Securitisation—terms and conditions of the notes
Produced in partnership with Ranajoy Basu and Nathan Menon of Reed Smith LLP
Securitisation—terms and conditions of the notes

The following Banking & Finance guidance note Produced in partnership with Ranajoy Basu and Nathan Menon of Reed Smith LLP provides comprehensive and up to date legal information covering:

  • Securitisation—terms and conditions of the notes
  • Definitions and construction
  • Form, denomination and title
  • CGNs:
  • NGNs:
  • Status and relationship between the Notes and security
  • Covenants
  • Interest
  • Payments
  • Redemption
  • more

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Brexit planning and impact—financial services, Brexit—impact on finance transactions—Key issues for securitisation transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.

The terms and conditions (T&Cs) of the notes (the Notes) are included in the Prospectus and also as a Schedule to the Trust Deed for all types of securitisation. This Practice Note explains what is commonly contained in those T&Cs.

Generally, T&Cs apply to the Notes only in global form and refer to the fact that, in certain limited