Securities backed by a pool of mortgage loans secured by commercial properties, such as shopping centres, hotels and office buildings.

Where the assets underlying the transaction are commercial mortgages.

An unsecured short-term debt instrument with a maturity of up to 270 days.

What is commercial paper? Commercial paper (CP) is a type of debt security which is traded by professional and institutional investors in the money markets (a money market instrument) and is: • issued to meet short-term funding needs, for periods of between one week and 364 days • issued in bearer global form (see Practice Note: Form of debt securities—global securities) • unsecured, unless it is issued under an asset-backed commercial paper programme (see Practice Note: Asset-backed commercial paper structures) • sometimes (but not usually) listed on a stock exchange • can be awarded a credit rating from one or more credit rating agencies • usually issued at a discount to its face value, rather than being interest-bearing—this means that the return to the investor is equal to the difference between ◦ the discounted amount at which the CP is purchased, say 97% of its face value, and ◦ the amount payable on redemption of the CP, 100% of its face value, and • can be guaranteed • issued under a programme with agency structure (no trustee)

This Q&A addresses the question of whether a landlord of commercial premises which are occupied under a licence or tenancy at will can peaceably enter following service of a notice to quit or whether court proceedings have to be issued in order for the landlord to obtain possession of the premises. For the purposes of this Q&A, it is being assumed that the premises in question are indisputably let under a licence or tenancy at will and that there is no possibility that the letting of the premises is subject to any scheme of statutory regulation such as Part II of the Landlord and Tenant Act 1954 (LTA 1954). Recovering possession of commercial premises occupied under a licence or tenancy at will At common law, a landlord is entitled to re-enter premises following a tenancy being

Background US commercial property casualty insurance has its roots in English marine insurance. In the 17th century, London's importance as a trade centre led to demand for the protection of ships and cargo. Increases in maritime trading and the incidences of piracy and storms meant that merchants and bankers sought ways to mitigate losses associated with such risks. Edward Lloyd's coffee house became recognised as the place to go for marine information and then for insurance. In coffee houses throughout the city of London, bankers provided guarantees against loss; in return, merchants paid the bankers a fee for this protection. Fire insurance, developed primarily in England after the great London fire in 1666. The US property casualty insurance market evolved from British practices, with the first US fire insurer started by Benjamin Franklin in 1752. The American Revolution, followed by the Napoleonic Wars in the early 1800s, demonstrated just how vital insurance was. By the early 1900s, many major types (or lines) of insurance had developed. Today, US property casualty insurance consists

This Practice Note considers the different stages in transactions for the sale of commercial property in England and Wales compared to those in Scotland, at pre-contract, contract, post-contract, completion or settlement and post-completion or settlement stages. The table below highlights the key steps in each stage of a commercial property sale transaction in each jurisdiction taking a very simple transaction with no funding involved. ENGLAND and WALES SCOTLAND Pre-contract • buyer raises pre-contract enquiries of the seller • buyer carries out due diligence ordering all necessary searches (such as official copies, land charges searches, coal mining reports, local authority search and enquiries etc), see Practice Note: Pre-contract searches • seller issues draft contract which will incorporate standard conditions of sale • parties negotiate draft contract • buyer carries out official search with priority, see: Pre-completion searches—checklist • seller provides buyer with title pack including copy title sheet if the title is registered in the Land Register or title deeds if the title is still in the Register

This Practice Note sets out processes for dealing with the release of security over commercial (as opposed to residential) property and the issues that must be considered when discharging a commercial mortgage. In residential conveyancing, most transactions are completed using the Law Society’s Code for Completion by Post (the Code) which contains an undertaking by the seller’s solicitor to discharge the seller’s mortgage on the property. While the Code is expressed to be for use in either residential or commercial transactions, it will not always be appropriate either to give the undertakings contained in the Code or to rely on the undertakings contained in the Code for the release of security over the property. A departure from the terms of the Code may need to be agreed depending on the terms of the transaction. This Practice Note assumes a situation where the buyer and/or the buyer’s lender insists that the discharge of the seller’s mortgage is available on completion. Since the seller usually needs the proceeds of sale to discharge the mortgage

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 24 May 2016; it is no longer maintained. See further, timeline, commentary and related cases. Case facts Outline CMA Article 101 TFEU/Chapter I CA98 investigation into Foster Refrigerator, a division of ITW Ltd, in relation to the alleged introduction in vertical agreements of a minimum advertised price by Foster Refrigerator (a manufacturer) for internet sales of commercial refrigeration products limiting the ability of retailers to sell below that price (case CE/9856-14). Latest developments On 24 May 2016, the CMA issued its infringement decision and imposed a fine of £2,298,820 on ITW Ltd, the owner of the Foster Refrigerator division. The fine was reduced by 10% as ITW Ltd has set up a comprehensive compliance programme to train staff. The fine was reduced by a further 20% as ITW Ltd settled with the CMA, admitting liability and cooperating with the investigation. The CMA decided not to issue an infringement decision to the retailers with whom ITW Ltd entered into the infringing agreements;

This Practice Note explains the commercial rent arrears recovery (CRAR) regime under section 72 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007), which replaced the common law right to levy distress. It covers the types of leases under which CRAR can be exercised, the types of rent that can be recovered, and the procedure to use including appointment of enforcement agents, notifying the tenant, entry into premises, seizure and sale of goods. It also covers the right to recover rent from sub-tenants. Right to recover rent The CRAR regime allows landlords to seize a tenant’s goods from the demised premises in order to recover unpaid rent. It replaced the old common law right to levy distress, and is more strictly regulated than the old regime in that (among other things) it requires the use of enforcement agents and tenants must be given notice in advance. CRAR also allows landlords to recover rent from sub-tenants, by serving notice requiring them to pay rent direct to the landlord, rather than the tenant (replacing the notice

Property Disputes analysis: This is the first judgment to be handed down relating to a claim for arrears of rent and service charge of retail premises where the tenant relied upon the closure of retail units imposed upon them during lockdowns as a result of the coronavirus (COVID-19) pandemic. The claim was for arrears of rent and service charge and was defended on various grounds relating to the government’s response to the coronavirus pandemic as well as contentions relating to the landlord’s obligation to insure against loss of rent. Each of the defences was rejected by the court which awarded summary judgment for the landlord for the arrears of rent and service charge. Given that many commercial tenants have withheld rent on the strength of the imposed closures during periods of lockdown, the case provides guidance on some of the issues raised by tenants and will come as a welcome development for landlords. Written by Gary Cowen QC, Queen’s counsel at Falcon Chambers who appeared in the case for the landlord.

This Practice Note is about the VAT treatment of non-residential service charges. General position Service charges are typically payable to the landlord under a lease or licence, in the same way as rent, and in this case they follow the same VAT treatment as the rent. This is because there is no separate supply—the rent and service charge together are payment for a letting of serviced premises. Some charges may, however, need to be dealt with differently: • there may be a separate supply, typically because the tenant pays only according to its own consumption—metered utility charges are an example • the charge may be a disbursement, because the landlord is meeting and recharging a cost that is legally the responsibility of the tenant—business rates are an example, if it is the tenant that is the rateable person These and other particular types of charge are considered in more detail below. Exceptions to the general position The position is different: • if someone other than the landlord, such as a management company, is contractually obliged to