Pari passu clauses: English law after NML v Argentina
|
|
- Sheena Ball
- 6 years ago
- Views:
Transcription
1 2 Capital Markets Law Journal, Vol. 9, No. 1 Pari passu clauses: English law after NML v Argentina Lachlan Burn* Key points Recent litigation in the USA has raised doubts about the meaning of the pari passu provision typically included in sovereign bonds. As many sovereign bonds are subject to English law, it is sensible to ask whether English courts might take the same approach as those in the USA. This article considers how English law approaches the interpretation of contracts and, in particular, the willingness of the courts to look at background information known to the parties at the time of the contract to determine what their intentions might have been; and to use that information to unravel ambiguities or even to rescue the parties from mistakes in their use of language that may be linguistically correct but does not reflect their intentions. In the context of the pari passu provision, the article concludes that the parties to a sovereign bond could not have intended the provision to require proportionate payment of all creditors and that, therefore, the English courts would take a different view from that currently taken by those of the USA. 1. Introduction The long-running litigation in the USA involving the meaning of a pari passu provision in the Republic of Argentina s bonds has resulted in interpretations that many find surprising. The bonds in question were governed by New York law. But, as sovereign bonds are also issued under English law and many contain similar provisions, it is worth considering how an English court might approach the subject. The starting point is to look at the rules of interpretation that would be applied by an English court. These have changed considerably over the years, moving (broadly speaking) from a strict dictionary and syntactical interpretation of the words used in the contract alone, to a more flexible approach aimed at understanding what the parties to the contract must have intended, recognizing that human beings sometimes misuse words and fail to express themselves precisely. Having established these rules, the next stage is to apply them to the facts. As will be seen, this process involves looking not just at the words in isolation, but at whether a reasonable person would, knowing the consequences of an interpretation, have intended that interpretation. 2. English law relating to interpretation of contracts The traditional approach of English law to the interpretation of contracts was to seek for the ordinary meaning of the words used, without looking outside the contract to find the *Lachlan Burn, Linklaters, London. This article is based on the text of a presentation given by the author at the recent conference on pari passu clauses in sovereign bonds held by the Institute for Law and Finance, Goethe-Universität, Frankfurt am Main. ß The Author(s) (2014). Published by Oxford University Press. All rights reserved. For Permissions, please journals.permissions@oup.com doi: /cmlj/kmt029 Accepted 28 November 2013
2 Lachlan Burn Pari passu clauses 3 intention of the parties. Put simply, contractual parties were presumed to have articulated their intentions clearly within the contract itself and there was therefore no need to look further. And, in addition, there may have been a policy behind the rule, to do with the avoidance of lengthy debate as to the intentions of the parties and resulting protracted legal proceedings. This approach has, however, changed significantly in recent decades. In a 1971 case, 1 Lord Wilberforce stated that a contract should not be interpreted in isolation from what he called the matrix of facts in which it was set. It is necessary to enquire, he said, beyond the language and see what the circumstances were with reference to which the words were used, and the object, appearing from those circumstances, which the person using them had in view. This contextual approach to the interpretation of contracts has been taken further in recent years in a series of cases in the highest court in England (which was then the House of Lords). In a 1997 case 2 Lord Steyn said:...there has been a shift from strict construction of commercial instruments to what is sometimes called purposive construction of such documents...it is better to speak of a shift towards commercial interpretation...in determining the meaning of the language of a commercial contract...the law therefore generally favours a commercially sensible construction. In the same case, Lord Hoffmann said that it was important to distinguish between the meaning of words and what the user of the words would have understood them to mean. The dictionary and grammar books are an important element in interpreting the meaning of words. But another part of the material used to understand that meaning is our knowledge of the background against which the utterance was made. This helps not just to resolve ambiguity in the words of the contract but also to understand the intended meaning where the wrong words have been used. Lord Hoffmann then goes on to say:...commercial contracts are construed in the light of all the background which could reasonably have been expected to have been available to the parties in order to ascertain what would objectively have been understood to be their intention. These concepts were brought together by Lord Hoffmann in 1998, 3 in what is generally considered to be the authoritative statement of modern English law on the subject of contractual interpretation. He set out five principles. The following are relevant in this context: (1) Interpretation is the ascertainment of the meaning which the document would convey to a reasonable person having all the background knowledge which would reasonably have been available to the parties in the situation in which they were at the time of the contract. (2)...[The background] includes absolutely anything which would have affected the way in which the language of the document would have been understood by a reasonable man... 1 Prenn v Simmonds [1971] 1 WLR Mannai Investment Co Ltd v Eagle Star Life Assurance Co Ltd [1997] AC Investors Compensation Scheme Ltd v West Bromwich Building Society [1998] 1 WLR 896.
