The law of international finance:
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2008
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| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | CXVIII, 1125 S. |
| ISBN: | 9780199244713 |
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| 245 | 1 | 0 | |a The law of international finance |c Andrew McKnight |
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| adam_text | CONTENTS TABLE OF CASES XJVII TABLE OF LEGISLATION XCIII PART A:
INTRODUCTORY AND GROUND LEVEL MATTERS 1. INTRODUCTORY MATTERS 1.1
PRELIMINARY POINTS 1.1.1-1.1.7 1.2 CONTRACTUAL ISSUES 1.2.1 1.2.2 SOME
CONTRACTUAL PREREQUISITES 1.2.2.1-1.2.2.2 1.2.3 CORPORATE ENTITIES AND
OTHER LEGAL PERSONS 1.2.3 1.2.4 INTENTION TO CONTRACT AND CERTAINTY OF
AGREEMENT 1.2.4.1-1.2.4.7 1.2.5 GOOD FAITH AND FAIRNESS 1.2.5.1-1.2.5.3
1.2.6 THE PARTIES TO A CONTRACT: MISTAKE 1.2.6 1.2.7 MISTAKE AS TO THE
SUBJECT MATTER OF A CONTRACT 1.2.7 1.2.8 PRIVITY OF CONTRACT
1.2.8.1-1.2.8.5 1.2.9 THE INTERPRETATION OF A CONTRACT 1.2.9.1-1.2.9.7
1.2.10 CONTRACTUAL DISCRETIONS 1.2.10.1-1.2.10.3 1.2.11 BEST ENDEAVOURS
AND REASONABLE ENDEAVOURS 1.2.11.1-1.2.11.3 1.3 ILLEGALITY 1.3.1-1.3.1.2
1.3.2 STATUTORY ILLEGALITY 1.3.2.1-1.3.2.4 1.3.3 UNLAWFULNESS AT COMMON
LAW 1.3-3.1-1.3.3.5 1.3.4 PASSING OF TITLE UNDER AN UNLAWFUL TRANSACTION
1.3.4 1.3.5 RESTIRUTJONARY CLAIMS 1.3.5 1.3.6 PLEADINGS AND EVIDENCE
CONCERNING ILLEGALITY 1.3.6 1.4 FRUSTRATION OF CONTRACT AND FORCEMAJEURE
CLAUSES 1.4.1-1.4.5 1.5 ENFORCEMENT AND RECOVERY UPON BREACH OF CONTRACT
1.5.1 1.5.2 THE GENERAL POSITION 1.5-2.1 *!. 5. 2.7 1.5.3 EQUITABLE
REMEDIES 1.53 1.5-4 LIQUIDATED CLAIMS 1.5-4 1.5.5 PAN PAYMENT
1.5.5.1-1.5.5-2 1.5.6 EQUITABLE FORBEARANCE 1.5-6 XIU CONTENTS 2.
BANKING REGULATION 2.1 INTRODUCTION 2.1.1-2.1.3 2.2 THE THEMES OF
BANKING REGULATION 2.2.1-2.2.2.1 2.3 THE HISTORICAL APPROACH TO BANKING
REGULATION 2.3.1-2.3.2 2.4 THE UK REQUIREMENT FOR AUTHORISATION
2.4.1-2.4.4 2.5 UNAUTHORISED ACTIVITIES (EXCEPT UNAUTHORISED DEPOSIT
TAKING) 2.5.1-2.5.2 2.6 THE REGULATION OF DEPOSIT TAKING 2.6.1-2.6.2.4
2.7 THE UK SYSTEM OF AUTHORISATION AND SUPERVISION OF BANKS 2.7.1-2.7.4
2.8 CAPITAL ADEQUACY: THE BASEL, EC, AND UK REQUIREMENTS 2.8.1-2.8.5 2.9
THE APPROACH UNDER BASEL 1 2.9.1-2.9.2 2.9.3 CAPITAL 2.9.3.1-2.9.3.3
2.9.4 RISK WEIGHTING OF ASSETS 2.9.4.1-2.9.4.2 2.10 BASEL 2 AND THE
BANKING CONSOLIDATION DIRECTIVE 2.10.1 2.10.1 THE THREE PILLARS
2.10.1.1-2.10.1.6.1 2.10.2 ADOPTION IN THE EEA 2.10.2 2.10.3 ASSESSMENT
OF CAPITAL AND RISK 2.10.3.1-2.10.4 2.11 THE STANDARDISED APPROACH TO
THE ASSESSMENT OF CREDIT RISK 2.11.1-2.11.2 2.11.2.1 CLAIMS ON
SOVEREIGNS/CENTRAL BANKS AND SOME PUBLIC SECTOR ENTITIES (PSES) 2.11.2.1
2.11.2.2 CLAIMS ON MULTILATERAL DEVELOPMENT BANKS AND INTERNATIONAL
ORGANISATIONS 2.11.2.2 2.11.2.3 CLAIMS ON BANKS, SOME INVESTMENT FIRMS
AND SOME PSES 2.11.2.3 2.11.2.4 CLAIMS ON CORPORATE; 2.11.2.4 2.U.2.5
OTHER RISK CATEGORIES 2.11.2.5 2.11.2.6 OFF-BALANCE SHEET ITEMS 2.11.2.6
2.11.2.7 OMEN 2.11.2.7 2.11.3 CREDIT RISK MITIGATION 2.11.3.1-2.11.3.3
2.12 THE INTERNAL RATINGS BASED APPROACH TO THE ASSESSMENT OF CREDIT
RISK 2.12.1 2.12.2 PHRASEOLOGY 2.12.2 2.12.3 THE APPROACHES 2.12.3
2.12.4 CREDIT RISK MITIGATION 2.12.4.1-2.12.4.2 2.13 CAPITAL
REQUIREMENTS FOR MARKET RISK 2.13.1-2.13.3 XIV CONTENTS 2.14 CREDIT
RISKS ASSOCIATED WITH DERIVATIVE INSTRUMENTS, REPO TRANSACTIONS,
SECURITIES AND COMMODITIES LENDING/BORROWING, LONG SETTLEMENT, AND
MARGIN LENDING 2.14.1-2.14.2 2.15 CREDIT RISKS ASSOCIATED WITH
SECULARISATIONS 2.15.1 2.15.2 TRADITIONAL SCCURITISATIONS
2.15.2.1*2.15.2.2 2.15.3 SYNTHETIC SECURIFISATIONS 2.15.3.1 2.15.4
FAILURE BY THE ORIGINATOR TO MEET THE REQUIREMENTS 2.15-4 2.15.5
REVOLVING EXPOSURES 2.15.5 2.15.6 SECURITISATION POSITIONS
2.15.6.1*2.15.6.3 2.16 OPERATIONAL RISK 2.16.1 2.16.2 FIRST METHOD
2.16.2 2.16.3 SECOND METHOD 2.16.3 2.16.4 THIRD METHOD 2.16.4 2.17 LARGE
EXPOSURES 2.17.1 2.17.2 THE REQUIREMENTS 2.17.2 2.17.3 DEFINITION 2.17.3
2.17.4 EXEMPTIONS 2.17.4 2.18 LIQUIDITY 2.18.1-2.18.2 2.18.2.1 THE FSA S
REQUIREMENTS 2.18.2.1 2.18.2.2 THE BANK OF ENGLAND S REQUIREMENTS
2.18.2.2 2.19 CONSOLIDATED SUPERVISION 2.19.1 -2.19.3 2.19.4 A UK
CONSOLIDATION GROUP 2.19.4-2.19.4.1 2.19.5 A NON-EEA SUB-GROUP 2.19.5
2.19.6 THE CONSOLIDATION 2.19.6 2.19.7 LARGE EXPOSURES 2.19.7 2.20 SOLO
CONSOLIDATION 2.20.1 3. LOAN FACILITIES 3.1 3.2 3.3 3.4 3.5 3.6
INTRODUCTION HEADS OFTERMS THE OVERALL STRUCTURE AND CONTENTS OF A LOAN
FACILITY AGREEMENT THE INTERPRETATIVE PROVISIONS 3.4.2 DEFINITIONS 3.4.3
INTERPRETATION THE DESCRIPTION AND PURPOSE OF THE FACILITY THE FINANCIAL
AND OPERATIVE PROVISIONS 33 3.4. 3.11-3.1.4 3.2.1-3.2.3 .1-3.3.4.10
3.4.1 3.4.2 3.1-3.4.3.2 3.5.1-3.5.2 3.6.1 CONTENTS 3.7 38 3.9 3.10 3.11
3.12 3.13 3.14 3.6.2 SOURCES OF FUNDING 3.6.3 INTERBANK FUNDING
CONVENTIONS 3.6.4 FUNDING ROLLOVER 3.6.5 MARKET DISRUPTION BORROWING
UNDER THE FACILITY A WRONGFUL REFUSAL TO LEND 3.8.2 REPUDIATORY BREACH
3.8.3 THE OBLIGATION TO REPAY AFTER TERMINATION 3.8.4 SET-OFFCLAIM 3.8.5
DAMAGES CONDITIONS PRECEDENT 3.9.2 THE LIST 3.9.3 CONDITIONS PRECEDENT
AND CONDITIONS SUBSEQUENT 3.9.6 ROLE OF THE BORROWER REPAYMENT 3.10.1
LIMITED AND NON-RECOURSE LENDING 3.10.2 REPAYMENT ON DEMAND 3.10.3 TERM
FACILITIES 3.10.4 NO AGREED DATE FOR REPAYMENT 3.10.5 CLOGGS ON THE
EQUITY OF REDEMPTION 3.10.6 EARLY REPAYMENT INTEREST 3.11.3 AGREEMENT TO
PAY INTEREST 3.11.4 RATES OF INTEREST 3.11.5 INTEREST AS A SHARE OF
PROFITS 3.11.6 INTEREST FOR DEFAULT IN PAYMENT 3. I 1.7 INTEREST IN
EQUITY 3.11.8 COMPOUND INTEREST PENALTIES ISLAMIC FINANCE PAYMENTS UNDER
A LOAN FACILITY AGREEMENT 3.14.2 METHODS OF PAYMENT 3.14.4 EFFECTIVENESS
OF PAYMENT 3.14.5 RECEIPT OF PAYMENT 314.6 DRAFTING 314.7 UNLAWFULNESS
3.14.8 CONCLUSIVE EVIDENCE CLAUSES 3-14.9 SET-OFF PROVISIONS 3.14.10
PAYMENTS MADE BY MISTAKE 3. 3. 3 3 3.6. 3.6. 3. 3.8 3 10.2 3.
,2.1-3.6.2.2 .3.1-3.6.3.5 3.6.4 3.6.5 3.7.1-3.7.5 3.8.1 3.8.2
.8.3-3.8.3.3 3.8.4 .5.1-3.8.5.5 3.9.1 3.9.2 .9.4-3.9.5.5 3.9.6 3.10
3.10.1 !.L-3.10.2.2 3.10.3 3.10.4 3.10.5 3.10.6 11.1-3.11.2 3.11.3
3.11.4 3.11.5 11.6.1-3.11.6.3 .12. 3.11.7 3.11.8 1-13.12.5.5
.13.1-13.13.3.8 3.14.1 3.14.3 3.14.4 3.14.5 3.14.6 3.14.7 3.14.9 3.14.10
3.14.10.1 RVI CONTENTS 3.15 PROTECTING THE LENDER S FINANCIAL POSITION
AND ITS RATE OF RETURN 3.15.1-3.15.2 3.15.3 MANDATORY AND INCREASED
COSTS 3.15.4 3.15.5 THIRD PARRY ISSUES 3.15-5.1-13.15.5.2 3.15.6
GROSSING UP CLAUSES 3.15-6.1-3.15.6.3 3.15.7 INDEMNITY PROVISIONS 3.15.7
3.16 THE MONITORING AND MINDING PROVISIONS IN A LOAN FACILITY AGREEMENT
3.16.1-3-16.4 3.17 REPRESENTATIONS AND WARRANTIES 3.17 3.17.1
PRELIMINARY OBSERVATIONS 3.17.2*3.17.4 3.17.5 TYPES OF PROVISION
3.17.5.1-3.17.5.2 3.17.6 NEGOTIATING POINTS 3-17.6 3.18 COVENANTS AND
UNDERTAKINGS 3 18 3.18.1 PRELIMINARY OBSERVATIONS 3.18.1-3-18.3 3.18.4
SHADOW DIRECTORS 3.18.4.1-3.18.5 3.18.6 INFORMATION UNDERTAKINGS 3-18.6
3.18.7 FINANCIAL COVENANTS 3.18.7.1-3.18.17.2 3.18.8 OTHER COVENANTS AND
UNDERTAKINGS 3.18.8 3.18.9 MAINTENANCE OF BUSINESS 3.18.9 3.18.10
RANKING 3.18.10 3.18.11 NEGATIVE PLEDGE AND DISPOSALS OF ASSETS
3.18.11.1-3.18.11.5 3.19 EVENTS OFDCFAULT AND ACCELERATION 3.19.1-3.19.2
3.19.3 THE EVENTS 3.19.3 3.19.4 CROSS-DEFAULT 319.4.1-3.194.3 319.5
MATERIAL ADVERSE CHANGE 3.19.5.1-3.19.5.2 3.19.6 CONSTRUCTION OF THE
EVENTS OF DEFAULT CLAUSE 3.19.6.1-3.196.2 3.19.7 AN INVALID DECLARATION
OF DEFAULT 3.19.17.1-3.19.17.3 PART B: CONFLICT OF LAWS AND CROSS-BORDER
ISSUES 4. CONFLICT OF LAWS IN TRANSACTIONAL MATTERS 4.1 INTRODUCTION
4.1.1 4.1.2 THE RELATIONSHIP WITH PUBLIC INTERNATIONAL LAW 4.1.2.1
*4,1.2.2 4.1.3 THE ROLE OF EXTERNAL SOURCES IN ENGLISH LAW 4.1.3 4.1.4
DUEY. MORRIS & COLLINS 4.1.4 4.1.5 CHAPTER AND SUB}ECT PLAN 4.1.5.1 4.2
THE ENGLISH METHOD OF CLASSIFYING OR CHARACTERISING LEGAL ISSUES,
ASCERTAINING THE CONFLICT OF LAWS RULES THAT XVU CONTENTS ARE RELEVANT
TO THOSE ISSUES, AND APPLYING THOSE RULES TO DETERMINE THE APPLICABLE OR
GOVERNING LAW 4.2.1-4.2.2 4.2.3 CHARACTERISING NON-CONTRACTUAL CIVIL
CLAIMS 4.2.3.1*4.2.4 4.3 THE RULES FOR ISSUES CONCERNING A CORPORATION
4.3.1 4.3.2 TRANSACTIONS THAT ARE UNKNOWN TO THE FOREIGN LAW 4.3.2.1
4.3.3 ILLEGALITY UNDER THE FOREIGN LAW 4.3.3.1 4.3.4 THE ROLE OF LOCAL
LAW 4.3.4 4.4 PRINCIPAL AND AGENT 4.4.1 4.4.1 THE RELATIONSHIP BETWEEN
PRINCIPAL AND AGENT 4.4.1 4.4.2 THE AGENT S AUTHORITY TO BIND THE
PRINCIPAL 4.4.2.1-4.4.2.3 4.4 3 ROME I 4.4.3 4.5 CONTRACTUAL MATTERS 4.5
4.5.1 INTRODUCTION 4.5.1 4.5.1.1 THE APPROACH AT COMMON LAW 4.5.1.1
4.5.1.2 THE INTRODUCTION OF THE ROME CONVENTION 4.5.1.2 4.5.1.3 ROME 1
4.5.1.3 4.5.2 THE ROME CONVENTION: INTRODUCTORY COMMENTS 4.5.2 4.5.2.1
EXCLUSIONS 4.5.2.1 4.5.2.2 THE LAW OF A STATE 4.5.2.3 4.5.2.4
DISAPPLICATION OFRENVOI 4.5.2.4 4.5.2.5 CONTRACTUAL OBLIGATIONS 4.5.2.5
4.5.3 THE APPLICABLE LAW OF A CONTRACT 4.5.3 4.5.3.1 ARTICLE 3: CHOICE
OF LAW 4.5.3.1.1-4.5.3.1.3 4.5.3.2 ARTICLE 3(3): A LIMITATION UPON
CHOICE 4.5.3.2.1-4.5.3.2.4 4.5.3.3 ARTICLE 4: ABSENCE OF CHOICE
4.5.3.3-4.5.3.3.3.8 4.5.4 QUALIFICATIONS TO THE APPLICATION OF THE
GOVERNING LAW 4.5.4 4.5.4.1 MANDATORY RULES OF THE FORUM
4.5.4.1.1*4.5-4.1.3 4.5.4.2 MANDATORY RULES OF A CLOSELY CONNECTED
COUNTRY 4.5.4.2.1-4.5-4.2.2 4.5.4.3 PUWK POLICY OF THE FORUM 4.5-4.3
4.5.5 MITTEN GOVERNED BY THE APPLICABLE LAW 4.5.5 4.5.5.1 MATERIAL
VALIDITY 4.5.5.1.1-4.5-5.1.3 4.5.5.2 FORMAL VALIDITY 4.5.5.2.1-4.5.5.2.2
4.5.5.3 ARTICLE 10: THE SCOPE OF THE APPLICABLE LAW
4.5.5.3.1-4.5-5.3.5.2 4.5.5.4 VOLUNTARY ASSIGNMENTS 4.5.5-4 4.5.5.5
SUBROGATION 4.5.5.5 4.5.6 FOREIGN CURRENCY OBLIGATIONS 4.5.6 ..5,6.1 THE
CURRENCY OF ACCOUNT V THE CURRENCY OF PAYMENT 4.5.6.1 4.5.6.2 THE
CURRENCY OF ACCOUNT 4.5.6.2 XVUI CONTENTS 4.5.6.3 THE CURRENCY OF
PAYMENT 4.5.6.3-1*4.5.6.3.2 4.5.6.4 LEGAL RENDER 4.5.6.4 4.5.7 FOREIGN
MONEY JUDGMENTS IN THE ENGLISH COURTS 4.5.7.1*4.5.7.3 4.5.7.4 CURRENCY
EXCHANGE LOSSES DUE TO LATE PAYMENT 4.5.7.4 4.5.8 THE EC REGULATION
(ROME 1) 4.5.8.1-4.5.8.3 4.5.8.4 SCOPE OF APPLICATION 4.5.8.4.1 4.5.8.5
CHOICE OF LAW 4.5.8.5.1-4.5.8.5.4 4.5.8.6 ABSENCE OF CHOICE
4.5.8.6.1-4.5.8.6.4 4.5.8.7 HABITUAL RESIDENCE 4.5.8.7.1 4.5.8.8
OVERRIDING MANDATORY PROVISIONS 4.5.8.8.1-4.5.8.8.3 4.5.8.9 CONSENT AND
MATERIAL VALIDITY 4.5.8.9 4.5.8.10 FORMAL VALIDITY 4.58.10.1 4.5.8.11
SCOPE OF THE APPLICABLE LAW 4.5.8.11 4.5.8.12 VOLUNTARY ASSIGNMENTS AND
CONTRACTUAL SUBROGATION 4.5.8.12.1*4.5.8.12.4 4.5.8.13 LEGAL SUBROGATION
4.5.8.13 4.5.8.14 CONTRIBUTION 4.5.8.14 4.5.8.15 SET-OFF 4.5.8.15 4.6
UNLAWFULNESS IN THE INTENDED PLACE FOR PERFORMANCE OF A CONTRACT: THE
ENGLISH PERSPECTIVE 4.6 4.6.1 UNLAWFULNESS IN THE PLACE OF PERFORMANCE
4.6.1.1*4.6.1.2 4.6.2 PUBLIC POLICY: UNLAWFUL ACTS IN ANOTHER COUNTRY
4.6.2 4.7 THE CONFLICT OF LAWS RULES FOR TORTIOUS AND SIMILAR ISSUES 4.7
4.7.1 INTRODUCTION 4.7.1 4.7.2 THE COMMON LAW RULE 4.7.2 4.7.3 THE
STATUTORY RULE 4.7.3-1 4.7.4 PART III OF THE 1995 ACT 4.7.4 4.7.5 THE
CONCEPT OF TORTIOUS ISSUES 4.7.5-1 4.7.6 THE STATUTORY RULES 4.7.6 4.7.7
THE GENERAL RULE 4.7.7 4.7.8 DISPLACEMENT OFTHE GENERAL RULE
4.7.8.1-4.7.8.2 4.7.9 EXCLUSION OF LIABILITY 4.7.9 4.7.10 SUBSTANTIVE V
PROCEDURAL MATTERS 4.7.10.1*4.7.10.2 4.7.11 THE EC REGULATION ON THE LAW
APPLICABLE TO NON-CONTRACTUAL OBLIGATIONS (ROME II) 4.7.11.1 4.7.11.3
4.7.11.4 4.7.11.5 4.7.11.6.1 4.7.11.7-4.7.11.7.5 4.7.11,8 XIX 4.7.1
4.7.1 4.7.1 4.7.1 4.7.1 4.7.1 1.2 1.4 15 1.6 1.7 1.8 SCOPE OF
APPLICATION SPECIFIC AND GENERAL RULES CHOICE OF LAW GENERAL FALL-BACK
RULE SPECIAL RULES MANDATORY RULES CONTENTS 4.8 4.9 4.10 4.11 4.7.11.9
PUBLIC POLICY 4.7.11.10 THE SCOPE OF THE APPLICABLE LAW THE CONFLICTS
RULES FOR PROPRIETARY TRANSACTIONS 4.8.1 INTRODUCTION 4.8.3
CLASSIFICATION OF ASSETS 4.8.4 THE SITUS OF AN ASSET 4.8.4.1 IMMOVABLE
PROPERTY AND TANGIBLE MOVABLE PROPERTY 4.8.4.2 INTANGIBLE MOVABLES 4.8.5
THE RULES FOR PROPRIETARY ISSUES 4.8.5.1 DETERMINATION BY A FOREIGN
COURT 4.8.5.2 IMMOVABLE PROPERTY 4.8.5.3 TANGIBLE MOVABLE PROPERTY
4.8.5.4 INTANGIBLE MOVABLE PROPERTY 4.8.6 ENFORCEMENT BY ATTACHMENT
AGAINST ASSETS TRUSTS 4.9.1 INTRODUCTION 4.9.2 SCOPE OF APPLICATION
4.9.3 THE GOVERNING LAW 4.9.4 APPLICATION OF THE GOVERNING LAW 4.9-5
RECOGNITION OF FOREIGN CRUSTS THE PUBLIC POLICY GROUNDS ON WHICH AN
ENGLISH COURT MAY REFUSE TO GIVE EFFECT TO A FOREIGN LAW 4.10.1
INTRODUCTION 4.10.2 RECOGNITION V ENFORCEMENT 4.10.3 FOREIGN REVENUE,
PENAL, AND OTHER PUBLIC LAWS 4.10.4 FOREIGN LAWS THAT OFFEND AGAINST
ENGLISH PRINCIPLES 4.10.5 FOREIGN EXPROPRIATION OF ASSETS INVESTMENT AND
FOREIGN EXCHANGE CONTROLS AND SIMILAR LEGISLATION 4.11.1 INTRODUCTION
4.U.2 COMMON LAW 4.11.3 FOREIGN EXCHANGE CONTROL REGULATIONS 5.
