Powered by Finance Unlocked
Learn about every aspect of finance, delivered through one-off videos to in-depth pathwaysLearn More
VAT on Virtual and Online Programmes
Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.
Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.
Claim the VAT that's rightfully yours in four simple steps:
1. Register your interest
2. Sign a few simple documents
3. VAT IT processes your claim
4. Receive your refund
Why choose VAT IT
VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Loan Documentation e-Learning
Course Overview & Target Audience
This course is designed for bankers and lawyers and anyone else who is involved in international finance and needs to understand the documentation. The courses are suitable for experienced users and those with no prior experience of the subject matter. It is useful for beginners, to give them a comprehensive review of the loan agreement and the issues it raises. It is also useful for those with practical experience but who have not previously had any formal in depth training on the agreement, to help them fill in the inevitable gaps in their knowledge and to give them a framework in which to consolidate their practical knowledge. It is also useful as a refresher. The course uses extracts and specimen clauses from a version of the investment grade Loan Market Association (LMA) loan agreement.
By the end of this course, participants should:
- Understand the structure of the loan agreement (investment grade, unsecured) and the relationship between its various provisions
- Be able to review a loan agreement for an investment grade borrower and identify key issues such as the scope of the agreement
- Be aware of the importance of the detailed provisions of the loan agreement and be able to negotiate some of the points commonly raised on those provisions
The course involves around 10 to 15 hours work over an agreed period of weeks (ideally 4 weeks). This route covers those essential topics which participants need to be aware of when dealing with a loan transaction.
The materials consist of short interactive content and quizzes. Delegates will be required to pass all quizzes in order to be eligible for a certificate.
The course materials available online are self contained and no other materials are required in order to complete the study course. The materials give participants a good understanding of the key issues.
Delegates will usually have access within 24 hours of the payment being received and verified.
General Introduction and Administrative Provisions
Part 1 - Introduction
- Lesson 1: A Company's Overview
- Debt vs. equity
- Capital markets vs. loan markets
- Loan agreement structure
- Lesson 2: Structural Subordination
- What is it?
- What impact does it have on loan undertakings?
- Use of upstream guarantees
- Locations for due diligence
Part 2 - Administrative Provisions of the Loan Agreement
- Lesson 1: General Definitions
- Including circularity
- Moving definitions
- Uncapitalised definitions
- Avoiding the traps
- Lesson 2: Specific Definitions
- Including finance documents
- Material adverse effect
- Reference banks
- Lesson 3: Financial Indebtedness
- The definition explained including title financing such as finance leasing and repos
- Lesson 4: Drawdown and Repayment
- Lenders’ rights and obligations
- Conditions precedent
- Multicurrency mechanics and prepayment
Stage 1 Quiz
Interest, Representations and Repeating Representations
Part 1 - Interest
- Lesson 1: Interest Rates and Funding Costs
- Base rate
- Central bank rates
- Basel III liquidity ratios
- Funding costs
- Lesson 2: LIBOR
- Screen rate
- Base rate
- Reference banks
- Lesson 3: Interest Periods
- Broken funding costs
- Default interest and penalties
- Interest periods in revolving credits
- Lesson 4: Additional Costs (Part 1)
- The market disruption clause
- Lesson 5: Additional Costs (Part 2)
- The Increased Costs clause
- Lesson 6: Withholding Tax (Part 1)
- Withholding tax
- Grossing up
- Double tax treaties
- Gross up and loan transfer
- Lesson 7: Witholding Tax (Part 2)
- Risk allocation
- The clawback clause
- Loan transfers
Part 2 - Representation and Repeating Representations
- Lesson 1: Representations
- Obligors and Group members
- Role of representations in risk allocation
- Pari passu
- Litigation and breach of contract representations
- Lesson 2: Repeating Representations
- Discussion of which representations to repeat
Stage 2 Quiz
Undertakings and Introduction to Events of Default
Part 1 - Undertakings
- Lesson 1: Information Undertakings
- GAAP and IFRS
- Frozen and moving GAAP provisions
- Auditors’ certificates and other information undertakings, including the obligation to notify of a Default
- Lesson 2: General Undertakings
- The negative pledge
- The no disposals clause
- Lesson 3: Financial Covenants (Part 1)
- Relationship with the material adverse change and cross default clauses
- Review of interest cover, leverage and cash flow ratios
- Lesson 4: Financial Covenants (Part 2)
- Tangible Net Worth
- Capital expenditure
- Lesson 5: Scope of the Agreement
- Group members, Obligors and Excluded Companies
- Change of ownership or control of the company
Part 2 - Introduction to Events of Default
- Lesson 1: Events of Default - The Big Picture
- Objective vs. subjective Events of Default
- Scope of the agreement
- Robustness, particularly in view of the cross default clauses
- Events of Default outside the Borrower’s control
- Lesson 2: Event of Default - Purpose and Mechanics (Part 1)
- The role of the Events of Default in:
- Allocating risk
- Giving the Lenders leverage
- Automatic and non automatic Events of Default
- Borrower’s right to remedy an Event of Default which has occurred
- Events of Default and default interest
- Lesson 3: Events of Default – Purpose and Mechanics (Part 2)
- Defaults and Events of Default
- 'Rollover Loans' in a revolving credit facility
- Effect of disputed Event of Default on acceleration
Stage 3 Quiz & Compulsory Report
Events of Default and Boilerplate
Part 1 - Events of Default
- Lesson 1: 'Breach of Contact' Events of Default
- Non payment
- Failure to meet financial ratios
- Breach of undertaking and misrepresentation
- Lesson 2: Other General Events of Default
- Change of control
- Lesson 3: Cross Default Purpose
- Spiralling effect
- Cross default vs. cross acceleration
- Ways in which the borrower may seek to reduce the impact of the clause
- Lesson 4: Material Adverse Change
- Arguments for and against
- Lesson 5: Material Adverse Change
Part 2 - Boilerplate
- Lesson 1: The Agent’s Role and the 'Boilerplate'
- Fiduciary duties
- Exclusion clauses
- Other 'boilerplate' clauses, including:
- The pro rata sharing clause
- The anti estoppel clause
- The jurisdiction clause
- The clause dealing with waivers and amendments
- Lesson 2: Transfer Methods
- Subparticipations (funded and risk)
- Credit derivatives
- Lesson 3: Transferring Secured Loans
- The options for structuring secured syndicated loans
- Lesson 4: The Transfer Clause Borrower
- 'Yank the bank'
Part 3 - General
- Defaulting Lenders
- Addressing issues which arose during the financial crisis of 2008
- Lesson 1: A Company's Overview
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck