The law of multi-bank financing: syndicated loans and the secondary loan market
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| Format: | Buch |
| Sprache: | English |
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Oxford [u.a.]
Oxford Univ. Pr.
2007
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| Ausgabe: | 1. publ. |
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| Beschreibung: | XLVIII, 673 S. |
| ISBN: | 0199289123 9780199289127 |
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| 245 | 1 | 0 | |a The law of multi-bank financing |b syndicated loans and the secondary loan market |c Agasha Mugasha |
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| adam_text | THE LAW OF MULTI-BANK FINANCING SYNDICATED LOANS AND THE SECONDARY LOAN
MARKET AGASHA MUGASHA LLB (HONS), DIPLP, LLM PHD PROFESSOR OF LAW,
UNIVERSITY OF ESSEX OXJFORD UNIVERSITY PRESS CONTENTS TABLE OF CASES XXV
TABLE OF LEGISLATION XXVII TABLE OF EUROPEAN DIRECTIVES XLI TABLE OF
INTERNATIONAL TREATIES AND CONVENTIONS XLIII LIST OF TABLES XLV LIST OF
FIGURES XLVI LIST OF ABBREVIATIONS XLVII 1. MULTI-BANK FINANCING: WHAT
IT IS AND IS NOT I. INTRODUCTION 1.01 II. THE DYNAMISM OF MULTI-BANK
FINANCING 1.05 A. INCREASING SOPHISTICATION OF CLIENT NEEDS 1.06 B.
IMPACT OF ECONOMIC CYCLES 1.07 C. DIFFERENT TYPES OF FINANCIAL
INSTITUTIONS AND METHODS 1.08 D. IMPACT OF CHANGING REGULATIONS 1.09
III. DESIGNATION OF MULTI-BANK FINANCING 1.10 A. INCREASING
PARTICIPATION OF OTHER FINANCIAL INSTITUTIONS 1.13 IV. DESCRIPTION OF
MULTI-BANK FINANCING TRANSACTIONS 1.14 A. PRIMARY TRANSACTIONS 1.15 1.
THE SYNDICATED LOAN 1.15 A. COMMON VARIETIES OF SYNDICATED LOANS 1.17 B.
NICHE-MARKET SYNDICATED LOANS 1.26 2. CLUB DEAL LOANS 1.31 B. SECONDARY
LOAN MARKET PRACTICES 1.35 1. LOAN PARTICIPATION AND LOAN
SUB-PARTICIPATION: EARLY DIFFERENCES BETWEEN NEW YORK AND LONDON
PRACTICES 1.37 2. LOAN SUB-PARTICIPATIONS 1.38 3. LOAN PARTICIPATIONS
1.40 A. GENERAL DESCRIPTION 1.40 B. DIFFERENTIATION BETWEEN TYPES OF
LOAN PARTICIPATION 1.41 4. TRANSFERABLE LOAN FACILITIES*A HISTORICAL
NOTE 1.50 A. TRANSFERABLE LOAN CERTIFICATES 1.51 B. TRANSFERABLE LOAN
INSTRUMENTS 1.52 C. CURRENT PRACTICES 1.53 5,: LOAN TRADING 1.54 6.
CREDIT DERIVATIVES 1.55 7. COLLATERALIZED DEBT OBLIGATIONS 1.58 XI
CONTENTS V. MULTI-BANK FINANCING CONTRASTED WITH SIMILAR FINANCING
TECHNIQUES 1.61 A. INTRODUCTION 1.61 B. MULTI-BANK FINANCING CONTRASTED
WITH EQUITY SYNDICATIONS AND PARTICIPATIONS 1.63 C. MULTI-BANK FINANCING
CONTRASTED WITH CAPITAL MARKET METHODS 1.64 D. MULTI-BANK FINANCING
CONTRASTED WITH INTERNATIONAL BONDS/EUROBONDS 1.65 E. MULTI-BANK
FINANCING CONTRASTED WITH COMMERCIAL PAPER PROGRAMMES 1.68 F. MULTI-BANK
FINANCING CONTRASTED WITH SECURITIZATION 1.70 1. TRADITIONAL SALE
STRUCTURE 1.72 2. SALE OF ASSETS TO A TRUSTEE OF A RECEIVABLES TRUST
1.73 VI. CONCLUSION 1.76 2. MULTI-BANK FINANCING: WHO USES IT, WHERE,
AND WHY? I. INTRODUCTION 2.01 II. THE PARTIES*WHO USES MULTI-BANK
FINANCING? A. THE BORROWERS 1. WHO ARE THE BORROWERS? 2. REGULATION OF
THE BORROWERS B. THE LENDERS AND INVESTORS 1. BANKS A. DIFFERENT TYPES
OF BANKS B. REGULATION OF BANKS 2. NON-BANK FINANCIAL INSTITUTIONS A.
HEDGE FUNDS B. PENSION FUNDS C. INSURANCE COMPANIES D. COLLATERALIZED
DEBT OBLIGATIONS E. BUILDING SOCIETIES F. EQUITY FUNDS G. MUTUAL FUNDS
AND PRIME RATE FUNDS H. FINANCE COMPANIES I. ISLAMIC FINANCE J. VULTURE
FUNDS K. INTERNATIONAL FINANCE CORPORATION 1. CREDIT UNIONS (COOPERATIVE
CREDIT ASSOCIATIONS) III. COMPONENTS OF THE FINANCIAL MARKET*WHERE
MULTI-BANK FINANCING OCCURS A. DOMESTIC MARKET B. FOREIGN MARKET 2.02
2.02 2.02 2.06 2.07 2.08 2.08 2.12 2.15 2.16 2.19 2.20 2.21 2.22 2.23
2.24 2.25 2.26 2.27 2.28 2.29 2.30 2.31 2.32 XII CONTENTS C.
INTERNATIONAL FINANCIAL MARKET*THE EUROMARKET 1. THE CONCEPT AND ORIGINS
OF THE EUROCURRENCY 2. THE DEVELOPMENT OF THE EURODOLLAR MARKET 3.
CHARACTERISTICS AND ADVANTAGES OF THE EUROMARKET A. REGIONAL MARKETS IV
THE RATIONALE*WHY PARTIES USE MULTI-BANK FINANCING A. THE BORROWER 1.
ADVANTAGES OF SYNDICATED LOANS 2. ADVANTAGES OF LOAN TRADING AND OTHER
SECONDARY LOAN MARKET METHODS B. THE BANKS 1. ADVANTAGES OF SYNDICATED
LOANS A. THE DIVERSIFICATION OF THE RISK OF NON-PAYMENT B. COMPLYING
WITH REGULATIONS C. EARNING ARRANGEMENT FEES D. INCREASING PRESTIGE AND
PUBLICITY E. DEVELOPING PROFITABLE RELATIONSHIPS 2. REASONS FOR
SECONDARY LOAN MARKET PRACTICES A. NOTE ON CREDIT DERIVATIVES B. SALE
CONSIDERATIONS C. PURCHASE CONSIDERATIONS 2.33 2.34 2.35 2.36 2.38 2.39
2.40 2.40 2.43 2.44 2.45 2.46 2.47 2.48 2.49 2.50 2.51 2.52 2.53 2.62 V.
CONCLUSION 2.68 3. ARRANGING SYNDICATED LOANS, SUB-PARTICIPATIONS, AND
LOAN PARTICIPATIONS I. INTRODUCTION 3.01 II. ARRANGING SYNDICATED
LOANS 3.03 A. PROCEDURE IN BRIEF 3.03 1. KEY ROLES 3.06 2. EFFECT OF
ELECTRONIZATION ON DOCUMENTATION 3.10 3. SELF-ARRANGED SYNDICATED LOANS
3.11 B. DETAILED PROCEDURE 3.14 1. ORIGINATING THE LOAN 3.14 A. THE
OFFER AND THE MANDATE 3.16 B. TYPES OF OFFER 3.17 C. LEGAL EFFECT OF THE
MANDATE 3.25 D. ARRANGER S POTENTIAL LIABILITY TO THE BORROWER 3.40 2.
NEGOTIATING THE LOAN 3.48 3. MARKETING THE LOAN 3.50 A. FINALIZING THE
SYNDICATE GROUP 3.52 B. PREPARING THE INFORMATION PACKAGE OR MEMORANDUM
3.53 / C. DEALING WITH PROFESSIONAL ADVISERS 3.56 : D. LIABILITY FOR
INACCURATE OR ERRONEOUS INFORMATION 3.57 4. ACTION IN CONTRACT OR TORT?
3.63 5. ARRANGER S POTENTIAL LIABILITY TO THE PARTICIPANTS 3.64 .* *
XIII CONTENTS 6. MISREPRESENTATION 3.67 A. EFFECTIVE MISREPRESENTATION
3.68 B. MATERIALITY 3.71 C. INDUCEMENT AND RELIANCE 3.72 7. HEADS OF
ACTION*SPECIFIC CATEGORIES OF MISREPRESENTATION 3.76 A. FRAUDULENT
MISREPRESENTATION 3.77 B. NEGLIGENT MISREPRESENTATION 3.80 C. INNOCENT
MISREPRESENTATION 3.100 D. STATUTORY MISREPRESENTATION 3.102 E. OVERSEAS
STATUTORY REGIMES 3.113 8. NEGLIGENCE 3.114 9. BREACH OF FIDUCIARY DUTY
3.115 10. OBVIATING LIABILITY FOR MISINFORMATION OR NON-INFORMATION
3.132 A. EXEMPTION OR DISCLAIMER CLAUSES 3.132 B. DUE DILIGENCE 3.139 C.
INVOLVING THE PARTICIPANTS 3.140 D. INDEMNITY FROM THE BORROWER 3.141
III. ARRANGING LOAN PARTICIPATIONS AND SUB-PARTICIPATIONS 3.142 A.
ARRANGING A LOAN SUB-PARTICIPATION 3.142 B. LOAN PARTICIPATION
PROCEDURES 3.143 C. LIABILITY ARISING FROM THE SELLING PROCESS 3.147 IV.