3 4 Capital Markets Law Journal, 2014, Vol. 9, No. 1 (4) The meaning which a document...would convey to a reasonable man is not the same thing as the meaning of its words. The meaning of words is a matter of dictionaries and grammars; the meaning of the document is what the parties using those words against the relevant background would reasonably have been understood to mean. The background may not merely enable the reasonable man to choose between the possible meanings of words which are ambiguous but even...to conclude that the parties must, for whatever reason, have used the wrong words or syntax... (5) The rule that words should be given their natural and ordinary meaning reflects the common sense proposition that we do not easily accept that people have made linguistic mistakes, particularly in formal documents. On the other hand, if one would nevertheless conclude from the background that something must have gone wrong with the language, the law does not require judges to attribute to the parties an intention which they plainly could not have had. Finally, in a 2011 decision, 4 the Supreme Court has made it clear that, if there are two possible interpretations of a commercial contract, the court is entitled to prefer the interpretation that is consistent with business common sense, without first having to show that a particular construction would produce an absurd or irrational result. In summary, therefore, under English law the interpretation of a contract is not confined to a dictionary and grammatical construction of the words within the contract alone. It is not only permissible but sometimes essential to look at background information that parties had at the time the contract was entered into to determine what their objectives and intentions were. And, very importantly, where there are several possible interpretations, the one to be preferred is that which is consistent with business common sense. 3. English law in the context of the pari passu provision Before looking at how English law might be applied in a context similar to that of NML v Argentina, I should declare an interest. The UK s Financial Markets Law Committee (the FMLC) published a paper on this subject in I was not a co-author of the paper, but was a member of the Committee at the time it was published and agree with it. It is, I would suggest, authoritative not because I was a Committee member, but because of the composition of the working group that produced it, which was chaired by a former senior Law Lord. Much of what I will now say is based on its conclusions. The FMLC summarized the two possible interpretations of the pari passu provision in a sovereign bond as follows: The first [interpretation] is a ranking interpretation that argues that the pari passu clause merely affirms that the obligations rank and will rank pari passu with all other unsecured debt as a matter of mandatory law and the second is a payment interpretation that argues that the borrower has undertaken that it will in fact pay its obligations pro rata when it is unable to pay all of them in full. It goes on to say that, until recently, the first interpretation was the only interpretation and the purpose of the clause was believed to be to prevent sovereigns from earmarking revenues or allocating foreign currency reserves to a single creditor or to prevent the sovereign from preferring one set of creditors over another by law. 4 Rainy Sky SA v Kookmin Bank [2011] UKSC Financial Markets Law Committee: Issue 79 Pari Passu Clauses.
4 Lachlan Burn Pari passu clauses 5 The report then looks at the payment interpretation in the light of English law. As case law permits, the report starts by looking at the background knowledge of the parties at the time of the contract. The essential question to answer is whether, given the practical consequences, the issuer or, indeed, the subscribers of the bonds intended the payment interpretation of the pari passu condition. And the conclusion of the paper is that they could not; and that the correct interpretation of the condition under English law is the ranking interpretation. A brief look at some of these consequences will illustrate the point. First, there is the effect of the payment interpretation on the sovereign s freedom to manage its affairs. If this interpretation were intended by it and the subscribers of the bonds, they would essentially be saying that, when the issuer had insufficient funds to pay everyone, it would be unable to pay anyone in full. So, if it had borrowed money to pay for construction in a foreign shipyard of a naval vessel that was essential to its defence, it would be unable to continue paying for the construction and the ship would not be delivered. Of, if it had borrowed money to pay annual software licence fees, its computer systems, and the government operations dependent on them, would be jeopardized. And so on. If the payment interpretation had been intended by the issuer, then surely it would have limited it in such a way as to avoid these consequences. Indeed, as the continued operation of the government is also in the interests of investors, surely they too would not have intended this interpretation. Creditors of countries that collapse into anarchy because government ceases to function will get even less back than those of a functioning, though impoverished, state. Secondly, any sovereign issuer will be aware that, if it were to call for assistance from entities such as the IMF, any loans made to it would have to be preferred to other creditors. Therefore, if the sovereign intended the pari passu condition in its bonds to have the payment meaning, it would necessarily have to expressly exclude such loans. The fact that it did not must indicate that the payment interpretation was not intended. Thirdly, any issuer of bonds will be well aware that, if it were to get into financial difficulties, it would need to reach an arrangement with as many of its creditors as possible, in order to set its finances in order. Such arrangements will typically involve creditors agreeing to receive less and/or extend maturities. Armed with that knowledge, why would an issuer deliberately make such a composition with creditors more difficult, if not impossible, by agreeing to a pari passu provision that required it to make proportional payments to those who refused the haircut as well as those that did not? Put the other way round, why would any creditor agree to reschedule or reduce its claim, if it could keep its original claim without risk of foregoing payment? Fourthly, there is the problem of what the FMLC report calls lender liability. If the payment interpretation were intended by the parties to the contract, then the lenders would be exposing themselves to the risk that whatever payment they might receive from the issuer would be attacked in their hands by other creditors who have received nothing.
