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Is the process where lenders have the right to demand the immediate repayment of all outstanding debt as a result of an event of default.
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Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...
Timetable—hostile offer This is a detailed timetable for a hostile takeover offer. It has been compiled by reference to the provisions of the City Code on Takeovers and Mergers (Code) and relevant statutory rules. The timetable covers the steps leading up to the announcement of a firm intention to make an offer (Rule 2.7 announcement) up until the completion of any ‘squeeze-out’ procedure. Changes can occur to the timetable: for example, document preparation may take a shorter time than planned or the emergence of a rival offer may cause the timetable to default to that of the competing offeror. For other examples of timetables used on takeover transactions, see: • Timetable—recommended offer • Timetable—scheme of arrangement Public company takeovers quiz: Part 3 of our public company takeovers quiz includes questions which tests users’ knowledge of the new offer timetable for takeover transactions. The quiz is in multiple choice format and at the end of each question the correct answer is displayed together with feedback and links to relevant materials. The...
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The purpose of security in securitisationsIn a traditional securitisation (ie not a synthetic securitisation) the issue of security is particularly all-encompassing: all of the issuer's rights are secured in favour of a security trustee for the benefit of all the issuer's secured creditors, usually pursuant to a single security deed.For information on synthetic securitisations, see Practice Note: Synthetic securitisations.The creation of enforceable security interests over the underlying assets of the issuer (called the 'security package') consequently underpins both the credit and the legal analysis of a securitisation:•credit analysis—an important part of the credit analysis of a securitisation consists in assuming that the assets' value will be realised through enforcement rather than repayment. Similarly, a mortgage lender will base its decision to lend principally on the value of the mortgage ie the value of the asset that will be enforced upon in the event of a default rather than the mortgagor's ability to pay based on their income stream•legal analysis—great attention is paid by the transaction lawyers to ensure that each...
Trust deed—first time issuer's guide What this Practice Note covers The aim of this Practice Note is to provide information and practical guidance on English law trust deeds to lawyers advising first time issuers of debt securities. This Practice Note focuses on first time issuers because debt capital markets documentation for subsequent issues tends to follow very closely the documentation which the issuer used for its first issue—the documentation stage of the first issue is therefore the time when an issuer and its advisers have an opportunity to consider the documentation in depth and (within the constraints imposed by accepted debt capital markets practice) to influence the form of the documentation. This Practice Note: • sets out the advantages and disadvantages of using trustees in debt capital markets transactions and the nature of the relationship between an issuer and a trustee, and then • explains the practical aspects of the main provisions usually found in trust deeds for debt capital markets transactions This Practice Note covers trust deeds...
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Board minutes—takeover—Rule 2.7 (‘firm intention’)—offeror [insert company name][ LIMITED OR PLC ] Minutes of a meeting of the board of directors of [insert full name of company] (the Company) held at [insert place of meeting] on [insert date of meeting] at [insert time of meeting][am OR pm] Present: [Insert names of the director(s) physically present][[Insert names of any directors present by telephone as permitted by the Company’s articles of association] (by telephone)] [[Insert names of any directors present by other means permitted by the Company’s articles of association] (by [insert other means])] [ In attendance: ] [[Insert name of anyone in attendance, who does not count towards the quorum for the meeting (eg the company secretary, any legal advisers) (if any)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the meeting (if any)]] 1 Chair, notice and quorum [Insert name] was appointed Chair of the meeting. It was reported that proper notice of the meeting had been given in...
Offer document—definitions (Appendix 5) Appendix [5]—DEFINITIONS The following apply throughout this document unless the context otherwise requires: [Offeree] or the Offeree • [insert full name of offeree] PLC, a public limited company incorporated in [insert country of incorporation] with registered number [insert number] [Offeree] Directors • the directors of [Offeree] at the date of this document, as set out in paragraph [insert number] of Appendix [4] [[Offeree] Group • [Offeree] and its subsidiary undertakings] [[Offeree] Optionholders • holders of options in the [Offeree] Share Option Scheme [Offeree] Shareholders • holders of Shares [[Offeree] Share Option Scheme • any of [insert names of all the share option schemes operated by offeree]] [Offeree] Warrantholders • holders of [Offeree] Warrants [Offeree] Warrants • the warrants to subscribe for Shares issued under the [Offeree] share warrant instrument dated [insert date]] [Offeror] or the Offeror • [insert full name of offeror], a [public OR private] limited company [and a wholly owned subsidiary of [Offeror Parent]], incorporated in [England...
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What recourse does a bank have if assets are disposed of in breach of the terms of the finance documents? Why is the restriction on asset disposals needed and what clauses should the bank consider in these circumstances? In a secured financing, the bank will be concerned to ensure that the value of its security is not reduced in any way during the term of the facility agreement, ensuring it maximises recoveries in the event it wants to enforce the security. Another key concern is that unless the bank can show sufficient control over any given secured asset, any purported fixed charge over that asset could be recharacterised as a floating charge. Therefore, it is usual for the bank to put restrictions into the facility agreement and related security documents preventing the borrower from selling, transferring or otherwise disposing of any of its assets during the term of the facility agreement without the consent of the bank. For more information, see Practice Note: Undertakings (covenants) —...
Company A has the benefit of a debenture from company B. B intends to enter a creditors voluntary liquidation which is an event of default under the debenture. B has not missed a payment due to A and there is no accelerated payment clause. Can A appoint an administrator/receiver to B, and does the security cover the full debt or only the outstanding amount? Enforcement—general Generally, a creditor’s rights of enforcement will be expressly provided for in the debenture itself (together with the instrument creating or evidencing the secured liabilities) and therefore, how and when a creditor can enforce its security will usually be a matter of construction of those documents. Implied powers of enforcement are rarely relied upon and usually only help where the secured liability has become payable (see Commentary: Part 2: When can the creditor exercise his powers?: Taking Security [9.27]). See Practice Note: Enforcement—debentures and floating charges. Appointment of administrators For information on appointment of administrators, see Practice Notes: • Out-of-court appointments—who can...
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Construction analysis: In this article, we look back on the key developments in construction law that emerged in the later months 2024, and look ahead to what may come in 2025.
This week's edition of PI & Clinical Negligence weekly highlights includes an announcement from the Master of the Rolls regarding a change to guideline hourly rates and ACSO’s criticism of the government’s response to the medical reporting process consultation. We bring you a news analysis of a Court of Appeal decision where a claim for credit hire charges was not defeated by a lack of a valid MOT certificate. We also include a number of clinical negligence decisions including a case on ‘expert shopping’ and details of a sexual abuse claim brought out of time with damages awarded in the sum of £70,000. In addition, we have our usual roundup of other news, cases and New Law Journal articles of interest.
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