International acquisition finance : law and practice / edited by Gwendoline Griffiths.
2010
K1362 .I538 2010 (Map It)
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Details
Title
International acquisition finance : law and practice / edited by Gwendoline Griffiths.
Published
Oxford ; New York : Oxford University Press, 2010.
Call Number
K1362 .I538 2010
Former Call Number
Comp 615 In83 2010
Edition
Second edition.
ISBN
9780199579709 (hbk. : alk. paper)
0199579709 (hbk. : alk. paper)
0199579709 (hbk. : alk. paper)
Description
liv, 833 pages ; 26 cm
System Control No.
(OCoLC)467749071
Summary
"This new edition of International Acquisition Finance builds on the success of the first edition in providing a comprehensive and comparative analysis of the law and practice of acquisition finance from the viewpoint of leading lawyers in over 20 different jurisdictions including the UK, China, France, Germany, the Netherlands, and the USA. New jurisdictions for this edition include Hong Kong, India and Poland. The work contains an overview of the relevant issues to provide the reader with an understanding of structuring cross-border acquisition finance transactions and solutions to relevant legal problems. Each chapter deals with the stages of the proposed transaction and its financing and the related issues which need to be considered in the different jurisdictions. This fully updated new edition reflects recent changes to the law in all jurisdictions, including the implementation in England of the Companies Act 2006 whose effects include the abolition of the prohibition of financial assistance for private companies and changes to the way in which charges are registered. Also included is new coverage of acquisitions from insolvency practitioners, regulation affecting financial institution investment practices and other changes brought about by the current economic conditions, as well as a new chapter on public company acquisitions written by Stephen Powell of Slaughter & May. In addition relevant legal and practical considerations involved in public company acquisitions are considered in each jurisdictional chapter"--Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Added Author
Table of Contents
Notes on Contributors
xxix
Tables of Cases
xxxix
Tables of Legislation
xliii
1.
Introduction
A.
Background
1
B.
Structure
3
C.
Underlying Scenario
4
D.
Contributors' Approach
9
E.
Diversity
13
F.
Comparative Table
14
G.
Other Comparative Issues
17
H.
Cross-border Developments
18
I.
Legislative Changes
19
J.
A Stimulating Environment
20
2.
Comparative Table
3.
United Kingdom-England
A.
Introduction
1
(1).
Stakeholders
1
(2).
Recent trends
1
(3).
Acquisitions of assets of an insolvent company
9
B.
Methods of Acquisition Finance
14
(1).
Bank loans
15
(2).
Debt securities
24
(3).
Bridge financing and post-completion syndication
29
C.
Terms of a Senior-Syndicated Facilities Agreement
31
(1).
Types of facilities
34
(2).
Intra-group loan agreement
35
(3).
Conditions precedent and drawdown mechanics
36
(4).
Representations and warranties
43
(5).
Positive covenants
49
(6).
Negative covenants
53
(7).
Financial covenants and information
58
(8).
Prepayment and repayment
61
(9).
Assignments and transfers
66
(10).
Role of agent and security trustee
68
(11).
Tax aspects
71
(12).
Related facilities
79
D.
Guarantees and Security
81
(1).
Common issues relating to guarantees and security
82
(2).
Financial assistance
91
(3).
Guarantees
96
(4).
Security
97
E.
Intercreditor Arrangements and Subordination
110
(1).
General introduction
110
(2).
Intercreditor agreements
115
(3).
Subordination
134
4.
United Kingdom-Scotland
(1).
Areas where there are fundamental differences between Scots law and English law
5
(2).
Areas where Scots law and English law are similar or identical
10
B.
Methods of Acquisition Finance
12
(1).
Bank loans
13
(2).
Mezzanine finance
27
C.
Guarantees and Security
42
(1).
Guarantees
42
(2).
Security
51
(3).
Security---Scotland only
59
(4).
Security---Scotland and England
66
D.
Intercreditor Arrangements and Subordination
77
(1).
