Podcast: Credit Funds: Pro Rata Sharing Provisions – Key Points for Lenders
Those involved in the private equity industry will have seen the recent reports of an alleged fraud on a U.S. bank by a Florida-based private equity fund manager, the accusation being that subscription agreements with LPs, as...more
Against the backdrop of the Covid-19 pandemic and global economic slowdown, we are being asked by borrower and lender clients alike whether lenders have a duty of care as regards enforcement. Two recent cases before the...more
Whilst the full scope of the potential impact of COVID-19 for financial covenant calculations and other purposes within loan agreements can only properly be assessed on a deal-by-deal basis, it is still possible to identify...more
The COVID-19 pandemic and the responses adopted by governments around the world to mitigate its human cost will have a considerable impact on economic activity. We are seeing the forced closures of businesses and restrictions...more
Whilst the world reels from the impact of the COVID-19 coronavirus and rightly focuses on preserving lives, many businesses will nevertheless need at the same time to fight to stay afloat as the repercussions of the virus hit...more
Disputes arising under a side letter fell within the scope of the jurisdiction clause in a separate but related loan agreement. The asymmetric clause in the loan agreement was exclusive for the purposes of the anti-torpedo...more
In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more
A lender did not owe a contractual or tortious duty to advise a borrower about a potentially onerous clause in a loan agreement. The clause in question made the borrower liable for the lender’s hedging break costs if the...more