5 6 Capital Markets Law Journal, 2014, Vol. 9, No. 1 There are examples of provisions in financing agreements where lenders agree to do exactly this. A typical example is a syndicated loan agreement, under which each lender will agree with the others that if it receives a proportionately higher payment from the borrower than the others, it will share the amount received. But I am not aware of any example of a lender agreeing to share whatever it receives with any other creditor of the borrower. That would be commercial madness. Fifthly, the payment interpretation would make no commercial sense, either for issuer, investors or for the international financial system as a whole. Financial markets depend, among other things, on certainty of payment. Funds move, in an electronic age, in the instant. They are often used in complex chains of inter-linked transactions. The payment on a sovereign bond may instantly provide collateral for another transaction. Payment systems are unconditional and automated. If the bank or clearing system through which the payments on the bond pass are required to hold up payments due to proceedings or even just the threat of proceedings by an alleged unpaid creditor of the issuer, then there is a risk that the system will just seize up. It is unreasonable to argue that either issuer or investor could have intended that result. So, in summary, I have little doubt that an English court, faced with similar facts to those in NML v Argentina, would conclude that the pari passu provision could not have been intended by the issuer or the subscribers of the bonds to be interpreted on the payments basis. What the court would do is to attempt to determine the purpose of the pari passu provision not just from the words on the page but by working out the intention of the parties, based on the background information available to them at the time the contract was made. In the context of a bond, there is one complication in this approach namely that a bond is a unilateral instrument. The only party to it, in a contractual sense, is the issuer. The issuer determines what the provisions of the bond are, in conjunction with those who will sell the issue on its behalf (usually a group of banks). The investors in the bond typically don t participate in the negotiation of its terms. But I think that a court would nonetheless consider not just what the issuer intended when writing the terms of the bond but also what the initial subscribers thought they were buying. Imagine, then, the issuer being confronted with the pari passu provision and being told that it had the payment interpretation. As a consequence, it is told: any rescheduling of debt would be almost impossible, because there would be no reason for bondholders to agree to it; it may be very difficult for it to receive help from entities such as the IMF, because of the priority attached to IMF loans; it would not be able to pay anyone unless it paid everyone so that even payments of licences to use its computer software would be at risk. Only an insane issuer would agree to such a provision. As for the initial subscribers, who are assuming that they are buying a performing asset (and paying on that basis), would they really want a provision in the bonds that exposes them to litigation if they received payments allegedly in breach of the provision? Would
6 Lachlan Burn Pari passu clauses 7 they want the issuer, if it got into financial difficulties, to be unable to pay even creditors who are essential to enable it to continue to govern itself? Almost certainly not. And would either the issuer or the initial investors really want the international payment mechanisms and clearing systems to be slowed down or even, in some cases, stopped by litigation initiated by hold out creditors? No. Not unless they have the mentality of Dr Strangelove. The conclusion therefore would be that the parties to the bond could not reasonably have intended the payment interpretation. It would have been commercial madness. 4. The meaning of the pari passu provision What then does a pari passu provision mean in the context of a sovereign bond? Perhaps the first thing to say is that it may be wrong to assume that it has any very precise meaning. Some commentators on the Argentinian case seem to have a very high opinion of lawyers and their role in commercial and financial deals. There is an assumption not only that lawyers always ensure that contracts are worded to reflect the precise intention of the parties, without ambiguity or error; but even that lawyers sometimes know better than the parties themselves and, using some sixth sense, are able to anticipate requirements the parties themselves are unaware of and include provisions in the contract on their own authority. Reality is not like that. They say that Homer nodded occasionally and wrote the odd boring or irrelevant paragraph. So do lawyers (with perhaps more than the odd boring passage). Sometimes precedent is used without sufficient thought and, who knows, maybe the explanation for the sovereign pari passu clause in bonds is simply that someone in the dim distant past took up a corporate bond as a basis for drafting a sovereign bond and just didn t think it through. Lawyers try to document the deal that their clients think they have concluded. If the clients are not clear about what they want, then the lawyer may try to sharpen their minds by asking questions and offering different options. But, if the attempt fails, then parts of the contract may be obscure or even, in some cases, meaningless. Sometimes, despite the lawyers best efforts, the instructions from the client are simply to do it the same as last time. And that is what they do. This may be part of the explanation why many sovereign bonds, even after the Argentine litigation set hares running across the field, have kept the pari passu provision unchanged. Maybe issuers and investors simply do not believe that the Argentine litigation will continue in the direction it appears to be heading. Or maybe they believe that, provided they do not use New York law, there is no threat. Having said that, I think that it is wrong to say that the version of the pari passu clause in sovereign bonds must either be interpreted on the payment basis or have no meaning at all. As the FMLC paper rightly says, the crucial word in the provision is rank. Rank is not the same as pay. It has a perfectly good meaning of its own, which has to do with order or queuing. In other words, where there are limited funds to pay, it indicates how