CONCLUSION 3.148 4. NATURE OF CREDIT FACILITIES USED IN SYNDICATED LOANS
AND SECONDARY LOAN MARKETS I. INTRODUCTION 4.01 II. DIRECT LOANS 4.03 A.
MONEY LOANS 4.04 B. OVERDRAFT FACILITIES 4.07 III. DOCUMENTARY CREDITS
4.09 A. OVERVIEW OF LETTERS OF CREDIT 4.09 B. SYNDICATIONS OF
DOCUMENTARY CREDITS 4.11 1. ONE BANK ISSUES A DOCUMENTARY CREDIT FOR ITS
OWN ACCOUNT 4.13 2. ONE BANK ISSUES A DOCUMENTARY CREDIT ON BEHALF OF
THE SYNDICATE 4.14 3. EACH BANK ISSUES ITS OWN DOCUMENTARY CREDIT 4.15
C. PARTICIPATIONS OF DOCUMENTARY CREDITS 4.17 1. INTRODUCTION 4.17 2.
PARTICIPATIONS GRANTED BY THE ISSUING BANK 4.21 3. PARTICIPATIONS
GRANTED BY THE CONFIRMING BANK 4.23 4. PARTICIPATIONS GRANTED BY THE
NOMINATED BANK 4.26 XIV CONTENTS IV. BANK GUARANTEES AND STANDBY LETTERS
OF CREDIT 4.29 A. INTRODUCTION 4.29 B. SYNDICATIONS OF BANK GUARANTEES
4.33 1. MOTIVES BEHIND SYNDICATIONS OF BANK GUARANTEES 4.33 2. THE
SYNDICATION PROCEDURE 4.34 3. SPECIFIC TYPES AND PURPOSES OF BANK
GUARANTEES 4.38 A. TENDER GUARANTEE 4.39 B. ADVANCE PAYMENT OR REPAYMENT
GUARANTEE 4.40 C. PERFORMANCE GUARANTEE 4.41 C. SYNDICATIONS OF DIRECT
PAY STANDBY LETTERS OF CREDIT 4.45 D. PARTICIPATIONS OF BANK GUARANTEES
AND STANDBY CREDITS 4.47 V. BANKERS ACCEPTANCES 4.51 A.
BANKERS ACCEPTANCES AS A FUNDING FACILITY 4.51 B. SYNDICATIONS OF
BANKERS ACCEPTANCES 4.56 C. PARTICIPATIONS IN BANKERS ACCEPTANCES 4.58
1. RISK PARTICIPATIONS 4.59 2. GENERIC PARTICIPATIONS 4.60 3.
OBSERVATIONS 4.62 VI. CONCLUSION 4.64 5. SYNDICATED LOANS: LEGAL
RELATIONSHIPS BETWEEN THE BORROWER AND LENDERS, AND AMONG SYNDICATE
LENDERS I. INTRODUCTION 5.01 II. THE LEGAL NATURE OF THE SYNDICATION
ARRANGEMENT 5.06 A. IMPORTANCE OF DETERMINING THE LEGAL NATURE 5.06 B.
LEGAL NATURE OF THE SYNDICATION ARRANGEMENT 5-07 1. SEPARATE LOANS 5.08
2. JOINT TENANCY OR JOINT VENTURE 5.14 3. PARTNERSHIP 5.15 III.
CONTRACTUAL PROVISIONS IN A SYNDICATED LOAN AGREEMENT 5.16 A. KEY
DETERMINANTS OF LOAN CLASSIFICATIONS AND TERMINOLOGY 5.19 B. KEY
FEATURES OF EUROLOAN LENDING 5.20 1. THE CONCEPT OF MATCHED FUNDING 5.20
2. THE CONCEPT OF NET LENDING (YIELD PROTECTION) 5.21 C. LEGAL RELATIONS
BETWEEN THE LENDERS AND THE BORROWER 5-23 1. DEFINITIONS 5-24 2. THE
FACILITY 5-25 3. PURPOSE AND UTILIZATION OF THE FACILITY 5-26 4.
PAYMENTS, REPAYMENT AND PREPAYMENT 5.28 A. PAYMENT OF INTEREST 5.29 B.
REPAYMENT OF PRINCIPAL 5.35 C. PREPAYMENT AND CANCELLATION 5.37 XV
CONTENTS D. PAYMENT OF FEES, COSTS, AND EXPENSES 5.41 E. PAYMENT OF
TAXES 5.42 5. SECURITY, GUARANTEES, ARID INSURANCE 5.43 A. SECURITY 5.43
B. GUARANTEES, INDEMNITY, AND SUPPORT ARRANGEMENTS 5.47 C. INSURANCE
5.51 6. CONDITIONS PRECEDENT 5.52 7. REPRESENTATIONS AND WARRANTIES 5.56
A. PARIPASSU 5.58 B. MATERIAL ADVERSE CHANGE CLAUSE 5.60 8. UNDERTAKINGS
5.63 A. INFORMATIONAL UNDERTAKINGS 5.64 B. FINANCIAL COVENANTS 5.65 C.
GENERAL UNDERTAKINGS 5.69 9. AMENDMENTS, WAIVERS, AND CONSENTS 5.70 10.
DEFAULT 5.75 A. EVENTS OF DEFAULT 5.76 B. PROBLEMS WITH CROSS-DEFAULT
CLAUSES 5.79 C. CONSEQUENCES OF DEFAULT 5.83 11. CHANGE OF PARTIES AND
TRANSFERS OF LOAN INTERESTS 5.94 A. METHODS OF TRANSFERRING LOAN
INTERESTS 5.95 B. CONDITIONS OF ASSIGNMENT OR TRANSFER 5.96 C. CHANGE OF
LENDERS 5.97 12. GOVERNING LAW, JURISDICTION, AND SERVICE OF PROCESS
5.99 13. LEGAL OPINIONS 5.103 14. MISCELLANEOUS PROVISIONS 5.105 D.
LEGAL RELATIONSHIPS AMONG THE LENDERS 5.106 1. SHARING PAYMENTS 5.106 A.
THE IRANIAN CRISIS 5.109 B. THE ARGENTINIAN CRISIS 5.110 C. SOVEREIGN
DEBT-RESTRUCTURING 5.112 D. DOUBLE-DIPPING 5.113 E. CROSS-JURISDICTIONAL
AND CROSS-CURRENCY SET-OFF 5.114 F. OTHER ASPECTS 5.115 2. MAJORITY
VOTING 5.116 E. LEGAL RELATIONSHIPS BETWEEN THE LENDERS AND THE AGENT
BANK 5.124 IV. CONCLUSION 5.125 6. LOAN PARTICIPATIONS: LEGAL
RELATIONSHIPS BETWEEN THE LEAD BANK AND PARTICIPANTS, PARTICIPANTS AND
BORROWER, AND . AMONG PARTICIPANTS ! I. INTRODUCTION 6.01 XVI CONTENTS
II. LEAD BANK AND PARTICIPANT RELATIONSHIP A. THE LEGAL NATURE OF THE
PARTICIPATION ARRANGEMENT 1. ANALYSIS A. SALE THEORY: ASSIGNOR-ASSIGNEE
RELATIONSHIP B. DEBT THEORY: CREDITOR-DEBTOR RELATIONSHIP C. OWNERSHIP
IN COMMON OR TENANCY IN COMMON D. PARTNERSHIP OR JOINT VENTURE E. TRUST
F. AGENCY B. ECONOMIC CONSEQUENCES OF CHARACTERIZATION 1. BORROWER S
INSOLVENCY A. SET-OFF BY THE LEAD BANK B. SET-OFF BY THE PARTICIPANT C.
ENTITLEMENT TO COLLATERAL AND OTHER COLLECTIONS 2. LEAD BANK S
INSOLVENCY A. SET-OFF BY THE BORROWER B. SET-OFF AND OTHER CLAIMS BY THE
PARTICIPANT 3. PARTICIPANT S INSOLVENCY C. FORM OF THE PARTICIPATION
AGREEMENT 1. ORAL PARTICIPATION AGREEMENTS 2. WRITTEN PARTICIPATION
AGREEMENTS A. CONCLUSION OF THE CONTRACT B. PRECEDENCE OF DOCUMENTS C.
ADMISSIBILITY OF EXTRINSIC EVIDENCE D. CONTENTS OF THE PARTICIPATION
AGREEMENT: CONTRACTUAL RIGHTS AND DUTIES 1. CREDIT INFORMATION A.
ALLOCATION OF THE CREDIT RISK 2. INITIAL AND SUBSEQUENT FUNDING A.
INITIAL FUNDING B. SUBSEQUENT FUNDING C. FAILURE TO FUND THE LOAN 3.
RECEIPTS, COLLECTIONS, AND EXPENSES A. LEAD BANK S DUTY TO COLLECT THE
LOAN B. SHARING AND APPROPRIATION OF COLLECTIONS C. APPORTIONMENT OF
COSTS AND EXPENSES 4. SERVICING THE LOAN A. THE SERVICING FUNCTION B.