CROSS-BORDER INSOLVENCIES 5.1 5.2 INTRODUCTION DOMESTIC INSOLVENCY
PROCEEDINGS 5-2.1 I RUOLVENCY AND INSOLVENCY PROCEEDINGS 52.1.2 WINDING
UP AND BANKRUPTCY 5.2.1.3 ADMINISTRATION 4.8.4 4.8.5 4.8.5 4.7.11.9
4.7.11.10.1 4.8 4.8.2 4.8.3.1 4.8.4 4.8.4.1 .2.1-4.8.4.2.7 4.8.5
.1.1-4.8.5.1.2 4.8.5.2.1 .3.1^.8.5.3.2 4.8.5.4 4.8.6 4.9 4.9.1 4.9.2.1
4.9.3 4.9.4 4.9.5 4.10 4.10.1 4.10.2 4.10.3.1-4.10.3.2 4.K 4.1 4.10.4.1
3.5.1-4.10.5.5 4.11 4.11.1 4.11.2.1 1.3.1-4.10.5.5 5.1.1-5.1.5 5.2
5-2.1.1 5.2.1.2 5.2.1.3 XX CONTENTS 5.2.1.4 VOLUNTARY ARRANGEMENT
5.2.1.4 5.2.1.5 RECEIVERSHIP 5.2.1.5 5.2.2 FOREIGN DEBTORS 5.2.2.1 5.2.3
SECURED CREDITORS IN AN INSOLVENCY 5.2.3.1 5.2.4 UPSETTING TRANSACTIONS
5.2.4.1 5.3 THE EFFECT OF FOREIGN INSOLVENCY PROCEEDINGS IN ENGLAND
5.3.1 5.3.2 THE POSITION AT GENERAL LAW 5.3.2.1 5.3.3 CO-OPERATION AT
COMMON LAW WITH FOREIGN PRINCIPAL PROCEEDINGS 5.3.3-1 5.3.4 SECTION
426(4) OF THE INSOLVENCY ACT 1986 5.3.4.1-5.34.4 5.4 THE EC INSOLVENCY
REGULATION 5.4 5.4.1 INTRODUCTION 5.4.1.1-5-4.1.2 5.4.2 JURISDICTION AND
THE CONCEPT OF THE DEBTOR S CENTRE OF MAIN INTERESTS 5.4.2.1-5.4.2.5
5-4.3 THE DATE OF OPENING OF PROCEEDINGS 5.4.3 5.4.4 THE MAIN
PROCEEDINGS 5.4.4 5.4.5 TERRITORIAL AND SECONDARY PROCEEDINGS
5.4.5.1*5.4.5.3 5.4.6 RECOGNITION OF PROCEEDINGS 5.4.6 5.4.7 LODGEMENT
OF CLAIMS AND INFORMATION 5-4.7 5.4.8 GOVERNING LAW 5-4.8 5.4.9 THE LAW
GOVERNING THE INSOLVENCY PROCEEDINGS 5.4.9.1*5.4.9.4 5.4.10 RIGHTS/AWN
5-4.10.1-5.4.10.4 5.4.11 RIGHTS OF SET-OFF 5.4.11.1-5.4.11.4 5.4.12
PASSING OF TITLE 5.4.12.1-5.4.12.4 5.4.13 IMMOVABLE PROPERTY 5.4.13
5.4.14 PAYMENT AND SETTLEMENT SYSTEMS AND FINANCIAL MARKETS
5.4.14.1-5.4.14.2 5.4.15 RIGHTS SUBJECT TO REGISTRATION 5.4.15 5.4.16
PROTECTION OF THIRD PARTY PURCHASERS 5.4.16 5.4.17 COMMUNITY
INTELLECTUAL PROPERTY RIGHTS 5.4.17 5.4.18 PENDING LAWSUITS IN DIVESTED
ASSETS AND RIGHTS 5.4.18 5.5 INSOLVENT CREDIT INSTITUTIONS 5.5.1-2 5.5-1
INTRODUCTION 5.5-1-2 5.5.2 GOVERNING LAW IN GENERAL 5.5.2 5.5.3
PROPRIETARY RIGHTS IN INSTRUMENTS 5.5.3 5.5.4 REPURCHASE AGREEMENTS
5.5-4 5.5-5 TRANSACTIONS ON REGULATED MARKETS 5-5-5 5.5-6 THIRD PARTY
PURCHASERS 5-5-6 5.5.7 INFORMATION 5-5-7 5.5.8 NETTING 5.5.8 5-6
INSOLVENT INSURANCE UNDERTAKINGS 5.6.1-5.6.2 XXI CONTENTS 5.7 ADOPTION
IN GREAT BRITAIN OF THE UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY
5.7 5.7.1 INTRODUCTION 5-7.1.1-5.7.1.7 5.7.2 APPLICATION 5.7.2 5.7.3
FOREIGN PROCEEDINGS 5-7.3 5.7.3.1 FOREIGN MAIN PROCEEDINGS 5.7.3.1
5.7.3-2 FOREIGN NON-MAIN PROCEEDINGS 5.7.3.2 5.7.4 CO-OPERATION 5.7.4.1
5.7.5 CONFLICT OFLAWS 5.7.5 5.7.6 RECOGNITION OF FOREIGN PROCEEDINGS AND
ASSISTANCE TO FOREIGN REPRESENTATIVES 5.7.6.1*5.7.6.4 6. JURISDICTION
AND THE RESOLUTION OF DISPUTES 6.1 INTRODUCTION 6.1.1-6.1.2 6.2 COURT
JURISDICTION 6.2.1-6.2.3 6.3 THE EC REGULATION ON JURISDICTION AND
JUDGMENTS AND THE BRUSSELS AND LUGANO CONVENTIONS 6.3 6.3.1 INTRODUCTION
6.3.1.1-6.3.1.1 6.3.2 SCOPE OF APPLICATION 6.3.2.1*6.3.2.1 6.3.3
MANDATORY EFFECT 6.3.3 6.3.4 THE STANDARD OF PROOF 6.3.4 6.3.5
JURISDICTION FOUNDED ON THE DEFENDANT S DOMICILE 6.3.5.1*6.3.5.2 6.3.6
ALTERNATIVE BASES OF JURISDICTION 6.3.6 6.3.7 ARTICLE 5: JURISDICTION
BASED ON A CLOSE CONNECTION WITH THE DISPUTE 6.3.7 6.3.7.1 PLACE OF
PERFORMANCE OF A CONTRACTUAL OBLIGATION 6.3.7.1.1-6.3.7.1.2 6.3.7.2
NON-CONTRACTUAL CLAIMS FOR CIVIL LIABILITY 6.3.7.2.1-6.3.7.2.3 6.3-7.3
CLAIMS INVOLVING A BRANCH 6.3-7.3 6.3.7.4 TRUSTS 6.3.7.4 6.3.8 RELATED
CLAIMS 6.3.8.1 6.3.9 EXCLUSIVE JURISDICTION UNDER ARTICLE 22
6.3.9.1-6.3-9.6 6.3.10 JURISDICTION BY AGREEMENT 6.3.10.1-6.3.10.9
6.3.11 JURISDICTION BY AGREEMENT IN A TRUST INSTRUMENT 6.3.11.1-6.3.11.2
6.3.12 JURISDICTION BY APPEARANCE 6.3.12.1 6.3.13 CONCURRENT PROCEEDINGS
6.3.13 6.3.13.1 THE SAME CAUSE OF ACTION BETWEEN THE SAME PARTIES
6.3-13.1-1-6.3.13.1.5 6.3.13.2 ANTI-SUIT INJUNCTIONS 6.3.13.2 6.3.13.3
RELATED ACTIONS BEFORE DIFFERENT COURTS 6.3.13.3 6.3-13.4 TWO COURTS
WITH EXCLUSIVE JURISDICTION 6.3.13.4 XXII CONTENTS 6.3.13.5 PROVISIONAL
ORDERS 6.3.13.5 6.4 THE RESIDUAL JURISDICTION OF THE HIGH COURT UNDER
ENGLISH LAW 6.4 6.4.1 INTRODUCTION 6.4.1.1 6.4.2 LEAVE TO SERVE OUT OF
THE JURISDICTION 6.4.2 6.4.2.1 THE DISCRETIONARY PRINCIPLES 6.4.2.2
6.4.2.3 HEADS OF CLAIM 6.4.2.3.1-6.4.2.3.9 6.5 SITUATIONS WHERE THE HIGH
COURT MAY DECLINE TO HEAR A CASE OR MAY GRANT AN AMI-SUIR INJUNCTION TO
RESTRAIN A PARTY FROM CONTINUING FOREIGN PROCEEDINGS 6.5 6.5.1
INTRODUCTION 6.5.1.1*6.5.1.2 6.5.2 STAYS OF ENGLISH PROCEEDINGS AND
REFUSALS TO GRANT LEAVE TO SERVE OUT OF THE JURISDICTION 6.5-2 6.5.3
JURISDICTION AGREEMENTS 6.5-3.1*6-5.3-5 6.5.4 STAYS OF ENGLISH
PROCEEDINGS WHEN AN AGREEMENT CONFERS EXCLUSIVE JURISDICTION UPON A
FOREIGN COURT 6.5.4.1*6.5.4.2 6.5.5 ANTI-SUIT INJUNCTIONS DIRECTED
AGAINST THE CONTINUANCE OF FOREIGN PROCEEDINGS 6.5.5.1*6.5-5-3.1 6.5.6
ARBITRATION AGREEMENTS 6.5-6.1 6.6 ARBITRATION 6.6 6.6.1 INTRODUCTION
6.6.1.1*6.6.1.2 6.6.2 THE ARBITRATION ACT 1996 6.6.2 6.6.3 PAN I OF THE
ARBITRATION ACT 1996 6.6.3-1-6.6.3.2 6.6.3.2.1 THE SEAT OF AN
ARBITRATION 6.6.3.2.1.2-6.6.3.2.1.3 6.6.3.2.2 AN ARBITRATION AGREEMENT
6.6.3.2.2.1-6.6.3.2.2.2 6.6.4 THE GOVERNING LAW OF AN ARBITRATION
AGREEMENT 6.6.4.1*6.6.4.3 6.6.5 THE EXISTENCE AND VALIDITY OF AN
ARBITRATION AGREEMENT 6.6.5.1-6.6.54 6.6.6 STAYS OF PROCEEDINGS AND
CHALLENGES TO THE VALIDITY OF AN ARBITRATION AGREEMENT 6.6.6.1-6.6.6.2.1
6.6.7 THE ARBITRAL TRIBUNAL: DETERMINATIONS, POWERS, REMEDIES AND
CHALLENGES 6.6.7.1 6.6.8 ENFORCEMENT OF AWARDS 6.6.8 6.7 THE RECOGNITION
AND ENFORCEMENT OF FOREIGN ARBITRAL AWARDS 6.7 6.7.1 INTRODUCTION
6.7.1.1 6.7.2 ENFORCEMENT AT COMMON LAW 6.7.2 6.7.3 ENFORCEMENT OF NEW
YORK CONVENTION AWARDS 6.7-3-1 6.7.4 ENFORCEMENT OF ICSID AWARDS
6.74.1-6.7.4.2 XAU CONTENTS 7. SOVEREIGN IMMUNITY, INTERNATIONAL
ORGANISATIONS, AND STATE INSOLVENCY 7.1 INTRODUCTION 7.1.1 7.2 SOVEREIGN
IMMUNITY 7.2 7.2.1 INTRODUCTION 7.2.2 JUDICIAL RESTRAINT 7.2.3 THE STATE
IMMUNITY ACT 1978 7.2.3.3 STATES AND STATE ENTITIES 7.2.3.4 THE
ADJUDICATIVE JURISDICTION UNDER THE STATE IMMUNITY ACT 1978 7.2.3.5 THE
ENFORCEMENT JURISDICTION UNDER THE STATE IMMUNITY ACT 1978 7.3 THE
IMMUNITIES OF INTERNATIONAL ORGANISATIONS 7.3-1 BACKGROUND 7.3-2 THE
EFFECT OF TREATIES IN THE UK 7,3.3 THE EFFECT OF ORDERS IN COUNCIL 7.3-4
COMMON LAW 7.4 STATE INSOLVENCY 7.4.1 INTRODUCTION 7.4.2 PURCHASE AND
ENFORCEMENT OF DISTRESSED DEBT 7.4.3 THE SDRM PROPOSAL 7.4.4 COLLECTIVE
ACTION CLAUSES 8. LEGAL OPINIONS 8.1 INTRODUCTION 8.1.1-8.1.2 8.1.3
LIMITATIONS UPON AN OPINION 8.1.3.1-8.1.3.7 8.1.4 REVIEWING AN OPINION
8.1.4 8.1.5 TYPES OF OPINION 8.1.5 8.2 THE BENEFICIARIES OF A LEGAL
OPINION 8.2.1 8.2.2 SUBSEQUENT PARTIES 8.2.2 8.3 THE LEGAL OPINIONS THAT
SHOULD BE GIVEN IN A TRANSACTION 8.3 8.3.1 INTRODUCTION 8.3.2-8.3.2.1
8.3-3 THE BORROWER S HOME JURISDICTION 8.3.3.1-8.3.3.3 834 THE LOCATION
OF SECURED ASSETS 8.3.4.1-8.3.4.3 8,3.5 THE FACILITY AGREEMENT
8.3.5-8.3.5.3 8.4 WHO SHOULD GIVE THE OPINIONS? 8.4.1-8.4.2 8.5 THE FORM
OF A LEGAL OPINION 8.5.1 8.5-1.1 SPECIMEN FORMS OF LEGAL OPINION 8.5.1.1
XXRV 7.2.3. 7.2.3.3.1-7 7.2.2.1 1-7.2.3.2 .2.3.3.5.2 7.2.3.4-7.2.3.4.5
7.2.3.5.1-7.2 7.4.1. 7.4.3. 7,4.4. .3.5.4.4.1 7.3.1 7.3.1 7.3.2.1
7.3.3.1 7.3.4 7.4.1 1-7.4.1.2 7.4.2 1-7.4.3.2 1-7.4.4.2 CONTENTS 8.5.2
PRELIMINARY MATTERS 8.5.3 ASSUMPTIONS 8.5.4 THE OPINION 8.5.5
QUALIFICATIONS 8.6 THE RESPONSIBILITIES THAT MAY ARISE IN GIVING A LEGAL
OPINION 8.6.2 UNDER ENGLISH DOMESTIC LAW 8.6.3 CONFLICT OF LAWS ISSUES
8.6.3.1 CONTRACTUAL CLAIMS 8.6.3.2 TORTIOUS CLAIMS 8.5.2.1-8.5.2.3 8.5.3
8.5.4 8.5.5.1 8.6.1 8.6.2.1 8.6.3 8.6.3.1 8.6.3.2.1-8.6.3.2.2.4 PART C:
COMPOSITE AND SPECIALISED FINANCING TRANSACTIONS 9. SYNDICATED LENDING
9.1 INTRODUCTION 9.2 THE OBLIGATIONS AND RIGHTS OF THE BANKS AND THE
RELATIONSHIP BETWEEN THEM 9.2.1 THE DICHOTOMY 9.2.2 PARIPASSU
DISTRIBUTION AND THE SHARING CLAUSE 9.2.3 VOTING AND DECISION MAKING BY
THE BANKS 9.2.4 PARTNERSHIP 9.2.5 COLLECTIVE INVESTMENT SCHEMES 9.3
ARRANGEMENT OF THE FACILITY BY THE ARRANGER 9.3.2 THE MANDATE 9.3.2.1
MARKET FLEX PROVISIONS 9.3.3 THE ROLE OF THE ARRANGER 9.4 AREAS OF RISK
TO THE ARRANGER 9.4.1 A CLAIM BY THE BORROWER 9.4.2 CLAIMS BY THE
SYNDICATE MEMBERS 9.4.3 A CLAIM IN THE TON OF NEGLIGENCE 9.4.3.2 THE
EXISTENCE OF A DUTY OF CARE 9.4.3.3 THE SCOPE OF THE DUTY 9.4.3.4
REASONABLE CARE 9.4.3.5 REASONABLE RELIANCE 9.4.3-6 CAUSATION 9.4.3.7
FORESEEABLE LOSS 9.4.4 THE POSITION OF THE ARRANGER IN AN ACTION IN
NEGLIGENCE 9.4.4.1 A GENERAL DUTY OF CARE 9.4.4.2 A LIMITED DUTY OF CARE
XXV 9. 9.2 9. 9.2 9.1.1-9.1.4 9.2.1-9 .2.2 1-9 3.1-9.2 .2.4 1-9 9.2
.2.1.1 ? ? 3 3.1.5 74 8 .5.1-9.2.5.4.2 9 9.3.1 9.3.2 .3.2.2 9.3.3.1-9^4
9.4.2.1-9 9.4. 9 3.2-9.4 94. 9 9.4 9.4. 9.4 9.4.1 .4.2.2 .4.3.1 .3.2.8
.3.3.1 .4.3.4 3.5.1 3.6.1 9.4.3.7 9.4.4 9.4.4.1-9.4.4.1.3
9.4.4.2.1-9.4.4?2 CONTENTS 9.4.5 A CLAIM IN THE TORT OF DECEIT
9.4.5.1-9.4.5.3 9.4.6 A CLAIM UNDER SECTION 2(1) OF THE
MISREPRESENTATION ACT 1967 9.4.6.1-9.4.6.8 9.4.7 A CLAIM UNDER SECTION
2(2) OF THE MISREPRESENTATION ACT 1967 9.4.7.1 9.4.8 A CLAIM FOR BREACH
OF FIDUCIARY DUTY 9.4.8.1-9.4.8.3 9.4.9 CONTRIBUTORY NEGLIGENCE
9.4.9.1-9.4.9.2 9.5 PROTECTING THE ARRANGER 9.5.1 9.5.2 THE MEANS OF
PROTECTION 9.5.2.1-9.5.2.2 9.5.3 CONSTRUCTION OF THE PROVISIONS
9.5-3.1*9.5.3.4.1 9.5.4 LEGISLATIVE LIMITATIONS UPON EXCLUSIONS OR
RESTRICTIONS OF LIABILITY OR FOR DAMAGES 9.5.4 9.55 THE UNFAIR CONTRACT
TERMS ACT 1977 9.5.5.1-9.5-5.2 9.5.5.3 LIABILITY IN NEGLIGENCE
9.5.5.3.1-9.5.5.5 9.5.5.6 LIABILITY ARISING IN CONTRACT
95.5.6.1-9-5.5.6.2 9.55.7 THE REQUIREMENT OF REASONABLENESS
9.5.5.7.1*9.5.5-7.5 9.5.6 SECTION 3 OF THE MISREPRESENTATION ACT 1967
9.5.6.1-9.5.6.2 9.6 THE AGENT 9.6 9.6.1 THE APPOINTMENT, ROLE, DUTIES,
AND POWERS OFTHCAGENT 9.6.1.1-9.6.1.2 9-6.2 AREAS OF RISK TO THE AGENT
9.6.2 9.6.2.1 RDUCIARYDUTY 9.6.2.1.1-9.6.2.1.5 9.6.2.2 CONTRACTUAL
DUTIES 9.6.2.2.1-9.6.2.2.2 9.6.2.3 TORTIOUS DUTIES 9.6.2.3.1-9.6.2.3.3
9.6.3 PROTECTING THE AGENT 9.6.3.1-96.3.4.3 9.6.4 THE UNFAIR CONTRACT
TERMS ACT 9.6.4 10. BOND ISSUES 10.1 INTRODUCTION 10.1.1-10.1.4 10.2 A
COMPARATIVE ANALYSIS BY REFERENCE TO LOANS AND OTHER TRANSACTIONS 10.2.1
10.2.2 THE PRIVATE NATURE OF A LOAN TRANSACTION 10.2.2 10.2.3 THE PUBLIC
NATURE OF A BOND ISSUE 10.2.3-10.2.3.1 10.2.4 THE FINANCIAL ATTRACTIONS
TO INVESTORS AND THEIR PROFILE 10.2.4 10.2.5 FLEXIBILITY AND RIGIDITY
10.2.5 10.2.6 TERMS AND CONDITIONS 10.2.6-10.2.6.2 10.2.7 CREDIT CHECKS
10.2.7 10.2.8 ISSUING EQUITY CAPITAL 10.2.8 10.3 TRADING IN BONDS
10.3.1-10.3.3 XXVI CONTENTS 10.4 BONDS AS NEGOTIABLE INSTRUMENTS 10.4.1
10.4.2 CONFLICTOFLAWS 10.4.2 10.4.3 THE RESTS FOR NEGOTIABILITY 10.4.3.1
10.4.4 THE RIGHTS OF THE TRANSFEREE 10.4.4-10.4.5 10.4.6 GLOBAL BONDS
AND THE LACK OF DEFINITIVE INDIVIDUAL BONDS 10.4.6.1 10.5 THE MODERN
SYSTEM OF RECORDING AND DEALING IN SECURITIES 10.5 10.5.1 THE PROBLEMS
WITH THE OLD PAPER BASED SYSTEM 10.5.1 10.5.2 CENTRALISED SYSTEMS 10.5.2
10.5.3 RECORDING AND TIERING OF INTERESTS 10.5.3.1-10.5.4 10.5.5 THE
ENGLISH DOMESTIC POSITION 10.5.5.1-10.5.5.5 10.5.6 OUHER APPROACHES TO
ENTITLEMENTS 10.5.6 10.5.7 CONFLICT OF LAWS ISSUES 10.5.7.1-10.57.2
10.5.7.3 THE PRIMA APPROACH AT THE EU LEVEL 10.5.7.3 10.5-8 THE HAGUE
CONVENTION 10.5.8 10.5.8.1 THE PRIMARY RULE 10.5.8.1 10.5.8.2 FALL BACK
RULES 10.5.8.2 10.5.8.4 THE APPLICABLE LAW 10.5.8.4 10.5.9 THE
UN1DROITCONVENTION 10.5.9.1-10.5.9.3 10.6 THE PROCESS OF A BOND ISSUE
10.6 10.6.1 THE LEAD MANAGER AND THE MANDATE 10.6.1 10.6.2 DUE DILIGENCE
10.6.2 10.6.3 LAUNCH OF THE ISSUE 10.6.3 10.6.4 LISTING 10.6.4 10.6.5
THE SIGNING 10.6.5 10.6.6 THE CLOSING 10.6.6 107 REGULATORY MATTERS
10.71 10.7.2 PROSPECTUS REQUIREMENTS 10.7.2 10.7.2.1 SUMMARY 107.2.1
10.7.2.2 THE RELEVANT SECURITIES 10.7.2.2 10.7.2.3 THE NEED FOR A
PROSPECTUS 10.7.2.3-10.7.2.3.1.1 10.7.2.3.2 ADMISSION OF SECURITIES TO
TRADING 10.7.2.32 10.7.2.4 EXEMPTIONS 107.2.4 10.7.2.5 FORM AND CONTENT
107.2.5-1 10.7.2.6 APPROVAL 10.7.2.6.1 10.7.2.7 RESPONSIBILITY FOR THE
CONTENTS OF A PROSPECTUS 10.7.2.7.1-10.7.27.4 10.7.3 MIFID
10.7.3.1-107.36 10.7.4 STABILISATION 10.7.4 XXVU CONTENTS 10.7.5 UK
LISTING RULES AND LISTING PARTICULARS 10.7.5.1-10.7.5.2 10.7.6 DEPOSIT
TAKING 10.7.6 10.7.7 STERLING ISSUES 10.7.7 10.7.8 US RESTRICTIONS
10.7.8.1-10.7.8.4 10.8 THE DOCUMENTATION 10.8.1 10.8.2 GOVERNING LAW AND
JURISDICTION CLAUSES 10.8.2 10.8.3 THE BONDS 10.8.3.1 10.8.3.11 THE
TEMPORARY GLOBAL BOND 10.8.31.1 10.8.3.1.2 THE PERMANENT GLOBAL BOND
10.8.3.1.1 10.8.3.2 DEFINITIVE BONDS 10.8.3.3 10.8.4 THE TERMS AND
CONDITIONS OF THE BONDS 10.8.4 10.8.4.1 TIDE, STATUS, AND RANKING
10.8.4.1 10.8.4.2 COVENANTS AND UNDERTAKINGS AND EVENTS OF DEFAULT
10.8.4.2 10.8.4.3 INTEREST 10.8.4.3 10.8.4.4 REDEMPTION, PURCHASE, AND
PAYMENTS BY THE ISSUER 10.8.4.4 10.8.4.5 MEETINGS OF THE BOND HOLDERS
AND VOTING 10.8.4.5.1-10.8.4.5.2 10.8.4.6 BINDING THE MINORITY
10.8.4.6.1-10.8.4.6.6 10.8.5 THE INITIAL SUBSCRIPTION 10.8.5 10.8.5.1
THE SUBSCRIPTION AGREEMENT 10.8.5.1.1-10.8.515 10.8.5.2 THE AGREEMENT
AMONG MANAGERS 10.8.5.2 10.8.6 THE DIFFERENCE BETWEEN AN ISSUE WITH A
FISCAL AGENT AND AN ISSUE WITH A TRUSTEE 10.8.6.1-10.8.6.5 10.8.7 THE
FISCAL AGENCY AGREEMENT 10.8.7.1 10.8.8 THE PAYING AGENCY AGREEMENT
10.8.8 10.8.9 THE TRUST DEED 10.8.9 10.8.91 COVENANT TO PAY 10.8.9.1
10.8.9.2 THE TRUSTEES DISCRETIONS 10.8.9.2 10.8.93 INFORMATION AND
ADVICE 10.8.9.3 10.8.9.4 THE NO ACTION CLAUSE 10.8.9.4.1-10.8.9.4.2.5
10.9 THE DUTIES AND DISCRETIONS OF THE TRUSTEE AND THE PROTECTIONS
AFFORDED TO IT 10.9.1-10.9.1.2 10.9.2 THE DUTY OFCARE AND SKILL
10.9.2.1-10.9.2.2 10.9.3 THE EQUITABLE FIDUCIARY DUTY OF A TRUSTEE
10.9.3.1-10.9.3.2 10.9.4 MODIFICATION OR EXCLUSION OF A TRUSTEES DUTIES
10.9.4.1 10.9.5 STATUTORY RESTRICTIONS ON LIMITATIONS OR EXCLUSIONS OF
LIABILITY 10.9.5 10.9.5.1 SECTION 750 OF THE COMPANIES ACT 2006
10.9.5.1.1-10.9.51-3 10.9.52 THE UNFAIR CONTRACT TERMS ACT 1977
10.9.5.2.1-10.9.52.2 XXVIN 1 1 N.2.6 L-II.: L I I 1.2.4 1.2.5 6 2 1.2.7
1.2.8 1.2.9 CONTENTS 10.9.6 THE CONSIDERATIONS THAT ARE RELEVANT TO THE
EXERCISE BY THE TRUSTEE OT ITS POWERS AND DISCRETIONS 10.9.6.1
-10.9.6.5.2 11. DERIVATIVES TRANSACTIONS 11.1 INTRODUCTION 11.1.1-11.1.4
11.2 TYPES OF TRANSACTION 11.2.1-11.2.2 11.2.3 SWAPS 11.2.3 11.2.3.1
CURRENCY SWAPS 11.2.3.1 11.2.3.2 INTEREST RATE SWAPS 11.2.3.2 11.2.3.3
OTHER SWAPS 11.2.3.3 11.2.4 FORWARD TRANSACTIONS 11.2.5 CAPS, FLOORS,
AND COLLARS 11.2.6 CREDIT DERIVATIVES 11.2.7 EQUITY DERIVATIVES 11.2.8
OPTIONS 11.2.9 CASH SETTLED TRANSACTIONS 11.2.10 CREDIT ENHANCEMENT AND
CREDIT SUPPORT 11.2.10.1 MARGIN 11.3 THE MARKETS ON WHICH DERIVATIVES
TRANSACTIONS TAKE PLACE 11.3.2 EXCHANGE BASED TRANSACTIONS 11.3.3 THE
OTC MARKET 11.4 UK REGULATORY MATTERS 11.4.1 AN OUTLINE OF THE REGIME
11.4.2 DERIVATIVES TRANSACTIONS 11.4.3 SPECIFIED KINDS OF INVESTMENT
11.4.3.2 FUTURES 11.4.3.3 CONTRACTS FOR DIFFERENCES 11.4.3.4 OPTIONS
11.4.3.5 OTHER RIGHTS OR INTERESTS 11.4.4 SPECIFIED KINDS OF ACTIVITY
11.5 LEGAL ISSUES 11.6 THE LOCAL AUTHORITY SWAPS CASES 11.6.2 MONEY PAID
UNDER MISTAKE OF LAW 11.6.3 POWER AND CAPACITY TO CONTRACT 11.7 GAMBLING
11.7.1 THE GAMBLING ACT 2005 11.7.3 THE GAMING ACTS 1845 AND 1892 11.7.4
STATUTORY SAVING OF TRANSACTIONS XXA 11. 11. 11. 1 11.4. 4.3.2, 4.3.3.
