The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions (senior/mezzanine) (the LMA Leveraged Intercreditor Agreement), the LMA intercreditor agreement for real estate finance transactions (senior/mezzanine) where the mezzanine debt has been structurally subordinated (the LMA REF Intercreditor Agreement—Structural Subordination) and the LMA intercreditor agreement for real estate finance transactions (senior mezzanine) where the mezzanine debt is not structurally subordinated but subject to contractual subordination in the intercreditor agreement only (the LMA REF Intercreditor Agreement—Contractual Subordination only) (together the Intercreditor Agreements).
For more information in relation to the principles of subordination and the key provisions of intercreditor agreements in general, see Practice Notes: Subordination and Intercreditor agreement—key provisions.
The LMA Leveraged Intercreditor Agreement was the first of the LMA intercreditor agreements to be published and is suitable for adaptation to different kinds of transactions. Prior to the LMA REF Intercreditor Agreement being published it was often adapted for use in real estate finance transactions. Note that the LMA has published two additional intercreditor agreements for use on transactions involving high yield bonds and a further intercreditor agreement for use on transactions involving a super senior revolving facility and senior term facility structure.
In June 2014, the LMA published the LMA REF Intercreditor Agreement—Structural Subordination
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This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.What is a Part 8 claim?A Part 8 claim is a claim
What is 'discontinuance'?Discontinuance is the means by which a claimant can bring all or part of the proceedings it has instigated to an end.A claimant has a right to discontinue all or part of a claim at any time.Where proceedings are brought to an end without an order or judgment from a court, eg
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
IntroductionA defendant may decide to make a submission of no case to answer after the claimant has indicated that it has closed its case and before the defendant calls any evidence. It is only done where the defendant is extremely confident that the claimant has not presented the court with
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