TERMINATION OF SERVICING 5. MODIFICATIONS AND WAIVER 6. DEFAULT AND
ENFORCEMENT 7. RISKS AND STANDARD OF CARE 8. ASSIGNMENT OF THE LOAN 9.
REPRESENTATIONS AND WARRANTIES A. CONDITIONS PRECEDENT 6.08 6.10 6.12
6.13 6.21 6.26 6.27 6.32 6.37 6.41 6.42 6.43 6.46 6.49 6.51 6.52 6.53
6.68 6.74 6.74 6.76 6.79 6.80 6.82 6.87 6.91 6.94 6.95 6.96 6.97 6.98
6.99 6.100 6.102 6.104 6.108 6.108 6.110 6.111 6.115 6.120 6.122 6.125
6.127 XVU CONTENTS 10. BREACH AND NON-PERFORMANCE A. ELEVATION B.
SUBROGATION 11. MISCELLANEOUS PROVISIONS 12. IMPLIED TERMS A.
PRESUMPTIONS ABOUT PARTICIPATION AGREEMENTS B. FIDUCIARY OBLIGATIONS C.
DUTY OF GOOD FAITH AND FAIR DEALING D. DUTY TO USE REASONABLE CARE E.
OBSERVATIONS III. PARTICIPANT-BORROWER RELATIONSHIP IV.
PARTICIPANT-PARTICIPANT RELATIONSHIP V. CONCLUSION 6.128 6.129 6.130
6.131 6.132 6.133 6.135 6.136 6.140 6.141 6.142 6.144 6.152 7. LOAN
SUB-PARTICIPATIONS: LEGAL RELATIONSHIPS BETWEEN THE LEAD BANK AND
SUB-PARTICIPANT, AND BORROWER AND SUB-PARTICIPANT I. INTRODUCTION 7.01
A. DESCRIPTION OF SUB-PARTICIPATION 7.03 1. FUNDED SUB-PARTICIPATION
7.04 2. RISK SUB-PARTICIPATION 7.05 II. LEGAL RELATIONSHIPS IN
SUB-PARTICIPATION ARRANGEMENT 7.06 A. LEGAL NATURE OF A
SUB-PARTICIPATION ARRANGEMENT 7.06 1. THE LEAD BANK-SUB-PARTICIPANT
RELATIONSHIP 7.06 2. THE SUB-PARTICIPANT AND THE BORROWER 7.10 B. THE
SUB-PARTICIPATION AGREEMENT 7.11 1. FORM OF THE AGREEMENT 7.11 2.
DELIVERY OF DOCUMENTS 7.12 3. CONFIDENTIALITY 7.13 4. PAYMENT OF THE
SUB-PARTICIPATION 7.14 5. DISTRIBUTIONS 7.15 A. DISTRIBUTIONS IN CASH
7.16 B. DISTRIBUTIONS NOT IN CASH 7.17 C. SHORTFALL IN DISTRIBUTIONS OF
INTEREST OR FEES 7.18 D. CONTINGENT RECEIPT OF PAYMENT 7.19 6.
REPRESENTATIONS AND WARRANTIES 7.20 A. REPRESENTATIONS AND WARRANTIES BY
THE LEAD BANK AND SUB-PARTICIPANT 7.20 B. REPRESENTATIONS AND WARRANTIES
BY THE LEAD BANK 7.21 C. EXCLUSION OF WARRANTIES AND REPRESENTATIONS
7.22 7. CONFIRMATIONS BY THE SUB-PARTICIPANT 7.23 8. UNDERTAKINGS BY THE
LEAD BANK 7.24 9. ADMINISTRATION OF THE SUB-PARTICIPATION 7.25 XVIN
CONTENTS 10. INDEMNITIES 7.26 11. TRANSFERS 7.27 12. GOVERNING LAW 7.28
13. JURISDICTION 7.29 14. OTHER PROVISIONS 7.30 8. THE SECONDARY MARKET
FOR SYNDICATED LOANS: LOAN TRADING, CREDIT DERIVATIVES, AND
COLLATERALIZED DEBT OBLIGATIONS I. INTRODUCTION 8.01 II. LOAN TRADING
8.03 A. PAST OBSTACLES TO LOAN TRADING 8.04 B. THE LEGAL FRAMEWORK FOR
LOAN TRADING 8.06 1. METHODS OF TRANSFERRING PROPERTY INTERESTS*COMMON
LAW PRINCIPLES 8.12 A. NOVATION 8.12 B. ASSIGNMENT 8.16 C. DECLARATION
OF TRUST 8.34 D. CHARGES 8.42 C. REASONS FOR LOAN TRADING 8.44 D.
DEVELOPMENT OF THE SYSTEMS FOR LOAN TRADING 8.45 1. OBJECTIVE PRICING
8.46 2. LOAN RATING 8.47 ^ 3. LOAN IDENTIFICATION 8.48 4. INDUSTRY BODY
SUPPORT 8.49 5. FINANCIAL INSTITUTION INVOLVEMENT 8.50 6. USE OF THE
INTERNET 8.51 E. LEGAL AND REGULATORY ISSUES 8.54 1. LOAN TRADING
CONTRACTS*THE COURTS APPROACH 8.53 2. TRANSFER OF LOAN INTERESTS 8.55 3.
TRANSFER IN BREACH OF EXPRESS PROHIBITION*REQUIREMENT FOR CONSENT 8.56
4. CONFIDENTIALITY 8.57 5. SET-OFF 8.58 6. PRUDENTIAL CONCERNS 8.59 III.
CREDIT DERIVATIVES 8.60 A. DESCRIPTION OF CREDIT DERIVATIVES 8.60 B.
ADVANTAGES OF CREDIT DERIVATIVES 8.61 C. TYPES OF CREDIT DERIVATIVES
8.63 1. CREDIT DEFAULT SWAP 8.64 2. CDS SQUARED 8.67 3. TOTAL RETURN
SWAP AND TOTAL RATE OF RETURN SWAP 8.68 4. CREDIT LINKED NOTE 8.71 5.
REPACKAGED NOTE 8.73 XIX CONTENTS D. LEGAL AND REGULATORY ISSUES 1.
LEGAL ISSUES A. MIS-SELLING OF PRODUCTS B. ENFORCEABILITY AND
INTERPRETATION OF THE CONTRACTUAL DOCUMENTS C. TRANSFER OF PROPERTY
INTERESTS 2. REGULATORY ISSUES A. PROVISIONING FOR OPERATIONAL RISK B.
ARE CREDIT DERIVATIVES INSURANCE BUSINESS OR INSURANCE CONTRACTS? C. IS
A CREDIT DERIVATIVE A GAMING OR WAGERING CONTRACT? IV. COLLATERALIZED
DEBT OBLIGATIONS A. A DESCRIPTION OF CDOS B. WHY CDOS ARE APPEALING C.
TYPES OF CDOS 1. UNDERLYING ASSETS 2. ARBITRAGE VERSUS BALANCE SHEET
CDOS 3. CASH VERSUS SYNTHETIC CDOS 4. STATIC VERSUS MANAGED CDOS 5.
CASHFLOW VERSUS MARKET VALUE CDOS D. LEGAL ISSUES 1. JURISDICTION OF THE
SPV 2. TRANSFER OF ASSETS N A. EFFECTIVE TRANSFER B. TRUE SALE OPINIONS
C. CONSENT REQUIREMENTS 3. SET-OFF 4. LENDER LIABILITY 8.74 8.74 8.75
8.76 8.79 8.80 8.80 8.82 8.85 8.86 8.86 8.87 8.88 8.89 8.90 8.93 8.97
8.99 8.101 8.101 8.102 8.102 8.103 8.104 8.105 8.106 V. CONCLUSION 8.107
9. THE AGENT BANK IN SYNDICATED LOANS AND LOAN PARTICIPATIONS I.
INTRODUCTION 9.01 II. GENERAL APPROACH TO THE AGENT BANK S LEGAL STATUS
AND FUNCTIONS 9.04 A. TRUE AGENT OR SPECIAL AGENT DEBATE 9.06 1. AGENT
BANK AS A TRUE AGENT 9.07 A. TRUE AGENT WITH FIDUCIARY DUTIES 9.07 B.
TRUE AGENT DISCLAIMING FIDUCIARY DUTIES 9.08 2. AGENT BANK AS A SPECIAL
AGENT 9.09 B. ANALYSIS 9.10 1. MEANING OF THE WORD AGENT 9.11 * 2. THE
DUTIES OF THE AGENT BANK 9.12 XX CONTENTS 3. THE AUTHORITY OF THE AGENT
BANK 9.14 4. OBSERVATIONS 9.15 III. CONTENTS OF THE AGENCY CLAUSE 9.17
A. GENERAL PRINCIPLES OF LAW 9.17 1. DUTY TO EXERCISE DUE CARE AND SKILL
9.18 2. IMPLIED DUTIES*FIDUCIARY DUTIES 9.19 3. AUTHORITY OF THE AGENT
BANK 9.23 A. EXPRESS ACTUAL AUTHORITY 9-27 B. IMPLIED ACTUAL AUTHORITY
9.28 B. SPECIFIC ASPECTS OF THE AGENCY CLAUSE 9.32 1. APPOINTMENT AND
AUTHORIZATION 9.33 A. IRREVOCABILITY OF THE APPOINTMENT 9.35 B.
DELEGATION TO THE AGENT BANK 9.36 2. DUTIES OF THE AGENT BANK 9.38 A.
CHECKING THAT THE CONDITIONS PRECEDENT HAVE BEEN SATISFIED 9.41 B.
