A general power of appointment over property is not, strictly speaking, property1; but, if it is exercisable by deed, it is within the extended meaning in which the term 'property' is used in the Insolvency Act 1986 in determining what property of the bankrupt is comprised in the bankrupt's estate2; such a power may be exercised by the trustee for the creditors' benefit so long as the bankrupt is living3. A general power of appointment which is exercisable by will only is not 'property' within the Insolvency Act 19864; nor is a special power of appointment which is exercisable
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
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