Structured products and securitisation

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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...

Sources of Shari'ah

IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal...

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...

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

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 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

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

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

Introduction to fund finance—capital call facilities

What is a 'capital call facility'?A capital call facility is a form of finance provided by a lender to a fund and typically secured against investors’...

Produced in partnership with Peter Olds of Cleary, Gottlieb, Steen & Hamilton 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

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

Crystallisation of floating charges

The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...

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 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

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

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

Borrowing base facilities—structure, key terms and risks

What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...

Produced in partnership with Dentons UK and Middle East LLP 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

Taking security over uncertificated shares held in CREST

Shares are commonly offered as security for a loan in commercial lending transactions.Practice Note: Taking security over shares explains how to take...

9th Nov

Most recent Structured products and securitisation content

Practice notes

The regulation of crowdfunding platforms—essentials

Scope of this Practice NoteThis Practice Note discusses the regulatory issues faced by crowdfunding platforms from a financial services perspective....

27th Nov

Practice notes

EMIR, derivatives and pensions

The European Market Infrastructure Regulation (EMIR)EMIR introduced requirements to improve transparency and reduce risks associated with the...

Produced in partnership with Jason Brooks and Jason Harding of CMS 25th Nov

Practice notes

Coronavirus (COVID-19)—EU capital markets recovery package

This Practice Note summarises the new capital markets recovery package of measures proposed by the European Commission in July 2020 to address the...

25th Nov

COVID-19

Practice notes

Securitisation Regulation—one minute guide

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...

25th Nov

Practice notes

An introduction to repo and the Global Master Repurchase Agreement (GMRA)

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

Produced in partnership with Joseph Wren of Travers Smith and Jonathan Gilmour of Travers Smith 25th Nov

Practice notes

Banking & Finance—debt capital markets and derivatives annual round-up: reviewing 2017 and previewing 2018 [Archived]

This year’s annual round-up reviews some of the most significant developments of 2017 and previews what is on the horizon for 2018. This includes the...

25th Nov

Practice notes

Retail issuance and distribution of structured products

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...

Produced in partnership with Laura Ings of Keystone Law 25th Nov

In-house

Practice notes

Prospectus Regulation roadmap

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...

25th Nov

Practice notes

The Prospectus Regulation—essentials

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

25th Nov

Practice notes

Covered bonds

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

25th 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...

25th Nov

Practice notes

Key documents required for a residential mortgage backed securities transaction

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...

Produced in partnership with Ed Bellamy of Paul Hastings and Victoria Morton of Paul Hastings 25th Nov

Practice notes

US regulation of structured products and securitisation—one minute guide

The principal United States (US) regulators and regulations that govern structured products and securitisations issuing outside of the US are set out...

25th Nov

Practice notes