RECEIVING UTILIZATION REQUESTS 9.42 C. ADMINISTERING INTEREST PERIODS
9.43 D. ADMINISTERING INTEREST RATES AND MANDATORY COSTS 9.44 E. DEALING
WITH MARKET DISRUPTION EVENTS 9.45 F. ADMINISTERING FOREIGN EXCHANGE
TRANSACTIONS AND MULTI-CURRENCY FACILITIES 9.47 G. CALCULATING LIMITS
FOR AVAILABILITY, TRANCHES, FRONTING BANKS, AND SWINGLINES 9.48 H.
CALCULATING AND REQUESTING FEES AND GENERAL EXPENSES 9.49 I. ACTIHGAS A
CONDUIT FOR INFORMATION 9.50 J. MONITORING FINANCIAL COVENANTS 9.51 K.
ACTING AS A CONDUIT FOR PAYMENTS 9.52 1. CHECKING CERTAIN TYPES OF
INFORMATION 9.53 M. TRANSFERS OF LENDERS COMMITMENTS AND CHANGES TO
BORROWERS AND GUARANTORS 9-54 N. WAIVERS, AMENDMENTS, AND CONSENT 9-55
O. HANDLING EVENTS OF DEFAULT AND ORGANIZING BANKING MEETINGS 9.56 3.
PROTECTIONS GIVEN TO THE AGENT BANK 9.58 4. CONFLICT OF INTERESTS 9.63
5. ADDITIONAL REMUNERATION 9-65 6. USE OF CONFIDENTIAL INFORMATION 9.66
7. REIMBURSEMENT AND INDEMNIFICATION OF THE AGENT 9-67 8. TERMINATION
AND REPLACEMENT OF THE AGENT BANK 9.69 IV. CONCLUSION 9.72 XXI CONTENTS
10. SYNDICATED LOANS AND BORROWER INSOLVENCY: WINDING-UP AND WORKOUT
PROCEDURES I. INTRODUCTION 10.01 A. PRACTICAL CONSIDERATIONS CONCERNING
INSOLVENCY PROCEDURES 10.05 B. MEANING OF INSOLVENCY 10.11 1. COMMERCIAL
INSOLVENCY 10.12 2. BALANCE-SHEET INSOLVENCY TEST 10.13 II. FORMAL
STATUTORY INSOLVENCY PROCEEDINGS 10.15 A. WINDING-UP OR LIQUIDATION
10.16 1. WINDING-UP BY THE COURT 10.17 2. VOLUNTARY WINDING-UP*A BRIEF
NOTE 10.18 3. LEGAL CONSEQUENCES OF WINDING-UP ON SYNDICATED LOANS 10.19
A. CAPACITY TO CONDUCT WINDING-UP PROCEEDINGS 10.20 B. LEGAL PROCEEDINGS
AND ENFORCEMENT OF CLAIMS 10.21 C. DISPOSITION OF PROPERTY 10.22 D.
COMPLETION OF THE AGREEMENT 10.23 E. OBLIGATIONS OF THE BORROWER 10.24
F. THE COMPANYS BUSINESS 10.25 G. MANAGEMENT*APPOINTMENT OF THE
LIQUIDATOR 10.26 H. DISTRIBUTION OF ASSETS 10.27 B. ADMINISTRATIVE
RECEIVERSHIP*LIMITED APPLICATION 10.29 ^ III. RESCUE AND RESTRUCTURING
METHODS AND PROCEDURES 10.33 A. A BRIEF COMPARISON OF ENGLISH AND US LAW
PROCEDURES 10.35 B. ADMINISTRATION 10.36 1: COMMENCEMENT OF
ADMINISTRATION 10.39 2. BASIC MECHANICS OF ADMINISTRATION 10.40 3.
CONSEQUENCES OF ADMINISTRATION RELEVANT TO SYNDICATED LOANS 10.41 C.
COMPANY VOLUNTARY ARRANGEMENT 10.43 1. THE COMPANY VOLUNTARY ARRANGEMENT
PROCESS 10.46 2. SMALL COMPANIES*A NOTE 10.53 D. THE LONDON APPROACH
10.55 1. MAIN FEATURES OF THE LONDON APPROACH 10.56 A. INFORMATION
GATHERING 10.57 B. THE STANDSTILL PERIOD 10.58 C. INTERBANK ISSUES 10.59
D. FINANCIAL SUPPORT 10.61 E. SUBSEQUENT DEVELOPMENTS 10.62 IV.
CONCLUSION 10.63 XXN CONTENTS 11. THE REGULATION OF SYNDICATED LOANS AND
THE SECONDARY LOAN MARKET PRACTICES I. INTRODUCTION 11.01 II. REGULATION
OF CAPITAL ADEQUACY A. INTRODUCING BASEL II B. THREE APPROACHES TO
MEASURING CREDIT RISK 1. STANDARDIZED APPROACH 2. INTERNAL RATINGS-BASED
APPROACHES*FOUNDATION AND ADVANCED C. CALCULATION OF MINIMUM CAPITAL
REQUIREMENTS 1. REGULATORY CAPITAL 2. RISK WEIGHTING A. CLAIMS ON
SOVEREIGNS B. CLAIMS ON BANKS C. CLAIMS ON SECURITIES FIRMS D. CLAIMS ON
CORPORATES E. HIGHER RISK CATEGORIES F. OFF-BALANCE SHEET ITEMS 3.
CREDIT RISK MITIGATION A. COLLATERALIZED TRANSACTIONS B. ON-BALANCE
SHEET NETTING C. GUARANTEES AND CREDIT DERIVATIVES 4. SECURITIZATION
FRAMEWORK D. REGULATING CAPITAL ADEQUACY IN THE UNITED KINGDOM*
IMPLEMENTATION OF BASEL II 1. EXPOSURE RECLASSIFICATION 2. ASSET
MANAGEMENT TECHNIQUES*GENERALLY A. TRANSFER OF LOAN ASSETS B. NOVATION
C. ASSIGNMENT D. DECLARATION OF TRUST E. SUB-PARTICIPATION F. UNDRAWN
COMMITMENTS 3. COMMITMENTS TO LEND 4. CREDIT RISK MITIGATION TECHNIQUES
A. FINANCIAL COLLATERAL B. NON-FINANCIAL COLLATERAL C. GUARANTEES AND
CREDIT DERIVATIVES D. NETTING OF FINANCIAL OBLIGATIONS III. REGULATION
OF LARGE LOAN EXPOSURES 11.02 11.02 11.08 11.09 11.10 11.12 11.13 11.14
11.16 11.17 11.18 11.19 11.20 11.21 11.22 11.23 11.24 11.25 11.26 11.28
11.31 11.33 11.34 11.36 11.37 11.38 11.39 11.40 11.41 11.42 11.43 11.44
11.45 11.46 11.49 IV REGULATION OF DEBENTURES 11.51 XXIN CONTENTS V.
PROHIBITION OF MARKET ABUSE 11.52 A. SYNDICATIONS PRACTICE GENERALLY
11.55 B. SECONDARY LOAN TRADING 11.57 C. SECURITIZATION 11.58 VI.
ENVIRONMENTAL AND SOCIAL REGULATION 11.60 A. THE EQUATOR PRINCIPLES
11.61 1. DESCRIPTION 11.61 2. BACKGROUND TO THE EQUATOR PRINCIPLES 11.65
3. THE CONTENT OF THE EQUATOR PRINCIPLES 11.71 A. PREAMBLE 11.72 B.
SCOPE 11.74 C. STATEMENT OF PRINCIPLES 11.76 D. ACTION
PLAN*ENVIRONMENTAL MANAGEMENT SYSTEM 11.80 E. FINANCIAL INSTITUTION
REPORTING AND INDEPENDENT MONITORING 11.85 B. AN EARLY CRITIQUE OF THE
EQUATOR PRINCIPLES 11.86 VII. CONCLUSION 11.89 12. CONCLUSION I.
INTRODUCTION 12.01 A. SUMMARY 12.04 B. LAW AND REGULATION 12.08 II.
FUTURE .DIRECTIONS 12.16 A. GENERAL 12.16 B. THE CONCEPTUAL-FUNCTIONAL
APPROACH TO MULTI-BANK FINANCING 12.18 C. STANDARDIZATION AND
HARMONIZATION FOR SYNDICATED LOANS AND SECONDARY LOAN MARKET PRACTICES
12.21 APPENDIX 1: MULTICURRENCY TERM FACILITY AGREEMENT (MIRANDA
PROJECTS/THE PROSPERO GROUP/ARIEL BANK LTD) 527 APPENDIX 2: LSTA SAMPLE
PAR/NEAR PAR PARTICIPATION AGREEMENT 585 APPENDIX 3: LSTA PURCHASE AND
SALE AGREEMENT FOR DISTRESSED TRADES 596 APPENDIX 4: LSTA ASSIGNMENT AND
ASSUMPTION 622 APPENDIX 5: LSTA MODEL TRANSFER PROVISION 627 INDEX 631
XXIV
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THE LAW OF MULTI-BANK FINANCING SYNDICATED LOANS AND THE SECONDARY LOAN
MARKET AGASHA MUGASHA LLB (HONS), DIPLP, LLM PHD PROFESSOR OF LAW,
UNIVERSITY OF ESSEX OXJFORD UNIVERSITY PRESS CONTENTS TABLE OF CASES XXV
TABLE OF LEGISLATION XXVII TABLE OF EUROPEAN DIRECTIVES XLI TABLE OF
INTERNATIONAL TREATIES AND CONVENTIONS XLIII LIST OF TABLES XLV LIST OF
FIGURES XLVI LIST OF ABBREVIATIONS XLVII 1. MULTI-BANK FINANCING: WHAT
IT IS AND IS NOT I. INTRODUCTION 1.01 II. THE DYNAMISM OF MULTI-BANK
FINANCING 1.05 A. INCREASING SOPHISTICATION OF CLIENT NEEDS 1.06 B.
