Fulfilment of an obligation or condition of a contract.

A publication issued jointly by the Pension Protection Fund (PPF) and The Pension Regulator (TPR) setting out statistics derived from industry filings (the Defined Benefits Pensions Universe Risk Profile).

means the evaluation, negotiation, monitoring and implementation of a [Standstill Agreement OR Restructuring Agreement]

This Practice Note considers what a purpose clause in a facility agreement is. It also explains what Quistclose trusts are, how they arise and why they are relevant to purpose clauses in facility agreements. Where appropriate, this Practice Note highlights relevant provisions in: • Precedent: Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee • the Loan Market Association (LMA) investment grade multicurrency term facility agreement with/without observation shift (the LMA investment grade facility agreement), and • the LMA senior multicurrency term and revolving facilities agreement for leveraged acquisition finance transactions with/without observation shift (LMA leveraged facility agreement) The other LMA standard form facility agreements, eg the LMA Senior Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions, also contain sample purpose clauses. LMA documents are available to LMA members on the LMA website. What is a purpose clause? Most facility agreements contain a clause specifying the purpose(s) for which the loan proceeds must be used. On specialist finance transactions,

Dispute Resolution analysis: It is regrettably common for an order, whether drawn up by the parties or the court, to contain accidental errors or omissions. Frequently, these are as simple as a party’s name being spelt incorrectly, the claimant and defendant being the wrong way around, or a date or numerical figure being incorrect. Fortunately, the so-called slip rule, contained in CPR 40.12, permits the court at any time to ‘correct an accidental slip or omission in a judgment or order’. This is usually a relatively straightforward and uncontroversial process. However, in Santos-Albert v Ochi, the court was asked to consider the purpose and scope of the rule, in particular whether it extends to making substantial amendments to an order. The court determined that the rule is concerned to ensure that an order reflects its actual intention and therefore the extent of any amendments required is irrelevant. Written by Jon Felce, partner at PCB Litigation LLP.

The purposive approach to interpreting legislation looks beyond the words of the legislation at the purpose behind it, and the legislation is seen as a skeleton of the law for the judges to flesh out in time. The purposive approach has its roots in legal systems which are based on civil codes and is sometimes referred to as the teleological approach. It is used in EU law.

Purposive construction (or interpretation) prioritises the purpose of a provision before identifying the most obvious meaning of words in that context.

Purposivism is an approach to statutory interpretation in which courts seek to give effect to the purpose or underlying policy of legislation, rather than relying solely on the literal meaning of the text. Judges ask what Parliament or the Oireachtas was trying to achieve and interpret ambiguous or open-textured wording in light of that objective.In the UK and Ireland, purposivism is not usually defined in legislation; it is a descriptive term drawn from case law and academic commentary. It overlaps with, but is broader than, the “mischief rule” and aligns with the modern contextual approach to statutory construction.Across England and Wales, Scotland, Northern Ireland and Ireland, courts commonly use purposive reasoning, especially in areas such as EU-derived law, human rights, tax, planning and regulatory legislation. The extent of purposivism varies: some decisions emphasise the ordinary meaning of the words, while others give significant weight to legislative purpose, travaux préparatoires or explanatory memoranda.For practitioners, purposivism is important in drafting submissions, advising on statutory risk, predicting how courts may resolve ambiguity, and using external aids to interpretation such as Law Commission reports or parliamentary materials. Usage is broadly consistent across the four jurisdictions.

CPR 40.6 applies where all the parties agree the terms in which a judgment should be given or an order should be made. The rule makes provision in CPR 40.6(2) for a court officer to enter and seal an agreed judgment or order in particular circumstances and where the approval of the court is not required. These include orders for the payment of an amount of money or the delivery up of goods, the dismissal of proceedings or their stay on agreed

Over the last century the common law has developed the doctrine that where rent is reserved in advance and the lease is forfeited or surrendered after the rent falls due, the provisions of the Apportionment Act 1870 (AA 1970) do not apply and the landlord is entitled to the rent in its entirety, as the sum was due in full before termination of the interest (Ellis v Rowbotham). There is no restitutionary remedy due to the agreement that payment of the full rent falls due. William Hill v Willen Key & Hardware (1964) 108 Sol J 482 (not reported

Damages and injunctive relief The damage for breach is assessed as at the date of the breach of the contract. The overriding aim of an award of damages arising from a breach of a contractual obligation is to put the innocent party 'so far as money can do it…in the same situation…as if the contract had been performed' (Robinson v Harman). For further guidance, see Practice note: Contractual damages—general principles. Equitable remedies such as specific performance and/or injunction may be awarded on a discretionary basis where damages will not be an adequate remedy. Injunctive relief can either be: • mandatory—requiring the defaulting party to take a certain step(s), or • prohibitory—restraining the defaulting party from taking (further) step(s) Injunctive

This Q&A considers the likely approach that a lender will take in respect of collateral warranties and novation, in the context of a landlord constructing a building to be leased to a tenant, where the landlord wishes to obtain a mortgage over the freehold. As a result of the doctrine of privity of contract, collateral warranties are often necessary in construction projects in order to protect third parties with an interest in that project. Privity essentially means that a person may not enforce