A fee payable by the borrower if it prepays a facility during a specified period following drawdown of the facility; mezzanine facility agreements typically contain an obigation to pay a prepayment fee in certain situations.

What is prepayment finance? Buyers frequently provide finance facilities to commodity producers by way of paying in advance for goods and commodities. Prepayment finance (a type of commodities finance) is an established structure used to provide finance directly to buyers or traders of goods and commodities and indirectly to producers/exporters of goods and commodities. It involves an advance payment by a buyer (known as the offtaker) to a producer/exporter of goods and commodities which is financed by a separate loan made by a lender (usually a bank or syndicate of banks) to the offtaker. These arrangements are useful to: • the producers because it means that they can access credit which would not be available to them through the banking system, and • the buyers because it allows them to negotiate long term supply contracts with producers in exchange for the provision of finance They are particularly useful where the producer is based in a country which has exchange control regulations or a taxation regime which prohibits or penalises direct lending to producers by overseas financial institutions. Such regimes

The percentage of the notified value of each approved debt to which the receivables purchaser may be willing to make prepayments.

Prepayment premiums or prepayment fees are amounts payable by the borrower if it prepays the facilities (or part of the facilities) within a certain amount of time from first utilisation. See also soft call and hard call.

Preliminary stage of tender process whereby contractors are asked to provide certain information (eg qualifications) and answer questions. Often in the form of a questionnaire circulated to and returned to the employer by prospective tenderers. If successful at ‘prequal’ stage, contractors will be invited to submit a tender.

Pursuant to the Insolvency Act 1986, s 176A, a specified proportion of a company's net property (ring fenced fund) which is applied towards payment of unsecured debts as opposed to holders of a floating charge (except in so far as it exceeds the prescribed statutory maximum or the amount required for the satisfaction of unsecured debts).

The period by reference to which a taxable person is required to account for and pay tax.

A specific form as dictated by the Act or Rules applicable to the subject matter.

A market which for the purposes of chapter 5 of the Disclosure Guidance and Transparency Rules (DTR 5), is established under the rules of a UK recognised investment exchange.

Any of the following occupations: Athlete, Badminton Player, Boxer, Cricketer, Cyclist, Dancer, Diver (Saturation, Deep Sea and Free Swimming), Footballer, Golfer, Ice Hockey Player, Jockey – Flat Racing, Jockey – National Hunt, Member of the Reserve Forces, Model, Motor Cycle Rider (Motocross or Road Racing), Motor Racing Driver, Rugby League player, Rugby Union Player, Skier (Downhill), Snooker or Billiards Player, Speedway Rider, Squash Player, Table Tennis Player, Tennis Player (including Real Tennis), Trapeze Artiste, Wrestler. (HMRC) (obs)

A sum of money from the floating charge pool set aside for unsecured creditors in a liquidation, administration or administrative receivership, found under Insolvency Act 1986, s 176A.

Prior to the Pensions Act 2004, these were rules in the MNT (member nominated trustees) legislation providing a system for choosing member-nominated trustees/directors. These rules were required to be put in place for choosing member-nominated trustees/directors if:the sponsoring employer's proposals for alternative arrangements; or the trustee's proposals for appropriate rules (or both) have failed; or if it has been decided to adopt the default procedure.