4.3.4. 11 1 1 .1.1-1 1 .1-11. 11 .2 1 1. 1 ? 1 1 4. .2.10 L10.1 1.3.1
.3.2.1 3.3.1 11.4 4 1 2 1.4.2 .4.3.1 3.2.2 .1-11.4.3.3.2 .1-11. 1 1 1 1
4. 1. 1. 1 1 1. 1. 1 31.7.3.1-11- 1.7.4.1-11. 3.4.2 4.35 4.4.1 1.51
1.6.1 6.2.1 631 11.7 1.7.1 7.3.4 7.4.1.3 CONTENTS 11.8 INSURANCE
CONTRACTS 11.8.1 11.8.2 THE NATURE OF INSURANCE 11.8 11.8.2.1 INSURABLE
INTEREST 11.8.2.1 11.8.2.2 THE OBLIGATION OF GOOD FAITH AND DISCLOSURE
11.8.2.2 11.8.2.3 THE INSURER S RIGHTS UPON PAYMENT 11.8.2.3 11.8.3
RELEVANCE TO DERIVATIVES TRANSACTIONS 11.8.3 11.8.3.1 THE GENERAL
POSITION 11.8.3.2 11.8.3.3 CREDIT DERIVATIVES 11.8.3.3.1-11.8.3.3.3 11.9
MIS-SELIING AND NON-DISCLOSURE CONCERNING DERIVATIVES PRODUCTS 11.9.1
11.9.2 UNDER STATUTE 11.9.2.1 11.9.3 A CLAIM AT GENERAL LAW 11.9.3
11.9.3.1 A GENERAL OBLIGATION TO DISCLOSE 11.9.3.1 11.9.3.2 A LIMITED
OBLIGATION OF DISCLOSURE 11.9.3.2 11.9.33 MISREPRESENTATION
11.9.3.3.1-11.9.3.3.2 11.9.3.4 NEGLIGENCE 11.9.3.4.1-11.9.3.4.3 11.9.4
EXCLUSIONS OR LIMITATIONS OF LIABILITY 11.9.4.1-11.9.4.1.5 11.10 THE
EFFECT OF DIE DEFAULT AND INSOLVENCY OF A PARTY TO A DERIVATIVES
CONTRACT 11.10.1 11.10.2 THE EFFECT OF INSOLVENCY ON CURRENT CONTRACTS
11.10.2 11.10.3 TERMINATION FOR DEFAULT 11.10.3.1-11.10.3.4 11.10.4
DAMAGES 11.10.4 11.10.5 SET-OFF 11.10.5 11.10.6 LIQUIDATED DAMAGES
11.10.6 11.10.7 DISCLAIMER OF ONEROUS PROPERTY 11.10.7.1-11.10.7.4
11.10.7.5 CHERRY PICKING 1 11.10.8-11.10.8.1 11.11 PROTECTIVE MEASURES
11.11.1 11.11.3 CREDIT SUPPORT AND SECURITY 11.11.3 11.11.4 ONE OVERALL
CONTRACT 11.11.4 11.11.5 CONDITIONS PRECEDENT TO PERFORMANCE 11.11.5
11.11.6 TRANSACTION NETTING 11.11.6 11.11.7 TERMINATION AND DOSE-OUT
NETTING 11.11.7.1 11.12 LEGAL ISSUES CONCERNING TERMINATION AND
CLOSE-OUT NETTING 11.12.1 11.12.2 THE DEPRIVATION PRINCIPLE
11.12.2.1-11.12.2.5 11.12.3 THE BRITISH EAGU PRINCIPLE 11.12.3.1 11.12.4
PREFERENCES 11.12.4 11.12.5 PENALTIES 11.12.5 XXX CONTENTS 11.13
INSOLVENCY AND THE CROSS-BORDER 12. LOAR 12.1 12.2 12.3 12.4 12.5 12.6
12.7 EJEMENT OF TRANSACTIONS 11.13.2 EC INSOLVENCY REGULATION 11.13.2.1
RIGHTS MREM 11.13.2.2 SET-OFF 11.13.2.3 PAYMENT AND SETTLEMENT SYSTEMS
AND FINANCIAL MARKETS 11.13.3 INSOLVENT CREDIT INSTITUTIONS 1 11.13.3.3
NETTING PROVISIONS 11.13.4 INSURANCE UNDERTAKINGS 11.13.5 THE RESIDUAL
ENGLISH JURISDICTION 11.13.6 THE UNC1TRAL MODEL LAW L TRANSFERS,
SECURITISATION, AND STRUCTURED FINANCE INTRODUCTION 12.1.2
SECURITISATION 12.1.4 REASONS FOR A TRANSFER 12.1.5 BENEFITS TO THE
TRANSFEREE 12.1.6 EFFECTIVENESS OF THE TRANSFER 12.1.7 CHAPTER PLAN
CONFLICT OF LAWS ISSUES 12.2.1 INTRODUCTION 12.2.2 NOVATION V ASSIGNMENT
12.2.3 CHARACTERISATION 12.2.4 ANICLE 12 OF THE ROME CONVENTION 12.2.5
THE EFFECT OFANICLE 12 12.2.6 ARTICLE 12(2) 12.2.7 PRIORITIES 12.2.8
DISPOSITION OTHER THAN BY WAY OF NOTIFIED ASSIGNMENT 12.2.9 THE COMMON
LAW APPROACH AND THE LEX SITUS THE BANKER S OBLIGATION OF CONFIDENCE THE
METHODS OF TRANSFER UNDER ENGLISH LAW ASSIGNMENT 12.5-2 ABSOLUTE OR
LEGAL ASSIGNMENT 12.5-3 EQUITABLE ASSIGNMENT 12 5 4 FUTURE DTODENV
DECLARATION OF TRUST NOVATION 12.7.3 SYNDICATED FACILITIES 1.13.3. 12 12
12 12 12 12 12 1 4 7 1 ?5 7 6 77 ?8 79 12 12. 12.5 12 12 12. 5.2. 5.3 54
11.13.1 11.13.2 11.13.2.1 11.13.2.2.1 11.13.2.3 1-11.13.3.2 11.13.3.3
11.13.4 11-13.5.1 11.13.6 12.1.1 12.1.2.1 .1-12.1 4.6 12.1.5 12.1.6
12.1.7 12.2 1-12.2.1.2 12.2.2 12.2.3 12.2.4.1 1-12.2.5.3 1-12.2.6.2
1-12.2.7.2 1-12.2 8 2 1-12.2.9.4 3.1-12.3.3 4.1-12.4.2 1-12.5.1.1
1-12.5.2.3 1-12.5.3.2 1-12.542 12.6.1 12.7.1-12.7.2.6 12. 7.3.
1-12.7.3.2 XXXX CONTENTS 12.8 SUB-PARTICIPATION 12.8.1-12.8.5 12.9
COMMON ISSUES CONCERNING ASSIGNMENTS 12.9.1 12.9.2 RIGHTS V OBLIGATIONS
12.9.2 12.9.3 RIGHTS THAT ARE PERSONAL TO THE ASSIGNOR 12.9.3.1-12.9.3.2
12.9.4 CONTRACTUAL RESTRICTIONS UPON DEALING 12.9.4.1-12.9.4.2.6
12.9.4.3 THE EFFECT OF A CONTRACTUAL RESTRICTION 12.9.4.3.1-12.9.4.3.4
12.9.4.4 WHERE THE DEBTOR S CONSENT MAY NOT BE UNREASONABLY WITHHELD
12.9.4.4.1-12.9.4.4.2 12.9.5 NEGATIVE PLEDGES AND ANTI-DISPOSAL
PROVISIONS IN THIRD PARTY CONTRACTS 12.9.5.1-12.9.5.2 12.9.6 THE
DEBTOR S RIGHTS OF SET-OFF 12.9.6.1-12.9.6.3 12.9.6.4 LEGAL RIGHTS OF
SET-OFF 12.9-6.4 12.9.6.5 EQUITABLE TRANSACTION SET-OFF 12.9.0 12.9.6.6
SUCCESSIVE ASSIGNMENTS 12.9.6.6 12.9.6.7 DIRECT COUNTER-CLAIMS AGAINST
THE ASSIGNEE 12.9.6.7 12.9.6.8 CLAIMS THAT ARISE AGAINST THE ASSIGNOR
AFTER THE PAYMENT OF THE DEBT 12.9.6.8 12.9.7 PRIORITIES
12.9.7.1-12.9.7.2 12.9.7.3 THE BASIC RULE 12.9.7.3 12.9.7.4 THE VAC IN
DEARUVHAU 12.9.7.4.1-12.9.7.4.3 12.9.7.5 NOTICE 12.9.7.5.1-12.9.7.5.3
12.9.7.6 CONSTRUCTIVE NOTICE 12.9.7.6.1-12.9.7.6.2 12.9.7.7 FUNHER
ADVANCES 12.9.7.7.1 12.9.8 THE RISK OF RECHARACTERISATION
12.9.8.1-12.9.8.2 12.9.8.3 THE BASES FOR CHALLENGE 12.9-8.3 12.9.8.4 THE
EQUITY OF REDEMPTION 12.9.8.4 12.9.8.5 THE COMMERCIAL CHARACTERISTICS OF
THE TRANSACTION 12.9.8.5.1 12.9.8.6 THE TRADITIONAL APPROACH OF THE
COURTS 12.9.8.6.2-12.9.8.6.8 12.9.8.7 A CHANGE IN JUDICIAL APPROACH
12.9.8.7-1-12.9.8.7.2 12.10 SCCURITISATION AND STRUCTURED FINANCE 12.10
12.10.1 INTRODUCTION 12.10.1.1-12.10.1.6 12.10.2 SECURITISATION THROUGH
A TRUE SALE OF TERM DEBT 12.10.2.1-12.10.2.8 12.10.3 SECURITISATION OF
REVOLVING CREDITS 12.10.3.1-12.10.3.3 12.10.4 SYNTHETIC SCCURITISATION
12.10.4.1-12.10.4.2 12.10.5 WHOLE BUSINESS SCCURITISATION 12.10.5-1
12.10.6 COVEREDBONDS 12.10.6.1-12.10.6.2.1 12.10.7 MONOLINE INSURANCE
12.10.7.1 XXXU CONTENTS 12.11 A TRUE SALE SECURITISATION 12.11.1 12.11.2
THE ORIGINATOR S OBJECTIVES IN A TRUE SALE SECURITISATION 12.11.2.1
12.11.3 THE SAFETY OF THE TRANSACTION 12.11.3.1 12.11.4 THE PORTFOLIO
12.11.4.1-12.11.4.2 12.11.5 THE SPVS ACQUISITION OF THE PORTFOLIO
12.11.5.1-12.11.5.3 12.11.6 UPSETTING THE TRANSFER 12.11.6.1-12.11.6.2.1
12.11.7 THE RISK OF THE SPVS INSOLVENCY 12.11.7 12. 12. 12. 12. 12.
1.7.1 THE SPVS ACTIVITIES 12.11.7.1 1.7.2 LIQUIDITY SUPPORT 12.11.7.2
1.7.3 CREDIT ENHANCEMENT 12.11.7.3.1-12.11.7.3.5 1.7.4 SECURITY GIVEN BY
THE SPV 12.11.7.4 1.7.5 ADMINISTRATIVE RECEIVERS
12.11.7.5.1-12.11.7.5.5.3 12.12 ACCOUNTING CONSIDERATIONS
12.12.1-12.12.1.1 12.12.2 FRS5 12.12.2.1-12.12.2.3 12.12.3 1AS39
12.12.3.1-12.12.3.5 12.13 REGULATORY MATTERS 12.13 13. PROJECT FINANCE
13.1 INTRODUCTION 13.1 1311 THE PURPOSE OF THIS CHAPTER 13. 13.1.2 BASIC
DEFINITION 13. 13.1.3 TYPES OF PROJECT 13. 13.1.4 PPP 13. 13.1.5 A
TYPICAL MODEL 13. 13.1.7 SOURCES OF FINANCE 13- .1 .2 .3 .4 .6 .7 .8
13.1.8 A LAWYERS CONSIDERATIONS 13. 13.2 THE SPONSORS AND THE PROJECT
VEHICLE 132 13.2.1 THE SPONSORS 13.2.1 13.2.2 THE VEHICLE 13.2.2 13.2.3
CONSIDERATIONS AS TO THE TYPES OF VEHICLE 13.2.3 13.2.3.1 LICENCE
REQUIREMENTS 13-2.3-1 13.2.3.2 ESTABLISHMENT, STATUS, AND POWERS
13.2.3-2 13.2.3.3 STRUCTURAL SEPARATION 13-2.3-4 13.2.4 RELATIONSHIP
BETWEEN THE SPONSORS 13.2.4 13.2.4.1 AGREEMENT BETWEEN THE SPONSORS
13.2.4.1 13.2.5 FINANCIAL SUPPORT BY THE SPONSORS 13.2.5-1 13.3 THE
LICENCE 13-31 13.3.2 THE BIDDING PROCESS 1332 13.3.3 CONTENTS OF A
LICENCE 133-3 XXXLLL CONTENTS 13.4 13.5 13.6 13.7 13.3.4 133.3.1 THE
BASIC DETAILS 13.3.3-2 PERFORMANCE AND MAINTENANCE REQUIREMENTS,
ROYALTIES, FEES AND CHARGES 13.3.3.3 ALLOCATION OF RISKS 13.33-4
LICENSORS RISKS 13.3.3.5 WARRANTIES AND UNDERTAKINGS 13.3.3-6 SPONSORS
UNDERTAKINGS 13.3.3.7 TERMINATION 13.3.3.8 GOVERNING LAW 13.3.3.9
DISPUTES OTHER RELATED MATTERS THE CONTRACTUAL ELEMENTS OF A PROJECT
13.4.2 13.4.3 13.4.5 13.4.6 13.4.7 13.4.8 INTEREST OF THE FINANCIERS
GOVERNING LAW CONSTRUCTION CONTRACTS 13.4.5.1 THE FRAMEWORK 13.4.5-2
CONTRACTUAL CHAINS OPERATING AND MAINTENANCE CONTRACTS RAW MATERIALS
FINISHED PRODUCTS OR SERVICES THE ASSESSMENT OF RISKS IN FINANCING A
PROJECT 13.5.2 13.5.3 13.5.4 13.5.5 13.5.6 COVERING THE RISKS BACKGROUND
RISKS PHYSICAL AND TECHNOLOGY RISKS RISKS IN CONSTRUCTION AND
IMPLEMENTATION AND COMMERCIAL RISKS ENVIRONMENTAL RISKS 13.5.6.2 THE
EAUATOR PRINCIDLES INSURANCE ARRANGEMENTS 13.6.2 13.6.3 13.64 13.6.5
13.6.6 PHYSICAL DAMAGE AND THIRD PARTY LIABILITY COVER 13.6.2.1
INCEPTION OF THE COVER 13.6.2.2 COVER FOR THE FINANCIERS NON-DISDOSURE
AND BREACH OF WARRANTY PAYMENT OF CLAIMS BROKERS* UNDERTAKINGS COVENANTS
IN THE FINANCE DOCUMENTS THE FINANCING OF A PROJECT 13.7.2 13.7.3 13.7.4
SOURCES OF FINANCE CO-ORDINATION AND FAIR TREATMENT LIMITED OR
NON-RECOURSE ELEMENTS 13.4.5 13 13.5.6.2 13.6 13.3.3.1 13.3.3.2 13.3.3.3
13.3.3.4 13.3.3.5 13.3.3.6 13.3.3.7 13.3.3.8 13.3.3.9 13.3.4 13.4.1
13.4.3 13.4.4 13.4.5 13.4.5.1 .3-13.4.5.3.5 .4. 13.4.6 13.4.7 8.1-13.4.9
13.5.1 13.5.2 13.5.3 13.5.4.1 13.5.5 13.5.6.1 .1-13.5.6.2.4 .3. 13.6.4.
13 6 13.6.1 13.6.2 13.6.2.1 13.6.2.2 1-13.6.3.2 1-13.6.4.2 13.6.5 1-1366
3 13.7.1 13.7-2 13.7.3.1 13-7.4 XXXIV CONTENTS 13.7.4.1 SPONSORS
RESPONSIBILITY 13.7.4.2 CORPORATE STRUCTURES 13.7.4.3 OFFICERS OF THE
VEHICLE 13.7.4.4 RESTRICTIONS ON RECOURSE AGAINST THE BORROWER 13.7.5
THE FACILITY AGREEMENT 13.7.5.1 CONDITIONS PRECEDENT 13.7.5.2 PAYMENTS
AND CASH FLOWS 13.7.5.3 COVENANTS AND UNDERTAKINGS 13.7.5.4 HEDGING
13.7.5.5 EVENTS OF DEFAULT 13-7.5.6 BANK ACCOUNTS 13.8 SECURITY 13.8.1
CO-ORDINATION AND SHARING 13.8.2 TAKING THE SECURITY 13.8.3
COMPREHENSIVE SECURITY 13-9 STEP-IN RIGHTS AND DIRECT AGREEMENTS 13.9.1
THE NATURE OF STEP-IN RIGHTS 13.9.2 WHEN STEP-IN RIGHTS ARISE 13.9.3 THE
CONTENTS OF A TRI-PARTITE AGREEMENT WITH THE LICENSOR 13.9.4 THE
CONTENTS OF A TRI-PARTITE AGREEMENT WITH A CONTRACTOR 13.7.4.1 13.7.4.2
13.7.4.3 13.7.4.5 13.7.5 13.7.5.1 13.7.5.2.1 13.7.5.3-13.7.5.3.6
13.7.5.4 13.7.5.5 13.7.5.6.1-13.7.5.6.3 13.8 13.8.1 13.8.2 13.8.4 13.9
13.9.1 13.9.2 13.9.3.1-13.9.3.2 13.9.4.1-13.9.4.2 PART D: SECURED
TRANSACTIONS, EQUIPMENT FINANCE, AND GUARANTEES 14. SECURED TRANSACTIONS
14.1 INTRODUCTION AND PRELIMINARY MATTERS 14.1 14.1.1 THE NATURE OF
SECURITY 14.1.1.1-14.1.1.2 14.1.2 THE EQUITY OF REDEMPTION 14.1.2.1
14.1.3 THE REASONS FOR TAKING SECURITY 14.1.3.1*14.1.3-4 14.1.4 THE
LIABILITIES THAT MAY BE COVERED BYSCCURIRY 14.1.4.1-14.1.4.3 14.1.5
NON-RECOURSE SECURITY 14.1.5 14.1.51 OTHER METHODS OF NON-RECOURSE
FINANCING 14.1.5-3.1*14.1.5.1.3 14.1.6 THIRD PARTY SECURITY 14.1.6
14.1.7 SECURITY HELD BY A TRUSTEE 14.1.7 14.1.8 INTENTION TO CREATE
SECURITY 14.1.8.1 14.1.9 CONTRACTUAL IMPEDIMENTS TO THE CREATION OF
SECURITY 14.1,9 XXXV CONTENTS 14. 14 14 14 2 .3 .4 .5 14.6 14.1.9.1
NEGATIVE PLEDGES 14.1.9.2 RESTRICTIONS WITHIN A CONTRACT UPON DEALING
WITH RIGHTS ARISING UNDER THE CONTRACT 14.1.9.3 OTHER TYPES OF
RESTRICTION 14.1.10 CONFLICT OF LAWS AND CROSS-BORDER ISSUES CONCEPTS OF
PROPERTY, INTERESTS IN PROPERTY, AND DEALINGS IN PROPERTY: AN
INTRODUCTION 14.2.2 CONCEPTS OF PROPERTY 14.2.3 LEGAL AND EQUITABLE
INTERESTS IN ASSETS 14,2.3.1 LEGAL INTERESTS 14.2.3.2 EQUITABLE
INTERESTS 14.1.9.1.1-14.1.9.1.2 14.1.9.2.1-14.1.9.2.2 14.1.9.3 14.1.10.1
14.2.1 14.2.2.1 14.2.3 14.2.3.1.1-14.2.3.1.4 14.2.3.2.1-14.2.3.2.7 THE
CONCEPTS OF FUTURE PROPERTY AND ATTACHMENT 14.3.1 14.3.2 FUTURE PROPERTY
14.3.3 ATTACHMENT 14.3.3.3 GOODS 14.3.3.4 INTANGIBLE PROPERTY 14.3.4
SECURITY BILLS OF SALE 14.3.5 STATIC AND TRANSIENT ASSETS AN ASSET,
ACCRETIONS TO AND SUBSTITUTIONS FOR THE ASSET, AND THE PROCEEDS OF SALE
OF THE ASSET 14.4.2 ACCRETIONS AND SUBSTITUTIONS 14.4.3 PROCEEDS OF SALE
OF AN ASSET FORMS OF SECURITY 14.5.2 POSSESSORY SECURITY 14.5.2.1
PLEDGES 14.5.2.2 CONTRACTUAL LIENS 14.5.3 NON-POSSESSORY SECURITY
14.5.3.1 LEGAL MORTGAGE 14.5.3.2 EQUITABLE MORTGAGE 14.5.3.3 EQUITABLE
LIEN 14.5-3.4 EQUITABLE CHARGE 14.5.35 DEBENTURE FLOATING CHARGES 14.6.1
INTRODUCTION 14.3.2.1-14.3.2.4 14.3.3.1-14.3.3.2 14.3.3.3.1-14.3.3.3.2
14.3.3.4 14.3.4 14.3.5 14.4.1 14.4.2 14.4.3 14.5.1 14.5.2
14.5.2.1.1-14.5.2.1.2 14.5.2.2 14.5.3 14.5.3.1.1-14.5.3.1.4
14.5.3.2.1-14.5.3.2.4 14.5.3.3.1-14.5.3.3.2 14.5.3.4.1-14.5.3.4.2
14.5.3.5 14.6 14.6.1.1-14.6.1.4 14.6.2 THE IMPORTANCE OF THE DISTINCTION
BETWEEN FIXED SECURITY AND FLOATING CHARGES 14.6.2 14.6.2.1 ADVANTAGES
14.6.2.1.1 14.6.2.2 DISADVANTAGES 14.6.2.2.1-14.6.2.2.4 14.6.3 THE
NATURE OF A FLOATING CHARGE 14.6.3.1*14.6.3.4 14.6.4 THE ESSENTIAL
CHARACTERISTIC OFA FLOATING CHARGE 14.6.4.1-14.6.4.2 XXXYL CONTENTS
14.6.5 THE LIBERTY TO DEAL 14.6.5.1-14.6.5.2 14.6.6 FIXED V FLOATING
SECURITY IN THE CONTEXT OF PARTICULAR TRANSACTIONS 14.6.6.1 14.6.6.2
BOOK DEBTS (RECEIVABLES) 14.6.6.2.1-14.6.6.2.6 14.6.6.3 OTHER ASSETS
14.6.6.3 14.6.6.4 PLANT AND EQUIPMENT 14.6.6.4 14.6.6.5 EQUIPMENT LEASES
OR HIRE PURCHASE TRANSACTIONS AND RENTAL PAYABLE UNDER DIEM
14.6.6.5-1-14.6.6.5.2 14.6.6.6 INSURANCE POLICIES 14.6.6.6 14.6.6.7
SHARES IN A COMPANY 14.6.6.7.1-14.6.6.7.3 14.6.6.8 CONTRACTUAL RIGHTS
14.6.6.8 14.6.6.9 INTELLECTUAL PROPERTY 14.6.6.9.1 14.6.6.10
REALPROPERTY 14.6.6.10.1-14.6.6.10.2 14.6.7 CRYSTALLISATION 14.6.7
14.6.7.1 THE CIRCUMSTANCES IN WHICH CRYSTALLISATION MAY OCCUR
14.6.7.1.1-14.6.7.1.3 14.6.8 PRIORITIES 14.6.8.1 14.6.8.2 TRANSACTIONS
THAT CAKE PLACE BEFORE CRYSTALLISATION 14.6.8.2.1-14.6.8.2.4 14.6.8.3
TRANSACTIONS DIAT TAKE PLACE AFTER CRYSTALLISATION 14.6.8.3.1
-14.6.8.3.3 14.6.8.4 STATUTORY PRIORITIES 14.6.8.4.1-14.6.8.4.2 14.7
TAKING SECURITY OVER SHARES AND OTHER FINANCIAL SECURITIES
14.7.1-14.7.1.3 14.7.2 EQUITABLE INTERESTS IN SHARES 14.7.2 14.7.3
CERTIFICATED SECURITIES AND PHYSICAL INSTRUMENTS 14.7.3-1-14.7.3.2
14.7.4 UNCERTIFICATCD SECURITIES 14.7.4 14.7.4.1 THE CREST SYSTEM
14.7.4.1.1-14.7.4.1.4 14.7.5 THE FINANCIAL COLLATERAL ARRANGEMENTS (NO
2) REGULATIONS 2003 14.7.5 14.7.5.1 DEFINITIONS 14.7.5.1.1-14.7,5.1.4
14.7.52 MODIFICATIONS TO FORMAL AND REGISTRATION REQUIREMENTS UNDER
ENGLISH LAW 14.7.5-2 14.7.5.3 MODIFICATIONS TO ENGLISH INSOLVENCY LAW
14.7.5.3 14.7.5-4 THE RIGHT TO USE AND APPROPRIATE FINANCIAL COLLATERAL
14.7.5.4.1-14.7.5.4.2 14.8 TAKING SECURITY OVER INTELLECTUAL PROPERTY
14.8.1-14.8.1.5 14.8.2 TAKING SECURITY OVER STARUTORJR IP RIGHTS IN THE
UK 14.8.2 XRXVU CONTENTS 14 14 8.2.1 REGISTERED RIGHTS .8.2.2
UNREGISTERED RIGHTS 14.8.3 COMPANIES ACT REGISTRATION 14.9 14.10 14.11
14.12 14.13 TAKING SECURITY OVER BOOK DEBTS TAKING SECURITY OVER CREDIT