7 8 Capital Markets Law Journal, 2014, Vol. 9, No. 1 different creditors are to queue for payment. It does not say that any of those in a particular part of the queue will be paid rateably with others in the same part of the queue. So, when the issuer says that its bonds will rank equally with other unsecured indebtedness, it is promising that it will not take action to prefer any other such unsecured creditors for example, by giving them access to an earmarked fund. As with any promise, this provision can be broken. But the remedy for breach of contract is an action for damages or (perhaps) an injunction if the breach is merely anticipated (although I doubt whether an English court would grant such a remedy against a sovereign). The remedy is NOT to take action against those who may receive payment as a result of the breach (unless, perhaps, they have been active in procuring the breach, which is not the case here). What is the point of such a provision? This is an interesting question and one that prompts another observation. The pari passu provision is presumably included in sovereign bonds because someone thinks that it is important. As whatever protection it provides is for the benefit of the investor, presumably the investor is the person who values it. But I doubt whether, if you asked an investor what the benefit of the provision is, you would get a clear answer. I very much doubt that the subscriber would argue for the payment interpretation. That argument is for the benefit of those who buy distressed debt at heavy discounts when the issuer is in trouble. Investors at the time of issue are buying in the expectation of the debt performing, not in the expectation of using the courts as a lever against the issuer and other investors to extract a profit. But I also doubt whether the more normal initial subscriber would have anything more than a general feeling that the provision gives some sort of protection without being clear what that is. What might that protection be? I don t know. If pressed, I would perhaps say that it has something to do with protection of price in the secondary market. Rather like the negative pledge, the pari passu provision might be intended to prevent the issuer from creating future unsecured debt that has some kind of priority to particular revenues which, having that priority, would trade at a better price (or cause the investor s bonds to trade lower in the market). But that is just a guess. It is that or perhaps nothing much at all. But what the pari passu clause is not is a payment provision that allows distressed debt investors to buy cheap and then use the courts either to extract value at the expense of other investors who have already taken a haircut or to bully the issuer into paying them at par on securities they have bought at 30 per cent of face value as the price of getting them off their back, so that a sensible rescheduling can take place. 5. What next? By nature, I am conservative and don t like unnecessary change. But I am also risk averse especially so when acting on behalf of others. The views I have expressed above
8 Lachlan Burn Pari passu clauses 9 are firmly held and, I believe, right. There is almost no risk that English courts, faced with similar facts to NML v Argentina, would adopt the payment interpretation. (I say almost because litigation is always uncertain and there is always the risk of a judge who has had a bad breakfast giving the wrong decision). But markets cannot depend on the last appellate court giving the right decision after years of litigation. One can lose a lot of money as a result of litigious persons who try it on, even if after years of litigation judgment is given against them. And, of course, sovereign issuers who are in financial difficulties will be anxious to reschedule their debts speedily, without having either to engage in protracted litigation with minority hold out investors or to buy them out at par. Nor will bodies like the IMF or, indeed, banks or clearing systems through whom payments are channelled want to be exposed to such investors. It therefore seems to me to be very important that one of two things happens. The first involves investors and their advisers working out, in precise terms, what the commercial objective behind this provision is. Armed with that, lawyers can draft something that not only achieves that objective but avoids other, damaging, interpretations. The second is dependent on the failure of the first. If we really cannot identify what this provision is supposed to do, we should remove it. Leaving the provision as it is simply plays into the hands of those whose sole interest is to maximize their profit at the expense of others and who will create the maximum of disruption to achieve their ends.
Interpretation of contracts - liberalism re-affirmed
Interpretation of contracts - liberalism re-affirmed In Re Sigma Finance Corporation (in administrative receivership) [2009] UKSC 2 Case analysis by Caroline Edwards Interpretation of contracts liberalism
More informationThe clause (ACAS Form COT-3) provided:
THE CONSTRUCTION OF COMPROMISE AGREEMENTS The leading case is Bank of Credit and Commerce International SAI v Ali [2001] UKHL 8; [2002] 1 AC 251. It was also an extreme case where the majority of the House
More informationTHE IMPACT OF PRE-AND POST-CONTRACTUAL CONDUCT ON CONTRACTUAL INTERPRETATION
THE IMPACT OF PRE-AND POST-CONTRACTUAL CONDUCT ON CONTRACTUAL INTERPRETATION 1. Where there is a dispute as to the meaning of a provision in a contract, the role of the court is to determine the meaning
More informationInside this issue A cold wind blows: the impact of a more literal approach to contractual interpretation on construction contracts
Issue 72 - July 2017 Insight provides practical information on topical issues affecting the building, engineering and energy sectors. Inside this issue A cold wind blows: the impact of a more literal approach
More informationBefore : MR JUSTICE DAVID RICHARDS Between :
Neutral Citation Number: [2015] EWHC 270 (Ch) IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Case No: HC-2014-000704 Royal Courts of Justice Rolls Building, Fetter Lane, London, EC4A 1NL Date: 13 February
More informationWhy did the MF/1 terms not apply? The judge had concluded that the MF/1 terms did not apply because:
United Kingdom Letters of intent and contract formation RTS Flexible Systems Limited (Respondents) v Molkerei Alois Muller Gmbh & Company KG (UK Production) (Appellants) [2010] UKSC 14C Chris Hill and
More informationSkanska Rashleigh Weatherfoil Ltd v Somerfield Stores Ltd [2006] ABC.L.R. 11/22
CA on appeal from QBD (Mr Justice Ramsey) before Neuberger LJ; Richards LJ; Leveson LJ. 22 nd November 2006 LORD JUSTICE NEUBERGER: 1. This is an appeal from the decision of Ramsey J on the preliminary
More informationUnder construction: drafting and interpretation of land options
Under construction: drafting and interpretation of land options Charlie Newington-Bridges, St John s Chambers Published on 27 September 2016 Land Options Introduction 1. In H&S Developments v Chant [2016]
More informationCase 1:08-cv TPG Document 353 Filed 12/07/11 Page 1 of 5
Case 108-cv-06978-TPG Document 353 Filed 12/07/11 Page 1 of 5 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------x NML CAPITAL, LTD., Plaintiff, against
More informationGuarantee. THIS DEED is dated. 1. Definitions and Interpretation. 1.1 Definitions. In this Deed:
Guarantee THIS DEED is dated 1. Definitions and Interpretation 1.1 Definitions In this Deed: We / us / our / the Lender Bank of Cyprus UK Limited, trading as Bank of Cyprus UK, incorporated in England
More informationB e f o r e: LORD JUSTICE PETER GIBSON LORD JUSTICE CLARKE SIR MARTIN NOURSE HOLDING & BARNES PLC. Claimant/Appellant.
A3/2000/3076 Neutral Citation Number: [2001] EWCA Civ 1334 IN THE SUPREME COURT OF JUDICATURE IN THE COURT OF APPEAL (CIVIL DIVISION) ON APPEAL FROM THE CHANCERY DIVISION (Mr Justice Neuberger) B e f o
More informationJUDGMENT. In Re Sigma Finance Corporation (in administrative receivership) and In Re The Insolvency Act 1986 (Conjoined Appeals)
Michaelmas Term [2009] UKSC 2 On appeal from: [2008] EWCA Civ 1303 JUDGMENT In Re Sigma Finance Corporation (in administrative receivership) and In Re The Insolvency Act 1986 (Conjoined Appeals) before
More informationINEOS GRANGEMOUTH PLC
INEOS GRANGEMOUTH PLC (a public limited company incorporated under the laws of England and Wales with registered no. 08698417) 285,000,000 0.750 per cent. Guaranteed Notes due 2019 unconditionally and
More informationAPPENDIX FOR MARGIN ACCOUNTS. 1.1 In this Appendix, the following terms shall have the following meanings:
APPENDIX FOR MARGIN ACCOUNTS This Appendix applies if the Client opens or maintains a Margin Account in respect of margin facilities for trading in Securities. Unless otherwise defined in this Appendix,
More informationAPPENDIX FOR MARGIN ACCOUNTS
APPENDIX FOR MARGIN ACCOUNTS This Appendix applies if the Client opens or maintains a Margin Account in respect of margin facilities for trading in Securities. Unless otherwise defined in this Appendix,
More informationPRINCIPLES OF EUROPEAN CONTRACT LAW
25 May 2002 PRINCIPLES OF EUROPEAN CONTRACT LAW TEXT OF ARTICLES IN PART 3 IN ENGLISH 1 ENGLISH TEXT CHAPTER 10 Plurality of parties Section 1: Plurality of debtors ARTICLE 10:101: SOLIDARY, SEPARATE AND
More informationDOCTRINE OF ULTRA VIRES-EFFECTS AND EXCEPTIONS
CONCEPT DOCTRINE OF ULTRA VIRES-EFFECTS AND EXCEPTIONS The object clause of the Memorandum of the company contains the object for which the company is formed. An act of the company must not be beyond the
More informationSingapore High Court: Unravelling the unwind of accumulator contracts.
February 2016 Singapore High Court: Unravelling the unwind of accumulator contracts. Introduction On 10 February 2016, the Singapore High Court in Tan Poh Leng Stanley v UBS AG [2016] SGHC 17 delivered
More informationRectification Wills and Trusts
Rectification Wills and Trusts Amanda Hardy QC Tax Chambers 15 Old Square Lincoln s Inn Recent cases: Rectification of a will Marley v Rawlings and another [2014] UKSC A husband and wife each executed
More informationLOAN NOTE INSTRUMENT
[Company Name] Page 1 THIS DEED is dated [ ] [Company Name] incorporated and registered in England and Wales with company number 07537353 whose registered office is at 1 Harley Street, London, W1G9QD (the
More informationTHE PROPOSED NEW BRUNSWICK JUDGMENT ENFORCEMENT ACT QUESTIONS AND COMMENTS
THE PROPOSED NEW BRUNSWICK JUDGMENT ENFORCEMENT ACT QUESTIONS AND COMMENTS JUDGMENT ENFORCEMENT ACT -- QUESTIONS AND COMMENTS 1. Pre-Judgment Remedies. The draft NBJEA proposes a system of pre-judgment
More informationDEFENCES TO ENFORCEMENT OF FOREIGN JUDGMENTS AND AWARDS IN ENGLAND
DEFENCES TO ENFORCEMENT OF FOREIGN JUDGMENTS AND AWARDS IN ENGLAND 1. Sovereign immunity as a defence to enforcement of foreign judgments and awards in England. Overview Sovereign immunity derives from
More informationA Competence Statement for Solicitors
A Competence Statement for Solicitors Consultation questionnaire form This form is designed to be completed electronically in MS Word. Please save it locally before and after completing it. To request
More informationOBJECTIVISM VERSUS SUBJECTIVISM IN THE PROCESS OF THE INTERPRETATION OF THE CONTRACT
Humanities and Social Sciences Review, CD-ROM. ISSN: 2165-6258 :: 04(02):221 226 (2015) OBJECTIVISM VERSUS SUBJECTIVISM IN THE PROCESS OF THE INTERPRETATION OF THE CONTRACT Pavlína Jane ková Masaryk University,
More informationApril 2015 FINANCIAL MARKETS LAW COMMITTEE PARI PASSU CLAUSES
April 2015 FINANCIAL MARKETS LAW COMMITTEE PARI PASSU CLAUSES Analysis of the Role, Use and Meaning of Pari Passu Clauses in Sovereign Debt Obligations as a matter of English Law www.fmlc.org FMLC and
More informationDeed of Guarantee and Indemnity
Deed of Guarantee and Indemnity To: Shenwan Hongyuan Securities (H.K. Limited Shenwan Hongyuan Futures (H.K. Limited 1. In consideration of your granting and/or continuing to make available advances, credit
More informationAMENDED AND RESTATED SUPPLEMENTAL TRUST DEED. January 15, 2015
