Law of Multi-Bank Financing 9780773566668

Table of contents :
Contents
Cases
Statutes
Figures
Preface
Acknowledgments
Abbreviations
1 Multi-bank Financing: What It Is and Is Not
INTRODUCTION
MULTI-BANK FINANCING
Basic Transactions
Complex Transactions
MULTI-BANK FINANCING CONTRASTED WITH SIMILAR FINANCING TECHNIQUES
Introduction
Multi-bank Financing Contrasted with Syndications and Participations (Debt v Equity)
Multi-bank Financing Contrasted with International Bonds
Multi-bank Financing Contrasted with Securitization
Multi-bank Financing Contrasted with Commercial Paper Programs
Multi-bank Financing Contrasted with Note Issuance Facilities
Multi-bank Financing Contrasted with Unit Trusts
Multi-bank Financing Contrasted with Broadly Syndicated Loans
CONCLUSION
2 Multi-bank Financing: Who Uses It, Where, and Why
INTRODUCTION
THE PARTIES: WHO USES MULTI-BANK FINANCING?
Borrowers
The Lenders
COMPONENTS OF THE FINANCIAL MARKET: WHERE MULTI-BANK FINANCING OCCURS
Domestic Market
Foreign Market
Eurocurrency/International Financial Market
THE RATIONALE: WHY PARTIES USE MULTI-BANK FINANCING
The Borrower
The Banks
CONCLUSION
3 Overview of Relevant Areas of Law
INTRODUCTION
CHOICE OF LAW
RELEVANT GENERAL PRINCIPLES OF LAW
Introduction
Set-off
Insolvency
Methods of Transferring or Co-owning Property
CONCLUSION
4 The Mechanics of Arranging Loan Syndications and Loan Participations
INTRODUCTION
THE MECHANICS OF ARRANGING LOAN SYNDICATIONS
Sourcing the Loan
Structuring the Loan
Selling the Loan
THE MECHANICS OF ARRANGING LOAN PARTICIPATIONS
Loan Participation Procedures
Liability Arising from the Selling Process
CONCLUSION
5 The Financial Accommodation Facilities Used in Loan Syndications and Loan Participations
INTRODUCTION
DIRECT LOANS
Money Loans
Overdraft Facilities
COMMERCIAL LETTERS OF CREDIT
Overview of Letters of Credit
Syndications of Letters of Credit
Participations of Letters of Credit
BANK GUARANTEES
Introduction
Syndications of Bank Guarantees
Syndications of Direct Pay Standby Letters of Credit
Participations of Bank Guarantees
BANKERS' ACCEPTANCES
Bankers' Acceptances as a Funding Facility
Syndications of Bankers' Acceptances
Participations in Bankers' Acceptances
CONCLUSION
6 Legal Relations Between the Parties in Loan Syndications
INTRODUCTION
CONTRACTUAL PROVISIONS IN A SYNDICATED LOAN AGREEMENT
Definitions
Amount and Availability of the Credit
Payment, Repayment, and Prepayment
Security, Guaranty, and Insurance
Conditions Precedent
Representations and Warranties
Covenants
Events and Consequences of Default
Miscellaneous Provisions
THE CHARACTERIZATION OF THE SYNDICATION ARRANGEMENT
Importance of Proper Characterization
Characterization of the Syndication Arrangement
CONCLUSION
7 Legal Relationships Between the Parties In loan Participations
INTRODUCTION
PARTICIPANT-BORROWER RELATIONSHIP
PARTICIPANT-PARTICIPANT RELATIONSHIP
LEAD BANK-PARTICIPANT RELATIONSHIP
Form of the Participation Agreement
Contents of the Participation Agreement: Contractual Rights and Duties
CONCLUSION
8 The Characterization of the Participation Arrangement
INTRODUCTION
RESOURCE MATERIALS
Extracts from Participation Agreements
Canadian Case Law
ANALYSIS
Agency
Trust
Partnership or Joint Venture
Ownership in Common or Tenancy in Common
Debt Theory: Creditor-Debtor Relationship
Sale Theory: Assignor-Assignee Relationship
ECONOMIC CONSEQUENCES OF CHARACTERIZATION
Borrower's Insolvency
Lead Bank Insolvency
Participant's Insolvency
CONCLUSION
9 Rights And Duties of the Agent Bank in Loan Syndications and Loan Participations
INTRODUCTION
CONTENTS OF THE AGENCY CLAUSE
Appointment and Authorisation
Duties of the Agent Bank
Authority of the Agent Bank
Limitation on Liability
Conflicts of Interest
Additional Remuneration
Use of Confidential Information
Reimbursement and Indemnification of the Agent
Termination and Replacement of the Agent Bank
GENERAL APPROACH TO THE AGENT BANK'S LEGAL STATUS AND FUNCTIONS
True Agent or Special Agent Debate
Analysis
CONCLUSION
10 Securities Regulation Issues in Loan Syndications and Loan Participations
INTRODUCTION
OVERVIEW OF THE SECURITIES REGULATION SCHEME
BANKS IN A CHANGING LEGAL ENVIRONMENT: A BRIEF OVERVIEW
U.S. National Banks and Securities Activities
Canadian Banks and Securities Activities
THE INTERFACE BETWEEN LOAN SYNDICATIONS AND LOAN PARTICIPATIONS AND THE SECURITIES LAWS
United States
DO LOAN PARTICIPATIONS INVOLVE A SECURITY?
Canada
CONCLUSION
11 Accounting and Tax Issues in Loan Syndications and Loan Participations
INTRODUCTION
ACCOUNTING ISSUES IN LOAN SYNDICATIONS AND LOAN PARTICIPATIONS
Sources of Information
General
Rulings and Guidelines
TAX ISSUES IN LOAN SYNDICATIONS AND LOAN PARTICIPATIONS
General
Tax Issues Affecting the Borrower
Tax Issues in Loan Syndications
Tax Issues in Loan Participations
ALL PARTIES RESIDENT IN CANADA
CONCLUSION
12. Conclusion
SUMMARY
FUTURE DIRECTIONS
General
The Conceptual-Functional Approach to Multi-bank Financing
Codification, Harmonisation, and Legislation for Loan Participations?
APPENDICES
A: Syndicated Facility Agreement
B: Master Participation Agreement
C: Format Participation Agreement
D: Standby Letter of Credit
Notes
Bibliography
Index
A
B
C
D
E
F
G
H
I
J
L
M
N
O
P
Q
R
S
T
U
W