BALANCES AND OTHER OBLIGATIONS OWED BY A CREDITOR 14.10.2 14.10.3
14.10.4 14.10.5 SET-OFF 14.11.2 14.U.3 THE REASONS FOR TAKING SECURITY
THE CONCEPTUAL IMPOSSIBILITY ARGUMENT INSOLVENCY SET-OFF FLAWED ASSET
PROVISIONS PRE-INSOLVCNCY SET-OFF 14.11.2.1 LEGAL SET-OFF 14.11.2.2
EQUITABLE SET-OFF 14.11.2.3 CONTRACTUAL SET-OFF 14.11.2.4 THE BANKERS
RIGHT OF SET-OFF 14.11.2.5 PRECLUDING THE EXERCISE OF RIGHTS TO SET-OFF
14.11.2.6 NEGOTIABLE INSTRUMENTS INSOLVENCY SET-OFF 14.11.3.4 SET-OFF IN
BANKRUPTCY 14.11.3.5 SET-OFFIN A WINDING UP QUISTCLOSE TRUSTS 14.12.1
14.12.2 14.12.3 14.12.4 14.12.5 14.12.6 14.12.7 14.12.8 THE QUISTCLOSE
CASE OTHER CASES THE TYPE OF TRUST 14.1 14. 14. 14.8.2.1 14.8.2.2 14.8.3
14.9.1-14.9.2 14.10.1-14.10.1.1 14.10.2.1 14.10.3.1-14.10.3.4
14.10.4.1-14.10.4.2 14.10.5.1-14.10.5.3 14.11.1-14.11.1.1 14.11.2
14.11.2.1.1 1.2.2.1.1-14.11.2.2.4 11.2.3.1-14.11.2.3.3
11.2.4.1-14,11.2.4.3 14.11.2.5.1-14.11.2.5.4.1 14.11.2.6.1-14.11.2.6.3
14. 14. THE QUESTIONABLE NEED FOR PROTECTION SUFFICIENT INTENTION OR
PURPOSE ACCEPTANCE OF THE PRINCIPLE LORD MILIETT S ANALYSIS MONEY
RECEIVED WHEN THE RECIPIENT HAS STOPPED TRADING COMPANY REGISTRATION
REQUIREMENTS 14.13.2 14.13.3 14.13.4 THE OBLIGATION TO REGISTER THE
CONSEQUENCES OF A FAILURE TO REGISTER THE CATEGORIES OF REGISTRABLE
CHARGE 14.13.4.2 SECURITY OVER GOODS 14.13.4.3 SECURITY OVER BOOK DEBTS
14.13.4.4 FLOATING CHARGES 14.11.3.1-14.11.3.3 .11.3.4.1-14.11.3.4.4
11.3.5.1-14.11.353 14.12 14.12.1.1-14.12.1.2 14.12.2 14.12.3.1 14.12.4
14.12.5 14.12.6 14.12.7 14.12.8 14.13.1-14.13.11 14.13.2.1-14.13.2.3
14.13.3.1-14.13.3-4 14.13.4.1 14.13.4.2 14.13.4.3.1 14.13.4.4 XXXVUL
CONTENTS 14.13.4.5 SECURITY NOT REQUIRING REGISTRATION
14.13.4.5.1-14.13.4.5.2 14.13.5 THE REGISTER OF CHARGES
14.13.5.1-14.13.5.2 14.13.6 LATE REGISTRATION 14.13.6.1-14.13.6.3
14.13.7 THE POWER TO MAKE SECONDARY LEGISLATION 14.13.7.1-14.13.7.2
14.13.8 SECURI TY GIVEN BY A REGISTERED OVERSEAS COMPANY
14.138.1-14.13.8.3 14.13.9 RE-CHARACTERISATION 14.13.9.1 14.14
PRIORITIES 14.14.1-14.14.1.2 14.14.2 SOME GENERAL PRINCIPLES 14.14.2
14.14.2.1 THE ROLE OF NOTICE 14.14.2.1 14.14.2.2 PURCHASER FOR VALUE OF
THE LEGAL ESTATE 14.14.2.2.1-14.14.2.2.2 14.14.2.3 THE NEMODAT RULE
14.14.2.3 14.14.2.4 COMPETING EQUITABLE INTERESTS
14.14.2.4.1-14.14.2.4.2 14.14.2.5 THE PURCHASE MONEY SECURITY INTEREST
14.14.2.5 14.14.2.6 FLOATING CHARGES 14.14.2.6.1 14.14.2.7 PRIORITY
AGREEMENTS 14.14.2.7 14.14.3 GOODS 14.14.3.1-14.14.3.3 14.14.4 DEBTS
14.14.4 14.14.5 FURTHER ADVANCES 14.14.5.1-14.14.5.2.5 14.15
SUBORDINATION 14.15 14.15.1 INTRODUCTION 14.15.1.1-14.15.1.5 14.15.2
TYPES OF SUBORDINATION ARRANGEMENT 14.15.2.1 14.15.2.2 TURNOVER
SUBORDINATION AND SUBORDINATION TRUSTS 14.15.2.2 14.15.2.3 CONTINGENT
DEBT SUBORDINATION 14.15.2.3 14.15.2.4 SITUATIONS OUTSIDE THE INSOLVENCY
OF THE DEBTOR 14.15.2.5 14.15.3 LEGAL ISSUES THAT ARISE IN CONNECTION
WITH SUBORDINATION 14.15.3 14.15.3.1 PARI PASSU DISTRIBUTION IN A
WINDING UP OF THE DEBTOR 14.15.3.1.1 14.15-3-2 INSOLVENCY SET-OFF AS
BETWEEN THE INSOLVENT DEBTOR AND THE JUNIOR CREDITOR
14.15.3.2.1-14.15.3.2.3 14.153.3 PARTICIPATION OF THE JUNIOR CREDITOR IN
THE PRESCRIBED PART OF FLOATING CHARGE PROPERTY 14.15.3 14.15-3.4
SUBORDINATION TRUSTS BY WAY OF SECURITY 14.15.3.4.1-14.53.4.3 XXXIX
CONTENTS 14.15.3.5 THE BRITISH EAGLE PRINCIPLE IN THE INSOLVENCY OF THE
JUNIOR CREDITOR 14.15.3.5 14.15.3.6 DISCLAIMER OF A SUBORDINATION
ARRANGEMENT AS AN UNPROFITABLE CONTRACT IN THE INSOLVENCY OF THE JUNIOR
CREDITOR 14.15.3.6.1-14.15-3.6.6 14.15.3.7 ADMINISTRATION OF THE JUNIOR
CREDITOR 14.15.3.7 14.15.3.8 THE JUNIOR CREDITOR AS A SURETY 14.15.3.8.1
14.16 UPSETTING PRIOR TRANSAAIONS ENTERED INTO BY AN OBLIGOR 14.16.1
14.16.2 AVOIDANCE OF DISPOSITIONS OF PROPERTY IN A COMPULSORY WINDING UP
14.16.2.1*14.16.2.4 14.16.3 TRANSACTIONS AT AN UNDERVALUE
14.16.3.1-14.16.3.3 14.16.3.4 GIVING SECURITY 14.16.3.4.1-14.16.3.4.3
14.16.4 PREFERENCES 14.16.4.1 14.16.4.2 RELEVANT TIME 14.16.4.2
14.16.4.3 A PREFERENCE 14.16.4.3.1-14.16.4.3.3 14.16.4.4 INFLUENCED BY A
DESIRE 14.16.4.4 14.16.5 SECTIONS 238 AND 239: REMEDIES
14.16.5.1-14.16.5.2 14.16.5.3 THIRDPARTIES 14.16.5.3 14.16.5.4 SECURED
PARTIES 14.16.5.4.1-14.16.5.4.2 14.16.6 TRANSACTIONS DEFRAUDING
CREDITORS 14.16.6.1 14.16.6.2 TRANSACTION AT AN UNDERVALUE 14.16.6.2
14.16.6.3 PURPOSE 14.16.3.3.1 14.16.6.4 VICTIMS 14.16.6.4 14.16.7
AVOIDANCE OF FLOATING CHARGES 14.16,7 14.16.7-1 RELEVANT TIME 14.16.7.1
14.16.7.2 THE INVALIDITY 14.16.7-2 14.16.7.3 POINTSARISING
14.16.7.3.1-14.16.7.3.5 14.16.8 EXTORTIONATE CREDIT TRANSAAIONS
14.16.8.1-14.16.8.2 14.17 ENFORCEMENT OF SECURITY 14.17 14.17.1
DETERMINING WHETHER TO ENFORCE AND THE POSITION BEFORE ENFORCEMENT
14.17.1.1-14.17.1.4 14.17.2 FORECLOSURE 14.17.2.1 14.17.3 APPLICATION OF
FINANCIAL COLLATERAL 14.17.3 14.17.4 APPLICATION OF CASH BALANCES
14.17.4.1 14.17.5 TAKING POSSESSION 14.17.5-1 14.17.6 THE POWER OF SALE
14.17.6 14.17.6.1 PLEDGES 14.17.6.1 14.17.6.2 NON-POSSESSORY SECURITY
14.17.6.2.1 14.17.6.3 DUTIES IN EXERCISING THE POWER OF SALE 14.17.6.3
CONTENTS 14.17.7 APPOINTMENT OF AN ADMINISTRATOR 14.17.7.1 14.17.8
APPOINTMENT OF A RECEIVER 14.17.8.1-14.17.8.3 14.17.8.4 RECEIVERS OF
SPECIFIC ASSETS 14.17.8.4.1 14.17.8.5 ADMINISTRATIVE RECEIVERS
14.17.8.5.1-14.17.8.5.2.4 14.17.8.6 THE DUTIES OF A RECEIVER 14.17.8.6.1
14.17.9 CURTAILMENT OF THE RIGHT TO APPOINT AN ADMINISTRATIVE RECEIVER
14.17.9.1 14.17.9.2 CAPITAL MARKET ARRANGEMENTS (SECTION 72B) 14.17.9.2
14.17.9.3 PUBLIC-PRIVATE PARTNERSHIPS (SECTION 72C)
14.17.9.3.1-14.17.9.3.5.2 14.17.9.4 PROJECT FINANCE (SECTION 72E)
14.17.9.4.1-14.17.9.4.3 15. EQUIPMENT FINANCE 15.1 INTRODUCTION 151
15.1.1 ABROADOUTUNC 15.1.1-15.1.1.4 15.1.2 ACCOUNTING TREATMENT 15.1.2
15.1.3 TAXATION 15.1.3.1-15.1.3.3 15.1.4 CONFLICT OF LAWS AND THE CAPE
TOWN CONVENTION 15.1.4.1*15.1.4.6 15.1.5 COVENANTS AND UNDERTAKINGS IN
THE FINANCING DOCUMENTATION 15.1.5 15.1.6 THE SALE OF GOODS AA 1979
15.1.6 15.1.7 CHAPTER PLAN 15.1.7 15.2 ACQUISITION BY THE FINANCIER
OFTITLE IN THE EQUIPMENT 15.2.1 15.2.2 ACQUISITION OF TIDE FROM THE
CUSTOMER 15-2.2 152.2.3 RE-CHARACTERISATION 15.2.2.3.1-15.2.2.3.2
15.2.2.4 FRAUD 15.2.2.4 15-2.2.5 CUSTOMER REMAINING IN POSSESSION
15.2.2.5.1 * 15.2.2.5.3 15.2.2.6 MOTORVEHIDES 15.2.2.6 15.2.3
ACQUISITION OF TITLE FROM THE MANUFACTURER OR SUPPLIER 15.2.3.1 15.2.3.2
THE RELATIONSHIP BETWEEN THE FINANCIER AND THE SUPPLIER OR MANUFACTURER
15.2.3.2 15.2.3.3 THE RELATIONSHIP BETWEEN THE CUSTOMER AND DIE SUPPLIER
OR MANUFACTURER 15.2.3.3-1 152.3.4 THE MANUFACTURER S OR SUPPLIERS
LIABILITY TO THE CUSTOMER IN TORT 15.2.3.4 15.3 CONDITIONAL SALE
AGREEMENTS I5-3.1-I53.IL XL. CONTENTS 15.3.2 CREDITSALE 15.3.2 15-3.3
THE EFFECT OF SUB-SALES 15.3.3.1-15.3.3.1.1 15.3.4 RETENTION OF TIDE
AGREEMENTS 15.3.4.1-15.3.4.3 15.4 HIRE PURCHASE AGREEMENTS 15.4.1 15.4.2
THE OPTION TO PURCHASE 15.4.2.1 15.5 FINANCELEASES 15.5.1-15.5.3 15.6
THE FINANCIER S STATUTORY RESPONSIBILITY FOR THE EQUIPMENT
15.6.1-15.6.1.1 15.6.1.2 THE LEGISLATION 15.6.1.2 15.6.2 IMPLIED TERMS
AS TO TITLE, FREEDOM FROM ENCUMBRANCE, AND QUIET POSSESSION: CONDITIONAL
SALE AND HIRE PURCHASE AGREEMENTS 15.6.2.1-15.6.2.4.1 15.6.3 IMPLIED
TERMS AS TO POSSESSION, FREEDOM FROM ENCUMBRANCE AND QUIET POSSESSION:
LEASE AGREEMENTS 15-6.3 15.6.4 IMPLIED TERMS AS TO SATISFACTORY QUALITY
AND FITNESS FORPURPOSE 15-6.4.1-15.6.4.3 15.6.5 SATISFACTORY QUALITY
15.6.5.1-15.6.5.6 15.6.6 FITNESS FOR A PARTICULAR PURPOSE
15.6.6.1*15.6.6.2 15.7 EXCLUSION OR LIMITATION OF A FINANCIER S
LIABILITY CONCERNING THE EQUIPMENT 15.7.1*15.7.2 15.7.3 CROSS-BORDER AND
CONFLICT OF LAWS CONSIDERATIONS 15.7.3 15.7.3.1 INTERNATIONAL SUPPLY
CONTRACTS 15.7.3.1 15.7.3.2 CHOICE OF LAW CLAUSES 15.7.3.2 15.7.4
SECTION 3 OF THE UCTA: LIABILITY ARISING IN CONTRACT 15-7.4.1*15.7.4.1.1
15.7.4.2 DEALING AS A CONSUMER 15,7.4.2.1-15.7.4.2.2 15.7.4.3 WRITTEN
STANDARD TERMS OF BUSINESS 15.7.4.3.1 15.7.5 SECTION 6 OF THE UCTA: THE
STATUTORILY IMPLIED TERMS UNDER A CONDITIONAL SALE OR HIRE PURCHASE
AGREEMENT 15.7.5.1*15.7.5.3 15.7.6 SECTION 7 OF THE UCTA: THE
STATUTORILY IMPLIED TERMS UNDER A LEASE AGREEMENT 15.7.6.1*15.7.6.2
15.7.7 SECTION 13 OF THE UCTA: ALTERNATIVE MEANS OF ESCAPING FROM
LIABILITY 15.7.7.1*15.7.7.2 15.7.8 SECTION 11 OF THE UCTA: THE
REQUIREMENT OF REASONABLENESS 15.7.8.1*15.7.8.4.3 15.8 THE RIGHT OF THE
FINANCIER TO TERMINATE DUE TO THE CUSTOMERS DEFAULT 15.8.1-15.8.1.1
15.8.2 THE DEPRIVATION PRINCIPLE 15.8.2.1-15.8.2.2.2.6 XLII CONTENTS
15.8.3 THE FINANCIER S REMEDIES UNDER A CONDITIONAL SALE AGREEMENT
15.8.3.1-15.8.3.3 15.8.4 THE FINANCIER S REMEDIES UNDER A HIRE PURCHASE
OR FINANCE LEASE AGREEMENT 15.8.4.1-15.8.4.4 15.9 THE CUSTOMER S
PROTECTION: TO SEEK RELIEF AGAINST FORFEITURE 15.9.1 15.9.2 THE
JURISDICTION TO GRANT RELIEF 15.9.2 15.9.3 EXERCISE OF THE COURT S
DISCRETION 15.9.3.1 15.10 ADMINISTRATION AND MAKING PROPOSALS FOR A
VOLUNTARY ARRANGEMENT OF THE CUSTOMER 15.10.1-15.10.1.1 15.10.2
ADMINISTRATION 15.10.2 15.10.2.1 REPOSSESSION 15.10.2.1.1-15.10.2.1.2
15.10.2.2 DISPOSAL OF THE EQUIPMENT BY THE ADMINISTRATOR 15.10.2.2.1
15.10.3 MAKING A PROPOSAL FOR A COMPANY VOLUNTARY ARRANGEMENT 15.10.3-1
15.11 THE FINANCIER S RIGHTS AGAINST THIRD PARTIES 15.11 15.11.1
PRIORITY RIGHTS 15.11.1.1 15.11.2 THE RIGHTS OF A REPAIRER
15.11.2.1-15.11.2.2 15.11.3 SUB-BAILEES 15.11.3 15.11.4 FIXTURES
15.11.4.1 15.11.5 UNAUTHORISED MIXING WITH OR INCORPORATION IN ANOTHER
ASSET 15.11.5.1*15.11.5-5 15.11.6 A CLAIM IN CONVERSION 15.11
-6.1-15.11.6.3 15.12 INSURANCE ARRANGEMENTS 15.12.1 15.12.2 PHYSICAL
DAMAGE AND THIRD PARTY LIABILITY COVER 15.12.2.1 15.12.3 NON-DISCLOSURE
AND BREACH OF WARRANTY 15.12.3-1 15.12.4 PAYMENT OF CLAIMS 15.12.4.1
15.12.5 BROKERS UNDERTAKINGS 15.12.5 15-12.6 INSURANCE COVENANTS IN THE
FINANCING DOCUMENTATION 15-12.6 16. GUARANTEES 16.1 INTRODUCTION
16.1.1-16.1.6 16.2 THE NATURE OF A GUARANTEE 16.2.1-16.2.4 16.3 THE
NATURE OF FIRST DEMAND INSTRUMENTS AND INDEMNITIES 16.3 16.3.1 FIRST
DEMAND INSTRUMENTS 16.3.1-1-16.3.1-3 16.3.2 INDEMNITIES
16.3.2.1-16.3.4.2 XLIII CONTENTS 16.4 CONSIDERATION AND THE INTENTION TO
CONTRACT 16.5 OTHER PRELIMINARY ISSUES IN TAKING A GUARANTEE 16.5.2 THE
STATUTE OF FRAUDS 16.5.3 GENERAL ISSUES 16.5.4 NON-DISCLOSURE 16.5.5
CORPORATE MATTERS 16.5.6 PARTNERSHIPS 16.5.7 TRANSACTIONS AT AN
UNDERVALUE 16.6 STATE GUARANTEES 16.6.2 STATE AIDS WITHIN THE EU 16.7
THE TYPES OF GUARANTEE 16.7.1 SPECIFIC AND CONTINUING GUARANTEES 16.7.2
DEMAND GUARANTEES 16.7.3 LIMITED GUARANTEES 16.7.4 CONDITIONAL
GUARANTEES 16.8 ECGD COVER 16.9 RIGHTS OF THE GUARANTOR AS A SURETY
16.9.2 INDEMNITY BY THE DEBTOR 16.9.3 SUBROGATION 16.9.4 CONTRIBUTION
16.9.5 DISCONTINUANCE 16.10 DISCHARGE OF THE GUARANTOR 16.4.1-16.4.3 :
16.5.1 16.5.2.1-16.5.2.2 16.5.3 16.5.4 16.5.5.1 16.5.6 16.5.7.1-16.5.7.7
16.6.1 16.6.2.1-16.6.2.7 16.7 16.7.1 16.7.2 16.7.3.1-16.7.3.3 16.7.4
16.8.1-16.8.3 16.9.1 16.9.2 16.9.3 16.9.4.1-16.9.4.3 16.9.5.1-16.9.5.4
16.10.1 16.10.2 PERFORMANCE BY AND DISCHARGE OF THE DEBTOR 16.10.2.1
16.10.3 PAYMENT BY THE GUARANTOR 16.10.4 DETERMINATION OF THE GUARANTEE
16.10.5 INVALIDITY OF THE UNDERLYING OBLIGATIONS 16.10.6 CHANGES IN
IDENTITY 16.11 EQUITABLE GROUNDS FOR DISCHARGE OF A GUARANTOR 16.11.2
CONDUCT OF THE CREDITOR 16.11.3 RELEASES OF DIE DEBTOR AND GIVING TIME
FOR PAYMENT 16.11.4 OTHER DEALINGS WITH THE DEBTOR 16.11.5 DEFAULT BY
THE CREDITOR 16.11.6 LOSS OF RIGHTS OF SUBROGATION 16.11.7 RELEASE OF
CO-SURETIES 16.12 SAVING PROVISIONS 16.10.3.1 16.10.4 16.10.5 16.10.6
16.11.1-16.11.1.1 16.11.2 16.11.3.1-16.11.3.2 16.11.4.1-16.11.4.2
16.11.5 16.11.6.1 16.11.7 16.12.1-16.12.3 XLIV CONTENTS 17. THE REFORM
OF THE ENGLISH LAW OF SECURED TRANSACTIONS 17.1 INTRODUCTION
17.1.1-17.1.4 17.2 EXAMINING THE CASE FOR REFORM 17.2.1-17.2.6 17.3 THE
MULTIPLICITY OF INTERESTS AND FORMS OF TRANSACTION UNDER ENGLISH LAW
17.3.1-17.3.6 17.4 FIXED V FLOATING CHARGES 17.4.1-17.4.3 17.5 SECURITY
V OTHER TRANSACTIONS, THE RISK OF RE-CHARACTERISATION, AND THE
DIFFICULTIES WITH RIGHTS AND REMEDIES 17.5 17.5.1 THE DISTINCTION
17.5.1.1-17.5.1.3 17.5.2 CHARACTERISATION 17.5.2.1-17.5.2.3 17.5.3
RIGHTS AND REMEDIES 17.5.3.1-17.5.3.2 17.5.4 REFORM 17.5.4 17.6
REGISTRATION OF SECURITY 17.6.1 17.6.2 CORPORATE SECURITY
17.6.2.1-17.6.2.4 17.6.3 SECURITY GIVEN BY AN INDIVIDUAL 17.6.4 17.7
PRIORITIES 17.7.1-17.7.6 17.8 THE LAW COMMISSION S PROPOSALS IN 2002 AND
2004 17.8.1-17.8.4.17 17.9 THE PROPOSALS IN THE LAW COMMISSIONS FINAL
REPORT OF 2005 17.9.1-17.9.4.13 17.10 CONCLUDING REMARKS 17.10.1-17.10.4
INDEX 1061 XLV
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CONTENTS TABLE OF CASES XJVII TABLE OF LEGISLATION XCIII PART A:
INTRODUCTORY AND GROUND LEVEL MATTERS 1. INTRODUCTORY MATTERS 1.1
PRELIMINARY POINTS 1.1.1-1.1.7 1.2 CONTRACTUAL ISSUES 1.2.1 1.2.2 SOME
CONTRACTUAL PREREQUISITES 1.2.2.1-1.2.2.2 1.2.3 CORPORATE ENTITIES AND
OTHER LEGAL PERSONS 1.2.3 1.2.4 INTENTION TO CONTRACT AND CERTAINTY OF
AGREEMENT 1.2.4.1-1.2.4.7 1.2.5 GOOD FAITH AND FAIRNESS 1.2.5.1-1.2.5.3
1.2.6 THE PARTIES TO A CONTRACT: MISTAKE 1.2.6 1.2.7 MISTAKE AS TO THE
SUBJECT MATTER OF A CONTRACT 1.2.7 1.2.8 PRIVITY OF CONTRACT
1.2.8.1-1.2.8.5 1.2.9 THE INTERPRETATION OF A CONTRACT 1.2.9.1-1.2.9.7
1.2.10 CONTRACTUAL DISCRETIONS 1.2.10.1-1.2.10.3 1.2.11 BEST ENDEAVOURS
AND REASONABLE ENDEAVOURS 1.2.11.1-1.2.11.3 1.3 ILLEGALITY 1.3.1-1.3.1.2
1.3.2 STATUTORY ILLEGALITY 1.3.2.1-1.3.2.4 1.3.3 UNLAWFULNESS AT COMMON
LAW 1.3-3.1-1.3.3.5 1.3.4 PASSING OF TITLE UNDER AN UNLAWFUL TRANSACTION
1.3.4 1.3.5 RESTIRUTJONARY CLAIMS 1.3.5 1.3.6 PLEADINGS AND EVIDENCE
CONCERNING ILLEGALITY 1.3.6 1.4 FRUSTRATION OF CONTRACT AND FORCEMAJEURE
CLAUSES 1.4.1-1.4.5 1.5 ENFORCEMENT AND RECOVERY UPON BREACH OF CONTRACT
1.5.1 1.5.2 THE GENERAL POSITION 1.5-2.1 *!. 5. 2.7 1.5.3 EQUITABLE
REMEDIES 1.53 1.5-4 LIQUIDATED CLAIMS 1.5-4 1.5.5 PAN PAYMENT
1.5.5.1-1.5.5-2 1.5.6 EQUITABLE FORBEARANCE 1.5-6 XIU CONTENTS 2.
