Letters of credit

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Agency—undisclosed commission—recission—whether fiduciary relationship required (Wood v Commercial First Business)

The following Banking & Finance news provides comprehensive and up to date legal information on Agency—undisclosed commission—recission—whether fiduciary relationship required (Wood v Commercial First Business)

Banking and Finance weekly highlights—8 April 2021

The following Banking & Finance news provides comprehensive and up to date legal information on Banking and Finance weekly highlights—8 April 2021

Banking & Finance—March 2021 case round-up

The following Banking & Finance news provides comprehensive and up to date legal information on Banking & Finance—March 2021 case round-up

Restructuring plan meetings convened on tight timetable in face of strong landlord opposition (Re Virgin Active Holdings Ltd)

The following Banking & Finance news provides comprehensive and up to date legal information on Restructuring plan meetings convened on tight timetable in face of strong landlord opposition (Re Virgin Active Holdings Ltd)

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...

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...

Common financial covenants

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

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

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

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

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

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 12th Jan

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

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

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

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

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 12th Jan

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 Letters of credit 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...

8th Apr

Practice notes

Types of commercial letters of credit

Commercial letters of credit (also known as traditional letters of credit or L/Cs) are used as a method of payment in the context of international and...

8th Apr

Practice notes

ICC Standard rules and practices for commercial letters of credit—UCP, eUCP and ISBP

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...

8th Apr

Practice notes

Commercial letters of credit—structure and parties

The simplest form of a commercial letter of credit is an undertaking by a bank to pay the beneficiary of the letter of credit a specific sum within a...

8th Apr

Practice notes

Coronavirus (COVID-19)—implications for trade and commodity finance transactions

This Practice Note sets out the key issues relevant to trade and commodity finance during the coronavirus (COVID-19) outbreak.For information on the...

8th Apr

COVID-19

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...

16th Mar

Practice notes