Ranking
80
(2).
Subordination
88
5.
United Kingdom-Public Acquisition Financing
B.
Certain Funds
4
(1).
Background to certain-funds provisions in public takeovers
4
(2).
Market practice
6
(3).
Drafting approach
7
(4).
Certain-funds period
9
(5).
Draw-stops
12
(6).
Review of bid financing facilities for cash confirmations
17
C.
Facility Dynamics
19
(1).
Working capital
19
(2).
Facility structure
20
(3).
The rule of six
22
(4).
Debt syndication during offer periods
24
D.
Other Considerations
25
(1).
Offer related undertakings
25
(2).
Financial assistance
34
(3).
Due diligence and clean up
35
(4).
Reregistration of public company as private limited company
37
E.
Experience outside the United Kingdom
39
6.
Belgium
B.
Methods of Acquisition Finance
6
(1).
Equity investors
6
(2).
External lenders
8
(3).
Debt securities
12
C.
Specific Requirements for Parties that Provide Loans to Commercial Entities
16
D.
Terms of a Senior Syndicated Facilities Agreement
17
(1).
The right to choose the law that will goven the loan agreement
17
(2).
Negotiating the contract: precontractual liability
18
(3).
Negotiating the senior syndicated facilities agreement: letter of intent
22
(4).
The specific terms: contractural freedom
24
(5).
Assignment and transfers
48
(6).
Role of agent and security trustee
52
(7).
Interpretation of contracts
58
E.
Securing the Acquisition Finance: Restrictions on Giving Security and Guarantees
60
(1).
Corporate power: limitations included in the memorandum and articles of association
61
(2).
Corporate benefit
63
(3).
Financial assistance rules
78
(4).
The limitations of the Belgian Company Code
103
(5).
Abuse of law (fraude a la lot)
106
F.
Securing the Acquisition Finance: Possible Security and Formalities
107
(1).
Security---the general principles
107
(2).
Mortgage
114
(3).
Pledges over tangible assets
122
(4).
Pledges over shares adn other financial instruments
130
(5).
Pledges over invoices
136
(6).
Pledges over receivables
139
(7).
Pledges over bank accounts
144
(8).
Pledges over intellectual property rights
146
(9).
Pledges over business---Ì€floating' charge
149
(10).
Guarantees
160
(11).
Jointly and severally liable debtots
167
(12).
Specific contractual protection: limitation of recourse
170
(13).
Set-off
172
(14).
Transfer of financial instruments as security
180
(15).
Repo-agreement re financial instruments
181
(16).
Enforcement of Belgian security
183
G.
Intercreditor Arrangements and Subordination
194
(1).
Freedom to contract
194
H.
Caveat: Lender's Liability
197
(1).
The basic principle
197
(2).
Tort liability
199
7.
Canada
B.
Methods of Acquisition Finance
2
(1).
Commercial bank loans
2
(2).
Debt securities
11
(3).
Limited-recourse financing
14
(4).
Bridge financing
17
(5).
Other types of debt financing
21
C.
Terms and Conditions of a Senior Syndicated Facilities Agreement
22
(1).
Types of facilities
26
(2).
Intra-group loan agreement
29
(3).
Conditions precedent and drawdown mechanics
31
(4).
Representations and warranties
41
(5).
Positive covenants
45
(6).
Negative covenants
49
(7).
Financial covenants and information
53
(8).
Assignments and participations
62
(9).
Role of agent and security trustee
66
(10).
Hedging
69
D.
Guarantees and Security
70
(1).
Financial assistance
71
(2).
Guarantees
84
(3).
Security
92
E.
Intercreditor Agreements
113
F.
Securities Law Implications
125
(1).
Take-over bids
126
(2).
Procedure and timing
129
(3).
Arrangements
136
(4).
Approvals
140
(5).
Making the arrangement effective
147
8.
China
B.
Basics of PRC Company Law
6
(1).