Execution Copy AMENDED AND RESTATED SUPPLEMENTAL TRUST DEED January 15, 2015 (supplemental to the Trust Deed dated 2 July 2013, as amended June 27, 2014 and further amended on December 23, 2014) RELATING
More informationREMOTENESS OF CONTRACTUAL DAMAGES
The Denning Law Journal Vol 21 2009 pp 173-179 CASE COMMENTARY REMOTENESS OF CONTRACTUAL DAMAGES Transfield Shipping Inc v Mercator Shipping Inc (The Achilleas ) [2008] 2 Lloyd's Rep 275 John Halladay
More informationContractual Interpretation: Do judges sometimes say one thing and do another? Canterbury University, Christchurch
Contractual Interpretation: Do judges sometimes say one thing and do another? Canterbury University, Christchurch 18 th October 2017 Sir Geoffrey Vos, Chancellor of the High Court Introduction 1. It is
More informationMarch 2016 INVESTOR TERMS OF SERVICE
March 2016 INVESTOR TERMS OF SERVICE This Agreement is between you and Financial Pulse Limited and sets out the terms on which Financial Pulse offers you access to and use of certain services via the online
More informationArticles of Association of Institutional Investors Group on Climate Change Limited
The Companies Act 2006 Company Limited by Guarantee and not having a Share Capital Articles of Association of Institutional Investors Group on Climate Change Limited As adopted by special resolution on
More informationSUBMISSION OF THE SCOTTISH LAW COMMISSION ON THE CONTRACT (THIRD PARTY RIGHTS) (SCOTLAND) BILL
SUBMISSION OF THE SCOTTISH LAW COMMISSION ON THE CONTRACT (THIRD PARTY RIGHTS) (SCOTLAND) BILL Introduction The Scottish Law Commission was established in 1965 to make recommendations to government to
More informationB e f o r e: MR JUSTICE OUSELEY. Between: THE QUEEN ON THE APPLICATION OF ASSOCIATION OF BRITISH COMMUTERS LIMITED Claimant
Neutral Citation Number: [2017] EWCA Crim 2169 IN THE HIGH COURT OF JUSTICE QUEEN'S BENCH DIVISION THE ADMINISTRATIVE COURT CO/498/2017 Royal Courts of Justice Strand London WC2A 2LL Thursday, 29 June
More informationClause 14: Contract Price and Payment
Clause 14: Contract Price and Payment Written by George Rosenberg 1 This important clause sets out the method of payment, certificates and release from liability. The overall methodology has not changed
More informationIt should be used in conjunction with the PPF Precedent Shareholders' Agreement (master version) and the PPF Precedent Articles of Association.
PPF Precedent Loan Note Instrument (master version) IMPORTANT This document is for lawyers who are familiar with transactions of this type involving the Pension Protection Fund (the "PPF"). It is not a
More informationArgentina s priority payment on its restructured sovereign debt: judicial protection accorded to holdout creditors
mckennalong.com Argentina s priority payment on its restructured sovereign debt: k Nora Wouters Authors Nora Wouters is a Partner at McKenna Long & Aldridge LLP and a Member of the Brussels Bar. Argentina
More informationIN THE MATTER OF LEHMAN BROTHERS INTERNATIONAL (EUROPE) (IN ADMINISTRATION) AND IN THE MATTER OF THE INSOLVENCY ACT 1986
IN THE COURT OF APPEAL ON APPEAL FROM THE HIGH COURT OF JUSTICE CHANCERY DIVISION COMPANIES COURT Before: Mr Justice David Richards A2/2015/3763 No 7942 of 2008 IN THE MATTER OF LEHMAN BROTHERS INTERNATIONAL
More informationARTICLES OF ASSOCIATION LADBROKES CORAL GROUP PLC
Company No. 566221 THE COMPANIES ACT 2006 PUBLIC COMPANY LIMITED BY SHARES ARTICLES OF ASSOCIATION OF LADBROKES CORAL GROUP PLC (INCORPORATED 16TH MAY 1956) (ADOPTED 5 MAY 2016) Index Part 1 - Interpretation
More informationPRESCRIPTION (SCOTLAND) BILL
PRESCRIPTION (SCOTLAND) BILL EXPLANATORY NOTES INTRODUCTION 1. As required under Rule 9.3.2A of the Parliament s Standing Orders, these Explanatory Notes are published to accompany the Prescription (Scotland)
More informationBRIEFING JANUARY 2016
BRIEFING C L E A R E R S K I E S A H E A D : T H E C O U R T O F A P P E A L R E V I E W S T H E E X T E N T O F A M O R T G A G E E S D U T I E S O N S A L E O F A D I S T R E S S E D A S S E T JANUARY
More informationTHE COMPANIES NAMED IN THIS GUARANTEE
EXECUTION VERISON Dated 16 AUGUST 2018 for THE COMPANIES NAMED IN THIS GUARANTEE as Original Guarantors ASTRO BIDCO LIMITED as Beneficiary GUARANTEE AND INDEMNITY TABLE OF CONTENTS Page 1. DEFINITIONS
More informationWIZZ AIR HOLDINGS PLC MEMORANDUM OF ASSOCIATION
