1 Interest on late payment If either party fails to make payment in accordance with this Agreement the other party shall be entitled, in addition to any unpaid amount that should properly have been paid, to

In accordance with the SRA Accounts Rules 2011, all firms must have an interest policy which provides for the payment of interest to a client when it is fair and reasonable to do so.

1 Amount of interest We will pay a fair sum of interest to clients or third parties on any client money we hold on their behalf. 2 Circumstances in which interest will not be paid We will not pay interest: 2.1 on money we are instructed to hold outside a client account in a way that does not attract interest, eg cash held in our safe; 2.2 where the amount of interest, calculated in accordance with this policy, is less than £[30][—on the basis that the costs associated with paying that interest are disproportionate to the amount involved]; 2.3 where we come to a different arrangement, in writing, with the client or third party for whom the money is held—where we do so, we will provide sufficient information to enable the client or third party to give informed consent (see ‘Contracting out’ at section 9 below); 2.4 [on money held for the Legal Aid Agency;] 2.5 [[insert other].] 3 Different types of client account 3.1 Client money can be held in a designated client account, in our general client account[ or

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note explains the Loan Market Association (LMA)’s approach to the calculation of interest in its (LIBOR based) facility documentation. It explains the calculation of interest clause (margin, London Interbank Offer Rate (LIBOR), Euro Interbank Offered Rate (EURIBOR) or other benchmark rate and mandatory costs) before focusing on how the benchmark rate (eg LIBOR) is calculated. In particular it explains: • how the documents define and calculate LIBOR, EURIBOR or other benchmark rate, including how the Screen Rate is calculated—see Definition of LIBOR, EURIBOR and Benchmark Rate in LMA documents and Definition of Screen Rate in LMA documents • implications for drafting of ICE Benchmark Administration Limited taking over the administration of LIBOR • the implications on drafting of the ICE LIBOR Error Policy and the Euribor Intraday Refixing Policy which set out the process of refixing and republishing LIBOR and EURIBOR respectively—see Intra-day correction, recalculation or republication of a Screen Rate • the waterfall of fallbacks

What does this Practice Note cover? This Practice Note aims to assist practitioners with understanding interest provisions in Loan Market Association (LMA) recommended form facilities agreements. This Practice Note: • explains in brief what is meant by interest rate provisions in the context of a loan agreement • explains the LMA’s approach in its documentation • discusses the key features of loan agreements based on compounded risk-free rates (RFRs) • explains what is meant by switch mechanisms and provides explanatory guidance on the switch mechanism in the LMA standard form facilities agreements • sets out a key points checklist for drafting a compounded RFR-based facility agreement • provides an overview of the transition away from LIBOR This Practice Note focuses on provisions set out in the Loan Market Association’s Multicurrency Term and Revolving Facilities Agreement incorporating backward-looking compounded rates and forward looking term rates with rate switch provisions (lookback without observation shift). It does not discuss the recommended form facilities agreements that are based on, or fall back to,

A swap in which typically a fixed set of cash flows are exchanged for a set of cash flows linked to short-term interest rates.

Step-by-step guide • Party A and Party B enter into an International Swaps and Derivatives Association (ISDA) Master Agreement, Schedule and confirm with each other that they will document their interest rate swap (IRS). • Assume the notional amount of the IRS is US$100m. The notional amount of the IRS is not exchanged but is used as the basis for calculating the payment obligations

Pensions analysis: In the determination of Mr D (PO–9216) the Pensions Ombudsman upheld a complaint brought by a member of the Local Government Pension Scheme (LGPS) that he was entitled to interest on all the unpaid elements of his pension. Mr D’s pension only went into payment many years after his actual retirement date under the LGPS but he was only paid interest on the arrears of unpaid pension for the first year. Martin Scott of gunnercooke LLP looks at the decision.

An interested witness is a person who gives evidence or attests a document while having a personal stake in the matter, such as a financial benefit or relationship to a party. In wills and probate practice, it commonly means an attesting witness who is also a beneficiary, or is married to (or, in some jurisdictions, the civil partner of) a beneficiary. In England and Wales, section 15 of the Wills Act 1837 renders void any devise, legacy or other testamentary gift in favour of an attesting witness or their spouse or civil partner, but the will and the attestation remain valid and the witness is competent. Northern Ireland has a substantially similar rule in its wills legislation. In Ireland, section 82 of the Succession Act 1965 likewise voids the gift to the attesting witness (and to their spouse) without invalidating the will. In Scotland, a beneficiary may witness a will; the Requirements of Writing (Scotland) Act 1995 imposes no forfeiture, though any interest may affect evidential weight. Outside probate, interested witness is a descriptive evidential label used across civil and criminal proceedings: testimony from a party, associate or accomplice is admissible, but may attract cautionary treatment on credibility and weight.

A person who has long economic exposure, whether absolute or conditional, to changes in the price of securities will be treated as interested in those securities. A person who only has a short position in securities will not be treated as interested in those securities. In particular, a person will be treated as having an interest in securities if the person: (1) owns them; (2) has the right (whether conditional or absolute) to exercise or direct the exercise of the voting rights attaching to them or has general control of them; (3) by virtue of any agreement to purchase, option or derivative has the right or is under an obligation to acquire them; (4) is party to any derivative: (a) whose value is determined by reference to their price; and (b) which results, or may result, in the person having a long position in them; and (5) in the case of Rule 5 only, has received an irrevocable commitment in respect of them.

This is a protocol used on PF2 projects which governs co-operation and liaison, as well as access provisions as between the Authority, Authority Service Providers and the Project Co (the Contractor) and their related parties.

STOP PRESS: In A Reference by the Attorney General for Northern Ireland of a devolution issue under paragraph 34 of Schedule 10 to the Northern Ireland Act 1998 [2026] UKSC 16, the Supreme Court overruled its previous majority decision in P v Cheshire West and Chester Council; Surrey County Council v P [2014] UKSC 19. In its unanimous judgment, the Supreme Court rejected the 'acid test' for determining the objective element of whether a person is deprived of their liberty, holding that the assessment under Article 5 of the European Convention on Human Rights requires a broader analysis, taking into account the whole range of factors in the particular case. This landmark decision has significant implications for local authorities and deprivation of liberty practice in the UK. We are reviewing this content accordingly. In the meantime, for more information, see: Supreme Court departs from Cheshire West ‘acid test’ for deprivation of liberty (A Reference by the Attorney General for Northern Ireland of a devolution issue under paragraph 34 of Schedule 10 to the Northern Ireland