Limited liability companies
6
(2).
Foreign investment enterprises
7
(3).
Investment categories
11
(4).
Regulatory bodies
12
C.
M&A Regulatory Environment
14
(1).
M&A environment
14
(2).
Acquisition by established FIEs
18
(3).
Acquisition structures
18
(4).
Foreign investors acquiring a domestic PRC company or its assets
22
(5).
Foreign investors acquiring SOEs and State-owned assets
24
(6).
Foreign investors making strategic investment by acquiring shares in listed companies
27
(7).
Foreign investors acquiring equity or assets from an insolvent company
29
D.
Structuring the Loan Finance
30
(1).
Intercompany loans
32
(2).
Borrowing by domestic PRC companies
33
(3).
Borrowing by FIEs
34
(4).
Domestic syndicated lending
37
(5).
Syndicated loan agreement
39
(6).
Governing law and dispute resolution
47
E.
Taking and Enforcing Security in the PRC
54
(1).
Mortgages
58
(2).
Guarantees
69
(3).
Pledges
77
(4).
Liens
81
(5).
Deposits
82
(6).
Security to a foreign entity
83
(7).
Specific acquisition finance issues
88
F.
Offshore Acquisitions
91
(1).
Advantages of offshore acquisitions of PRC operations
91
(2).
Merger control
98
G.
Conclusion
101
9.
Denmark
(1).
New Danish legislation
3
(2).
Documentation
8
(3).
Trends in acquisition finance
14
(4).
Issues arising from the purchase of shares or assets of insolvent companies
16
(5).
Issues arising from the purchase of shares in public listed companies
18
B.
Methods of Acquisition Finance
19
(1).
Bank loans
19
(2).
Debt securities
28
(3).
Bridge financing
31
(4).
Post-completion syndication
32
C.
Terms of a Senior Syndicated Facilities Agreement
33
(1).
General
33
(2).
Types of facilities
37
(3).
Debt servicing---intra-group loan agreements and dividends
39
(4).
Conditions precedent and drawdown mechanics
43
(5).
Representations, warranties and covenants
54
(6).
Financial covenants and information
69
(7).
Prepayment and repayment
73
(8).
Assignments and transfers
79
(9).
Role of agent and security trustee
81
(10).
Tax aspects
82
(11).
Related facilities
94
D.
Guarantees and Security
98
1.
Common issues relating to guarantees and security
98
(2).
Financial assistance
117
(3).
Security trustees and security agents
144
(4).
Guarantees
154
(5).
Security
159
E.
Intercreditor Arrangements and Subordination
177
(1).
General introduction
177
(2).
Intercreditor agreements
181
(3).
Subordination
195
10.
Finland
(1).
Introduction
6
(2).
Senior and mezzanine financing
11
(3).
Receivables and the assignment thereof under Finnish law
13
(4).
Shareholder's equity
22
(5).
Shareholder loans
25
(6).
Public acquisition financing
27
C.
Terms of Senior Syndicated Facilities Agreement
29
(1).
General
29
(2).
Drawdown mechanics
31
(3).
Conditions precedent
32
(4).
Representations, warranties, and covenants
43
(5).
Execution of financing agreements
49
(6).
Prepayment and repayment
51
D.
Related Facilities
69
E.
Guarantees and Security
70
(1).
Introduction
70
(2).
Pledges of moveable property under Finnish law
71
(3).
Security interest in certain registered moveables
95
(4).
Real-estate mortgage
98
(5).
Floating charge
107
(6).
Guarantees
116
(7).
Structuring issues in respect of security
126
F.
Financial Assistance and other Restrictions Affecting Corporate Borrowing
134
(1).
General
134
(2).
Financial assistance provisions
136
(3).
Corporate benefit considerations and unlawful distribution of funds
140
(4).
Consequences of breach
144
(5).
Relevance for post-acquisition structure 1
147
(6).
Relevance for post-acquisition structure 2
150
G.