BANKING REGULATION 2.1 INTRODUCTION 2.1.1-2.1.3 2.2 THE THEMES OF
BANKING REGULATION 2.2.1-2.2.2.1 2.3 THE HISTORICAL APPROACH TO BANKING
REGULATION 2.3.1-2.3.2 2.4 THE UK REQUIREMENT FOR AUTHORISATION
2.4.1-2.4.4 2.5 UNAUTHORISED ACTIVITIES (EXCEPT UNAUTHORISED DEPOSIT
TAKING) 2.5.1-2.5.2 2.6 THE REGULATION OF DEPOSIT TAKING 2.6.1-2.6.2.4
2.7 THE UK SYSTEM OF AUTHORISATION AND SUPERVISION OF BANKS 2.7.1-2.7.4
2.8 CAPITAL ADEQUACY: THE BASEL, EC, AND UK REQUIREMENTS 2.8.1-2.8.5 2.9
THE APPROACH UNDER BASEL 1 2.9.1-2.9.2 2.9.3 CAPITAL 2.9.3.1-2.9.3.3
2.9.4 RISK WEIGHTING OF ASSETS 2.9.4.1-2.9.4.2 2.10 BASEL 2 AND THE
BANKING CONSOLIDATION DIRECTIVE 2.10.1 2.10.1 THE THREE PILLARS
2.10.1.1-2.10.1.6.1 2.10.2 ADOPTION IN THE EEA 2.10.2 2.10.3 ASSESSMENT
OF CAPITAL AND RISK 2.10.3.1-2.10.4 2.11 THE STANDARDISED APPROACH TO
THE ASSESSMENT OF CREDIT RISK 2.11.1-2.11.2 2.11.2.1 CLAIMS ON
SOVEREIGNS/CENTRAL BANKS AND SOME PUBLIC SECTOR ENTITIES (PSES) 2.11.2.1
2.11.2.2 CLAIMS ON MULTILATERAL DEVELOPMENT BANKS AND INTERNATIONAL
ORGANISATIONS 2.11.2.2 2.11.2.3 CLAIMS ON BANKS, SOME INVESTMENT FIRMS
AND SOME PSES 2.11.2.3 2.11.2.4 CLAIMS ON CORPORATE; 2.11.2.4 2.U.2.5
OTHER RISK CATEGORIES 2.11.2.5 2.11.2.6 OFF-BALANCE SHEET ITEMS 2.11.2.6
2.11.2.7 OMEN 2.11.2.7 2.11.3 CREDIT RISK MITIGATION 2.11.3.1-2.11.3.3
2.12 THE INTERNAL RATINGS BASED APPROACH TO THE ASSESSMENT OF CREDIT
RISK 2.12.1 2.12.2 PHRASEOLOGY 2.12.2 2.12.3 THE APPROACHES 2.12.3
2.12.4 CREDIT RISK MITIGATION 2.12.4.1-2.12.4.2 2.13 CAPITAL
REQUIREMENTS FOR MARKET RISK 2.13.1-2.13.3 XIV CONTENTS 2.14 CREDIT
RISKS ASSOCIATED WITH DERIVATIVE INSTRUMENTS, REPO TRANSACTIONS,
SECURITIES AND COMMODITIES LENDING/BORROWING, LONG SETTLEMENT, AND
MARGIN LENDING 2.14.1-2.14.2 2.15 CREDIT RISKS ASSOCIATED WITH
SECULARISATIONS 2.15.1 2.15.2 TRADITIONAL SCCURITISATIONS
2.15.2.1*2.15.2.2 2.15.3 SYNTHETIC SECURIFISATIONS 2.15.3.1 2.15.4
FAILURE BY THE ORIGINATOR TO MEET THE REQUIREMENTS 2.15-4 2.15.5
REVOLVING EXPOSURES 2.15.5 2.15.6 SECURITISATION POSITIONS
2.15.6.1*2.15.6.3 2.16 OPERATIONAL RISK 2.16.1 2.16.2 FIRST METHOD
2.16.2 2.16.3 SECOND METHOD 2.16.3 2.16.4 THIRD METHOD 2.16.4 2.17 LARGE
EXPOSURES 2.17.1 2.17.2 THE REQUIREMENTS 2.17.2 2.17.3 DEFINITION 2.17.3
2.17.4 EXEMPTIONS 2.17.4 2.18 LIQUIDITY 2.18.1-2.18.2 2.18.2.1 THE FSA'S
REQUIREMENTS 2.18.2.1 2.18.2.2 THE BANK OF ENGLAND'S REQUIREMENTS
2.18.2.2 2.19 CONSOLIDATED SUPERVISION 2.19.1 -2.19.3 2.19.4 A UK
CONSOLIDATION GROUP 2.19.4-2.19.4.1 2.19.5 A NON-EEA SUB-GROUP 2.19.5
2.19.6 THE CONSOLIDATION 2.19.6 2.19.7 LARGE EXPOSURES 2.19.7 2.20 SOLO
CONSOLIDATION 2.20.1 3. LOAN FACILITIES 3.1 3.2 3.3 3.4 3.5 3.6
INTRODUCTION HEADS OFTERMS THE OVERALL STRUCTURE AND CONTENTS OF A LOAN
FACILITY AGREEMENT THE INTERPRETATIVE PROVISIONS 3.4.2 DEFINITIONS 3.4.3
INTERPRETATION THE DESCRIPTION AND PURPOSE OF THE FACILITY THE FINANCIAL
AND OPERATIVE PROVISIONS 33 3.4. 3.11-3.1.4 3.2.1-3.2.3 .1-3.3.4.10
3.4.1 3.4.2 3.1-3.4.3.2 3.5.1-3.5.2 3.6.1 CONTENTS 3.7 38 3.9 3.10 3.11
3.12 3.13 3.14 3.6.2 SOURCES OF FUNDING 3.6.3 INTERBANK FUNDING
CONVENTIONS 3.6.4 FUNDING ROLLOVER 3.6.5 MARKET DISRUPTION BORROWING
UNDER THE FACILITY A WRONGFUL REFUSAL TO LEND 3.8.2 REPUDIATORY BREACH
3.8.3 THE OBLIGATION TO REPAY AFTER TERMINATION 3.8.4 SET-OFFCLAIM 3.8.5
DAMAGES CONDITIONS PRECEDENT 3.9.2 THE LIST 3.9.3 CONDITIONS PRECEDENT
AND CONDITIONS SUBSEQUENT 3.9.6 ROLE OF THE BORROWER REPAYMENT 3.10.1
LIMITED AND NON-RECOURSE LENDING 3.10.2 REPAYMENT ON DEMAND 3.10.3 TERM
FACILITIES 3.10.4 NO AGREED DATE FOR REPAYMENT 3.10.5 CLOGGS ON THE
EQUITY OF REDEMPTION 3.10.6 EARLY REPAYMENT INTEREST 3.11.3 AGREEMENT TO
PAY INTEREST 3.11.4 RATES OF INTEREST 3.11.5 INTEREST AS A SHARE OF
PROFITS 3.11.6 INTEREST FOR DEFAULT IN PAYMENT 3. I 1.7 INTEREST IN
EQUITY 3.11.8 COMPOUND INTEREST PENALTIES ISLAMIC FINANCE PAYMENTS UNDER
A LOAN FACILITY AGREEMENT 3.14.2 METHODS OF PAYMENT 3.14.4 EFFECTIVENESS
OF PAYMENT 3.14.5 RECEIPT OF PAYMENT 314.6 DRAFTING 314.7 UNLAWFULNESS
3.14.8 CONCLUSIVE EVIDENCE CLAUSES 3-14.9 SET-OFF PROVISIONS 3.14.10
PAYMENTS MADE BY MISTAKE 3. 3. 3 3 3.6. 3.6. 3. 3.8 3 10.2 3.
,2.1-3.6.2.2 .3.1-3.6.3.5 3.6.4 3.6.5 3.7.1-3.7.5 3.8.1 3.8.2
.8.3-3.8.3.3 3.8.4 .5.1-3.8.5.5 3.9.1 3.9.2 .9.4-3.9.5.5 3.9.6 3.10
3.10.1 !.L-3.10.2.2 3.10.3 3.10.4 3.10.5 3.10.6 11.1-3.11.2 3.11.3
3.11.4 3.11.5 11.6.1-3.11.6.3 .12. 3.11.7 3.11.8 1-13.12.5.5
.13.1-13.13.3.8 3.14.1 3.14.3 3.14.4 3.14.5 3.14.6 3.14.7 3.14.9 3.14.10
3.14.10.1 RVI CONTENTS 3.15 PROTECTING THE LENDER'S FINANCIAL POSITION
AND ITS RATE OF RETURN 3.15.1-3.15.2 3.15.3 MANDATORY AND INCREASED
COSTS 3.15.4 3.15.5 THIRD PARRY ISSUES 3.15-5.1-13.15.5.2 3.15.6
GROSSING UP CLAUSES 3.15-6.1-3.15.6.3 3.15.7 INDEMNITY PROVISIONS 3.15.7
3.16 THE MONITORING AND MINDING PROVISIONS IN A LOAN FACILITY AGREEMENT
3.16.1-3-16.4 3.17 REPRESENTATIONS AND WARRANTIES 3.17 3.17.1
PRELIMINARY OBSERVATIONS 3.17.2*3.17.4 3.17.5 TYPES OF PROVISION
3.17.5.1-3.17.5.2 3.17.6 NEGOTIATING POINTS 3-17.6 3.18 COVENANTS AND
UNDERTAKINGS 3 18 3.18.1 PRELIMINARY OBSERVATIONS 3.18.1-3-18.3 3.18.4
SHADOW DIRECTORS 3.18.4.1-3.18.5 3.18.6 INFORMATION UNDERTAKINGS 3-18.6
3.18.7 FINANCIAL COVENANTS 3.18.7.1-3.18.17.2 3.18.8 OTHER COVENANTS AND
UNDERTAKINGS 3.18.8 3.18.9 MAINTENANCE OF BUSINESS 3.18.9 3.18.10
RANKING 3.18.10 3.18.11 NEGATIVE PLEDGE AND DISPOSALS OF ASSETS
3.18.11.1-3.18.11.5 3.19 EVENTS OFDCFAULT AND ACCELERATION 3.19.1-3.19.2
3.19.3 THE EVENTS 3.19.3 3.19.4 CROSS-DEFAULT 319.4.1-3.194.3 319.5
MATERIAL ADVERSE CHANGE 3.19.5.1-3.19.5.2 3.19.6 CONSTRUCTION OF THE
EVENTS OF DEFAULT CLAUSE 3.19.6.1-3.196.2 3.19.7 AN INVALID DECLARATION
OF DEFAULT 3.19.17.1-3.19.17.3 PART B: CONFLICT OF LAWS AND CROSS-BORDER
ISSUES 4. CONFLICT OF LAWS IN TRANSACTIONAL MATTERS 4.1 INTRODUCTION
4.1.1 4.1.2 THE RELATIONSHIP WITH PUBLIC INTERNATIONAL LAW 4.1.2.1
*4,1.2.2 4.1.3 THE ROLE OF EXTERNAL SOURCES IN ENGLISH LAW 4.1.3 4.1.4
DUEY. MORRIS & COLLINS 4.1.4 4.1.5 CHAPTER AND SUB}ECT PLAN 4.1.5.1 4.2
THE ENGLISH METHOD OF CLASSIFYING OR CHARACTERISING LEGAL ISSUES,
ASCERTAINING THE CONFLICT OF LAWS RULES THAT XVU CONTENTS ARE RELEVANT
TO THOSE ISSUES, AND APPLYING THOSE RULES TO DETERMINE THE APPLICABLE OR
GOVERNING LAW 4.2.1-4.2.2 4.2.3 CHARACTERISING NON-CONTRACTUAL CIVIL
CLAIMS 4.2.3.1*4.2.4 4.3 THE RULES FOR ISSUES CONCERNING A CORPORATION
4.3.1 4.3.2 TRANSACTIONS THAT ARE UNKNOWN TO THE FOREIGN LAW 4.3.2.1
4.3.3 ILLEGALITY UNDER THE FOREIGN LAW 4.3.3.1 4.3.4 THE ROLE OF LOCAL
LAW 4.3.4 4.4 PRINCIPAL AND AGENT 4.4.1 4.4.1 THE RELATIONSHIP BETWEEN
PRINCIPAL AND AGENT 4.4.1 4.4.2 THE AGENT'S AUTHORITY TO BIND THE
PRINCIPAL 4.4.2.1-4.4.2.3 4.4 3 ROME I 4.4.3 4.5 CONTRACTUAL MATTERS 4.5
4.5.1 INTRODUCTION 4.5.1 4.5.1.1 THE APPROACH AT COMMON LAW 4.5.1.1
4.5.1.2 THE INTRODUCTION OF THE ROME CONVENTION 4.5.1.2 4.5.1.3 ROME 1
4.5.1.3 4.5.2 THE ROME CONVENTION: INTRODUCTORY COMMENTS 4.5.2 4.5.2.1
EXCLUSIONS 4.5.2.1 4.5.2.2 THE LAW OF A STATE 4.5.2.3 4.5.2.4
DISAPPLICATION OFRENVOI 4.5.2.4 4.5.2.5 CONTRACTUAL OBLIGATIONS 4.5.2.5
4.5.3 THE APPLICABLE LAW OF A CONTRACT 4.5.3 4.5.3.1 ARTICLE 3: CHOICE
OF LAW 4.5.3.1.1-4.5.3.1.3 4.5.3.2 ARTICLE 3(3): A LIMITATION UPON
CHOICE 4.5.3.2.1-4.5.3.2.4 4.5.3.3 ARTICLE 4: ABSENCE OF CHOICE
4.5.3.3-4.5.3.3.3.8 4.5.4 QUALIFICATIONS TO THE APPLICATION OF THE
GOVERNING LAW 4.5.4 4.5.4.1 MANDATORY RULES OF THE FORUM
4.5.4.1.1*4.5-4.1.3 4.5.4.2 MANDATORY RULES OF A CLOSELY CONNECTED
COUNTRY 4.5.4.2.1-4.5-4.2.2 4.5.4.3 PUWK POLICY OF THE FORUM 4.5-4.3
4.5.5 MITTEN GOVERNED BY THE APPLICABLE LAW 4.5.5 4.5.5.1 MATERIAL
VALIDITY 4.5.5.1.1-4.5-5.1.3 4.5.5.2 FORMAL VALIDITY 4.5.5.2.1-4.5.5.2.2
4.5.5.3 ARTICLE 10: THE SCOPE OF THE APPLICABLE LAW
4.5.5.3.1-4.5-5.3.5.2 4.5.5.4 VOLUNTARY ASSIGNMENTS 4.5.5-4 4.5.5.5
SUBROGATION 4.5.5.5 4.5.6 FOREIGN CURRENCY OBLIGATIONS 4.5.6 .5,6.1 THE
CURRENCY OF ACCOUNT V THE CURRENCY OF PAYMENT 4.5.6.1 4.5.6.2 THE
CURRENCY OF ACCOUNT 4.5.6.2 XVUI CONTENTS 4.5.6.3 THE CURRENCY OF
PAYMENT 4.5.6.3-1*4.5.6.3.2 4.5.6.4 LEGAL RENDER 4.5.6.4 4.5.7 FOREIGN
MONEY JUDGMENTS IN THE ENGLISH COURTS 4.5.7.1*4.5.7.3 4.5.7.4 CURRENCY
EXCHANGE LOSSES DUE TO LATE PAYMENT 4.5.7.4 4.5.8 THE EC REGULATION
(ROME 1) 4.5.8.1-4.5.8.3 4.5.8.4 SCOPE OF APPLICATION 4.5.8.4.1 4.5.8.5
CHOICE OF LAW 4.5.8.5.1-4.5.8.5.4 4.5.8.6 ABSENCE OF CHOICE
4.5.8.6.1-4.5.8.6.4 4.5.8.7 HABITUAL RESIDENCE 4.5.8.7.1 4.5.8.8
OVERRIDING MANDATORY PROVISIONS 4.5.8.8.1-4.5.8.8.3 4.5.8.9 CONSENT AND
MATERIAL VALIDITY 4.5.8.9 4.5.8.10 FORMAL VALIDITY 4.58.10.1 4.5.8.11
SCOPE OF THE APPLICABLE LAW 4.5.8.11 4.5.8.12 VOLUNTARY ASSIGNMENTS AND
CONTRACTUAL SUBROGATION 4.5.8.12.1*4.5.8.12.4 4.5.8.13 LEGAL SUBROGATION
4.5.8.13 4.5.8.14 CONTRIBUTION 4.5.8.14 4.5.8.15 SET-OFF 4.5.8.15 4.6
UNLAWFULNESS IN THE INTENDED PLACE FOR PERFORMANCE OF A CONTRACT: THE
ENGLISH PERSPECTIVE 4.6 4.6.1 UNLAWFULNESS IN THE PLACE OF PERFORMANCE
4.6.1.1*4.6.1.2 4.6.2 PUBLIC POLICY: UNLAWFUL ACTS IN ANOTHER COUNTRY
4.6.2 4.7 THE CONFLICT OF LAWS RULES FOR TORTIOUS AND SIMILAR ISSUES 4.7
4.7.1 INTRODUCTION 4.7.1 4.7.2 THE COMMON LAW RULE 4.7.2 4.7.3 THE
STATUTORY RULE 4.7.3-1 4.7.4 PART III OF THE 1995 ACT 4.7.4 4.7.5 THE
CONCEPT OF TORTIOUS ISSUES 4.7.5-1 4.7.6 THE STATUTORY RULES 4.7.6 4.7.7
THE GENERAL RULE 4.7.7 4.7.8 DISPLACEMENT OFTHE GENERAL RULE
4.7.8.1-4.7.8.2 4.7.9 EXCLUSION OF LIABILITY 4.7.9 4.7.10 SUBSTANTIVE V
PROCEDURAL MATTERS 4.7.10.1*4.7.10.2 4.7.11 THE EC REGULATION ON THE LAW
APPLICABLE TO NON-CONTRACTUAL OBLIGATIONS (ROME II) 4.7.11.1 4.7.11.3
4.7.11.4 4.7.11.5 4.7.11.6.1 4.7.11.7-4.7.11.7.5 4.7.11,8 XIX 4.7.1
4.7.1 4.7.1 4.7.1 4.7.1 4.7.1 1.2 1.4 15 1.6 1.7 1.8 SCOPE OF
APPLICATION SPECIFIC AND GENERAL RULES CHOICE OF LAW GENERAL FALL-BACK
RULE SPECIAL RULES MANDATORY RULES CONTENTS 4.8 4.9 4.10 4.11 4.7.11.9
PUBLIC POLICY 4.7.11.10 THE SCOPE OF THE APPLICABLE LAW THE CONFLICTS
RULES FOR PROPRIETARY TRANSACTIONS 4.8.1 INTRODUCTION 4.8.3
CLASSIFICATION OF ASSETS 4.8.4 THE SITUS OF AN ASSET 4.8.4.1 IMMOVABLE
PROPERTY AND TANGIBLE MOVABLE PROPERTY 4.8.4.2 INTANGIBLE MOVABLES 4.8.5
THE RULES FOR PROPRIETARY ISSUES 4.8.5.1 DETERMINATION BY A FOREIGN
COURT 4.8.5.2 IMMOVABLE PROPERTY 4.8.5.3 TANGIBLE MOVABLE PROPERTY
4.8.5.4 INTANGIBLE MOVABLE PROPERTY 4.8.6 ENFORCEMENT BY ATTACHMENT
AGAINST ASSETS TRUSTS 4.9.1 INTRODUCTION 4.9.2 SCOPE OF APPLICATION
4.9.3 THE GOVERNING LAW 4.9.4 APPLICATION OF THE GOVERNING LAW 4.9-5
RECOGNITION OF FOREIGN CRUSTS THE PUBLIC POLICY GROUNDS ON WHICH AN
ENGLISH COURT MAY REFUSE TO GIVE EFFECT TO A FOREIGN LAW 4.10.1
INTRODUCTION 4.10.2 RECOGNITION V ENFORCEMENT 4.10.3 FOREIGN REVENUE,
PENAL, AND OTHER PUBLIC LAWS 4.10.4 FOREIGN LAWS THAT OFFEND AGAINST
ENGLISH PRINCIPLES 4.10.5 FOREIGN EXPROPRIATION OF ASSETS INVESTMENT AND
FOREIGN EXCHANGE CONTROLS AND SIMILAR LEGISLATION 4.11.1 INTRODUCTION
4.U.2 COMMON LAW 4.11.3 FOREIGN EXCHANGE CONTROL REGULATIONS 5.