WIZZ AIR HOLDINGS PLC MEMORANDUM OF ASSOCIATION COMPANIES (JERSEY) LAW 1991 COMPANY LIMITED BY SHARES MEMORANDUM OF ASSOCIATION of WIZZ AIR HOLDINGS PLC as amended by a special resolution of the members
More informationReview. Intellectual Property & Technology. March
March 2011 Review Intellectual Property & Technology HOW NOT TO ENFORCE INTELLECTUAL PROPERTY RIGHTS - LESSONS FROM MEDIA CAT LIMITED V ADAMS & ORS 1 Summary Following a series of increasingly bizarre
More informationJUDGMENT. R (on the application of Gibson) (Appellant) v Secretary of State for Justice (Respondent)
Hilary Term [2018] UKSC 2 On appeal from: [2015] EWCA Civ 1148 JUDGMENT R (on the application of Gibson) (Appellant) v Secretary of State for Justice (Respondent) before Lord Mance, Deputy President Lord
More informationTHE PORT OF PORTLAND (OREGON)
THE PORT OF PORTLAND (OREGON) ORDINANCE NO. 323 (ENACTED OCTOBER 9, 1985, AS AMENDED AND RESTATED PURSUANT TO ORDINANCE NO. 337A WHICH WAS ENACTED OCTOBER 14, 1987, ORDINANCE NO. 323A WHICH WAS ENACTED
More informationFundamental Principles in Interpretation of Contract
Fundamental Principles in Interpretation of Contract Ir. Harrison Cheung Barrister-at-law, Arbitrator, Adjudicator & Mediator Dispute Resolution Advisor FICArb, MHKIE, RPE harrisoncheung.counsel@gmail.com
More informationFOOTBALL AND THE CRIMINAL LAW BRIBERY AND CORRUPTION-A NEW WORLD ORDER
FOOTBALL AND THE CRIMINAL LAW BRIBERY AND CORRUPTION-A NEW WORLD ORDER Football and bribery Bribery and corruption has sadly been part of the game of football for over 100 years. Over the years there are
More informationUnit 5 : ADJUDICATION
Unit 5 : ADJUDICATION WHAT IS ADJUDICATION? Adjudication is a quick and inexpensive process in which an independent third party makes binding decisions on construction contract disputes. The adjudicator
More informationStructured Finance Subordination Provisions Upheld by High Court
Structured Finance Subordination Provisions Upheld by High Court Nick Shiren and Marco Crosignani This article explains a recent decision by England s High Court which highlights some of the uncertainties
More informationFundamentals Level Skills Module, Paper F4 (HKG) Corporate and Business Law (Hong Kong)
Answers Fundamentals Level Skills Module, Paper F4 (HKG) Corporate and Business Law (Hong Kong) June 2014 Answers 1 This question invites the candidates to demonstrate their knowledge of the common law
More informationHarry Fitzhugh v Anthony Fitzhugh
Page1 Harry Fitzhugh v Anthony Fitzhugh Case No: A3/2011/3117 Court of Appeal (Civil Division) 1 June 2012 [2012] EWCA Civ 694 2012 WL 1933439 Before: Lord Justice Longmore Lord Justice Rimer and Lord
More informationJudgments - Concord Trust v Law Debenture Trust Corporation plc. HOUSE OF LORDSSESSION [2005] UKHL 27 on appeal from: [2004] EWCA Civ 1001
Judgments - Concord Trust v Law Debenture Trust Corporation plc HOUSE OF LORDSSESSION 2004-05 [2005] UKHL 27 on appeal from: [2004] EWCA Civ 1001 OPINIONS OF THE LORDS OF APPEAL FOR JUDGMENT IN THE CAUSE
More information36 month Software User Licence Agreement
36 month Software User Licence Agreement Boris Software Ltd, This licence agreement (Licence) is a legal agreement between you (Licensee or you) and Boris Software Limited whose registered office is situated
More information29 September To Our Clients and Friends:
THE DRAFT BRIBERY BILL 29 September 2009 To Our Clients and Friends: At a moment when the U.K. Serious Fraud Office (SFO) has announced its first ever successful prosecution for corporate bribery in the
More informationPrinciples of European Contract Law
Article 1:101: Application of the Principles Principles of European Contract Law CHAPTER 1: GENERAL PROVISIONS Section 1: Scope of the Principles (1) These Principles are intended to be applied as general
More informationCLEARING MEMBERSHIP AGREEMENT DATED LCH.CLEARNET LIMITED. and. ("the Firm") Address of the Firm
CLEARING MEMBERSHIP AGREEMENT DATED LCH.CLEARNET LIMITED and ("the Firm") Address of the Firm THIS AGREEMENT is made on the date stated above BETWEEN the Firm and LCH.CLEARNET LIMITED ("the Clearing House"),
More informationJUDGMENT. Tiuta International Limited (in liquidation) (Respondent) v De Villiers Surveyors Limited (Appellant)
Michaelmas Term [2017] UKSC 77 On appeal from: [2016] EWCA Civ 661 JUDGMENT Tiuta International Limited (in liquidation) (Respondent) v De Villiers Surveyors Limited (Appellant) before Lady Hale, President
