US regulatory issues—structured products and securitisation

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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...

Common financial covenants

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

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...

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...

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

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

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

Overdrafts, term loans and revolving credit facilities

This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...

9th Nov

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

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

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 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

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

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

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

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

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 US regulatory issues—structured products and securitisation content

Practice notes

Clearing obligations: central clearing process and the role of clearing houses

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 Chrys Carey of Morrison & Foerster and Peter Green of Morrison & Foerster 15th Apr

Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...

Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 9th Apr

Practice notes

Tax—FATCA tracker

This tax 'tracker' tool displays the current status of both US FATCA and UK FATCA intergovernmental agreements (IGA).The tracker is split into five...

9th Apr

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...

8th Apr

Practice notes

A comparison of EMIR and Title VII of the Dodd-Frank Act

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 Morrison & Foerster 8th Apr

Practice notes

FATCA in the UK—securitisation vehicles

Background to FATCAFATCA is so-called because it derives from the Foreign Account Tax Compliance provisions in Subtitle A of Title V (offset...

Produced in partnership with White & Case 8th Apr

Practice notes

Dodd-Frank tracker—key legislation for Financial Services [Archived]

STOP PRESS: The Financial Choice Act, which was passed in US House of Representatives on June 2017 seeks in large part to undo many of the restrictive...

1st Mar

Practice notes

Dodd-Frank Act—overview for non-US lawyers—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Dwight Smith of Covington & Burling LLP 1st Mar

Practice notes