CROSS-BORDER INSOLVENCIES 5.1 5.2 INTRODUCTION DOMESTIC INSOLVENCY
PROCEEDINGS 5-2.1 I RUOLVENCY AND INSOLVENCY PROCEEDINGS 52.1.2 WINDING
UP AND BANKRUPTCY 5.2.1.3 ADMINISTRATION 4.8.4 4.8.5 4.8.5 4.7.11.9
4.7.11.10.1 4.8 4.8.2 4.8.3.1 4.8.4 4.8.4.1 .2.1-4.8.4.2.7 4.8.5
.1.1-4.8.5.1.2 4.8.5.2.1 .3.1^.8.5.3.2 4.8.5.4 4.8.6 4.9 4.9.1 4.9.2.1
4.9.3 4.9.4 4.9.5 4.10 4.10.1 4.10.2 4.10.3.1-4.10.3.2 4.K 4.1 4.10.4.1
3.5.1-4.10.5.5 4.11 4.11.1 4.11.2.1 1.3.1-4.10.5.5 5.1.1-5.1.5 5.2
5-2.1.1 5.2.1.2 5.2.1.3 XX CONTENTS 5.2.1.4 VOLUNTARY ARRANGEMENT
5.2.1.4 5.2.1.5 RECEIVERSHIP 5.2.1.5 5.2.2 FOREIGN DEBTORS 5.2.2.1 5.2.3
SECURED CREDITORS IN AN INSOLVENCY 5.2.3.1 5.2.4 UPSETTING TRANSACTIONS
5.2.4.1 5.3 THE EFFECT OF FOREIGN INSOLVENCY PROCEEDINGS IN ENGLAND
5.3.1 5.3.2 THE POSITION AT GENERAL LAW 5.3.2.1 5.3.3 CO-OPERATION AT
COMMON LAW WITH FOREIGN PRINCIPAL PROCEEDINGS 5.3.3-1 5.3.4 SECTION
426(4) OF THE INSOLVENCY ACT 1986 5.3.4.1-5.34.4 5.4 THE EC INSOLVENCY
REGULATION 5.4 5.4.1 INTRODUCTION 5.4.1.1-5-4.1.2 5.4.2 JURISDICTION AND
THE CONCEPT OF THE DEBTOR'S 'CENTRE OF MAIN INTERESTS' 5.4.2.1-5.4.2.5
5-4.3 THE DATE OF OPENING OF PROCEEDINGS 5.4.3 5.4.4 THE MAIN
PROCEEDINGS 5.4.4 5.4.5 TERRITORIAL AND SECONDARY PROCEEDINGS
5.4.5.1*5.4.5.3 5.4.6 RECOGNITION OF PROCEEDINGS 5.4.6 5.4.7 LODGEMENT
OF CLAIMS AND INFORMATION 5-4.7 5.4.8 GOVERNING LAW 5-4.8 5.4.9 THE LAW
GOVERNING THE INSOLVENCY PROCEEDINGS 5.4.9.1*5.4.9.4 5.4.10 RIGHTS/AWN
5-4.10.1-5.4.10.4 5.4.11 RIGHTS OF SET-OFF 5.4.11.1-5.4.11.4 5.4.12
PASSING OF TITLE 5.4.12.1-5.4.12.4 5.4.13 IMMOVABLE PROPERTY 5.4.13
5.4.14 PAYMENT AND SETTLEMENT SYSTEMS AND FINANCIAL MARKETS
5.4.14.1-5.4.14.2 5.4.15 RIGHTS SUBJECT TO REGISTRATION 5.4.15 5.4.16
PROTECTION OF THIRD PARTY PURCHASERS 5.4.16 5.4.17 COMMUNITY
INTELLECTUAL PROPERTY RIGHTS 5.4.17 5.4.18 PENDING LAWSUITS IN DIVESTED
ASSETS AND RIGHTS 5.4.18 5.5 INSOLVENT CREDIT INSTITUTIONS 5.5.1-2 5.5-1
INTRODUCTION 5.5-1-2 5.5.2 GOVERNING LAW IN GENERAL 5.5.2 5.5.3
PROPRIETARY RIGHTS IN'INSTRUMENTS' 5.5.3 5.5.4 REPURCHASE AGREEMENTS
5.5-4 5.5-5 TRANSACTIONS ON REGULATED MARKETS 5-5-5 5.5-6 THIRD PARTY
PURCHASERS 5-5-6 5.5.7 INFORMATION 5-5-7 5.5.8 NETTING 5.5.8 5-6
INSOLVENT INSURANCE UNDERTAKINGS 5.6.1-5.6.2 XXI CONTENTS 5.7 ADOPTION
IN GREAT BRITAIN OF THE UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY
5.7 5.7.1 INTRODUCTION 5-7.1.1-5.7.1.7 5.7.2 APPLICATION 5.7.2 5.7.3
FOREIGN PROCEEDINGS 5-7.3 5.7.3.1 FOREIGN MAIN PROCEEDINGS 5.7.3.1
5.7.3-2 FOREIGN NON-MAIN PROCEEDINGS 5.7.3.2 5.7.4 CO-OPERATION 5.7.4.1
5.7.5 CONFLICT OFLAWS 5.7.5 5.7.6 RECOGNITION OF FOREIGN PROCEEDINGS AND
ASSISTANCE TO FOREIGN REPRESENTATIVES 5.7.6.1*5.7.6.4 6. JURISDICTION
AND THE RESOLUTION OF DISPUTES 6.1 INTRODUCTION 6.1.1-6.1.2 6.2 COURT
JURISDICTION 6.2.1-6.2.3 6.3 THE EC REGULATION ON JURISDICTION AND
JUDGMENTS AND THE BRUSSELS AND LUGANO CONVENTIONS 6.3 6.3.1 INTRODUCTION
6.3.1.1-6.3.1.1 6.3.2 SCOPE OF APPLICATION 6.3.2.1*6.3.2.1 6.3.3
MANDATORY EFFECT 6.3.3 6.3.4 THE STANDARD OF PROOF 6.3.4 6.3.5
JURISDICTION FOUNDED ON THE DEFENDANT'S DOMICILE 6.3.5.1*6.3.5.2 6.3.6
ALTERNATIVE BASES OF JURISDICTION 6.3.6 6.3.7 ARTICLE 5: JURISDICTION
BASED ON A CLOSE CONNECTION WITH THE DISPUTE 6.3.7 6.3.7.1 PLACE OF
PERFORMANCE OF A CONTRACTUAL OBLIGATION 6.3.7.1.1-6.3.7.1.2 6.3.7.2
NON-CONTRACTUAL CLAIMS FOR CIVIL LIABILITY 6.3.7.2.1-6.3.7.2.3 6.3-7.3
CLAIMS INVOLVING A BRANCH 6.3-7.3 6.3.7.4 TRUSTS 6.3.7.4 6.3.8 RELATED
CLAIMS 6.3.8.1 6.3.9 EXCLUSIVE JURISDICTION UNDER ARTICLE 22
6.3.9.1-6.3-9.6 6.3.10 JURISDICTION BY AGREEMENT 6.3.10.1-6.3.10.9
6.3.11 JURISDICTION BY AGREEMENT IN A TRUST INSTRUMENT 6.3.11.1-6.3.11.2
6.3.12 JURISDICTION BY APPEARANCE 6.3.12.1 6.3.13 CONCURRENT PROCEEDINGS
6.3.13 6.3.13.1 THE SAME CAUSE OF ACTION BETWEEN THE SAME PARTIES
6.3-13.1-1-6.3.13.1.5 6.3.13.2 ANTI-SUIT INJUNCTIONS 6.3.13.2 6.3.13.3
RELATED ACTIONS BEFORE DIFFERENT COURTS 6.3.13.3 6.3-13.4 TWO COURTS
WITH EXCLUSIVE JURISDICTION 6.3.13.4 XXII CONTENTS 6.3.13.5 PROVISIONAL
ORDERS 6.3.13.5 6.4 THE RESIDUAL JURISDICTION OF THE HIGH COURT UNDER
ENGLISH LAW 6.4 6.4.1 INTRODUCTION 6.4.1.1 6.4.2 LEAVE TO SERVE OUT OF
THE JURISDICTION 6.4.2 6.4.2.1 THE DISCRETIONARY PRINCIPLES 6.4.2.2
6.4.2.3 HEADS OF CLAIM 6.4.2.3.1-6.4.2.3.9 6.5 SITUATIONS WHERE THE HIGH
COURT MAY DECLINE TO HEAR A CASE OR MAY GRANT AN AMI-SUIR INJUNCTION TO
RESTRAIN A PARTY FROM CONTINUING FOREIGN PROCEEDINGS 6.5 6.5.1
INTRODUCTION 6.5.1.1*6.5.1.2 6.5.2 STAYS OF ENGLISH PROCEEDINGS AND
REFUSALS TO GRANT LEAVE TO SERVE OUT OF THE JURISDICTION 6.5-2 6.5.3
JURISDICTION AGREEMENTS 6.5-3.1*6-5.3-5 6.5.4 STAYS OF ENGLISH
PROCEEDINGS WHEN AN AGREEMENT CONFERS EXCLUSIVE JURISDICTION UPON A
FOREIGN COURT 6.5.4.1*6.5.4.2 6.5.5 ANTI-SUIT INJUNCTIONS DIRECTED
AGAINST THE CONTINUANCE OF FOREIGN PROCEEDINGS 6.5.5.1*6.5-5-3.1 6.5.6
ARBITRATION AGREEMENTS 6.5-6.1 6.6 ARBITRATION 6.6 6.6.1 INTRODUCTION
6.6.1.1*6.6.1.2 6.6.2 THE ARBITRATION ACT 1996 6.6.2 6.6.3 PAN I OF THE
ARBITRATION ACT 1996 6.6.3-1-6.6.3.2 6.6.3.2.1 THE SEAT OF AN
ARBITRATION 6.6.3.2.1.2-6.6.3.2.1.3 6.6.3.2.2 AN ARBITRATION AGREEMENT
6.6.3.2.2.1-6.6.3.2.2.2 6.6.4 THE GOVERNING LAW OF AN ARBITRATION
AGREEMENT 6.6.4.1*6.6.4.3 6.6.5 THE EXISTENCE AND VALIDITY OF AN
ARBITRATION AGREEMENT 6.6.5.1-6.6.54 6.6.6 STAYS OF PROCEEDINGS AND
CHALLENGES TO THE VALIDITY OF AN ARBITRATION AGREEMENT 6.6.6.1-6.6.6.2.1
6.6.7 THE ARBITRAL TRIBUNAL: DETERMINATIONS, POWERS, REMEDIES AND
CHALLENGES 6.6.7.1 6.6.8 ENFORCEMENT OF AWARDS 6.6.8 6.7 THE RECOGNITION
AND ENFORCEMENT OF FOREIGN ARBITRAL AWARDS 6.7 6.7.1 INTRODUCTION
6.7.1.1 6.7.2 ENFORCEMENT AT COMMON LAW 6.7.2 6.7.3 ENFORCEMENT OF NEW
YORK CONVENTION AWARDS 6.7-3-1 6.7.4 ENFORCEMENT OF ICSID AWARDS
6.74.1-6.7.4.2 XAU CONTENTS 7. SOVEREIGN IMMUNITY, INTERNATIONAL
ORGANISATIONS, AND STATE INSOLVENCY 7.1 INTRODUCTION 7.1.1 7.2 SOVEREIGN
IMMUNITY 7.2 7.2.1 INTRODUCTION 7.2.2 JUDICIAL RESTRAINT 7.2.3 THE STATE
IMMUNITY ACT 1978 7.2.3.3 STATES AND STATE ENTITIES 7.2.3.4 THE
ADJUDICATIVE JURISDICTION UNDER THE STATE IMMUNITY ACT 1978 7.2.3.5 THE
ENFORCEMENT JURISDICTION UNDER THE STATE IMMUNITY ACT 1978 7.3 THE
IMMUNITIES OF INTERNATIONAL ORGANISATIONS 7.3-1 BACKGROUND 7.3-2 THE
EFFECT OF TREATIES IN THE UK 7,3.3 THE EFFECT OF ORDERS IN COUNCIL 7.3-4
COMMON LAW 7.4 STATE INSOLVENCY 7.4.1 INTRODUCTION 7.4.2 PURCHASE AND
ENFORCEMENT OF'DISTRESSED DEBT' 7.4.3 THE SDRM PROPOSAL 7.4.4 COLLECTIVE
ACTION CLAUSES 8. LEGAL OPINIONS 8.1 INTRODUCTION 8.1.1-8.1.2 8.1.3
LIMITATIONS UPON AN OPINION 8.1.3.1-8.1.3.7 8.1.4 REVIEWING AN OPINION
8.1.4 8.1.5 TYPES OF OPINION 8.1.5 8.2 THE BENEFICIARIES OF A LEGAL
OPINION 8.2.1 8.2.2 SUBSEQUENT PARTIES 8.2.2 8.3 THE LEGAL OPINIONS THAT
SHOULD BE GIVEN IN A TRANSACTION 8.3 8.3.1 INTRODUCTION 8.3.2-8.3.2.1
8.3-3 THE BORROWER'S HOME JURISDICTION 8.3.3.1-8.3.3.3 834 THE LOCATION
OF SECURED ASSETS 8.3.4.1-8.3.4.3 8,3.5 THE FACILITY AGREEMENT
8.3.5-8.3.5.3 8.4 WHO SHOULD GIVE THE OPINIONS? 8.4.1-8.4.2 8.5 THE FORM
OF A LEGAL OPINION 8.5.1 8.5-1.1 SPECIMEN FORMS OF LEGAL OPINION 8.5.1.1
XXRV 7.2.3. 7.2.3.3.1-7 7.2.2.1 1-7.2.3.2 .2.3.3.5.2 7.2.3.4-7.2.3.4.5
7.2.3.5.1-7.2 7.4.1. 7.4.3. 7,4.4. .3.5.4.4.1 7.3.1 7.3.1 7.3.2.1
7.3.3.1 7.3.4 7.4.1 1-7.4.1.2 7.4.2 1-7.4.3.2 1-7.4.4.2 CONTENTS 8.5.2
PRELIMINARY MATTERS 8.5.3 ASSUMPTIONS 8.5.4 THE OPINION 8.5.5
QUALIFICATIONS 8.6 THE RESPONSIBILITIES THAT MAY ARISE IN GIVING A LEGAL
OPINION 8.6.2 UNDER ENGLISH DOMESTIC LAW 8.6.3 CONFLICT OF LAWS ISSUES
8.6.3.1 CONTRACTUAL CLAIMS 8.6.3.2 TORTIOUS CLAIMS 8.5.2.1-8.5.2.3 8.5.3
8.5.4 8.5.5.1 8.6.1 8.6.2.1 8.6.3 8.6.3.1 8.6.3.2.1-8.6.3.2.2.4 PART C:
COMPOSITE AND SPECIALISED FINANCING TRANSACTIONS 9. SYNDICATED LENDING
9.1 INTRODUCTION 9.2 THE OBLIGATIONS AND RIGHTS OF THE BANKS AND THE
RELATIONSHIP BETWEEN THEM 9.2.1 THE DICHOTOMY 9.2.2 PARIPASSU
DISTRIBUTION AND THE SHARING CLAUSE 9.2.3 VOTING AND DECISION MAKING BY
THE BANKS 9.2.4 PARTNERSHIP 9.2.5 COLLECTIVE INVESTMENT SCHEMES 9.3
ARRANGEMENT OF THE FACILITY BY THE ARRANGER 9.3.2 THE MANDATE 9.3.2.1
MARKET FLEX PROVISIONS 9.3.3 THE ROLE OF THE ARRANGER 9.4 AREAS OF RISK
TO THE ARRANGER 9.4.1 A CLAIM BY THE BORROWER 9.4.2 CLAIMS BY THE
SYNDICATE MEMBERS 9.4.3 A CLAIM IN THE TON OF NEGLIGENCE 9.4.3.2 THE
EXISTENCE OF A DUTY OF CARE 9.4.3.3 THE SCOPE OF THE DUTY 9.4.3.4
REASONABLE CARE 9.4.3.5 REASONABLE RELIANCE 9.4.3-6 CAUSATION 9.4.3.7
FORESEEABLE LOSS 9.4.4 THE POSITION OF THE ARRANGER IN AN ACTION IN
NEGLIGENCE 9.4.4.1 A GENERAL DUTY OF CARE 9.4.4.2 A LIMITED DUTY OF CARE
XXV 9. 9.2 9. 9.2 9.1.1-9.1.4 9.2.1-9 .2.2 1-9 3.1-9.2 .2.4 1-9 9.2
.2.1.1 ? ? 3 3.1.5 74 8 .5.1-9.2.5.4.2 9 9.3.1 9.3.2 .3.2.2 9.3.3.1-9^4
9.4.2.1-9 9.4. 9 3.2-9.4 94. 9 9.4 9.4. 9.4 9.4.1 .4.2.2 .4.3.1 .3.2.8
.3.3.1 .4.3.4 3.5.1 3.6.1 9.4.3.7 9.4.4 9.4.4.1-9.4.4.1.3
9.4.4.2.1-9.4.4?2 CONTENTS 9.4.5 A CLAIM IN THE TORT OF DECEIT
9.4.5.1-9.4.5.3 9.4.6 A CLAIM UNDER SECTION 2(1) OF THE
MISREPRESENTATION ACT 1967 9.4.6.1-9.4.6.8 9.4.7 A CLAIM UNDER SECTION
2(2) OF THE MISREPRESENTATION ACT 1967 9.4.7.1 9.4.8 A CLAIM FOR BREACH
OF FIDUCIARY DUTY 9.4.8.1-9.4.8.3 9.4.9 CONTRIBUTORY NEGLIGENCE
9.4.9.1-9.4.9.2 9.5 PROTECTING THE ARRANGER 9.5.1 9.5.2 THE MEANS OF
PROTECTION 9.5.2.1-9.5.2.2 9.5.3 CONSTRUCTION OF THE PROVISIONS
9.5-3.1*9.5.3.4.1 9.5.4 LEGISLATIVE LIMITATIONS UPON EXCLUSIONS OR
RESTRICTIONS OF LIABILITY OR FOR DAMAGES 9.5.4 9.55 THE UNFAIR CONTRACT
TERMS ACT 1977 9.5.5.1-9.5-5.2 9.5.5.3 LIABILITY IN NEGLIGENCE
9.5.5.3.1-9.5.5.5 9.5.5.6 LIABILITY ARISING IN CONTRACT
95.5.6.1-9-5.5.6.2 9.55.7 THE REQUIREMENT OF REASONABLENESS
9.5.5.7.1*9.5.5-7.5 9.5.6 SECTION 3 OF THE MISREPRESENTATION ACT 1967
9.5.6.1-9.5.6.2 9.6 THE AGENT 9.6 9.6.1 THE APPOINTMENT, ROLE, DUTIES,
AND POWERS OFTHCAGENT 9.6.1.1-9.6.1.2 9-6.2 AREAS OF RISK TO THE AGENT
9.6.2 9.6.2.1 RDUCIARYDUTY 9.6.2.1.1-9.6.2.1.5 9.6.2.2 CONTRACTUAL
DUTIES 9.6.2.2.1-9.6.2.2.2 9.6.2.3 TORTIOUS DUTIES 9.6.2.3.1-9.6.2.3.3
9.6.3 PROTECTING THE AGENT 9.6.3.1-96.3.4.3 9.6.4 THE UNFAIR CONTRACT
TERMS ACT 9.6.4 10. BOND ISSUES 10.1 INTRODUCTION 10.1.1-10.1.4 10.2 A
COMPARATIVE ANALYSIS BY REFERENCE TO LOANS AND OTHER TRANSACTIONS 10.2.1
10.2.2 THE PRIVATE NATURE OF A LOAN TRANSACTION 10.2.2 10.2.3 THE PUBLIC
NATURE OF A BOND ISSUE 10.2.3-10.2.3.1 10.2.4 THE FINANCIAL ATTRACTIONS
TO INVESTORS AND THEIR PROFILE 10.2.4 10.2.5 FLEXIBILITY AND RIGIDITY
10.2.5 10.2.6 TERMS AND CONDITIONS 10.2.6-10.2.6.2 10.2.7 CREDIT CHECKS
10.2.7 10.2.8 ISSUING EQUITY CAPITAL 10.2.8 10.3 TRADING IN BONDS
10.3.1-10.3.3 XXVI CONTENTS 10.4 BONDS AS NEGOTIABLE INSTRUMENTS 10.4.1
10.4.2 CONFLICTOFLAWS 10.4.2 10.4.3 THE RESTS FOR NEGOTIABILITY 10.4.3.1
10.4.4 THE RIGHTS OF THE TRANSFEREE 10.4.4-10.4.5 10.4.6 GLOBAL BONDS
AND THE LACK OF DEFINITIVE INDIVIDUAL BONDS 10.4.6.1 10.5 THE MODERN
SYSTEM OF RECORDING AND DEALING IN SECURITIES 10.5 10.5.1 THE PROBLEMS
WITH THE OLD PAPER BASED SYSTEM 10.5.1 10.5.2 CENTRALISED SYSTEMS 10.5.2
10.5.3 RECORDING AND TIERING OF INTERESTS 10.5.3.1-10.5.4 10.5.5 THE
ENGLISH DOMESTIC POSITION 10.5.5.1-10.5.5.5 10.5.6 OUHER APPROACHES TO
ENTITLEMENTS 10.5.6 10.5.7 CONFLICT OF LAWS ISSUES 10.5.7.1-10.57.2
10.5.7.3 THE PRIMA APPROACH AT THE EU LEVEL 10.5.7.3 10.5-8 THE HAGUE
CONVENTION 10.5.8 10.5.8.1 THE PRIMARY RULE 10.5.8.1 10.5.8.2 FALL BACK
RULES 10.5.8.2 10.5.8.4 THE APPLICABLE LAW 10.5.8.4 10.5.9 THE
UN1DROITCONVENTION 10.5.9.1-10.5.9.3 10.6 THE PROCESS OF A BOND ISSUE
10.6 10.6.1 THE LEAD MANAGER AND THE MANDATE 10.6.1 10.6.2 DUE DILIGENCE
10.6.2 10.6.3 LAUNCH OF THE ISSUE 10.6.3 10.6.4 LISTING 10.6.4 10.6.5
THE SIGNING 10.6.5 10.6.6 THE CLOSING 10.6.6 107 REGULATORY MATTERS
10.71 10.7.2 PROSPECTUS REQUIREMENTS 10.7.2 10.7.2.1 SUMMARY 107.2.1
10.7.2.2 THE RELEVANT SECURITIES 10.7.2.2 10.7.2.3 THE NEED FOR A
PROSPECTUS 10.7.2.3-10.7.2.3.1.1 10.7.2.3.2 ADMISSION OF SECURITIES TO
TRADING 10.7.2.32 10.7.2.4 EXEMPTIONS 107.2.4 10.7.2.5 FORM AND CONTENT
107.2.5-1 10.7.2.6 APPROVAL 10.7.2.6.1 10.7.2.7 RESPONSIBILITY FOR THE
CONTENTS OF A PROSPECTUS 10.7.2.7.1-10.7.27.4 10.7.3 MIFID
10.7.3.1-107.36 10.7.4 STABILISATION 10.7.4 XXVU CONTENTS 10.7.5 UK
LISTING RULES AND LISTING PARTICULARS 10.7.5.1-10.7.5.2 10.7.6 DEPOSIT
TAKING 10.7.6 10.7.7 STERLING ISSUES 10.7.7 10.7.8 US RESTRICTIONS
10.7.8.1-10.7.8.4 10.8 THE DOCUMENTATION 10.8.1 10.8.2 GOVERNING LAW AND
JURISDICTION CLAUSES 10.8.2 10.8.3 THE BONDS 10.8.3.1 10.8.3.11 THE
TEMPORARY GLOBAL BOND 10.8.31.1 10.8.3.1.2 THE PERMANENT GLOBAL BOND
10.8.3.1.1 10.8.3.2 DEFINITIVE BONDS 10.8.3.3 10.8.4 THE TERMS AND
CONDITIONS OF THE BONDS 10.8.4 10.8.4.1 TIDE, STATUS, AND RANKING
10.8.4.1 10.8.4.2 COVENANTS AND UNDERTAKINGS AND EVENTS OF DEFAULT
10.8.4.2 10.8.4.3 INTEREST 10.8.4.3 10.8.4.4 REDEMPTION, PURCHASE, AND
PAYMENTS BY THE ISSUER 10.8.4.4 10.8.4.5 MEETINGS OF THE BOND HOLDERS
AND VOTING 10.8.4.5.1-10.8.4.5.2 10.8.4.6 BINDING THE MINORITY
10.8.4.6.1-10.8.4.6.6 10.8.5 THE INITIAL SUBSCRIPTION 10.8.5 10.8.5.1
THE SUBSCRIPTION AGREEMENT 10.8.5.1.1-10.8.515 10.8.5.2 THE AGREEMENT
AMONG MANAGERS 10.8.5.2 10.8.6 THE DIFFERENCE BETWEEN AN ISSUE WITH A
FISCAL AGENT AND AN ISSUE WITH A TRUSTEE 10.8.6.1-10.8.6.5 10.8.7 THE
FISCAL AGENCY AGREEMENT 10.8.7.1 10.8.8 THE PAYING AGENCY AGREEMENT
10.8.8 10.8.9 THE TRUST DEED 10.8.9 10.8.91 COVENANT TO PAY 10.8.9.1
10.8.9.2 THE TRUSTEES DISCRETIONS 10.8.9.2 10.8.93 INFORMATION AND
ADVICE 10.8.9.3 10.8.9.4 THE NO ACTION' CLAUSE 10.8.9.4.1-10.8.9.4.2.5
10.9 THE DUTIES AND DISCRETIONS OF THE TRUSTEE AND THE PROTECTIONS
AFFORDED TO IT 10.9.1-10.9.1.2 10.9.2 THE DUTY OFCARE AND SKILL
10.9.2.1-10.9.2.2 10.9.3 THE EQUITABLE FIDUCIARY DUTY OF A TRUSTEE
10.9.3.1-10.9.3.2 10.9.4 MODIFICATION OR EXCLUSION OF A TRUSTEES DUTIES
10.9.4.1 10.9.5 STATUTORY RESTRICTIONS ON LIMITATIONS OR EXCLUSIONS OF
LIABILITY 10.9.5 10.9.5.1 SECTION 750 OF THE COMPANIES ACT 2006
10.9.5.1.1-10.9.51-3 10.9.52 THE UNFAIR CONTRACT TERMS ACT 1977
10.9.5.2.1-10.9.52.2 XXVIN 1 1 N.2.6 L-II.: L I I 1.2.4 1.2.5 6 2 1.2.7
1.2.8 1.2.9 CONTENTS 10.9.6 THE CONSIDERATIONS THAT ARE RELEVANT TO THE
EXERCISE BY THE TRUSTEE OT ITS POWERS AND DISCRETIONS 10.9.6.1
-10.9.6.5.2 11. DERIVATIVES TRANSACTIONS 11.1 INTRODUCTION 11.1.1-11.1.4
11.2 TYPES OF TRANSACTION 11.2.1-11.2.2 11.2.3 SWAPS 11.2.3 11.2.3.1
CURRENCY SWAPS 11.2.3.1 11.2.3.2 INTEREST RATE SWAPS 11.2.3.2 11.2.3.3
OTHER SWAPS 11.2.3.3 11.2.4 FORWARD TRANSACTIONS 11.2.5 CAPS, FLOORS,
AND COLLARS 11.2.6 CREDIT DERIVATIVES 11.2.7 EQUITY DERIVATIVES 11.2.8
OPTIONS 11.2.9 CASH SETTLED TRANSACTIONS 11.2.10 CREDIT ENHANCEMENT AND
CREDIT SUPPORT 11.2.10.1 MARGIN 11.3 THE MARKETS ON WHICH DERIVATIVES
TRANSACTIONS TAKE PLACE 11.3.2 EXCHANGE BASED TRANSACTIONS 11.3.3 THE
OTC MARKET 11.4 UK REGULATORY MATTERS 11.4.1 AN OUTLINE OF THE REGIME
11.4.2 DERIVATIVES TRANSACTIONS 11.4.3 SPECIFIED KINDS OF INVESTMENT
11.4.3.2 FUTURES 11.4.3.3 CONTRACTS FOR DIFFERENCES 11.4.3.4 OPTIONS
11.4.3.5 OTHER RIGHTS OR INTERESTS 11.4.4 SPECIFIED KINDS OF ACTIVITY
11.5 LEGAL ISSUES 11.6 THE LOCAL AUTHORITY SWAPS CASES 11.6.2 MONEY PAID
UNDER MISTAKE OF LAW 11.6.3 POWER AND CAPACITY TO CONTRACT 11.7 GAMBLING
11.7.1 THE GAMBLING ACT 2005 11.7.3 THE GAMING ACTS 1845 AND 1892 11.7.4
STATUTORY SAVING OF TRANSACTIONS XXA 11. 11. 11. 1 11.4. 4.3.2, 4.3.3.