IMPACT OF ECONOMIC CYCLES 1.07 C. DIFFERENT TYPES OF FINANCIAL
INSTITUTIONS AND METHODS 1.08 D. IMPACT OF CHANGING REGULATIONS 1.09
III. DESIGNATION OF 'MULTI-BANK FINANCING' 1.10 A. INCREASING
PARTICIPATION OF OTHER FINANCIAL INSTITUTIONS 1.13 IV. DESCRIPTION OF
MULTI-BANK FINANCING TRANSACTIONS 1.14 A. PRIMARY TRANSACTIONS 1.15 1.
THE SYNDICATED LOAN 1.15 A. COMMON VARIETIES OF SYNDICATED LOANS 1.17 B.
NICHE-MARKET SYNDICATED LOANS 1.26 2. CLUB DEAL LOANS 1.31 B. SECONDARY
LOAN MARKET PRACTICES 1.35 1. LOAN PARTICIPATION AND LOAN
SUB-PARTICIPATION: EARLY DIFFERENCES BETWEEN NEW YORK AND LONDON
PRACTICES 1.37 2. LOAN SUB-PARTICIPATIONS 1.38 3. LOAN PARTICIPATIONS
1.40 A. GENERAL DESCRIPTION 1.40 B. DIFFERENTIATION BETWEEN TYPES OF
LOAN PARTICIPATION 1.41 4. TRANSFERABLE LOAN FACILITIES*A HISTORICAL
NOTE 1.50 A. TRANSFERABLE LOAN CERTIFICATES 1.51 B. TRANSFERABLE LOAN
INSTRUMENTS 1.52 C. CURRENT PRACTICES 1.53 5,: LOAN TRADING 1.54 6.
CREDIT DERIVATIVES 1.55 7. COLLATERALIZED DEBT OBLIGATIONS 1.58 XI
CONTENTS V. MULTI-BANK FINANCING CONTRASTED WITH SIMILAR FINANCING
TECHNIQUES 1.61 A. INTRODUCTION 1.61 B. MULTI-BANK FINANCING CONTRASTED
WITH EQUITY SYNDICATIONS AND PARTICIPATIONS 1.63 C. MULTI-BANK FINANCING
CONTRASTED WITH CAPITAL MARKET METHODS 1.64 D. MULTI-BANK FINANCING
CONTRASTED WITH INTERNATIONAL BONDS/EUROBONDS 1.65 E. MULTI-BANK
FINANCING CONTRASTED WITH COMMERCIAL PAPER PROGRAMMES 1.68 F. MULTI-BANK
FINANCING CONTRASTED WITH SECURITIZATION 1.70 1. TRADITIONAL SALE
STRUCTURE 1.72 2. SALE OF ASSETS TO A TRUSTEE OF A RECEIVABLES TRUST
1.73 VI. CONCLUSION 1.76 2. MULTI-BANK FINANCING: WHO USES IT, WHERE,
AND WHY? I. INTRODUCTION 2.01 II. THE PARTIES*WHO USES MULTI-BANK
FINANCING? A. THE BORROWERS 1. WHO ARE THE BORROWERS? 2. REGULATION OF
THE BORROWERS B. THE LENDERS AND INVESTORS 1. BANKS A. DIFFERENT TYPES
OF BANKS B. REGULATION OF BANKS 2. NON-BANK FINANCIAL INSTITUTIONS A.
HEDGE FUNDS B. PENSION FUNDS C. INSURANCE COMPANIES D. COLLATERALIZED
DEBT OBLIGATIONS E. BUILDING SOCIETIES F. EQUITY FUNDS G. MUTUAL FUNDS
AND PRIME RATE FUNDS H. FINANCE COMPANIES I. ISLAMIC FINANCE J. VULTURE
FUNDS K. INTERNATIONAL FINANCE CORPORATION 1. CREDIT UNIONS (COOPERATIVE
CREDIT ASSOCIATIONS) III. COMPONENTS OF THE FINANCIAL MARKET*WHERE
MULTI-BANK FINANCING OCCURS A. DOMESTIC MARKET B. FOREIGN MARKET 2.02
2.02 2.02 2.06 2.07 2.08 2.08 2.12 2.15 2.16 2.19 2.20 2.21 2.22 2.23
2.24 2.25 2.26 2.27 2.28 2.29 2.30 2.31 2.32 XII CONTENTS C.
INTERNATIONAL FINANCIAL MARKET*THE EUROMARKET 1. THE CONCEPT AND ORIGINS
OF THE EUROCURRENCY 2. THE DEVELOPMENT OF THE EURODOLLAR MARKET 3.
CHARACTERISTICS AND ADVANTAGES OF THE EUROMARKET A. REGIONAL MARKETS IV
THE RATIONALE*WHY PARTIES USE MULTI-BANK FINANCING A. THE BORROWER 1.
ADVANTAGES OF SYNDICATED LOANS 2. ADVANTAGES OF LOAN TRADING AND OTHER
SECONDARY LOAN MARKET METHODS B. THE BANKS 1. ADVANTAGES OF SYNDICATED
LOANS A. THE DIVERSIFICATION OF THE RISK OF NON-PAYMENT B. COMPLYING
WITH REGULATIONS C. EARNING ARRANGEMENT FEES D. INCREASING PRESTIGE AND
PUBLICITY E. DEVELOPING PROFITABLE RELATIONSHIPS 2. REASONS FOR
SECONDARY LOAN MARKET PRACTICES A. NOTE ON CREDIT DERIVATIVES B. SALE
CONSIDERATIONS C. PURCHASE CONSIDERATIONS 2.33 2.34 2.35 2.36 2.38 2.39
2.40 2.40 2.43 2.44 2.45 2.46 2.47 2.48 2.49 2.50 2.51 2.52 2.53 2.62 V.
CONCLUSION 2.68 3. ARRANGING SYNDICATED LOANS, SUB-PARTICIPATIONS, AND
LOAN PARTICIPATIONS I. INTRODUCTION \ 3.01 II. ARRANGING SYNDICATED
LOANS 3.03 A. PROCEDURE IN BRIEF 3.03 1. KEY ROLES 3.06 2. EFFECT OF
ELECTRONIZATION ON DOCUMENTATION 3.10 3. SELF-ARRANGED SYNDICATED LOANS
3.11 B. DETAILED PROCEDURE 3.14 1. ORIGINATING THE LOAN 3.14 A. THE
OFFER AND THE MANDATE 3.16 B. TYPES OF OFFER 3.17 C. LEGAL EFFECT OF THE
MANDATE 3.25 D. ARRANGER'S POTENTIAL LIABILITY TO THE BORROWER 3.40 2.
NEGOTIATING THE LOAN 3.48 3. MARKETING THE LOAN 3.50 A. FINALIZING THE
SYNDICATE GROUP 3.52 B. PREPARING THE INFORMATION PACKAGE OR MEMORANDUM
3.53 / C. DEALING WITH PROFESSIONAL ADVISERS 3.56 : D. LIABILITY FOR
INACCURATE OR ERRONEOUS INFORMATION 3.57 4. ACTION IN CONTRACT OR TORT?
3.63 5. ARRANGER'S POTENTIAL LIABILITY TO THE PARTICIPANTS 3.64 .* *
XIII CONTENTS 6. MISREPRESENTATION 3.67 A. EFFECTIVE MISREPRESENTATION
3.68 B. MATERIALITY 3.71 C. INDUCEMENT AND RELIANCE 3.72 7. HEADS OF
ACTION*SPECIFIC CATEGORIES OF MISREPRESENTATION 3.76 A. FRAUDULENT
MISREPRESENTATION 3.77 B. NEGLIGENT MISREPRESENTATION 3.80 C. INNOCENT
MISREPRESENTATION 3.100 D. STATUTORY MISREPRESENTATION 3.102 E. OVERSEAS
STATUTORY REGIMES 3.113 8. NEGLIGENCE 3.114 9. BREACH OF FIDUCIARY DUTY
3.115 10. OBVIATING LIABILITY FOR MISINFORMATION OR NON-INFORMATION
3.132 A. EXEMPTION OR DISCLAIMER CLAUSES 3.132 B. DUE DILIGENCE 3.139 C.
INVOLVING THE PARTICIPANTS 3.140 D. INDEMNITY FROM THE BORROWER 3.141
III. ARRANGING LOAN PARTICIPATIONS AND SUB-PARTICIPATIONS 3.142 A.
ARRANGING A LOAN SUB-PARTICIPATION 3.142 B. LOAN PARTICIPATION
PROCEDURES 3.143 C. LIABILITY ARISING FROM THE SELLING PROCESS 3.147 IV.
CONCLUSION 3.148 4. NATURE OF CREDIT FACILITIES USED IN SYNDICATED LOANS
AND SECONDARY LOAN MARKETS I. INTRODUCTION 4.01 II. DIRECT LOANS 4.03 A.
