The Law Relating to International Banking.
- 2nd ed.
- 1 online resource (693 pages)
Intro -- Preface -- Dedication -- Table of Statutes -- Table of Statutory Instruments -- Table of Cases -- Treaties and Conventions -- EU Legislation -- Chapter 1 International Term Loan Agreements -- Introduction -- The nature and mechanics of medium-term loan agreements -- Some problems caused by the flexible structures -- The structure of a loan agreement -- The 'drawdown' period -- Restrictions on the use or purpose of the loan -- Restrictions imposed upon the borrower within the terms of the loan documentation -- Remedies for breach of covenant -- Internal remedies -- External remedies -- Restructuring -- Introduction -- The restructuring process -- Conclusion -- Other relevant agreements -- 'Floor/ceiling' agreements -- Insurance law considerations -- Documentation for 'collar' agreements -- Security -- Conflict of laws issues and security -- Guarantees in international term loans -- Legal problems -- Other considerations with guarantees -- Comfort letters -- Chapter 2 Primary Syndication -- Introduction -- Arranging a syndicated loan -- Arranging the loan mandate -- Arranging the syndicate -- Exclusion clauses -- Fiduciary duties -- Precautions to be taken by the arranging bank -- Due diligence -- Will the information memorandum be construed as a regulated prospectus? -- Negotiating the loan documentation -- The arranging bank -- No conflict -- No profit rule -- Duty to disclose -- Execution of the agreement -- The agent bank -- The duties of the agent -- Protecting the agent bank within the loan agreement -- The functioning of the syndicate -- Agent's responsibilities under the terms of the agreement -- Claw back provisions -- Replacement of the agent -- Exclusion of liability -- General indemnity for the agent bank -- Are the duties extended in default? -- The relationship between the syndicate members. Could the relationship be construed as a partnership or a joint venture? -- The impact of the sharing clause -- Disagreements -- Chapter 3 Secondary Syndication - Loan Transfer -- Introduction -- Methods of sale -- Novation -- Legal assignment -- Equitable assignment -- Funded participation (sub-participation) -- Risk participation (non-funded participation) -- Trusts -- English law considerations -- Credit risk -- Contractual restrictions -- Confidentiality -- Potential liability of seller to buyer -- Local law -- Taxation -- Stamp Duty -- Withholding tax -- Expense or distribution? -- Regulation of asset sales -- Development of the market -- Secondary market -- Corporate investors -- Chapter 4 Primary Securitisation - Bond Issues -- Introduction -- Negotiability -- Types of bond -- Domestic, Foreign and International bonds -- Unlisted bonds -- Listed bonds -- Secured bonds -- Bond issue by trust deed -- Bond issue by fiscal agency arrangement -- Documentation -- The prospectus or offering circular -- Subscription agreement -- The trust deed -- Paying agency agreement -- Agent bank agreement -- Note issuance facilities -- The note market -- Revolving underwriting facilities -- External risk factors -- Information memoranda and other offering material -- Misrepresentation and negligence -- Commercial paper -- The dealer agreement -- Forms of commercial paper -- Sukuk (Islamic bonds) -- Convertible bonds -- Discount/interest bearing -- Currencies -- Guarantees -- The regulatory and legal framework -- Negotiable/debenture -- Taxation issues -- Bonds and syndicated lending - a comparison -- Chapter 5 Secondary Securitisation -- Introduction -- History -- Originating assets -- The special purpose vehicle or entity -- Special Purpose Vehicles (SPVs) -- Special Purpose Entities (SPEs) -- Multi-seller structures -- Credit aspects -- Liquidity aspects. Islamic securitisation -- Salam structure -- Wakalah structure -- Murabahah structure -- Asset backed or asset based? -- Asset types -- Types of sukuk -- Choice of Law and Jurisdiction -- Secondary Islamic bond markets -- Credit Enhancement -- Whole of business and synthetic securitisation -- The rating process -- Introduction -- Disclaimer of onerous property -- Rescission of contracts -- Transactions at an undervalue -- Preferences -- Defrauding creditors -- The credit rating itself -- Collateral and cash flow risk -- Legal and third party risks -- Structural risks -- The ratings -- Short-term debt ratings -- Long-term debt ratings used by all major agencies -- Why securitise? -- Accounting issues -- Transfers from the originator to the SPV -- Transfers of equitable title -- Mortgage backed securities -- Powers of attorney -- How will the SPV sell bonds? -- Other risk issues in the transfer of assets from the originator to the SPV -- Charge or sale? -- Conclusions -- Chapter 6 Derivatives -- Introduction -- Futures -- Options -- Contracts for differences -- Currency swaps -- Interest rate swaps -- Commodity swaps -- Credit swaps -- Swapping out -- Forward rate agreements (FRAs) -- Forward foreign exchange contracts (Fx forwards) -- Caps, Floors and Collars -- Issues arising -- Capacity -- Netting -- Payment or settlement netting -- Netting by novation -- Close out netting -- Multilateral netting -- Cross-product netting -- Documentation and master agreements -- Confirmations and master agreements -- ISDA Master Agreements -- ISDA 2002 Master Agreement - Terms -- The ISDA Master Agreement - Completing the Schedules -- ISDA Credit Support Agreements -- Derivatives Trading -- Master agreements and insolvency issues -- Gaming and potential unenforceability -- Chapter 7 Performance Bonds, Contract Guarantees and Standby Letters of Credit -- Introduction. The bonds or guarantees which may be given under English law -- Bid or tender bonds -- Performance bonds -- Advance payment bonds -- Retention money bonds -- First demand or conditional? -- Conditional bonds -- The documentary bond -- Remedies -- Defences -- Fraud -- Illegality of the underlying contract -- Illegality of the bond or letter of credit -- Forgery -- Nullity -- The relationships created by first demand bonds -- Autonomy from the underlying transaction -- The importance of private international law -- Safeguarding the position of the issuing bank -- Obtaining counter indemnities -- Syndication -- Two recourse obligations -- The recourse obligation imposed on the seller/contractor -- Other provisions in the syndicated bond agreement -- Safeguarding the position of the seller/contractor -- Insurance support and the Export Credits Guarantee Department -- Conclusions -- Chapter 8 Contractual remedies and issues arising -- Introduction -- Clauses in the agreement -- Events of default clause -- Actual breach and anticipatory breach -- Remedies on default -- The internal remedies -- Restructuring -- Waiver -- Acceleration -- Default interest -- General default indemnity -- Set off -- External remedies -- Chapter 9 Governing Law -- Introduction -- Choice of law -- Factors influencing choice of law -- Will an express choice of law be recognised? -- Rome I Regulation -- Determination of the proper law -- Effect of choice of law under the Rome 1 Regulation -- Alternative heads of liability -- Rome II Regulation and Tortious Claims -- The common law approach -- Alternative choice of law clauses -- Freezing the proper law -- Applicable law where no express choice is made -- Is there an implied choice? -- The closest and most real connection -- Conclusion -- What does the applicable law govern? -- Those matters governed by the applicable law. Those matters not governed by the applicable law -- Public international law -- Sharia law -- Chapter 10 Jurisdiction -- Introduction -- Jurisdiction of the English courts in respect of actions in personam where the Brussels 1 Regulation does not apply -- The traditional bases of jurisdiction -- Bases of jurisdiction under the Brussels 1 Regulation and Lugano Conventions where no jurisdiction clause is included in the agreement -- General jurisdiction -- Special jurisdiction -- Exclusive jurisdiction -- Jurisdiction clauses under the Brussels 1 Regulation -- The wording of the clause -- Submission before the courts of a contracting state -- Legal restrictions on jurisdiction -- Lis alibi pendens (dispute pending elsewhere) -- Exclusive jurisdiction clauses -- Floating jurisdiction clauses -- The new international lis alibi pendens rule and forum non conveniens -- Arbitration -- Enforcement of foreign judgments -- Where judgment is obtained in a jurisdiction which is not party to the Regulation -- Distinction between recognition and enforcement -- New proceedings or enforcement of the foreign judgment -- Requirements for recognition and enforcement -- Where judgment is obtained from a court within a Member State under the Brussels 1 Regulation or a contracting state under the Lugano Convention -- The defendant need not be domiciled in the EU -- Recognition -- Enforcement by registration -- Grounds for refusal -- Conclusion -- Chapter 11 Sovereign Risk -- Sovereign risk -- Recognition of states -- General UK position -- Liability of one regime for debts of another: state continuity -- Sovereign immunity -- The common law -- State Immunity Act 1978 -- Constituent territories of federal states -- Forms of clause waiving immunity -- Changes to the law of the state in question -- Expropriations -- Summary -- Availability of procedural remedies. Changes made to the capacity of an organisation to be sued.
9781526508805
Banks and banking, International-Law and legislation.