4.3.4. 11 1 1 .1.1-1 1 .1-11. 11 .2 1 1. 1 ? 1 1 4. .2.10 L10.1 1.3.1
.3.2.1 3.3.1 11.4 4 1 2 1.4.2 .4.3.1 3.2.2 .1-11.4.3.3.2 .1-11. 1 1 1 1
4. 1. 1. 1 1 1. 1. 1 31.7.3.1-11- 1.7.4.1-11. 3.4.2 4.35 4.4.1 1.51
1.6.1 6.2.1 631 11.7 1.7.1 7.3.4 7.4.1.3 CONTENTS 11.8 INSURANCE
CONTRACTS 11.8.1 11.8.2 THE NATURE OF INSURANCE 11.8 11.8.2.1 INSURABLE
INTEREST 11.8.2.1 11.8.2.2 THE OBLIGATION OF GOOD FAITH AND DISCLOSURE
11.8.2.2 11.8.2.3 THE INSURER'S RIGHTS UPON PAYMENT 11.8.2.3 11.8.3
RELEVANCE TO DERIVATIVES TRANSACTIONS 11.8.3 11.8.3.1 THE GENERAL
POSITION 11.8.3.2 11.8.3.3 CREDIT DERIVATIVES 11.8.3.3.1-11.8.3.3.3 11.9
MIS-SELIING AND NON-DISCLOSURE CONCERNING DERIVATIVES PRODUCTS 11.9.1
11.9.2 UNDER STATUTE 11.9.2.1 11.9.3 A CLAIM AT GENERAL LAW 11.9.3
11.9.3.1 A GENERAL OBLIGATION TO DISCLOSE 11.9.3.1 11.9.3.2 A LIMITED
OBLIGATION OF DISCLOSURE 11.9.3.2 11.9.33 MISREPRESENTATION
11.9.3.3.1-11.9.3.3.2 11.9.3.4 NEGLIGENCE 11.9.3.4.1-11.9.3.4.3 11.9.4
EXCLUSIONS OR LIMITATIONS OF LIABILITY 11.9.4.1-11.9.4.1.5 11.10 THE
EFFECT OF DIE DEFAULT AND INSOLVENCY OF A PARTY TO A DERIVATIVES
CONTRACT 11.10.1 11.10.2 THE EFFECT OF INSOLVENCY ON CURRENT CONTRACTS
11.10.2 11.10.3 TERMINATION FOR DEFAULT 11.10.3.1-11.10.3.4 11.10.4
DAMAGES 11.10.4 11.10.5 SET-OFF 11.10.5 11.10.6 LIQUIDATED DAMAGES
11.10.6 11.10.7 DISCLAIMER OF ONEROUS PROPERTY 11.10.7.1-11.10.7.4
11.10.7.5 CHERRY PICKING 1 11.10.8-11.10.8.1 11.11 PROTECTIVE MEASURES
11.11.1 11.11.3 CREDIT SUPPORT AND SECURITY 11.11.3 11.11.4 ONE OVERALL
CONTRACT 11.11.4 11.11.5 CONDITIONS PRECEDENT TO PERFORMANCE 11.11.5
11.11.6 TRANSACTION NETTING 11.11.6 11.11.7 TERMINATION AND DOSE-OUT
NETTING 11.11.7.1 11.12 LEGAL ISSUES CONCERNING TERMINATION AND
CLOSE-OUT NETTING 11.12.1 11.12.2 THE DEPRIVATION PRINCIPLE
11.12.2.1-11.12.2.5 11.12.3 THE BRITISH EAGU PRINCIPLE 11.12.3.1 11.12.4
PREFERENCES 11.12.4 11.12.5 PENALTIES 11.12.5 XXX CONTENTS 11.13
INSOLVENCY AND THE CROSS-BORDER 12. LOAR 12.1 12.2 12.3 12.4 12.5 12.6
12.7 EJEMENT OF TRANSACTIONS 11.13.2 EC INSOLVENCY REGULATION 11.13.2.1
RIGHTS MREM 11.13.2.2 SET-OFF 11.13.2.3 PAYMENT AND SETTLEMENT SYSTEMS
AND FINANCIAL MARKETS 11.13.3 INSOLVENT CREDIT INSTITUTIONS 1 11.13.3.3
NETTING PROVISIONS 11.13.4 INSURANCE UNDERTAKINGS 11.13.5 THE RESIDUAL
ENGLISH JURISDICTION 11.13.6 THE UNC1TRAL MODEL LAW L TRANSFERS,
SECURITISATION, AND STRUCTURED FINANCE INTRODUCTION 12.1.2
SECURITISATION 12.1.4 REASONS FOR A TRANSFER 12.1.5 BENEFITS TO THE
TRANSFEREE 12.1.6 EFFECTIVENESS OF THE TRANSFER 12.1.7 CHAPTER PLAN
CONFLICT OF LAWS ISSUES 12.2.1 INTRODUCTION 12.2.2 NOVATION V ASSIGNMENT
12.2.3 CHARACTERISATION 12.2.4 ANICLE 12 OF THE ROME CONVENTION 12.2.5
THE EFFECT OFANICLE 12 12.2.6 ARTICLE 12(2) 12.2.7 PRIORITIES 12.2.8
DISPOSITION OTHER THAN BY WAY OF NOTIFIED ASSIGNMENT 12.2.9 THE COMMON
LAW APPROACH AND THE LEX SITUS THE BANKER'S OBLIGATION OF CONFIDENCE THE
METHODS OF TRANSFER UNDER ENGLISH LAW ASSIGNMENT 12.5-2 ABSOLUTE OR
LEGAL ASSIGNMENT 12.5-3 EQUITABLE ASSIGNMENT 12 5 4 FUTURE DTODENV
DECLARATION OF TRUST NOVATION 12.7.3 SYNDICATED FACILITIES 1.13.3. 12 12
12 12 12 12 12 1 4 7 1 ?5 7 6 77 ?8 79 12 12. 12.5 12 12 12. 5.2. 5.3 54
11.13.1 11.13.2 11.13.2.1 11.13.2.2.1 11.13.2.3 1-11.13.3.2 11.13.3.3
11.13.4 11-13.5.1 11.13.6 12.1.1 12.1.2.1 .1-12.1 4.6 12.1.5 12.1.6
12.1.7 12.2 1-12.2.1.2 12.2.2 12.2.3 12.2.4.1 1-12.2.5.3 1-12.2.6.2
1-12.2.7.2 1-12.2 8 2 1-12.2.9.4 3.1-12.3.3 4.1-12.4.2 1-12.5.1.1
1-12.5.2.3 1-12.5.3.2 1-12.542 12.6.1 12.7.1-12.7.2.6 12. 7.3.
1-12.7.3.2 XXXX CONTENTS 12.8 SUB-PARTICIPATION 12.8.1-12.8.5 12.9
COMMON ISSUES CONCERNING ASSIGNMENTS 12.9.1 12.9.2 RIGHTS V OBLIGATIONS
12.9.2 12.9.3 RIGHTS THAT ARE PERSONAL TO THE ASSIGNOR 12.9.3.1-12.9.3.2
12.9.4 CONTRACTUAL RESTRICTIONS UPON DEALING 12.9.4.1-12.9.4.2.6
12.9.4.3 THE EFFECT OF A CONTRACTUAL RESTRICTION 12.9.4.3.1-12.9.4.3.4
12.9.4.4 WHERE THE DEBTOR S CONSENT MAY NOT BE UNREASONABLY WITHHELD
12.9.4.4.1-12.9.4.4.2 12.9.5 NEGATIVE PLEDGES AND ANTI-DISPOSAL
PROVISIONS IN THIRD PARTY CONTRACTS 12.9.5.1-12.9.5.2 12.9.6 THE
DEBTOR'S RIGHTS OF SET-OFF 12.9.6.1-12.9.6.3 12.9.6.4 LEGAL RIGHTS OF
SET-OFF 12.9-6.4 12.9.6.5 EQUITABLE TRANSACTION SET-OFF 12.9.0 12.9.6.6
SUCCESSIVE ASSIGNMENTS 12.9.6.6 12.9.6.7 DIRECT COUNTER-CLAIMS AGAINST
THE ASSIGNEE 12.9.6.7 12.9.6.8 CLAIMS THAT ARISE AGAINST THE ASSIGNOR
AFTER THE PAYMENT OF THE DEBT 12.9.6.8 12.9.7 PRIORITIES
12.9.7.1-12.9.7.2 12.9.7.3 THE BASIC RULE 12.9.7.3 12.9.7.4 THE VAC IN
DEARUVHAU 12.9.7.4.1-12.9.7.4.3 12.9.7.5 NOTICE 12.9.7.5.1-12.9.7.5.3
12.9.7.6 CONSTRUCTIVE NOTICE 12.9.7.6.1-12.9.7.6.2 12.9.7.7 FUNHER
ADVANCES 12.9.7.7.1 12.9.8 THE RISK OF RECHARACTERISATION
12.9.8.1-12.9.8.2 12.9.8.3 THE BASES FOR CHALLENGE 12.9-8.3 12.9.8.4 THE
EQUITY OF REDEMPTION 12.9.8.4 12.9.8.5 THE COMMERCIAL CHARACTERISTICS OF
THE TRANSACTION 12.9.8.5.1 12.9.8.6 THE TRADITIONAL APPROACH OF THE
COURTS 12.9.8.6.2-12.9.8.6.8 12.9.8.7 A CHANGE IN JUDICIAL APPROACH
12.9.8.7-1-12.9.8.7.2 12.10 SCCURITISATION AND STRUCTURED FINANCE 12.10
12.10.1 INTRODUCTION 12.10.1.1-12.10.1.6 12.10.2 SECURITISATION THROUGH
A 'TRUE SALE' OF TERM DEBT 12.10.2.1-12.10.2.8 12.10.3 SECURITISATION OF
REVOLVING CREDITS 12.10.3.1-12.10.3.3 12.10.4 SYNTHETIC SCCURITISATION
12.10.4.1-12.10.4.2 12.10.5 WHOLE BUSINESS SCCURITISATION 12.10.5-1
12.10.6 COVEREDBONDS 12.10.6.1-12.10.6.2.1 12.10.7 MONOLINE INSURANCE
12.10.7.1 XXXU CONTENTS 12.11 A TRUE SALE SECURITISATION 12.11.1 12.11.2
THE ORIGINATOR'S OBJECTIVES IN A TRUE SALE SECURITISATION 12.11.2.1
12.11.3 THE SAFETY OF THE TRANSACTION 12.11.3.1 12.11.4 THE PORTFOLIO
12.11.4.1-12.11.4.2 12.11.5 THE SPVS ACQUISITION OF THE PORTFOLIO
12.11.5.1-12.11.5.3 12.11.6 UPSETTING THE TRANSFER 12.11.6.1-12.11.6.2.1
12.11.7 THE RISK OF THE SPVS INSOLVENCY 12.11.7 12. 12. 12. 12. 12.
1.7.1 THE SPVS ACTIVITIES 12.11.7.1 1.7.2 LIQUIDITY SUPPORT 12.11.7.2
1.7.3 CREDIT ENHANCEMENT 12.11.7.3.1-12.11.7.3.5 1.7.4 SECURITY GIVEN BY
THE SPV 12.11.7.4 1.7.5 ADMINISTRATIVE RECEIVERS
12.11.7.5.1-12.11.7.5.5.3 12.12 ACCOUNTING CONSIDERATIONS
12.12.1-12.12.1.1 12.12.2 FRS5 12.12.2.1-12.12.2.3 12.12.3 1AS39
12.12.3.1-12.12.3.5 12.13 REGULATORY MATTERS 12.13 13. PROJECT FINANCE
13.1 INTRODUCTION 13.1 1311 THE PURPOSE OF THIS CHAPTER 13. 13.1.2 BASIC
DEFINITION 13. 13.1.3 TYPES OF PROJECT 13. 13.1.4 PPP 13. 13.1.5 A
TYPICAL MODEL 13. 13.1.7 SOURCES OF FINANCE 13- .1 .2 .3 .4 .6 .7 .8
13.1.8 A LAWYERS CONSIDERATIONS 13. 13.2 THE SPONSORS AND THE PROJECT
VEHICLE 132 13.2.1 THE SPONSORS 13.2.1 13.2.2 THE VEHICLE 13.2.2 13.2.3
CONSIDERATIONS AS TO THE TYPES OF VEHICLE 13.2.3 13.2.3.1 LICENCE
REQUIREMENTS 13-2.3-1 13.2.3.2 ESTABLISHMENT, STATUS, AND POWERS
13.2.3-2 13.2.3.3 STRUCTURAL SEPARATION 13-2.3-4 13.2.4 RELATIONSHIP
BETWEEN THE SPONSORS 13.2.4 13.2.4.1 AGREEMENT BETWEEN THE SPONSORS
13.2.4.1 13.2.5 FINANCIAL SUPPORT BY THE SPONSORS 13.2.5-1 13.3 THE
LICENCE 13-31 13.3.2 THE BIDDING PROCESS 1332 13.3.3 CONTENTS OF A
LICENCE 133-3 XXXLLL CONTENTS 13.4 13.5 13.6 13.7 13.3.4 133.3.1 THE
BASIC DETAILS 13.3.3-2 PERFORMANCE AND MAINTENANCE REQUIREMENTS,
ROYALTIES, FEES AND CHARGES 13.3.3.3 ALLOCATION OF RISKS 13.33-4
LICENSORS RISKS 13.3.3.5 WARRANTIES AND UNDERTAKINGS 13.3.3-6 SPONSORS'
UNDERTAKINGS 13.3.3.7 TERMINATION 13.3.3.8 GOVERNING LAW 13.3.3.9
DISPUTES OTHER RELATED MATTERS THE CONTRACTUAL ELEMENTS OF A PROJECT
13.4.2 13.4.3 13.4.5 13.4.6 13.4.7 13.4.8 INTEREST OF THE FINANCIERS
GOVERNING LAW CONSTRUCTION CONTRACTS 13.4.5.1 THE FRAMEWORK 13.4.5-2
CONTRACTUAL CHAINS OPERATING AND MAINTENANCE CONTRACTS RAW MATERIALS
FINISHED PRODUCTS OR SERVICES THE ASSESSMENT OF RISKS IN FINANCING A
PROJECT 13.5.2 13.5.3 13.5.4 13.5.5 13.5.6 COVERING THE RISKS BACKGROUND
RISKS PHYSICAL AND TECHNOLOGY RISKS RISKS IN CONSTRUCTION AND
IMPLEMENTATION AND COMMERCIAL RISKS ENVIRONMENTAL RISKS 13.5.6.2 THE
EAUATOR PRINCIDLES INSURANCE ARRANGEMENTS 13.6.2 13.6.3 13.64 13.6.5
13.6.6 PHYSICAL DAMAGE AND THIRD PARTY LIABILITY COVER 13.6.2.1
INCEPTION OF THE COVER 13.6.2.2 COVER FOR THE FINANCIERS NON-DISDOSURE
AND BREACH OF WARRANTY PAYMENT OF CLAIMS BROKERS* UNDERTAKINGS COVENANTS
IN THE FINANCE DOCUMENTS THE FINANCING OF A PROJECT 13.7.2 13.7.3 13.7.4
SOURCES OF FINANCE CO-ORDINATION AND FAIR TREATMENT LIMITED OR
NON-RECOURSE ELEMENTS 13.4.5 13 13.5.6.2 13.6 13.3.3.1 13.3.3.2 13.3.3.3
13.3.3.4 13.3.3.5 13.3.3.6 13.3.3.7 13.3.3.8 13.3.3.9 13.3.4 13.4.1
13.4.3 13.4.4 13.4.5 13.4.5.1 .3-13.4.5.3.5 .4. 13.4.6 13.4.7 8.1-13.4.9
13.5.1 13.5.2 13.5.3 13.5.4.1 13.5.5 13.5.6.1 .1-13.5.6.2.4 .3. 13.6.4.
13 6 13.6.1 13.6.2 13.6.2.1 13.6.2.2 1-13.6.3.2 1-13.6.4.2 13.6.5 1-1366
3 13.7.1 13.7-2 13.7.3.1 13-7.4 XXXIV CONTENTS 13.7.4.1 SPONSORS'
RESPONSIBILITY 13.7.4.2 CORPORATE STRUCTURES 13.7.4.3 OFFICERS OF THE
VEHICLE 13.7.4.4 RESTRICTIONS ON RECOURSE AGAINST THE BORROWER 13.7.5
THE FACILITY AGREEMENT 13.7.5.1 CONDITIONS PRECEDENT 13.7.5.2 PAYMENTS
AND CASH FLOWS 13.7.5.3 COVENANTS AND UNDERTAKINGS 13.7.5.4 HEDGING
13.7.5.5 EVENTS OF DEFAULT 13-7.5.6 BANK ACCOUNTS 13.8 SECURITY 13.8.1
CO-ORDINATION AND SHARING 13.8.2 TAKING THE SECURITY 13.8.3
COMPREHENSIVE SECURITY 13-9 STEP-IN RIGHTS AND DIRECT AGREEMENTS 13.9.1
THE NATURE OF STEP-IN RIGHTS 13.9.2 WHEN STEP-IN RIGHTS ARISE 13.9.3 THE
CONTENTS OF A TRI-PARTITE AGREEMENT WITH THE LICENSOR 13.9.4 THE
CONTENTS OF A TRI-PARTITE AGREEMENT WITH A CONTRACTOR 13.7.4.1 13.7.4.2
13.7.4.3 13.7.4.5 13.7.5 13.7.5.1 13.7.5.2.1 13.7.5.3-13.7.5.3.6
13.7.5.4 13.7.5.5 13.7.5.6.1-13.7.5.6.3 13.8 13.8.1 13.8.2 13.8.4 13.9
13.9.1 13.9.2 13.9.3.1-13.9.3.2 13.9.4.1-13.9.4.2 PART D: SECURED
TRANSACTIONS, EQUIPMENT FINANCE, AND GUARANTEES 14. SECURED TRANSACTIONS
14.1 INTRODUCTION AND PRELIMINARY MATTERS 14.1 14.1.1 THE NATURE OF
SECURITY 14.1.1.1-14.1.1.2 14.1.2 THE EQUITY OF REDEMPTION 14.1.2.1
14.1.3 THE REASONS FOR TAKING SECURITY 14.1.3.1*14.1.3-4 14.1.4 THE
LIABILITIES THAT MAY BE COVERED BYSCCURIRY 14.1.4.1-14.1.4.3 14.1.5
NON-RECOURSE SECURITY 14.1.5 14.1.51 OTHER METHODS OF NON-RECOURSE
FINANCING 14.1.5-3.1*14.1.5.1.3 14.1.6 THIRD PARTY SECURITY 14.1.6
14.1.7 SECURITY HELD BY A TRUSTEE 14.1.7 14.1.8 INTENTION TO CREATE
SECURITY 14.1.8.1 14.1.9 CONTRACTUAL IMPEDIMENTS TO THE CREATION OF
SECURITY 14.1,9 XXXV CONTENTS 14. 14 14 14 2 .3 .4 .5 14.6 14.1.9.1
NEGATIVE PLEDGES 14.1.9.2 RESTRICTIONS WITHIN A CONTRACT UPON DEALING
WITH RIGHTS ARISING UNDER THE CONTRACT 14.1.9.3 OTHER TYPES OF
RESTRICTION 14.1.10 CONFLICT OF LAWS AND CROSS-BORDER ISSUES CONCEPTS OF
PROPERTY, INTERESTS IN PROPERTY, AND DEALINGS IN PROPERTY: AN
INTRODUCTION 14.2.2 CONCEPTS OF PROPERTY 14.2.3 LEGAL AND EQUITABLE
INTERESTS IN ASSETS 14,2.3.1 LEGAL INTERESTS 14.2.3.2 EQUITABLE
INTERESTS 14.1.9.1.1-14.1.9.1.2 14.1.9.2.1-14.1.9.2.2 14.1.9.3 14.1.10.1
14.2.1 14.2.2.1 14.2.3 14.2.3.1.1-14.2.3.1.4 14.2.3.2.1-14.2.3.2.7 THE
CONCEPTS OF FUTURE PROPERTY AND ATTACHMENT 14.3.1 14.3.2 FUTURE PROPERTY
14.3.3 ATTACHMENT 14.3.3.3 GOODS 14.3.3.4 INTANGIBLE PROPERTY 14.3.4
SECURITY BILLS OF SALE 14.3.5 STATIC AND TRANSIENT ASSETS AN ASSET,
ACCRETIONS TO AND SUBSTITUTIONS FOR THE ASSET, AND THE PROCEEDS OF SALE
OF THE ASSET 14.4.2 ACCRETIONS AND SUBSTITUTIONS 14.4.3 PROCEEDS OF SALE
OF AN ASSET FORMS OF SECURITY 14.5.2 POSSESSORY SECURITY 14.5.2.1
PLEDGES 14.5.2.2 CONTRACTUAL LIENS 14.5.3 NON-POSSESSORY SECURITY
14.5.3.1 LEGAL MORTGAGE 14.5.3.2 EQUITABLE MORTGAGE 14.5.3.3 EQUITABLE
LIEN 14.5-3.4 EQUITABLE CHARGE 14.5.35 DEBENTURE FLOATING CHARGES 14.6.1
INTRODUCTION 14.3.2.1-14.3.2.4 14.3.3.1-14.3.3.2 14.3.3.3.1-14.3.3.3.2
14.3.3.4 14.3.4 14.3.5 14.4.1 14.4.2 14.4.3 14.5.1 14.5.2
14.5.2.1.1-14.5.2.1.2 14.5.2.2 14.5.3 14.5.3.1.1-14.5.3.1.4
14.5.3.2.1-14.5.3.2.4 14.5.3.3.1-14.5.3.3.2 14.5.3.4.1-14.5.3.4.2
14.5.3.5 14.6 14.6.1.1-14.6.1.4 14.6.2 THE IMPORTANCE OF THE DISTINCTION
BETWEEN FIXED SECURITY AND FLOATING CHARGES 14.6.2 14.6.2.1 ADVANTAGES
14.6.2.1.1 14.6.2.2 DISADVANTAGES 14.6.2.2.1-14.6.2.2.4 14.6.3 THE
NATURE OF A FLOATING CHARGE 14.6.3.1*14.6.3.4 14.6.4 THE ESSENTIAL
CHARACTERISTIC OFA FLOATING CHARGE 14.6.4.1-14.6.4.2 XXXYL CONTENTS
14.6.5 THE LIBERTY TO DEAL 14.6.5.1-14.6.5.2 14.6.6 FIXED V FLOATING
SECURITY IN THE CONTEXT OF PARTICULAR TRANSACTIONS 14.6.6.1 14.6.6.2
BOOK DEBTS (RECEIVABLES) 14.6.6.2.1-14.6.6.2.6 14.6.6.3 OTHER ASSETS
14.6.6.3 14.6.6.4 PLANT AND EQUIPMENT 14.6.6.4 14.6.6.5 EQUIPMENT LEASES
OR HIRE PURCHASE TRANSACTIONS AND RENTAL PAYABLE UNDER DIEM
14.6.6.5-1-14.6.6.5.2 14.6.6.6 INSURANCE POLICIES 14.6.6.6 14.6.6.7
SHARES IN A COMPANY 14.6.6.7.1-14.6.6.7.3 14.6.6.8 CONTRACTUAL RIGHTS
14.6.6.8 14.6.6.9 INTELLECTUAL PROPERTY 14.6.6.9.1 14.6.6.10
REALPROPERTY 14.6.6.10.1-14.6.6.10.2 14.6.7 CRYSTALLISATION 14.6.7
14.6.7.1 THE CIRCUMSTANCES IN WHICH CRYSTALLISATION MAY OCCUR
14.6.7.1.1-14.6.7.1.3 14.6.8 PRIORITIES 14.6.8.1 14.6.8.2 TRANSACTIONS
THAT CAKE PLACE BEFORE CRYSTALLISATION 14.6.8.2.1-14.6.8.2.4 14.6.8.3
TRANSACTIONS DIAT TAKE PLACE AFTER CRYSTALLISATION 14.6.8.3.1
-14.6.8.3.3 14.6.8.4 STATUTORY PRIORITIES 14.6.8.4.1-14.6.8.4.2 14.7
TAKING SECURITY OVER SHARES AND OTHER FINANCIAL SECURITIES
14.7.1-14.7.1.3 14.7.2 EQUITABLE INTERESTS IN SHARES 14.7.2 14.7.3
CERTIFICATED SECURITIES AND PHYSICAL INSTRUMENTS 14.7.3-1-14.7.3.2
14.7.4 UNCERTIFICATCD SECURITIES 14.7.4 14.7.4.1 THE CREST SYSTEM
14.7.4.1.1-14.7.4.1.4 14.7.5 THE FINANCIAL COLLATERAL ARRANGEMENTS (NO
2) REGULATIONS 2003 14.7.5 14.7.5.1 DEFINITIONS 14.7.5.1.1-14.7,5.1.4
14.7.52 MODIFICATIONS TO FORMAL AND REGISTRATION REQUIREMENTS UNDER
ENGLISH LAW 14.7.5-2 14.7.5.3 MODIFICATIONS TO ENGLISH INSOLVENCY LAW
14.7.5.3 14.7.5-4 THE RIGHT TO USE AND APPROPRIATE FINANCIAL COLLATERAL
14.7.5.4.1-14.7.5.4.2 14.8 TAKING SECURITY OVER INTELLECTUAL PROPERTY
14.8.1-14.8.1.5 14.8.2 TAKING SECURITY OVER STARUTORJR IP RIGHTS IN THE
UK 14.8.2 XRXVU CONTENTS 14 14 8.2.1 REGISTERED RIGHTS .8.2.2
UNREGISTERED RIGHTS 14.8.3 COMPANIES ACT REGISTRATION 14.9 14.10 14.11
14.12 14.13 TAKING SECURITY OVER BOOK DEBTS TAKING SECURITY OVER CREDIT
BALANCES AND OTHER OBLIGATIONS OWED BY A CREDITOR 14.10.2 14.10.3
