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GLOSSARY

Bilateral facility agreement definition

Published by a LexisNexis Banking & Finance expert

What does Bilateral facility agreement mean?

A facility agreement entered into between one bank and one borrower; a bilateral facility agreement can be contrasted with a syndicated facility agreement where there will be more than one lender.

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Issuing high yield bonds—documents list

Issuing high yield bonds—documents list The documents listed below provide an overview of the core transaction documents typically used to document a high yield bond issuance. The description for each provides an explanation of the document's purpose and the parties which typically enter into them. Additional documents may be required to deal with aspects of a specific transaction (such as escrow arrangements) or to reflect bespoke arrangements. Document Description 144A Global Note A single note signed by the issuer which represents the entire amount of debt in relation to the Rule 144A issuance.Section 5 of the US Securities Act 1933 requires all offers and sales of securities in the US to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A is a safe harbour exemption from the section 5 requirement and it enables the initial purchasers of the bonds (see Purchase Agreement below) to resell the bonds to 'qualified institutional buyers', institutional investors who meet certain criteria.For more information on Rule 144A,...

Checklist for reviewing a foreign law legal opinion

Checklist for reviewing a foreign law legal opinion When and why is a foreign law legal opinion needed? A lender will require a foreign law legal opinion from lawyers in each relevant jurisdiction in the context of a cross-border loan transaction. For example, in the scenario where a transaction has a facility agreement and other finance documents governed by the laws of England and Wales, a borrower or other obligor incorporated in the British Virgin Islands (BVI) and certain security assets situated in Jersey, a lender will require a legal opinion from lawyers in each of England and Wales, the BVI and Jersey. The main purposes of a legal opinion (whether foreign law or otherwise) are: • to confirm to the recipient of the legal consequences and effect of a document, transaction, or course of conduct (as relevant) • to satisfy the recipient that a lawyer has examined specified legal aspects of a transaction, and/or • to state conclusions of law as to the ability of a party to enter...

Discover our 2 Checklists on Bilateral facility agreement

Ireland—Signing off on the documentary conditions precedent in a loan transaction

Ireland—Signing off on the documentary conditions precedent in a loan transaction Each of the documentary conditions precedent (CPs) to funding must be satisfied (or waived) before funding can take place. Who signs off on the documentary CPs? Once all of the documentary CPs have been satisfied (or waived), the lender (or, in syndicated transactions, the facility agent) will usually be required by the terms of the facility agreement to confirm to the borrower, in writing, that this is the case. However, whether the documentary CPs have been satisfied will have been determined by a number of factors: legal, commercial and factual issues will have been addressed by a combination of the lender(s) and the lawyers acting for the lender(s). Therefore, signing off on the documentary CPs will involve both the lender(s) and lawyers. It is important, however, to note that the final commercial decision on whether to lend is made by the lender(s) rather than their lawyers. Role of the lawyers for the lender(s)—issuing a CP satisfaction letter Finding a...

Ireland—Key features of debentures

Ireland—Key features of debentures Debentures are used in many types of financing where it is desirable to take security over all of the assets of a particular entity. They are a form of umbrella document, incorporating many types of security over a broad range of assets. What is a debenture and when do you use one? What is a debenture? In the context of secured lending, the term 'debenture' means a form of security agreement that grants security interests over a broad range of the security provider's assets as collateral for either the security provider's own obligations or the obligations of a third party. The term 'debenture' can also refer to a document that either creates or acknowledges a debt. This Practice Note deals with debentures as a form of security in the context of secured lending. In particular, it considers: • the formalities required for a debenture • the legal principles to be considered • the fixed security normally secured in a debenture • the floating security under a...

Discover our 10 Practice Notes on Bilateral facility agreement

Amendment agreement (agreement format): for a bilateral facility agreement with or without security or a guarantee

Amendment agreement (agreement format): for a bilateral facility agreement with or without security or a guarantee This Agreement is made on [insert date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); [and] 2 [[insert name of Guarantor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Guarantor); and 3 [insert name of Security Provider], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Security Provider); and] 4 [insert name of Lender] of [insert address] (the Lender). Background (A) The Lender made available a loan facility to the Borrower on the terms and conditions set out in the Facility Agreement (as defined below). (B) The Lender and the Borrower now wish to amend the Facility Agreement upon the terms and...

Notice of assignment and form of acknowledgement: for a bilateral facility agreement (transfer of loan)

Notice of assignment and form of acknowledgement: for a bilateral facility agreement (transfer of loan) [ To be printed on the headed paper of the LENDER (THE ASSIGNOR) ] [insert date] To: [insert full name and address of borrower] Dear [insert name of borrower] 1 We refer to the deed of assignment (the Assignment) dated [insert date] and granted by us as assignor (the Assignor) in favour of [insert name of assignee] (the Assignee). 2 We also refer to the facility agreement dated [insert date] between you (as borrower) and us (as lender) as amended, novated, supplemented, restated or replaced from time to time in accordance with its terms (the Facility Agreement). 3 We give you notice that pursuant to the terms of the Assignment, we have assigned to the Assignee absolutely all of our rights, title and interest from time to time in, and the full benefit of, the Facility Agreement and all rights, title and interest in any amounts payable...

Dive into our 34 Precedents related to Bilateral facility agreement