings—Release of DS1 when the redemption money is received by the seller’s lender

TO BE PRINTED ON THE HEADED PAPER OF THE SELLER’S LENDER’S SOLICITORSTo:[insert details of the buyer’s solicitors](the Buyer’s Solicitors)[insert...

29th Nov

Precedents

Completion undertaking letter to the lender's solicitors - loan on commercial property

TO BE PRINTED ON THE HEADED PAPER OF THE BORROWER’S SOLICITORSTo:[insert details of the lender’s solicitors](the Lender’s Solicitors), and[insert...

29th Nov

Precedents

Completion undertakings—Release of DS1 when the redemption money is released to the seller’s lender’s solicitor

TO BE PRINTED ON THE HEADED PAPER OF THE SELLER’S LENDER’S SOLICITORSTo:[insert details of the buyer’s solicitors](the Buyer’s Solicitors)[insert...

29th Nov

Q&As

Where a fixed charge receiver has been appointed to a property following a default under a loan agreement, will interest continue to accrue under the loan agreement?

The appointment of a receiver is a remedy for creditors and other third parties to protect their interest in assets. They can be appointed by a court,...

29th Nov

Q&As

When can a lender become liable for contaminated land?

Clean up liabilities for contaminated landUnder the contaminated land regime (EPA 1990, Part 2A), local authorities are under a duty to inspect and...

28th Nov

Precedents

Deed of release: for a debenture or mortgage—single company security provider—full or partial release

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

28th Nov

Precedents

Undertaking to hold a deed of release: for a release of security on receipt of monies due in connection with a debenture or mortgage

[To be printed on the headed paper of the law firm acting for the lender][insert date]To:[insert name and address of the law firm acting for the...

28th Nov

Q&As

What is a REIT and are there any issues which need to be considered when lending to a REIT?

What is a REIT?REIT stands for 'real estate investment trust'. A REIT is effectively a tax-free vehicle for real estate investment, with tax levied at...

28th Nov

Q&As

Could a restriction in the proprietorship register of a property in favour of a mortgage lender be considered to be a negative pledge?

Negative pledgeA negative pledge is a contractual undertaking. In lending transactions, such a clause would typically prevent the borrower from...

28th Nov

Practice notes

Title guarantee and covenants for title

On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title...

27th Nov

Practice notes

Real estate finance – mandatory prepayment, repayment and cancellation provisions in facility agreements

In real estate finance transactions, the facility provided is usually a committed facility and exactly how and when the facility is to be repaid will...

25th Nov

Practice notes

Real estate finance—conditions precedent and the mechanics of drawdown in development facilities

Many of the usual conditions precedent (CPs) for a typical syndicated loan facility will also be applicable to a real estate finance transaction. For...

25th Nov

Precedents