Polecaj historie

The Financing of Catastrophe Risk 9780226266251

Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notio

226 100 27MB Read more

Farm Equipment Financing

680 114 7MB Read more

Railroad Equipment Financing 9780231889131

Demonstrates the distinctive means which American railroads have developed to finance the acquisition of equipment, in t

180 11 12MB Read more

Handbook of Financing Energy Projects 0881735973, 9780881735970

Lack of funding is the number one project killer. Most organizations do not have extra cash lying around, therefore most

631 55 5MB Read more

Counter-Terrorism Financing : International Best Practices and the Law [1 ed.] 9789004409675, 9789004409668

In Counter-Terrorism Financing: International Best Practices and the Law, Nathalie Rébé, offers a new comprehensive fram

160 15 2MB Read more

Financing Total War 9780231882309

Looks at how to finance a total war including both financial and human resources as the United States was entering World

188 13 1MB Read more

Financing Corporate Capital Formation 9780226264240

Six leading economists examine the financing of corporate capital formation in the U.S. economy. In clear and nontechnic

214 53 7MB Read more

Tax Increment Financing 9781614383772, 9781614383765

This book begins with an overview in the first chapter of tax increment financing fundamentals that are generally unifor

179 14 706KB Read more

Congressional Parties, Institutional Ambition, and the Financing of Majority Control

702 109 2MB Read more

Financing patterns of European Buy-Outs 9783836625654, 9783836675659

As Buy-Outs became larger and more levered in the mid 2000's the European Leveraged Finance market experienced a wa

164 88 615KB Read more