Intercreditor Arrangements and Subordination
152
(1).
General
152
(2).
Finnish regulation on contractual subordination
153
(3).
Intercreditor arrangements in bankruptcy
154
(4).
Intercreditor arrangements and company reorganization
161
(5).
Other relevant provisions of intercreditor agreements
164
11.
France
(1).
Loans
2
(2).
Equity
11
(4).
Public acquisition financing
15
C.
Terms and Conditions
21
(1).
Terms of a senior syndicated facilities agreement
21
(2).
Types of facilities
23
(3).
Mandatory rules
24
(4).
Intra-group loan agreements
25
(5).
Conditions precedent and drawdown mechanics
26
(6).
Representations and warranties
35
(7).
Covenants and obligations
37
(8).
Prepayment and repayment
42
(9).
Assignments and transfers
45
(10).
Facility agent---security agent and security trustee
47
(11).
Effective global rate (Taux effectif global)
53
(12).
French language
54
(13).
Tax aspects
55
D.
Guarantees and Security
60
(1).
General limitations on taking guarantees and security in France
60
(2).
Types of security interests
71
(3).
Enforcement of security if the debtor is in bonis
87
(4).
Overview of bankruptcy proceedings
88
(5).
Enforcement in a bankruptcy situation
94
(6).
General limitations on taking security
98
(7).
Dividend distributions
106
(8).
Cash-pooling arrangements
107
(9).
Merger/absorption of the target company with the acquisition holding company
109
E.
Intercreditor Arrangements and Subordination
113
(1).
Intercreditor agreements
113
(2).
Subordination
114
12.
Germany
(1).
Market developments
2
(2).
Legislative developments
6
(3).
Typical structure
7
(4).
Acquisition of assets of an insolvent company
8
B.
Methods of Acquisition Finance
9
(1).
Senior debt
10
(2).
Junior debt
12
(3).
Ranking of debt
19
(4).
Interim Loan Agreements
20
(5).
Public acquisition financing
21
C.
Terms of a Senior Syndicated Facilities Agreement
25
(1).
General terms and conditions
26
(2).
General undertakings
29
(3).
Events of default and termination rights
43
(4).
Material adverse effect
49
(5).
Conditions precedent
52
(6).
Assignments and transfers
57
D.
Guarantees and Security
61
(1).
Accessory and non-accessory rights
62
(2).
Guarantee on first demand
71
(3).
Financial Assistance
72
(4).
Capital maintenance restrictions
79
(5).
General security considerations
86
(6).
Types of security
98
(7).
Enforcement of security in insolvency
131
E.
Intercreditor Arrangements and Subordination
133
13.
Hong Kong
B.
Investment Vehicle
4
C.
The Acquisition
8
(1).
Stamp duty
8
(2).
Restrictions on transfer
12
D.
The Financing
14
(1).
The loan documentation
14
(2).
The security documentation
32
(3).
Financial assistance
57
E.
Hong Kong Insolvency Regime
71
F.
Listed Companies
82
14.
India
(1).
Acquisitions of listed companies
3
(2).
Insolvent companies
7
B.
Methods of Acquisition Finance
8
(1).
Loans from Indian banks
12
(2).
External commercial borrowings
19
(3).
Loans to overseas JVs and WOS from non-Indian lenders
24
(4).
Loans from non-banking financial companies
25
(5).
Issue of non-convertible debentures
27
(6).
Structured instruments
29
C.
Terms of Financing Documents
31
(1).
Sanction letters
32
(2).
Terms of loan agreements
34
(3).
Terms of facility agreements of overseas lenders
53
(4).
Terms of debenture documents
60
(5).
Terms of structured investment agreements
68
D.
Guarantees and Security
71
(1).
Financial assistance rules
73
(2).
Other issues relating to guarantees
77
(3).
Creation and enforcement of security
86
(4).
Security over immoveable property
95
(5).
Security over moveable property
105
(6).
Pledge over shares
111
(7).
