The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The project to develop the LMA investment grade documents began in 1998 as a response to demand in the market for a standard form of syndicated facility agreement. The development of the LMA leveraged documents began in much the same way with the form of facility agreement for leveraged acquisition finance transactions first issued in 2004 followed by the recommended form of Intercreditor Agreement for leveraged acquisition finance transactions (senior and mezzanine) in 2009.
The LMA has continued to publish additional precedents to reflect demand from, and developments in, the market. There are now standard forms for use in transactions involving senior secured notes and for transactions involving senior secured notes and high yield notes, reflecting the large number of transactions funded partially or totally by way of high yield debt.
The intention behind both the LMA standard form documents is to save time and cost by providing a position that reflects current market practice for that type of transaction. The documents are intended to only be a starting point and it is not possible to use the documents without making any amendments or additions.
This Practice Note explains how to use the standard form documents and provides an overview of the key standard form documents for use on leveraged transactions. It contains links to relevant materials within
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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.You should also consider if the proceedings will be
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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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