MONEY LOANS 4.04 B. OVERDRAFT FACILITIES 4.07 III. DOCUMENTARY CREDITS
4.09 A. OVERVIEW OF LETTERS OF CREDIT 4.09 B. SYNDICATIONS OF
DOCUMENTARY CREDITS 4.11 1. ONE BANK ISSUES A DOCUMENTARY CREDIT FOR ITS
OWN ACCOUNT 4.13 2. ONE BANK ISSUES A DOCUMENTARY CREDIT ON BEHALF OF
THE SYNDICATE 4.14 3. EACH BANK ISSUES ITS OWN DOCUMENTARY CREDIT 4.15
C. PARTICIPATIONS OF DOCUMENTARY CREDITS 4.17 1. INTRODUCTION 4.17 2.
PARTICIPATIONS GRANTED BY THE ISSUING BANK 4.21 3. PARTICIPATIONS
GRANTED BY THE CONFIRMING BANK 4.23 4. PARTICIPATIONS GRANTED BY THE
NOMINATED BANK 4.26 XIV CONTENTS IV. BANK GUARANTEES AND STANDBY LETTERS
OF CREDIT 4.29 A. INTRODUCTION 4.29 B. SYNDICATIONS OF BANK GUARANTEES
4.33 1. MOTIVES BEHIND SYNDICATIONS OF BANK GUARANTEES 4.33 2. THE
SYNDICATION PROCEDURE 4.34 3. SPECIFIC TYPES AND PURPOSES OF BANK
GUARANTEES 4.38 A. TENDER GUARANTEE 4.39 B. ADVANCE PAYMENT OR REPAYMENT
GUARANTEE 4.40 C. PERFORMANCE GUARANTEE 4.41 C. SYNDICATIONS OF DIRECT
PAY STANDBY LETTERS OF CREDIT 4.45 D. PARTICIPATIONS OF BANK GUARANTEES
AND STANDBY CREDITS 4.47 V. BANKERS'ACCEPTANCES 4.51 A.
BANKERS'ACCEPTANCES AS A FUNDING FACILITY 4.51 B. SYNDICATIONS OF
BANKERS'ACCEPTANCES 4.56 C. PARTICIPATIONS IN BANKERS'ACCEPTANCES 4.58
1. RISK PARTICIPATIONS 4.59 2. GENERIC PARTICIPATIONS 4.60 3.
OBSERVATIONS 4.62 VI. CONCLUSION 4.64 5. SYNDICATED LOANS: LEGAL
RELATIONSHIPS BETWEEN THE BORROWER AND LENDERS, AND AMONG SYNDICATE
LENDERS I. INTRODUCTION 5.01 II. THE LEGAL NATURE OF THE SYNDICATION
ARRANGEMENT 5.06 A. IMPORTANCE OF DETERMINING THE LEGAL NATURE 5.06 B.
LEGAL NATURE OF THE SYNDICATION ARRANGEMENT 5-07 1. SEPARATE LOANS 5.08
2. JOINT TENANCY OR JOINT VENTURE 5.14 3. PARTNERSHIP 5.15 III.
CONTRACTUAL PROVISIONS IN A SYNDICATED LOAN AGREEMENT 5.16 A. KEY
DETERMINANTS OF LOAN CLASSIFICATIONS AND TERMINOLOGY 5.19 B. KEY
FEATURES OF EUROLOAN LENDING 5.20 1. THE CONCEPT OF MATCHED FUNDING 5.20
2. THE CONCEPT OF NET LENDING (YIELD PROTECTION) 5.21 C. LEGAL RELATIONS
BETWEEN THE LENDERS AND THE BORROWER 5-23 1. DEFINITIONS 5-24 2. THE
FACILITY 5-25 3. PURPOSE AND UTILIZATION OF THE FACILITY 5-26 4.
PAYMENTS, REPAYMENT AND PREPAYMENT 5.28 A. PAYMENT OF INTEREST 5.29 B.
REPAYMENT OF PRINCIPAL 5.35 C. PREPAYMENT AND CANCELLATION 5.37 XV
CONTENTS D. PAYMENT OF FEES, COSTS, AND EXPENSES 5.41 E. PAYMENT OF
TAXES 5.42 5. SECURITY, GUARANTEES, ARID INSURANCE 5.43 A. SECURITY 5.43
B. GUARANTEES, INDEMNITY, AND SUPPORT ARRANGEMENTS 5.47 C. INSURANCE
5.51 6. CONDITIONS PRECEDENT 5.52 7. REPRESENTATIONS AND WARRANTIES 5.56
A. PARIPASSU 5.58 B. MATERIAL ADVERSE CHANGE CLAUSE 5.60 8. UNDERTAKINGS
5.63 A. INFORMATIONAL UNDERTAKINGS 5.64 B. FINANCIAL COVENANTS 5.65 C.
GENERAL UNDERTAKINGS 5.69 9. AMENDMENTS, WAIVERS, AND CONSENTS 5.70 10.
DEFAULT 5.75 A. EVENTS OF DEFAULT 5.76 B. PROBLEMS WITH CROSS-DEFAULT
CLAUSES 5.79 C. CONSEQUENCES OF DEFAULT 5.83 11. CHANGE OF PARTIES AND
TRANSFERS OF LOAN INTERESTS 5.94 A. METHODS OF TRANSFERRING LOAN
INTERESTS 5.95 B. CONDITIONS OF ASSIGNMENT OR TRANSFER 5.96 C. CHANGE OF
LENDERS 5.97 12. GOVERNING LAW, JURISDICTION, AND SERVICE OF PROCESS
5.99 13. LEGAL OPINIONS 5.103 14. MISCELLANEOUS PROVISIONS 5.105 D.
LEGAL RELATIONSHIPS AMONG THE LENDERS 5.106 1. SHARING PAYMENTS 5.106 A.
THE IRANIAN CRISIS 5.109 B. THE ARGENTINIAN CRISIS 5.110 C. SOVEREIGN
DEBT-RESTRUCTURING 5.112 D. DOUBLE-DIPPING 5.113 E. CROSS-JURISDICTIONAL
AND CROSS-CURRENCY SET-OFF 5.114 F. OTHER ASPECTS 5.115 2. MAJORITY
VOTING 5.116 E. LEGAL RELATIONSHIPS BETWEEN THE LENDERS AND THE AGENT
BANK 5.124 IV. CONCLUSION 5.125 6. LOAN PARTICIPATIONS: LEGAL
RELATIONSHIPS BETWEEN THE LEAD BANK AND PARTICIPANTS, PARTICIPANTS AND
BORROWER, AND . AMONG PARTICIPANTS ! I. INTRODUCTION 6.01 XVI CONTENTS
II. LEAD BANK AND PARTICIPANT RELATIONSHIP A. THE LEGAL NATURE OF THE
PARTICIPATION ARRANGEMENT 1. ANALYSIS A. SALE THEORY: ASSIGNOR-ASSIGNEE
RELATIONSHIP B. DEBT THEORY: CREDITOR-DEBTOR RELATIONSHIP C. OWNERSHIP
IN COMMON OR TENANCY IN COMMON D. PARTNERSHIP OR JOINT VENTURE E. TRUST
F. AGENCY B. ECONOMIC CONSEQUENCES OF CHARACTERIZATION 1. BORROWER'S
INSOLVENCY A. SET-OFF BY THE LEAD BANK B. SET-OFF BY THE PARTICIPANT C.
ENTITLEMENT TO COLLATERAL AND OTHER COLLECTIONS 2. LEAD BANK'S
INSOLVENCY A. SET-OFF BY THE BORROWER B. SET-OFF AND OTHER CLAIMS BY THE
PARTICIPANT 3. PARTICIPANT'S INSOLVENCY C. FORM OF THE PARTICIPATION
AGREEMENT 1. ORAL PARTICIPATION AGREEMENTS 2. WRITTEN PARTICIPATION
AGREEMENTS A. CONCLUSION OF THE CONTRACT B. PRECEDENCE OF DOCUMENTS C.
ADMISSIBILITY OF EXTRINSIC EVIDENCE D. CONTENTS OF THE PARTICIPATION
AGREEMENT: CONTRACTUAL RIGHTS AND DUTIES 1. CREDIT INFORMATION A.
ALLOCATION OF THE CREDIT RISK 2. INITIAL AND SUBSEQUENT FUNDING A.
INITIAL FUNDING B. SUBSEQUENT FUNDING C. FAILURE TO FUND THE LOAN 3.
RECEIPTS, COLLECTIONS, AND EXPENSES A. LEAD BANK'S DUTY TO COLLECT THE
LOAN B. SHARING AND APPROPRIATION OF COLLECTIONS C. APPORTIONMENT OF
COSTS AND EXPENSES 4. SERVICING THE LOAN A. THE SERVICING FUNCTION B.
TERMINATION OF SERVICING 5. MODIFICATIONS AND WAIVER 6. DEFAULT AND
ENFORCEMENT 7. RISKS AND STANDARD OF CARE 8. ASSIGNMENT OF THE LOAN 9.
REPRESENTATIONS AND WARRANTIES A. CONDITIONS PRECEDENT 6.08 6.10 6.12
6.13 6.21 6.26 6.27 6.32 6.37 6.41 6.42 6.43 6.46 6.49 6.51 6.52 6.53
6.68 6.74 6.74 6.76 6.79 6.80 6.82 6.87 6.91 6.94 6.95 6.96 6.97 6.98
6.99 6.100 6.102 6.104 6.108 6.108 6.110 6.111 6.115 6.120 6.122 6.125
6.127 XVU CONTENTS 10. BREACH AND NON-PERFORMANCE A. ELEVATION B.
SUBROGATION 11. MISCELLANEOUS PROVISIONS 12. IMPLIED TERMS A.
PRESUMPTIONS ABOUT PARTICIPATION AGREEMENTS B. FIDUCIARY OBLIGATIONS C.
DUTY OF GOOD FAITH AND FAIR DEALING D. DUTY TO USE REASONABLE CARE E.
