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ISDA documentation in a finance transaction—checklist

ISDA documentation in a finance transaction—checklist This checklist sets out the key ISDA documentary requirements which need to be considered during the course of a financing transaction. Term sheet stage • if acting for a borrower and specialist hedging advisors are instructed, get their input on the term sheet • if acting for a borrower, ensure that the overall pricing of the transaction is understood (across both the loan and the hedging). A borrower may choose a particular lender based on a low margin offered on the loan, but then find that the credit spread on the swap offered by the same lender means that the overall economics of the transaction are less attractive than those offered by a different lender • is the loan and hedging on an IBOR basis (eg EURIBOR) or on a risk free rate (eg SONIA)? Will the loan transition from an IBOR to a RFR during its term and, if so, how will the hedging be dealt with? • does the lender require a...

Facilities management outsourcing—checklist

Facilities management outsourcing—checklist This Facilities management outsourcing—checklist is intended to assist law firms considering whether to outsource any aspect of facilities management. It sets out the key issues which need to be considered before appointing a third party supplier to provide facilities management services. This Checklist does not cover regulatory inspection rights under the SRA Codes of Conduct, which come into play when third parties carry out functions on your behalf which are critical to the delivery of your legal services. For more information about SRA inspection rights and other regulatory considerations, see: Outsourcing—law firms—overview. Issue Questions to consider Response Your objectives Why are you proposing to enter into a facilities management agreement?What are you trying to achieve, eg is the focus reducing cost or is it improving quality?Is the aim to consolidate the number of existing suppliers? Service scope What services will fall under the scope of this agreement? Current arrangements How are those services currently sourced?Is there an in-house team or an existing supplier? ...

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EU GDPR—personal data breach notification—flowchart

EU GDPR—personal data breach notification—flowchart The EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) is directly applicable and fully enforceable in EU and EEA states. This Flowchart focuses on personal data breach notification under the EU GDPR. It covers: • a summary of the overarching obligations • key guidance • types of personal data breaches • the flowchart of notification requirements • general examples of personal data breaches and who to notify • detailed examples of personal data breaches and who to notify The EU GDPR includes the following definition of a personal data breach: ‘…a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed.’ Overarching obligations In summary, among other things, the EU GDPR provides that: • data processors must notify the data controller without undue delay after becoming aware of a personal data breach • unless the personal data breach is unlikely to result in a risk to the rights...

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Effect of bankruptcy or liquidation on the position of receiver as agent of the mortgagor

A receiver generally acts as agent of the mortgagor in collecting income from and disposing of the assets in respect of which the receiver has been appointed.This Practice Note considers the effect of bankruptcy or liquidation on the position of the receiver as agent of the mortgagor and the effect of a receiver losing its position as agent of the mortgagor.The status of the receiver will be important because it affects•the potential liability of both the receiver and the appointing mortgagee for acts done by or omitted to be done by the receiver and•how any documentation is structured, ie whether the receiver enters into an agreement as principal or agent of the mortgagorWhere the receiver cannot act as agent of the mortgagor, they will either be acting as principal or, less preferably from the point of view of the mortgagee, as agent of the mortgagee.For an explanation of the different types of receivers, see Practice Note: Receivers appointed by statute, including LPA receivers.The agency relationshipIt should be noted that the...

Trading an insolvent company—checklist

Trading an insolvent company—checklist The decision to trade on is not a decision which an insolvency practitioner (IP) can make in isolation. It is important to get commitment to trading on from the other stakeholders who need to be involved. These other stakeholders include: • customers—required to commit to continue to buy from the company • suppliers—required to commit to continue to supply the company • employees—required to commit to carry on their duties with the company, and • potential purchasers—required because without a purchaser the continued trading will not lead to enhanced realisations The checklist below covers most of the key areas that an IP must focus on when trading a business. Good levels of communication and control are essential from day one of a trading job. There are four key words to keep in mind at all times from the moment an IP takes over: • control—establish the whereabouts of all assets/premises • secure—change locks, alarm codes and passwords • insure—notify insurance brokers who insure assets for IPs...

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No partnership or agency clause

1 No partnership or agency—short form Nothing in this agreement constitutes, or will be deemed to constitute, a partnership between the parties n

Environmental clauses for a facility agreement

Produced in partnership with DLA Piper UK LLP [ These clauses are intended for insertion in a Facility Agreement relating to the operation of a business, which involves the occupation of use of properties. It accordingly assumes the definition of terms which would typically be included in such an agreement, such as ‘Agent’, ‘Business’, ‘Event of Default’, ‘Finance Party’, ‘Legal Due Diligence Report’, ‘Material Adverse Effect’, ‘Obligor’ and ‘Property’.] Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this content. For further guidance, see Practice Note: Brexit—impact on environmental law and News Analysis: Brexit Bulletin—key updates, research tips and...

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In relation to promissory notes, is it possible to record the discharge of the note obligations in manuscript on the note itself? Does the release wording need to acknowledge the manner in which the note obligations were discharged? Would an agreement for the note obligations to be transferred to a specific party and discharged by way of set-off undermine their legal status as promissory notes?

In relation to promissory notes, is it possible to record the discharge of the note obligations in manuscript on the note itself? Does the release wording need to acknowledge the manner in which the note obligations were discharged? Would an agreement for the note obligations to be transferred to a specific party and discharged by way of set-off undermine their legal status as promissory notes? We refer you to the following which you may find useful for your purposes. • Bills of Exchange and Promissory Notes (2000) 5 JIBFL 168 As the above article discusses, many instruments which are called a promissory note fail to meet the statutory criteria for being a promissory note eg because there is a floating rate of interest or other payment obligation which makes the amount to be paid by the obligor not a sum certain. See section 83 of the Bills of Exchange Act 1882 (BEA 1882). If any provision of the instrument takes the instrument outside of the definition...

What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

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Tax weekly highlights—12 December 2024

This week's edition of Tax weekly highlights includes: (1) key announcements from the draft Welsh Budget 2025–26, (2) analysis of the Court of Appeal’s decision in Axa Sun Life plc v HMRC, and (3) the UT’s decision in HMRC v Colchester Institute Corporation.

Private Client weekly highlights—12 December 2024

This week’s edition of Private Client highlights includes: (1) JTC Employer Solutions Trustee Ltd v Garnett, in which the High Court granted rescission of deeds of appointment executed for EBTs on grounds of mistake; (2) Oldham MBC v KZ, in which the Court of Protection authorised a care plan for a deaf man with fluctuating capacity; (3) Rupert Grint v HMRC, where the FTT held that sales of occupation income provisions applied to a capital sum received by the taxpayer on the incorporation of his business; (4) Tianrui IHC v China Shanshui Cement Group Ltd (Cayman Islands), a Privy Council decision on a shareholder’s personal standing to challenge the dilution of its shareholding; (5) Aabar Holdings S.A.R.L v Glencore plc, a decision which casts doubt on a shareholder’s entitlement to see a company’s privileged documents; and (6) HMRC publishes minutes of the November meeting of joint HMRC/industry working group on the non-dom changes.

View the latest UK Parliament Acts documents on Agent

251 Expressions used generally

In this Group of Parts, except in so far as the context otherwise requires—“administrative receiver” means—(a)     an administrative receiver as defined by section 29(2) in Chapter I of Part III, or(b)     a receiver appointed under section 51 in Chapter II of that Part in a case where the whole (or substantially the whole) of the company's property is attached by the floating charge;[“agent” does not include a person's counsel acting as such;][“books and papers” and “books or papers” includes accounts, deeds, writing and documents;]“business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in any part of Great Britain;“chattel leasing agreement” means an agreement for the bailment or,