Money arising from a sale is applicable in the first instance to the discharge of any prior incumbrances to which the sale is not made subject or to the payment into court of a sum to meet any prior incumbrance1. The balance or the whole, as the case may be, is held by the mortgagee2 in trust to be applied, first, in payment of all costs, charges and expenses properly incurred by him as incident to the sale, or any attempted sale, or otherwise and, secondly, in discharge of the mortgage money3, interest and costs, and other money, if
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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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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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