OBSERVATIONS III. PARTICIPANT-BORROWER RELATIONSHIP IV.
PARTICIPANT-PARTICIPANT RELATIONSHIP V. CONCLUSION 6.128 6.129 6.130
6.131 6.132 6.133 6.135 6.136 6.140 6.141 6.142 6.144 6.152 7. LOAN
SUB-PARTICIPATIONS: LEGAL RELATIONSHIPS BETWEEN THE LEAD BANK AND
SUB-PARTICIPANT, AND BORROWER AND SUB-PARTICIPANT I. INTRODUCTION 7.01
A. DESCRIPTION OF SUB-PARTICIPATION 7.03 1. FUNDED SUB-PARTICIPATION
7.04 2. RISK SUB-PARTICIPATION 7.05 II. LEGAL RELATIONSHIPS IN
SUB-PARTICIPATION ARRANGEMENT 7.06 A. LEGAL NATURE OF A
SUB-PARTICIPATION ARRANGEMENT 7.06 1. THE LEAD BANK-SUB-PARTICIPANT
RELATIONSHIP 7.06 2. THE SUB-PARTICIPANT AND THE BORROWER 7.10 B. THE
SUB-PARTICIPATION AGREEMENT 7.11 1. FORM OF THE AGREEMENT 7.11 2.
DELIVERY OF DOCUMENTS 7.12 3. CONFIDENTIALITY 7.13 4. PAYMENT OF THE
SUB-PARTICIPATION 7.14 5. DISTRIBUTIONS 7.15 A. DISTRIBUTIONS IN CASH
7.16 B. DISTRIBUTIONS NOT IN CASH 7.17 C. SHORTFALL IN DISTRIBUTIONS OF
INTEREST OR FEES 7.18 D. CONTINGENT RECEIPT OF PAYMENT 7.19 6.
REPRESENTATIONS AND WARRANTIES 7.20 A. REPRESENTATIONS AND WARRANTIES BY
THE LEAD BANK AND SUB-PARTICIPANT 7.20 B. REPRESENTATIONS AND WARRANTIES
BY THE LEAD BANK 7.21 C. EXCLUSION OF WARRANTIES AND REPRESENTATIONS
7.22 7. CONFIRMATIONS BY THE SUB-PARTICIPANT 7.23 8. UNDERTAKINGS BY THE
LEAD BANK 7.24 9. ADMINISTRATION OF THE SUB-PARTICIPATION 7.25 XVIN
CONTENTS 10. INDEMNITIES 7.26 11. TRANSFERS 7.27 12. GOVERNING LAW 7.28
13. JURISDICTION 7.29 14. OTHER PROVISIONS 7.30 8. THE SECONDARY MARKET
FOR SYNDICATED LOANS: LOAN TRADING, CREDIT DERIVATIVES, AND
COLLATERALIZED DEBT OBLIGATIONS I. INTRODUCTION 8.01 II. LOAN TRADING
8.03 A. PAST OBSTACLES TO LOAN TRADING 8.04 B. THE LEGAL FRAMEWORK FOR
LOAN TRADING 8.06 1. METHODS OF TRANSFERRING PROPERTY INTERESTS*COMMON
LAW PRINCIPLES 8.12 A. NOVATION 8.12 B. ASSIGNMENT 8.16 C. DECLARATION
OF TRUST 8.34 D. CHARGES 8.42 C. REASONS FOR LOAN TRADING 8.44 D.
DEVELOPMENT OF THE SYSTEMS FOR LOAN TRADING 8.45 1. OBJECTIVE PRICING
8.46 2. LOAN RATING 8.47 ^ 3. LOAN IDENTIFICATION 8.48 4. INDUSTRY BODY
SUPPORT 8.49 5. FINANCIAL INSTITUTION INVOLVEMENT 8.50 6. USE OF THE
INTERNET 8.51 E. LEGAL AND REGULATORY ISSUES 8.54 1. LOAN TRADING
CONTRACTS*THE COURTS'APPROACH 8.53 2. TRANSFER OF LOAN INTERESTS 8.55 3.
TRANSFER IN BREACH OF EXPRESS PROHIBITION*REQUIREMENT FOR CONSENT 8.56
4. CONFIDENTIALITY 8.57 5. SET-OFF 8.58 6. PRUDENTIAL CONCERNS 8.59 III.
CREDIT DERIVATIVES 8.60 A. DESCRIPTION OF CREDIT DERIVATIVES 8.60 B.
ADVANTAGES OF CREDIT DERIVATIVES 8.61 C. TYPES OF CREDIT DERIVATIVES
8.63 1. CREDIT DEFAULT SWAP 8.64 2. CDS SQUARED 8.67 3. TOTAL RETURN
SWAP AND TOTAL RATE OF RETURN SWAP 8.68 4. CREDIT LINKED NOTE 8.71 5.
REPACKAGED NOTE 8.73 XIX CONTENTS D. LEGAL AND REGULATORY ISSUES 1.
LEGAL ISSUES A. MIS-SELLING OF PRODUCTS B. ENFORCEABILITY AND
INTERPRETATION OF THE CONTRACTUAL DOCUMENTS C. TRANSFER OF PROPERTY
INTERESTS 2. REGULATORY ISSUES A. PROVISIONING FOR OPERATIONAL RISK B.
ARE CREDIT DERIVATIVES INSURANCE BUSINESS OR INSURANCE CONTRACTS? C. IS
A CREDIT DERIVATIVE A GAMING OR WAGERING CONTRACT? IV. COLLATERALIZED
DEBT OBLIGATIONS A. A DESCRIPTION OF CDOS B. WHY CDOS ARE APPEALING C.
TYPES OF CDOS 1. UNDERLYING ASSETS 2. ARBITRAGE VERSUS BALANCE SHEET
CDOS 3. CASH VERSUS SYNTHETIC CDOS 4. STATIC VERSUS MANAGED CDOS 5.
CASHFLOW VERSUS MARKET VALUE CDOS D. LEGAL ISSUES 1. JURISDICTION OF THE
SPV 2. TRANSFER OF ASSETS N A. EFFECTIVE TRANSFER B. TRUE SALE OPINIONS
C. CONSENT REQUIREMENTS 3. SET-OFF 4. LENDER LIABILITY 8.74 8.74 8.75
8.76 8.79 8.80 8.80 8.82 8.85 8.86 8.86 8.87 8.88 8.89 8.90 8.93 8.97
8.99 8.101 8.101 8.102 8.102 8.103 8.104 8.105 8.106 V. CONCLUSION 8.107
9. THE AGENT BANK IN SYNDICATED LOANS AND LOAN PARTICIPATIONS I.
INTRODUCTION 9.01 II. GENERAL APPROACH TO THE AGENT BANK'S LEGAL STATUS
AND FUNCTIONS 9.04 A. TRUE AGENT OR SPECIAL AGENT DEBATE 9.06 1. AGENT
BANK AS A TRUE AGENT 9.07 A. TRUE AGENT WITH FIDUCIARY DUTIES 9.07 B.
TRUE AGENT DISCLAIMING FIDUCIARY DUTIES 9.08 2. AGENT BANK AS A SPECIAL
AGENT 9.09 B. ANALYSIS 9.10 1. MEANING OF THE WORD AGENT' 9.11 * 2. THE
DUTIES OF THE AGENT BANK 9.12 XX CONTENTS 3. THE AUTHORITY OF THE AGENT
BANK 9.14 4. OBSERVATIONS 9.15 III. CONTENTS OF THE AGENCY CLAUSE 9.17
A. GENERAL PRINCIPLES OF LAW 9.17 1. DUTY TO EXERCISE DUE CARE AND SKILL
9.18 2. IMPLIED DUTIES*FIDUCIARY DUTIES 9.19 3. AUTHORITY OF THE AGENT
BANK 9.23 A. EXPRESS ACTUAL AUTHORITY 9-27 B. IMPLIED ACTUAL AUTHORITY
9.28 B. SPECIFIC ASPECTS OF THE AGENCY CLAUSE 9.32 1. APPOINTMENT AND
AUTHORIZATION 9.33 A. IRREVOCABILITY OF THE APPOINTMENT 9.35 B.
DELEGATION TO THE AGENT BANK 9.36 2. DUTIES OF THE AGENT BANK 9.38 A.
CHECKING THAT THE CONDITIONS PRECEDENT HAVE BEEN SATISFIED 9.41 B.
RECEIVING UTILIZATION REQUESTS 9.42 C. ADMINISTERING INTEREST PERIODS
9.43 D. ADMINISTERING INTEREST RATES AND MANDATORY COSTS 9.44 E. DEALING
WITH MARKET DISRUPTION EVENTS 9.45 F. ADMINISTERING FOREIGN EXCHANGE
TRANSACTIONS AND MULTI-CURRENCY FACILITIES 9.47 \ G. CALCULATING LIMITS
FOR AVAILABILITY, TRANCHES, FRONTING BANKS, AND SWINGLINES 9.48 H.
CALCULATING AND REQUESTING FEES AND GENERAL EXPENSES 9.49 I. ACTIHGAS A
CONDUIT FOR INFORMATION 9.50 J. MONITORING FINANCIAL COVENANTS 9.51 K.
