In a typical project finance transaction, the project company (ie the borrower) is a special purpose vehicle (SPV) set up specifically for the purposes of the project. This means that it does not have its own experienced employees and its only assets are the project assets. The sponsor (which is traditionally an entity with more substantial corporate worth and skill) is often required to provide support to the project company to ensure that the project is successful. For more information on sponsors, see Practice Note: Project finance—key project parties—Sponsor. What is equity support in a project finance transaction? Equity support for a project means any form of support provided by the sponsor to the project company. The two main forms of equity support are: • non-financial equity support arising out of the sponsor's experience, knowledge and technical expertise, including by way of: ◦ skilled personnel who are allocated to the project to oversee and manage its design and development ◦ assistance to procure official licences, authorisations and approvals (particularly in the case of

This Warrant Instrument is dated [insert date] Parties 1 [Name of Issuer], incorporated in England and Wales under number [company number] whose registered office is at [address] (Company) Background The board of directors of the Company has by resolution passed on [insert date] authorised the creation of warrants giving their holders the right to subscribe for new shares in the capital of the Company at a subscription price and on the terms set out in this Instrument. THIS INSTRUMENT PROVIDES: 1 Definitions and interpretation 1.1 In this Instrument, unless the context otherwise requires the following expressions shall have the following meanings: Adjustment Event • has the meaning set out in paragraph 3 of Schedule 4; Articles • means the articles of association of the Company for the time being; Business Day • means a day, other than a Saturday, Sunday or public holiday, on which clearing banks are open for non-automated commercial business in the City of London; Certificate • means the certificate in the form set out in Schedule 2; Companies Act • means the Companies Act 2006; Conditions • means the conditions set out in Schedule 1 as amended from time to time in accordance with this Instrument; Equity

This Practice Note provides an overview of equity warrants in the context of private company investment. Listed equity warrants and debt warrants (of any nature) are beyond the scope of this note. What is a warrant? A warrant is a contractual financial instrument that allows the holder special rights to buy securities. They are discretionary rights that expire. In many respects, they are similar to options. What is an equity or share warrant? An equity warrant is a financial instrument under which a company grants a contractual right (but not an obligation) to a third party (the warrantholder) to subscribe for a specified class of shares in that company (ie equity securities). Under a debt warrant, the subscription right is over debt, rather than equity, securities. Equity warrants, sometimes referred to as share warrants, should be distinguished from bearer shares, or 'share warrants to bearer', which, until being abolished under the Small Business, Enterprise and Employment Act 2015, were unregistered shares owned by whoever physically held the instrument. Companies have been prohibited from issuing bearer shares since

The original version of this note was written by the late Professor Alexander Türk Development of the principles of equivalence and effectiveness Under the principle of procedural autonomy, in the absence of relevant EU law, it is for national legal systems to determine the procedures governing actions based on EU law before national courts. It is for the national legal systems to ensure the effective protection of EU derived rights and interests whenever they are raised before national courts. However, the national procedural autonomy of the EU Member States is restricted by the dual principles of equivalence and effectiveness. The relationship between these principles found expression in Comet v Produktschap as follows: ‘In the absence of any relevant [Union] rules, it is for the national legal order of each Member State to designate the competent courts and to lay down the procedural rules for proceedings designed to ensure the protection of the rights which individuals acquire through the direct effect of [Union] law, provided that such rules are not less favourable than those governing the

The process by which the European Commission gathers information and makes a decision with regards to whether or not the financial market rules and supervision of a third country are as strict and comprehensive as those of the European Member States.

The downstream access product retailed by the incumbent consumes exactly the same physical upstream inputs as the downstream product supplied by competitors, eg same tie-cables, same electronic equipment, same space exchange etc. The product development process is therefore exactly equivalent as their provision in terms of functionality and price.

The access products offered by the incumbent communications provider to alternative communications providers are comparable to the products it provides to its retail division in terms of functionality and price, but they may be provided by different systems and processes.

The maximum power out of the antenna in a given direction (usually a few degrees down to the horizontal). The antenna acts to focus the radio beam, like a lamp reflector, therefore the maximum power will appear in a particular direction. The power in other directions, such as vertically downwards is sometimes significantly less.

A benefit provided for an employee whose employment was contracted out of the State Graduated Pension Scheme (between 1961 and 1975).

This Practice Note examines equivalent project relief (EPR) in PFI and PF2 projects. It considers the purpose of such provisions, the anatomy of an EPR clause and relevant cases. EPR clauses generally state that a sub-contractor is only entitled to claim for compensation, an extension of time (EOT) or relief from termination under the sub-contract, to the extent that the Project Co has been able to claim for the equivalent remedy under the Project Agreement—in other words, the Project Co has no greater liability to the sub-contractor than the Authority has to Project Co. Note that in the 2018 Budget (delivered on 29 October 2018), the government announced that it would no longer use PFI or PF2 on new projects (see News Analysis: Budget 2018—what does it mean for infrastructure and housebuilding?). However, existing PFI and PF2 projects continue to run. What is equivalent project relief? To understand what equivalent project relief is, it is necessary to understand the background that gave rise to these provisions. As set out in Practice Note: Introduction to PFI and PF2 the structure of a typical PFI or PF2 project is

Dispute Resolution analysis: Erica Bedford and Tom Mason of Hailsham Chambers have secured a significant victory in the Court of Appeal in Turner v Coupland Cavendish Ltd successfully overturning Sweeting J’s decision and establishing important new authority on the limits of a costs judge’s jurisdiction and the role of the cash account in solicitor and own client assessments under the Solicitors Act 1974 (SCA 1974).

The unit of traffic volume corresponding to the number of simultaneous calls in progress at any given time or averaged over a period of time.