Lock-box arrangements
118
(8).
Priority of claims
119
(9).
Fraudulent preference
123
E.
Intercreditor Arrangements
128
15.
Ireland
(1).
Bank loans
2
(2).
Debt securities
8
(3).
Ranking of debt
10
C.
Terms of a Senior Syndicated Facility Agreement
12
(1).
Drawdown mechanics and conditions precedent
13
(2).
Representations and warranties
24
(3).
Positive covenants
25
(4).
Negative covenants
26
(5).
Financial covenants
27
(6).
Repayment and prepayment options
29
(7).
Mandatory prepayment
31
(8).
Events of default
32
(9).
Assignment and transfers
33
(10).
Related facilities
34
D.
Guarantees and Security
38
(1).
Form of guarantee
39
(2).
Execution of guarantee
40
(3).
Commercial benefit
43
(4).
Prohibition of guarantees
44
(5).
Fees for guarantees
45
(6).
Fixed and floating charges
46
(7).
Avoidance of guarantees and security
54
(8).
Registration of security
57
E.
Financial Assistance
60
(1).
Prohibition on financial assistance
60
(2).
Authorized financial assistance
62
(3).
Form of declaration
64
(4).
Directors' liability
65
(5).
Procedure
67
(6).
Filing of statutory declaration
72
F.
Intercreditor Arrangements and Subordination
74
(1).
Governing law and jurisdiction
79
16.
Italy
B.
Methods of Acquisition Finance
4
C.
Bank Loans
10
D.
Terms of a Senior Syndicated Facilities Agreement
11
(1).
Drawdown mechanics and conditions precedent
11
(2).
Representations and warranties
12
(3).
Covenants
16
(4).
Financial covenants
18
(5).
Events of default
19
E.
Financial Assistance
20
(1).
The 2004 reform of Italian company law
28
(2).
The two-tier structure
32
F.
Corporate Benefit
34
(1).
The ùltra vires' transaction
35
G.
The New Regime of Corporate Group Responsibility
40
H.
Tax Deductibility of Interest Payment
44
I.
Debt Securities
46
(1).
Subordinated bonds
47
(2).
The tax regime
49
J.
Intercreditor Arrangements and Subordination
51
(1).
Structural subordination and the impact of shareholder loans
59
K.
Security Interests
64
(1).
The ̀floating charge' in Italy
65
(2).
Pledges and the assignment of receivables
73
(3).
The enforcement procedures
85
(4).
Security subject to a ̀financial collateral arrangement'
90
(5).
The suspect period
93
17.
Japan
B.
Methods and Structure of Acquisition Finance
6
(1).
Loans
7
(2).
Securities
9
(3).
Senior loans v subordinated loans
11
(4).
Secured loans v unsecured loans
15
(5).
Bridge financing and post-completion syndication
22
(6).
Other issues
24
(7).
Public acquisition financing
27
(8).
Transaction involving financially distressed companies
36
C.
Terms of a Loan Agreement
39
(1).
Types of facilities
43
(2).
Intra-group loan agreement
44
(3).
Conditions precedent and drawdown mechanics
45
(4).
Representations and warranties
52
(5).
Positive covenants
57
(6).
Negative covenants
64
(7).
Financial covenants and information
69
(8).
Prepayment and repayment
72
(9).
Assignments and transfers
76
(10).
Role of agent and security agent
80
(11).
Related facilities
81
D.
Guarantees and Security
83
(1).
Common issues relating to guarantees and security
84
(2).
Guarantees
86
(3).
Security
89
E.
Intercreditor Arrangements
111
18.
Luxembourg
B.
Methods
8
(2).
Lending as an investment
36
(3).
Financing the acquisition of a public company
45
C.
Subordination and Limited Recourse
51
(1).
Subordination
52
(2).
Limited recourse
64
D.
Guarantees and Security
68
(1).
Validity conditions
71
(2).
