Download International Loan Documentation by S. Wright PDF

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By S. Wright

This re-creation presents a hugely functional and entire source for bankers and legal professionals, in any respect degrees of expertise, fascinated with overseas lending. the writer covers the phrases of overseas mortgage documentation with entire motives of the aim of the provisions, and of parts that could require negotiation.

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Note 3. Borrowers must remain in the Group unless they resign as borrowers. They may resign as borrowers if they repay those advances which were made to them and if there is no Default at the time of their resignation. They are bound by the covenants relating to ‘Obligors’. Note 4. 17), which are less extensive than the ‘Obligor’ covenants. They need not remain in the Group. They may become Borrowers or Guarantors subject to certain conditions, including delivery of a satisfactory legal opinion.

9 The first letter of ‘LIBOR’ stands for London, and will be different if the lender is funding itself in a different market, for example, where the lender is funding itself in Tokyo, the reference will be to TIBOR. Nevertheless, in some markets, the practice is to refer to LIBOR despite the fact that the lender funds itself in a different market, with LIBOR being used simply as a benchmark rate and with the lender recognizing that it will not always accurately reflect its cost of funds. 10 Hence simply to say LIBOR is meaningless.

4 Repeated representations A final word of caution relates to the repeated representations. As we will see in relation to clause 19 of the LMA Term Loan, certain representations may be repeated during the life of the loan. After full drawdown on a term loan, the result of this is that, if a repeated representation becomes untrue, the lenders will be entitled to accelerate the loan. The same result would have been achieved by phrasing the issue as an undertaking (if it is something which the borrower can promise) or an Event of Default (if not).

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