ACTING AS A CONDUIT FOR PAYMENTS 9.52 1. CHECKING CERTAIN TYPES OF
INFORMATION 9.53 M. TRANSFERS OF LENDERS' COMMITMENTS AND CHANGES TO
BORROWERS AND GUARANTORS 9-54 N. WAIVERS, AMENDMENTS, AND CONSENT 9-55
O. HANDLING EVENTS OF DEFAULT AND ORGANIZING BANKING MEETINGS 9.56 3.
PROTECTIONS GIVEN TO THE AGENT BANK 9.58 4. CONFLICT OF INTERESTS 9.63
5. ADDITIONAL REMUNERATION 9-65 6. USE OF CONFIDENTIAL INFORMATION 9.66
7. REIMBURSEMENT AND INDEMNIFICATION OF THE AGENT 9-67 8. TERMINATION
AND REPLACEMENT OF THE AGENT BANK 9.69 IV. CONCLUSION 9.72 XXI CONTENTS
10. SYNDICATED LOANS AND BORROWER INSOLVENCY: WINDING-UP AND WORKOUT
PROCEDURES I. INTRODUCTION 10.01 A. PRACTICAL CONSIDERATIONS CONCERNING
INSOLVENCY PROCEDURES 10.05 B. MEANING OF INSOLVENCY 10.11 1. COMMERCIAL
INSOLVENCY 10.12 2. BALANCE-SHEET INSOLVENCY TEST 10.13 II. FORMAL
STATUTORY INSOLVENCY PROCEEDINGS 10.15 A. WINDING-UP OR LIQUIDATION
10.16 1. WINDING-UP BY THE COURT 10.17 2. VOLUNTARY WINDING-UP*A BRIEF
NOTE 10.18 3. LEGAL CONSEQUENCES OF WINDING-UP ON SYNDICATED LOANS 10.19
A. CAPACITY TO CONDUCT WINDING-UP PROCEEDINGS 10.20 B. LEGAL PROCEEDINGS
AND ENFORCEMENT OF CLAIMS 10.21 C. DISPOSITION OF PROPERTY 10.22 D.
COMPLETION OF THE AGREEMENT 10.23 E. OBLIGATIONS OF THE BORROWER 10.24
F. THE COMPANYS BUSINESS 10.25 G. MANAGEMENT*APPOINTMENT OF THE
LIQUIDATOR 10.26 H. DISTRIBUTION OF ASSETS 10.27 B. ADMINISTRATIVE
RECEIVERSHIP*LIMITED APPLICATION 10.29 ^ III. RESCUE AND RESTRUCTURING
METHODS AND PROCEDURES 10.33 A. A BRIEF COMPARISON OF ENGLISH AND US LAW
PROCEDURES 10.35 B. ADMINISTRATION 10.36 1: COMMENCEMENT OF
ADMINISTRATION 10.39 2. BASIC'MECHANICS OF ADMINISTRATION 10.40 3.
CONSEQUENCES OF ADMINISTRATION RELEVANT TO SYNDICATED LOANS 10.41 C.
COMPANY VOLUNTARY ARRANGEMENT 10.43 1. THE COMPANY VOLUNTARY ARRANGEMENT
PROCESS 10.46 2. SMALL COMPANIES*A NOTE 10.53 D. THE LONDON APPROACH
10.55 1. MAIN FEATURES OF THE LONDON APPROACH 10.56 A. INFORMATION
GATHERING 10.57 B. THE STANDSTILL PERIOD 10.58 C. INTERBANK ISSUES 10.59
D. FINANCIAL SUPPORT 10.61 E. SUBSEQUENT DEVELOPMENTS 10.62 IV.
CONCLUSION 10.63 XXN CONTENTS 11. THE REGULATION OF SYNDICATED LOANS AND
THE SECONDARY LOAN MARKET PRACTICES I. INTRODUCTION 11.01 II. REGULATION
OF CAPITAL ADEQUACY A. INTRODUCING BASEL II B. THREE APPROACHES TO
MEASURING CREDIT RISK 1. STANDARDIZED APPROACH 2. INTERNAL RATINGS-BASED
APPROACHES*FOUNDATION AND ADVANCED C. CALCULATION OF MINIMUM CAPITAL
REQUIREMENTS 1. REGULATORY CAPITAL 2. RISK WEIGHTING A. CLAIMS ON
SOVEREIGNS B. CLAIMS ON BANKS C. CLAIMS ON SECURITIES FIRMS D. CLAIMS ON
CORPORATES E. HIGHER RISK CATEGORIES F. OFF-BALANCE SHEET ITEMS 3.
CREDIT RISK MITIGATION A. COLLATERALIZED TRANSACTIONS B. ON-BALANCE
SHEET NETTING C. GUARANTEES AND CREDIT DERIVATIVES 4. SECURITIZATION
FRAMEWORK D. REGULATING CAPITAL ADEQUACY IN THE UNITED KINGDOM*
IMPLEMENTATION OF BASEL II 1. EXPOSURE RECLASSIFICATION 2. ASSET
MANAGEMENT TECHNIQUES*GENERALLY A. TRANSFER OF LOAN ASSETS B. NOVATION
C. ASSIGNMENT D. DECLARATION OF TRUST E. SUB-PARTICIPATION F. UNDRAWN
COMMITMENTS 3. COMMITMENTS TO LEND 4. CREDIT RISK MITIGATION TECHNIQUES
A. FINANCIAL COLLATERAL B. NON-FINANCIAL COLLATERAL C. GUARANTEES AND
CREDIT DERIVATIVES D. NETTING OF FINANCIAL OBLIGATIONS III. REGULATION
OF LARGE LOAN EXPOSURES 11.02 11.02 11.08 11.09 11.10 11.12 11.13 11.14
11.16 11.17 11.18 11.19 11.20 11.21 11.22 11.23 11.24 11.25 11.26 11.28
11.31 11.33 11.34 11.36 11.37 11.38 11.39 11.40 11.41 11.42 11.43 11.44
11.45 11.46 11.49 IV REGULATION OF DEBENTURES 11.51 XXIN CONTENTS V.
PROHIBITION OF MARKET ABUSE 11.52 A. SYNDICATIONS PRACTICE GENERALLY
11.55 B. SECONDARY LOAN TRADING 11.57 C. SECURITIZATION 11.58 VI.
ENVIRONMENTAL AND SOCIAL REGULATION 11.60 A. THE EQUATOR PRINCIPLES
11.61 1. DESCRIPTION 11.61 2. BACKGROUND TO THE EQUATOR PRINCIPLES 11.65
3. THE CONTENT OF THE EQUATOR PRINCIPLES 11.71 A. PREAMBLE 11.72 B.
SCOPE 11.74 C. STATEMENT OF PRINCIPLES 11.76 D. ACTION
PLAN*ENVIRONMENTAL MANAGEMENT SYSTEM 11.80 E. FINANCIAL INSTITUTION
REPORTING AND INDEPENDENT MONITORING 11.85 B. AN EARLY CRITIQUE OF THE
EQUATOR PRINCIPLES 11.86 VII. CONCLUSION 11.89 12. CONCLUSION I.
INTRODUCTION 12.01 A. SUMMARY 12.04 B. LAW AND REGULATION 12.08 II.
FUTURE .DIRECTIONS 12.16 A. GENERAL 12.16 B. THE CONCEPTUAL-FUNCTIONAL
APPROACH TO MULTI-BANK FINANCING 12.18 C. STANDARDIZATION AND
HARMONIZATION FOR SYNDICATED LOANS AND SECONDARY LOAN MARKET PRACTICES
12.21 APPENDIX 1: MULTICURRENCY TERM FACILITY AGREEMENT (MIRANDA
PROJECTS/THE PROSPERO GROUP/ARIEL BANK LTD) 527 APPENDIX 2: LSTA SAMPLE
PAR/NEAR PAR PARTICIPATION AGREEMENT 585 APPENDIX 3: LSTA PURCHASE AND
SALE AGREEMENT FOR DISTRESSED TRADES 596 APPENDIX 4: LSTA ASSIGNMENT AND
ASSUMPTION 622 APPENDIX 5: LSTA MODEL TRANSFER PROVISION 627 INDEX 631
XXIV |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T14:15:06Z |
| indexdate | 2024-07-09T20:37:12Z |
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| language | English |
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| spelling | Mugasha, Agasha Verfasser aut The law of multi-bank financing syndicated loans and the secondary loan market Agasha Mugasha 1. publ. Oxford [u.a.] Oxford Univ. Pr. 2007 XLVIII, 673 S. txt rdacontent n rdamedia nc rdacarrier Sydincated loans Recht Bank loans Bank loans Law and legislation Syndicates (Finance) GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014716519&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mugasha, Agasha The law of multi-bank financing syndicated loans and the secondary loan market Sydincated loans Recht Bank loans Bank loans Law and legislation Syndicates (Finance) |
| title | The law of multi-bank financing syndicated loans and the secondary loan market |
| title_auth | The law of multi-bank financing syndicated loans and the secondary loan market |
| title_exact_search | The law of multi-bank financing syndicated loans and the secondary loan market |
| title_exact_search_txtP | The law of multi-bank financing syndicated loans and the secondary loan market |
| title_full | The law of multi-bank financing syndicated loans and the secondary loan market Agasha Mugasha |
| title_fullStr | The law of multi-bank financing syndicated loans and the secondary loan market Agasha Mugasha |
| title_full_unstemmed | The law of multi-bank financing syndicated loans and the secondary loan market Agasha Mugasha |
| title_short | The law of multi-bank financing |
| title_sort | the law of multi bank financing syndicated loans and the secondary loan market |
| title_sub | syndicated loans and the secondary loan market |
| topic | Sydincated loans Recht Bank loans Bank loans Law and legislation Syndicates (Finance) |
| topic_facet | Sydincated loans Recht Bank loans Bank loans Law and legislation Syndicates (Finance) |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014716519&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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