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Loan Documentation School: Module 1 - Loan Documentation
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"Excellent training which has improved my knowledge of the documentation, given the context of clauses and taught me how to think ‘like a lawyer’." - Past Attendee, Scotiabank
"It’s amazing how you make it possible to learn so much within just a few days." - Past Attendee, National Savings & Credit Bank Zambia
Module 1: Loan Documentation (Day 1-3)
Module 2: Advanced Loan Documentation (Day 4-5)By attending this course, you will fully understand the commercial implications of the loan documentation and the key issues to watch out for
- Understand the structure of the documentation and how the various provisions interlink
- Learn how to spot the key commercial issues quickly
- Become familiar with the interest rate, increased costs and withholding tax provisions and the regulatory issues which help to shape them
- Appreciate the significant issues in the representations, repeating representations, undertakings and events of default from both a lender’s and borrower’s perspective
- Become familiar with the structure of security documentation and the importance of the application of funds clauses
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. -
Day 1
Introduction- The most common structures of loan transactions
- Single banks and syndicated loans
- Term loans and revolving credit facilities
- Single currency and multi-currency facilities
- Loan and guarantee facilities
- Secured and unsecured facilities
Pre-Contractual Issues- What issues should it address?
- How much detail should it contain?
- Is it intended to create a binding legal commitment?
Documenting risk free rates
This session will involve consideration of the documentation issues arising from use of risk free rates
Withholding Tax
Here we will look at withholding tax, double taxation treaties, and the consequences for the loan documentation.
Overview and Administrative Provisions
This session will involve an overview of the loan agreement and how it is structured to protect the lender, and an examination of the "mechanical" provisions of a typical loan agreement, such as the payments clause and the procedures to be followed on drawdown.- Drawdown procedures
- Repayment and prepayment
Representations- Delegates will consider the purpose of the representations. Typical representations will be considered, including common comments from either side.
Repeated Representations
We will review the impact of repeating representations, and the interrelations between different parts of the document, both in a term loan and in a revolving credit.
Undertakings and Events of Default
Typical undertakings and events of default will be discussed, including:- Financial covenants
- Pari passu
- Negative pledge
- Sanctions
- Cross default
- Material adverse change
- “Default”
Glossary of Terms
Delegates discuss the meanings of common terms used in this field
'Boilerplate' Provisions and Loan Transfers- Set-off clause
- Indemnities
- Agency clause
- Pro-rata sharing clause
- Loan transfers
- Novations
- Assignments
- Sub participations
- Credit Derivatives
Day 3
Workshop
Delegates will review a set of negotiated Events of Default and identify the commercially important issues addressed during the negotiations
Workshop
Calculate the likely recoveries of different classes of creditors in a winding up. This workshop sets the scene for the discussions on security and insolvency
Impact of security on the documents and on the transaction process
We will discuss the structure of the security documents and the importance of the application of funds clauses. This session will include a workshop on the application of funds clauses
We will also discuss associated assets, conditions precedent and conditions subsequent
Different types of security will be considered, including:- Liens
- Pledges
- Charges (fixed and floating)
- Mortgages
- Title as an alternative.
Insolvency clawback
This session will highlight the insolvency issues which might affect the security such as transactions at an undervalue and preferences
Guarantees- The important provisions of a typical guarantee will be examined as will:
- Commercial benefit and transactions at an undervalue
- Common provisions of a guarantee
- Similar instruments such as indemnities, standby letters of credit and advance payment bonds
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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.
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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
Instructor
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Sue Wright
Biography
Sue Wright is a solicitor with over 18 years experience in international banking transactions, including syndicated loans, subordinated debt, structured finance and tax driven transactions. She was a partner in the banking department at Norton Rose for 8 years and was responsible for training assistants at Norton Rose for 2 years. Sue has been highly recommended as one of the leading experts in her field by the Legal 500 and by Chambers.She was the Head of Professional Development at Herbert Smith and is now running an independent training consultancy, specialising in international banking.