An efficient regime governing collateral introduced by the financial collateral directive
105
(3).
Legal certainty in case of insolvency
115
(4).
Consequences and risks
121
E.
Financial Assistance
126
19.
The Netherlands
B.
The Terms of the Facility Agreement
4
(1).
Applicable law
4
(2).
A Dutch transaction with international aspects governed by Dutch law documentation
7
(3).
An international transaction with Dutch aspects governed by foreign law documentation
10
C.
Grounds under Dutch Contract Law for Contesting the Validity or Enforceability of the Finance Documents
13
(1).
A Dutch transaction with international aspects governed by Dutch law documentation
13
(2).
An international transaction with Dutch aspects governed by foreign law documentation
33
D.
Grounds under Dutch Company Law for Contesting the Validity or Enforceability of the Finance Documents
39
E.
Other Grounds which may Affect the Validity or Enforceability of the Finance Documents
65
F.
The Giving of Security by Dutch Companies
76
(1).
Types of security
76
(2).
In rem security rights
77
(3).
Quasi or contractual security rights
97
(4).
The Dutch conflict of law rules
112
(5).
Joint security rights/parallel debt
120
(6).
The effect of amendments of the facility agreement and of loan transfers on security
126
(7).
Enforcement of security rights
129
G.
Intercreditor Issues
142
20.
Norway
A.
Methods of Acquisition Finance
1
(1).
Senior lenders
3
(2).
Mezzanine lenders
6
(3).
Asset-based finance lenders
9
(4).
Debt securities
10
(5).
Purchase of shares or assets of insolvent companies
13
(6).
Public acquisition financing
16
B.
Terms of a Senior Syndicated Facilities Agreement
19
(1).
Intra-group loan agreements
21
(2).
Assignments and transfers
22
(3).
The Norwegian Financial Contracts Act
23
C.
Guarantees and Security
24
(1).
Common issues relating to guarantees and security
24
(2).
Financial assistance
31
(3).
Limitations on upstream and sidestream security
36
(4).
The Norwegian Financial Contracts Act
44
(5).
Security
45
D.
Intercreditor Arrangements and Subordination
55
21.
Poland
(1).
Bank loans
8
(2).
Debt securities
15
(3).
Bridge financing and post-completion syndication
16
(4).
Acquisitions of listed companies
23
(5).
Current trends---acquisition from bankruptcy officers
33
C.
Terms of a Senior Syndicated Facilities Agreement
36
(1).
Types of facilities
36
(2).
Conditions precedent and drawdown mechanics
38
(3).
Representations and warranties
42
(4).
Positive covenants
47
(5).
Negative covenants
50
(6).
Financial covenants and information
52
(7).
Prepayment and repayment
55
(8).
Assignments and transfers
60
(9).
Role of security agent
62
(10).
Tax aspects
64
(11).
Related facilities
67
D.
Guarantees and Security
69
(1).
Common issues relating to guarantees and security
69
(2).
Existing security and refinancing
70
(3).
Corporate benefit
71
(4).
Financial assistance
72
(5).
Guarantees
75
(6).
Security
78
(7).
Types of security available
82
(8).
Manner in which various types of assets are encumbered
128
(9).
Additional issues in connection with the creation of security interests
140
E.
Intercreditor Arrangements and Subordination
145
(1).
General introduction
145
(2).
Intercreditor agreement and subordination
148
22.
Spain
B.
Methods of Acquisition Finance
3
(1).
Recurrent use of Spanish acquisition vehicles
4
(2).
Scarce use of debt securities
8
(3).
Growing use of layers of subordination
10
(4).
Acquisition techniques
11
(5).
Public acquisition financing
14
(6).
Acquisition financing of distressed assets
21
C.
Terms of a Senior Syndicated Facilities Agreement
24
(1).
Types of facilities
24
(2).
Drawdown mechanics and conditions precedent
27
(3).
Representations and warranties
40
(4).
Positive covenants
43
(5).
Negative covenants
45
(6).
Financial covenants
46
(7).
Prepayment and repayment
56
(8).
Ancillary facilities
64
D.
Guarantees and Security
75
(1).
Common issues relating to guarantees and security interests
76
(3).
Security interests
90
E.
Intercreditor Arrangements
121
(1).
General introduction
121
(2).
Collective action
123
(3).
Holding and enforcing security
128
(4).
Share of payments
132
F.
Subordination
137
(1).
Contractual and structural subordination
137
(2).
Contractual subordination in insolvency situations
140
(3).
Other subordination causes in insolvency situations
141
23.
Sweden
(1).
General
3
(2).
Bank loans
8
(3).
Debt securities
14
(4).
Bridge financing and post-completion syndication
15
(5).
Acquisitions in insolvency situations
18
(6).
Public acquisition financing
21
C.
Terms of a Senior Syndicated Facilities Agreement
41
(1).
Conditions precedent and drawdown mechanics
45
(2).
Representations and warranties
51
(3).
Positive covenants
60
(4).
Negative covenants
64
(5).
Financial covenants and information
69
(6).
Prepayment and repayment
72
(7).
Assignments and transfers
76
(8).
Role of agent and security trustee
78
(9).
Related facilities
80
D.
Guarantees and Security
82
(1).
Common issues relating to guarantees and security
83
(2).
Financial assistance
86
(3).
Other relevant legal provisions
96
(4).
Guarantees
105
(5).
Security
110
E.
Intercreditor Arrangements and Subordination
136
(1).
General introduction
136
(2).
Intercreditor agreement
140
(3).
Subordination
158
24.
Switzerland
B.
Common Financing Methods
7
(1).
Senior debt
9
(2).
Mezzanine debt
18
(3).
Fully subordinated debt (shareholders' loans)
22
(4).
Intra-group loan agreements
24
(5).
Debt securities
27
(6).
Bridge financing
34
C.
Terms of Typical Senior Term and Revolving Facilities Agreement
36
(1).
Facilities
36
(2).
Legal characterization
38
(3).
Common legal issues
43
(4).
Form of documentation
55
(5).
Selected terms of a typical senior loan facility agreement
63
D.
Financial Assistance
132
(1).
Legal concepts restricting the giving of financial assistance
138
E.
Guarantees and Security
148
(1).
Introduction
148
(2).
Governing law
150
(3).
Common issues
153
(4).
Guarantees
163
(5).
Taking security in Switzerland
167
F.
Intercreditor Arrangements and Subordination
184
(1).
Introduction
184
(2).
Validity under Swiss law
185
(3).
Intercreditor agreements
187
G.
Special situations
197
(1).
Debt restructuring
197
(2).
Acquisition out of insolvency
205
(3).
Financing of a listed target acquisition
210
25.
United States
(1).
Types of financing
3
C.
Initial Considerations
6
(1).
Acquisition structure
6
(2).
Group structure
7
(3).
Acquisition agreement
10
(4).
Due diligence
18
(5).
Bankruptcy proceedings
20
(6).
Fraudulent conveyance
24
D.
Terms of the Bank Loan Facility
29
(1).
Types of facilities
29
(2).
Conditions precedent/deliverables
31
(3).
Opinions
35
(4).
Representations and warranties
36
(5).
Covenants
37
(6).
Prepayment and repayment
42
(7).
Events of default
43
(8).
Choice of law
45
(9).
Tax
46
(10).
Security interests and related issues
48
(11).
Certain developments
57
E.
Debt Securities
63
(1).
Covenants
64
(2).
Regulatory issues
66
(3).
Subordinated debt
70
(4).
Bank financing v debt securities
73
F.
Intercreditor Arrangements and Subordination
78
(1).
Payment subordination
79
(2).
Structural subordination
82
(3).
Lien subordination
84
G.
Recent Developments
85
(1).
Investment grade lending
85
(2).
Distressed acquisitions
88
Index
781