14.10.4 14.10.5 SET-OFF 14.11.2 14.U.3 THE REASONS FOR TAKING SECURITY
THE CONCEPTUAL IMPOSSIBILITY ARGUMENT INSOLVENCY SET-OFF 'FLAWED ASSET'
PROVISIONS PRE-INSOLVCNCY SET-OFF 14.11.2.1 LEGAL SET-OFF 14.11.2.2
EQUITABLE SET-OFF 14.11.2.3 CONTRACTUAL SET-OFF 14.11.2.4 THE BANKERS
RIGHT OF SET-OFF 14.11.2.5 PRECLUDING THE EXERCISE OF RIGHTS TO SET-OFF
14.11.2.6 NEGOTIABLE INSTRUMENTS INSOLVENCY SET-OFF 14.11.3.4 SET-OFF IN
BANKRUPTCY 14.11.3.5 SET-OFFIN A WINDING UP QUISTCLOSE TRUSTS 14.12.1
14.12.2 14.12.3 14.12.4 14.12.5 14.12.6 14.12.7 14.12.8 THE QUISTCLOSE
CASE OTHER CASES THE TYPE OF TRUST 14.1 14. 14. 14.8.2.1 14.8.2.2 14.8.3
14.9.1-14.9.2 14.10.1-14.10.1.1 14.10.2.1 14.10.3.1-14.10.3.4
14.10.4.1-14.10.4.2 14.10.5.1-14.10.5.3 14.11.1-14.11.1.1 14.11.2
14.11.2.1.1 1.2.2.1.1-14.11.2.2.4 11.2.3.1-14.11.2.3.3
11.2.4.1-14,11.2.4.3 14.11.2.5.1-14.11.2.5.4.1 14.11.2.6.1-14.11.2.6.3
14. 14. THE QUESTIONABLE NEED FOR PROTECTION SUFFICIENT INTENTION OR
PURPOSE ACCEPTANCE OF THE PRINCIPLE LORD MILIETT'S ANALYSIS MONEY
RECEIVED WHEN THE RECIPIENT HAS STOPPED TRADING COMPANY REGISTRATION
REQUIREMENTS 14.13.2 14.13.3 14.13.4 THE OBLIGATION TO REGISTER THE
CONSEQUENCES OF A FAILURE TO REGISTER THE CATEGORIES OF REGISTRABLE
CHARGE 14.13.4.2 SECURITY OVER GOODS 14.13.4.3 SECURITY OVER BOOK DEBTS
14.13.4.4 FLOATING CHARGES 14.11.3.1-14.11.3.3 .11.3.4.1-14.11.3.4.4
11.3.5.1-14.11.353 14.12 14.12.1.1-14.12.1.2 14.12.2 14.12.3.1 14.12.4
14.12.5 14.12.6 14.12.7 14.12.8 14.13.1-14.13.11 14.13.2.1-14.13.2.3
14.13.3.1-14.13.3-4 14.13.4.1 14.13.4.2 14.13.4.3.1 14.13.4.4 XXXVUL
CONTENTS 14.13.4.5 SECURITY NOT REQUIRING REGISTRATION
14.13.4.5.1-14.13.4.5.2 14.13.5 THE REGISTER OF CHARGES
14.13.5.1-14.13.5.2 14.13.6 LATE REGISTRATION 14.13.6.1-14.13.6.3
14.13.7 THE POWER TO MAKE SECONDARY LEGISLATION 14.13.7.1-14.13.7.2
14.13.8 SECURI TY GIVEN BY A REGISTERED OVERSEAS COMPANY
14.138.1-14.13.8.3 14.13.9 RE-CHARACTERISATION 14.13.9.1 14.14
PRIORITIES 14.14.1-14.14.1.2 14.14.2 SOME GENERAL PRINCIPLES 14.14.2
14.14.2.1 THE ROLE OF NOTICE 14.14.2.1 14.14.2.2 PURCHASER FOR VALUE OF
THE LEGAL ESTATE 14.14.2.2.1-14.14.2.2.2 14.14.2.3 THE NEMODAT RULE
14.14.2.3 14.14.2.4 COMPETING EQUITABLE INTERESTS
14.14.2.4.1-14.14.2.4.2 14.14.2.5 THE PURCHASE MONEY SECURITY INTEREST
14.14.2.5 14.14.2.6 FLOATING CHARGES 14.14.2.6.1 14.14.2.7 PRIORITY
AGREEMENTS 14.14.2.7 14.14.3 GOODS 14.14.3.1-14.14.3.3 14.14.4 DEBTS
14.14.4 14.14.5 FURTHER ADVANCES 14.14.5.1-14.14.5.2.5 14.15
SUBORDINATION 14.15 14.15.1 INTRODUCTION 14.15.1.1-14.15.1.5 14.15.2
TYPES OF SUBORDINATION ARRANGEMENT 14.15.2.1 14.15.2.2 TURNOVER
SUBORDINATION AND SUBORDINATION TRUSTS 14.15.2.2 14.15.2.3 CONTINGENT
DEBT SUBORDINATION 14.15.2.3 14.15.2.4 SITUATIONS OUTSIDE THE INSOLVENCY
OF THE DEBTOR 14.15.2.5 14.15.3 LEGAL ISSUES THAT ARISE IN CONNECTION
WITH SUBORDINATION 14.15.3 14.15.3.1 PARI PASSU DISTRIBUTION IN A
WINDING UP OF THE DEBTOR 14.15.3.1.1 14.15-3-2 INSOLVENCY SET-OFF AS
BETWEEN THE INSOLVENT DEBTOR AND THE JUNIOR CREDITOR
14.15.3.2.1-14.15.3.2.3 14.153.3 PARTICIPATION OF THE JUNIOR CREDITOR IN
THE PRESCRIBED PART OF FLOATING CHARGE PROPERTY 14.15.3 14.15-3.4
SUBORDINATION TRUSTS BY WAY OF SECURITY 14.15.3.4.1-14.53.4.3 XXXIX
CONTENTS 14.15.3.5 THE BRITISH EAGLE PRINCIPLE IN THE INSOLVENCY OF THE
JUNIOR CREDITOR 14.15.3.5 14.15.3.6 DISCLAIMER OF A SUBORDINATION
ARRANGEMENT AS AN UNPROFITABLE CONTRACT IN THE INSOLVENCY OF THE JUNIOR
CREDITOR 14.15.3.6.1-14.15-3.6.6 14.15.3.7 ADMINISTRATION OF THE JUNIOR
CREDITOR 14.15.3.7 14.15.3.8 THE JUNIOR CREDITOR AS A SURETY 14.15.3.8.1
14.16 UPSETTING PRIOR TRANSAAIONS ENTERED INTO BY AN OBLIGOR 14.16.1
14.16.2 AVOIDANCE OF DISPOSITIONS OF PROPERTY IN A COMPULSORY WINDING UP
14.16.2.1*14.16.2.4 14.16.3 TRANSACTIONS AT AN UNDERVALUE
14.16.3.1-14.16.3.3 14.16.3.4 GIVING SECURITY 14.16.3.4.1-14.16.3.4.3
14.16.4 PREFERENCES 14.16.4.1 14.16.4.2 RELEVANT TIME 14.16.4.2
14.16.4.3 A PREFERENCE 14.16.4.3.1-14.16.4.3.3 14.16.4.4 INFLUENCED BY A
DESIRE 14.16.4.4 14.16.5 SECTIONS 238 AND 239: REMEDIES
14.16.5.1-14.16.5.2 14.16.5.3 THIRDPARTIES 14.16.5.3 14.16.5.4 SECURED
PARTIES 14.16.5.4.1-14.16.5.4.2 14.16.6 TRANSACTIONS DEFRAUDING
CREDITORS 14.16.6.1 14.16.6.2 TRANSACTION AT AN UNDERVALUE 14.16.6.2
14.16.6.3 PURPOSE 14.16.3.3.1 14.16.6.4 VICTIMS 14.16.6.4 14.16.7
AVOIDANCE OF FLOATING CHARGES 14.16,7 14.16.7-1 RELEVANT TIME 14.16.7.1
14.16.7.2 THE INVALIDITY 14.16.7-2 14.16.7.3 POINTSARISING
14.16.7.3.1-14.16.7.3.5 14.16.8 EXTORTIONATE CREDIT TRANSAAIONS
14.16.8.1-14.16.8.2 14.17 ENFORCEMENT OF SECURITY 14.17 14.17.1
DETERMINING WHETHER TO ENFORCE AND THE POSITION BEFORE ENFORCEMENT
14.17.1.1-14.17.1.4 14.17.2 FORECLOSURE 14.17.2.1 14.17.3 APPLICATION OF
FINANCIAL COLLATERAL 14.17.3 14.17.4 APPLICATION OF CASH BALANCES
14.17.4.1 14.17.5 TAKING POSSESSION 14.17.5-1 14.17.6 THE POWER OF SALE
14.17.6 14.17.6.1 PLEDGES 14.17.6.1 14.17.6.2 NON-POSSESSORY SECURITY
14.17.6.2.1 14.17.6.3 DUTIES IN EXERCISING THE POWER OF SALE 14.17.6.3
CONTENTS 14.17.7 APPOINTMENT OF AN ADMINISTRATOR 14.17.7.1 14.17.8
APPOINTMENT OF A RECEIVER 14.17.8.1-14.17.8.3 14.17.8.4 RECEIVERS OF
SPECIFIC ASSETS 14.17.8.4.1 14.17.8.5 ADMINISTRATIVE RECEIVERS
14.17.8.5.1-14.17.8.5.2.4 14.17.8.6 THE DUTIES OF A RECEIVER 14.17.8.6.1
14.17.9 CURTAILMENT OF THE RIGHT TO APPOINT AN ADMINISTRATIVE RECEIVER
14.17.9.1 14.17.9.2 CAPITAL MARKET ARRANGEMENTS (SECTION 72B) 14.17.9.2
14.17.9.3 PUBLIC-PRIVATE PARTNERSHIPS (SECTION 72C)
14.17.9.3.1-14.17.9.3.5.2 14.17.9.4 PROJECT FINANCE (SECTION 72E)
14.17.9.4.1-14.17.9.4.3 15. EQUIPMENT FINANCE 15.1 INTRODUCTION 151
15.1.1 ABROADOUTUNC 15.1.1-15.1.1.4 15.1.2 ACCOUNTING TREATMENT 15.1.2
15.1.3 TAXATION 15.1.3.1-15.1.3.3 15.1.4 CONFLICT OF LAWS AND THE CAPE
TOWN CONVENTION 15.1.4.1*15.1.4.6 15.1.5 COVENANTS AND UNDERTAKINGS IN
THE FINANCING DOCUMENTATION 15.1.5 15.1.6 THE SALE OF GOODS AA 1979
15.1.6 15.1.7 CHAPTER PLAN 15.1.7 15.2 ACQUISITION BY THE FINANCIER
OFTITLE IN THE EQUIPMENT 15.2.1 15.2.2 ACQUISITION OF TIDE FROM THE
CUSTOMER 15-2.2 152.2.3 RE-CHARACTERISATION 15.2.2.3.1-15.2.2.3.2
15.2.2.4 FRAUD 15.2.2.4 15-2.2.5 CUSTOMER REMAINING IN POSSESSION
15.2.2.5.1 * 15.2.2.5.3 15.2.2.6 MOTORVEHIDES 15.2.2.6 15.2.3
ACQUISITION OF TITLE FROM THE MANUFACTURER OR SUPPLIER 15.2.3.1 15.2.3.2
THE RELATIONSHIP BETWEEN THE FINANCIER AND THE SUPPLIER OR MANUFACTURER
15.2.3.2 15.2.3.3 THE RELATIONSHIP BETWEEN THE CUSTOMER AND DIE SUPPLIER
OR MANUFACTURER 15.2.3.3-1 152.3.4 THE MANUFACTURER'S OR SUPPLIERS
LIABILITY TO THE CUSTOMER IN TORT 15.2.3.4 15.3 CONDITIONAL SALE
AGREEMENTS I5-3.1-I53.IL XL. CONTENTS 15.3.2 CREDITSALE 15.3.2 15-3.3
THE EFFECT OF SUB-SALES 15.3.3.1-15.3.3.1.1 15.3.4 RETENTION OF TIDE
AGREEMENTS 15.3.4.1-15.3.4.3 15.4 HIRE PURCHASE AGREEMENTS 15.4.1 15.4.2
THE OPTION TO PURCHASE 15.4.2.1 15.5 FINANCELEASES 15.5.1-15.5.3 15.6
THE FINANCIER'S STATUTORY RESPONSIBILITY FOR THE EQUIPMENT
15.6.1-15.6.1.1 15.6.1.2 THE LEGISLATION 15.6.1.2 15.6.2 IMPLIED TERMS
AS TO TITLE, FREEDOM FROM ENCUMBRANCE, AND QUIET POSSESSION: CONDITIONAL
SALE AND HIRE PURCHASE AGREEMENTS 15.6.2.1-15.6.2.4.1 15.6.3 IMPLIED
TERMS AS TO POSSESSION, FREEDOM FROM ENCUMBRANCE AND QUIET POSSESSION:
LEASE AGREEMENTS 15-6.3 15.6.4 IMPLIED TERMS AS TO SATISFACTORY QUALITY
AND FITNESS FORPURPOSE 15-6.4.1-15.6.4.3 15.6.5 SATISFACTORY QUALITY
15.6.5.1-15.6.5.6 15.6.6 FITNESS FOR A PARTICULAR PURPOSE
15.6.6.1*15.6.6.2 15.7 EXCLUSION OR LIMITATION OF A FINANCIER'S
LIABILITY CONCERNING THE EQUIPMENT 15.7.1*15.7.2 15.7.3 CROSS-BORDER AND
CONFLICT OF LAWS CONSIDERATIONS 15.7.3 15.7.3.1 INTERNATIONAL SUPPLY
CONTRACTS 15.7.3.1 15.7.3.2 CHOICE OF LAW CLAUSES 15.7.3.2 15.7.4
SECTION 3 OF THE UCTA: LIABILITY ARISING IN CONTRACT 15-7.4.1*15.7.4.1.1
15.7.4.2 DEALING AS A CONSUMER 15,7.4.2.1-15.7.4.2.2 15.7.4.3 WRITTEN
STANDARD TERMS OF BUSINESS 15.7.4.3.1 15.7.5 SECTION 6 OF THE UCTA: THE
STATUTORILY IMPLIED TERMS UNDER A CONDITIONAL SALE OR HIRE PURCHASE
AGREEMENT 15.7.5.1*15.7.5.3 15.7.6 SECTION 7 OF THE UCTA: THE
STATUTORILY IMPLIED TERMS UNDER A LEASE AGREEMENT 15.7.6.1*15.7.6.2
15.7.7 SECTION 13 OF THE UCTA: ALTERNATIVE MEANS OF ESCAPING FROM
LIABILITY 15.7.7.1*15.7.7.2 15.7.8 SECTION 11 OF THE UCTA: THE
REQUIREMENT OF REASONABLENESS 15.7.8.1*15.7.8.4.3 15.8 THE RIGHT OF THE
FINANCIER TO TERMINATE DUE TO THE CUSTOMERS DEFAULT 15.8.1-15.8.1.1
15.8.2 THE DEPRIVATION PRINCIPLE 15.8.2.1-15.8.2.2.2.6 XLII CONTENTS
15.8.3 THE FINANCIER'S REMEDIES UNDER A CONDITIONAL SALE AGREEMENT
15.8.3.1-15.8.3.3 15.8.4 THE FINANCIER S REMEDIES UNDER A HIRE PURCHASE
OR FINANCE LEASE AGREEMENT 15.8.4.1-15.8.4.4 15.9 THE CUSTOMER'S
PROTECTION: TO SEEK RELIEF AGAINST FORFEITURE 15.9.1 15.9.2 THE
JURISDICTION TO GRANT RELIEF 15.9.2 15.9.3 EXERCISE OF THE COURT'S
DISCRETION 15.9.3.1 15.10 ADMINISTRATION AND MAKING PROPOSALS FOR A
VOLUNTARY ARRANGEMENT OF THE CUSTOMER 15.10.1-15.10.1.1 15.10.2
ADMINISTRATION 15.10.2 15.10.2.1 REPOSSESSION 15.10.2.1.1-15.10.2.1.2
15.10.2.2 DISPOSAL OF THE EQUIPMENT BY THE ADMINISTRATOR 15.10.2.2.1
15.10.3 MAKING A PROPOSAL FOR A COMPANY VOLUNTARY ARRANGEMENT 15.10.3-1
15.11 THE FINANCIER'S RIGHTS AGAINST THIRD PARTIES 15.11 15.11.1
PRIORITY RIGHTS 15.11.1.1 15.11.2 THE RIGHTS OF A REPAIRER
15.11.2.1-15.11.2.2 15.11.3 SUB-BAILEES 15.11.3 15.11.4 FIXTURES
15.11.4.1 15.11.5 UNAUTHORISED MIXING WITH OR INCORPORATION IN ANOTHER
ASSET 15.11.5.1*15.11.5-5 15.11.6 A CLAIM IN CONVERSION 15.11
-6.1-15.11.6.3 15.12 INSURANCE ARRANGEMENTS 15.12.1 15.12.2 PHYSICAL
DAMAGE AND THIRD PARTY LIABILITY COVER 15.12.2.1 15.12.3 NON-DISCLOSURE
AND BREACH OF WARRANTY 15.12.3-1 15.12.4 PAYMENT OF CLAIMS 15.12.4.1
15.12.5 BROKERS'UNDERTAKINGS 15.12.5 15-12.6 INSURANCE COVENANTS IN THE
FINANCING DOCUMENTATION 15-12.6 16. GUARANTEES 16.1 INTRODUCTION
16.1.1-16.1.6 16.2 THE NATURE OF A GUARANTEE 16.2.1-16.2.4 16.3 THE
NATURE OF FIRST DEMAND INSTRUMENTS AND INDEMNITIES 16.3 16.3.1 FIRST
DEMAND INSTRUMENTS 16.3.1-1-16.3.1-3 16.3.2 INDEMNITIES
16.3.2.1-16.3.4.2 XLIII CONTENTS 16.4 CONSIDERATION AND THE INTENTION TO
CONTRACT 16.5 OTHER PRELIMINARY ISSUES IN TAKING A GUARANTEE 16.5.2 THE
STATUTE OF FRAUDS 16.5.3 GENERAL ISSUES 16.5.4 NON-DISCLOSURE 16.5.5
CORPORATE MATTERS 16.5.6 PARTNERSHIPS 16.5.7 TRANSACTIONS AT AN
UNDERVALUE 16.6 STATE GUARANTEES 16.6.2 STATE AIDS WITHIN THE EU 16.7
THE TYPES OF GUARANTEE 16.7.1 SPECIFIC AND CONTINUING GUARANTEES 16.7.2
DEMAND GUARANTEES 16.7.3 LIMITED GUARANTEES 16.7.4 CONDITIONAL
GUARANTEES 16.8 ECGD COVER 16.9 RIGHTS OF THE GUARANTOR AS A SURETY
16.9.2 INDEMNITY BY THE DEBTOR 16.9.3 SUBROGATION 16.9.4 CONTRIBUTION
16.9.5 DISCONTINUANCE 16.10 DISCHARGE OF THE GUARANTOR 16.4.1-16.4.3 :
16.5.1 16.5.2.1-16.5.2.2 16.5.3 16.5.4 16.5.5.1 16.5.6 16.5.7.1-16.5.7.7
16.6.1 16.6.2.1-16.6.2.7 16.7 16.7.1 16.7.2 16.7.3.1-16.7.3.3 16.7.4
16.8.1-16.8.3 16.9.1 16.9.2 16.9.3 16.9.4.1-16.9.4.3 16.9.5.1-16.9.5.4
16.10.1 16.10.2 PERFORMANCE BY AND DISCHARGE OF THE DEBTOR 16.10.2.1
16.10.3 PAYMENT BY THE GUARANTOR 16.10.4 DETERMINATION OF THE GUARANTEE
16.10.5 INVALIDITY OF THE UNDERLYING OBLIGATIONS 16.10.6 CHANGES IN
IDENTITY 16.11 EQUITABLE GROUNDS FOR DISCHARGE OF A GUARANTOR 16.11.2
CONDUCT OF THE CREDITOR 16.11.3 RELEASES OF DIE DEBTOR AND GIVING TIME
FOR PAYMENT 16.11.4 OTHER DEALINGS WITH THE DEBTOR 16.11.5 DEFAULT BY
THE CREDITOR 16.11.6 LOSS OF RIGHTS OF SUBROGATION 16.11.7 RELEASE OF
CO-SURETIES 16.12 SAVING PROVISIONS 16.10.3.1 16.10.4 16.10.5 16.10.6
16.11.1-16.11.1.1 16.11.2 16.11.3.1-16.11.3.2 16.11.4.1-16.11.4.2
16.11.5 16.11.6.1 16.11.7 16.12.1-16.12.3 XLIV CONTENTS 17. THE REFORM
OF THE ENGLISH LAW OF SECURED TRANSACTIONS 17.1 INTRODUCTION
17.1.1-17.1.4 17.2 EXAMINING THE CASE FOR REFORM 17.2.1-17.2.6 17.3 THE
MULTIPLICITY OF INTERESTS AND FORMS OF TRANSACTION UNDER ENGLISH LAW
17.3.1-17.3.6 17.4 FIXED V FLOATING CHARGES 17.4.1-17.4.3 17.5 SECURITY
V OTHER TRANSACTIONS, THE RISK OF RE-CHARACTERISATION, AND THE
DIFFICULTIES WITH RIGHTS AND REMEDIES 17.5 17.5.1 THE DISTINCTION
17.5.1.1-17.5.1.3 17.5.2 CHARACTERISATION 17.5.2.1-17.5.2.3 17.5.3
RIGHTS AND REMEDIES 17.5.3.1-17.5.3.2 17.5.4 REFORM 17.5.4 17.6
REGISTRATION OF SECURITY 17.6.1 17.6.2 CORPORATE SECURITY
17.6.2.1-17.6.2.4 17.6.3 SECURITY GIVEN BY AN INDIVIDUAL 17.6.4 17.7
PRIORITIES 17.7.1-17.7.6 17.8 THE LAW COMMISSION'S PROPOSALS IN 2002 AND
2004 17.8.1-17.8.4.17 17.9 THE PROPOSALS IN THE LAW COMMISSIONS FINAL
REPORT OF 2005 17.9.1-17.9.4.13 17.10 CONCLUDING REMARKS 17.10.1-17.10.4
INDEX 1061 XLV |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T17:06:58Z |
| indexdate | 2024-07-09T20:56:10Z |
| institution | BVB |
| isbn | 9780199244713 |
| language | English |
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| spelling | McKnight, Andrew Verfasser (DE-588)137222831 aut The law of international finance Andrew McKnight 1. publ. Oxford [u.a.] Oxford Univ. Press 2008 CXVIII, 1125 S. txt rdacontent n rdamedia nc rdacarrier Recht Commercial law International finance Law and legislation Recht (DE-588)4048737-4 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 s Recht (DE-588)4048737-4 s b DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015580010&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | The law of international finance |
| title_auth | The law of international finance |
| title_exact_search | The law of international finance |
| title_exact_search_txtP | The law of international finance |
| title_full | The law of international finance Andrew McKnight |
| title_fullStr | The law of international finance Andrew McKnight |
| title_full_unstemmed | The law of international finance Andrew McKnight |
| title_short | The law of international finance |
| title_sort | the law of international finance |
| topic | Recht Commercial law International finance Law and legislation Recht (DE-588)4048737-4 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| topic_facet | Recht Commercial law International finance Law and legislation Internationaler Kreditmarkt |
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