More informationJUDGMENT. R v Sally Lane and John Letts (AB and CD) (Appellants)
REPORTING RESTRICTIONS APPLY TO THIS CASE Trinity Term [2018] UKSC 36 On appeal from: [2017] EWCA Crim 129 JUDGMENT R v Sally Lane and John Letts (AB and CD) (Appellants) before Lady Hale, President Lord
More informationIt s a Contact Sport: Default Administration Concerns That Bond Attorneys Need to Anticipate
37 th Bond Attorneys Workshop October 24-26, 2012 Sheraton Chicago Hotel & Towers It s a Contact Sport: Default Administration Concerns That Bond Attorneys Need to Anticipate 1 Panelists Bryant D. Barber
More informationArbitration: Enforcement v Sovereign Immunity a clash of policy
Arbitration: Enforcement v Sovereign Immunity a clash of policy Presented by Hermione Rose Williams Advocates BVI Outline: A talk which examines the tension between the enforcement of arbitral awards and
More information(a) the purpose of the agreement was to achieve the objective of reconstructing the Lloyd s market:
Jones v Society of Lloyds; Standen v Society of Lloyds CHANCERY DIVISION The Times 2 February 2000, (Transcript) HEARING-DATES: 16 DECEMBER 1999 16 DECEMBER 1999 COUNSEL: D Oliver QC and R Morgan for the
More informationCurrent Opinion Issues and Trends: Cross-Border Transactions (including The New Revised City of London Law Society Guide to Legal Opinions)
Current Opinion Issues and Trends: Cross-Border Transactions (including The New Revised City of London Law Society Guide to Legal Opinions) Introduction Ettore Santucci, Goodwin Procter Elizabeth A. Leckie,
More informationIN THE COURT OF APPEAL IN THE MATTER OF THE LEGAL PROFESSION ACT CHAP 90:03 AND
REPUBLIC OF TRINIDAD AND TOBAGO IN THE COURT OF APPEAL Claim No. CV 2012-00892 Civil Appeal No: 72 of 2012 IN THE MATTER OF THE LEGAL PROFESSION ACT CHAP 90:03 AND IN THE MATTER OF THE INTERPRETATION OF
More information(company number 2065) - and - (company number SC )
IN THE HIGH COURT OF JUSTICE NO: OF 2011 CHANCERY DIVISION COMPANIES COURT LLOYDS TSB BANK PLC (company number 2065) - and - BANK OF SCOTLAND PLC (company number SC 327000) SCHEME for the transfer of part
More informationJUDGMENT. Hallman Holding Ltd (Appellant) v Webster and another (Respondents) (Anguilla)
Hilary Term [2016] UKPC 3 Privy Council Appeal No 0103 of 2014 JUDGMENT Hallman Holding Ltd (Appellant) v Webster and another (Respondents) (Anguilla) From the Court of Appeal of the Eastern Caribbean
More informationPART 5 DUTIES OF DIRECTORS AND OTHER OFFICERS CHAPTER 1 Preliminary and definitions 219. Interpretation and application (Part 5) 220.
PART 5 DUTIES OF DIRECTORS AND OTHER OFFICERS CHAPTER 1 Preliminary and definitions 219. Interpretation and application (Part 5) 220. Connected persons 221. Shadow directors 222. De facto director CHAPTER
More informationWhilst in global form the Notes will have the benefit of deed of covenant to be dated..(the "Deed of Covenant").
THIS AGREEMENT is made on.. between the following parties: (1) ATHENS URBAN TRANSPORT ORGANISATION (OASA ORGANISMOS ASTIKON SYGHINONION ATHINON) (the "Issuer"); and (2).. Issue of the Notes 1.1 The Notes
More informationA Guide to the questions to be addressed when providing opinion letters on English law in financial transactions
A Guide to the questions to be addressed when providing opinion letters on English law in financial transactions Introduction The City of London Law Society ("CLLS") represents approximately 17,000 City
More informationSTAMP DUTIES (AMENDMENT) ACT 1987 No. 85
STAMP DUTIES (AMENDMENT) ACT 1987 No. 85 NEW SOUTH WALES 1. Short title 2. Commencement 3. Principal Act 4. Amendment of Act No. 47, 1920 5. Savings and transitional provisions TABLE OF PROVISIONS SCHEDULE
More informationBIG ISLAND CONSTRUCTION (HONG KONG) LTD v ABDOOLALLY EBRAHIM & CO (HONG KONG) LTD - [1994] 3 HKC 518
1 BIG ISLAND CONSTRUCTION (HONG KONG) LTD v ABDOOLALLY EBRAHIM & CO (HONG KONG) LTD - [1994] 3 HKC 518 HIGH COURT KAPLAN J ACTION NO 11313 OF 1993 28 July 1994 Civil Procedure -- Summary judgment -- Lack
More informationIN THE HIGH COURT OF JUSTICE GARY LEGGE AND MAUREEN LEGGE. Between CHRIS RAMSAWACK AND WESTERN SHIP AND RIG SUPPLIES LIMITED
THE REPUBLIC OF TRINIDAD AND TOBAGO CV No. 2013-00249 IN THE HIGH COURT OF JUSTICE GARY LEGGE 1 st Claimant AND MAUREEN LEGGE 2 nd Claimant Between CHRIS RAMSAWACK 1 st Defendant AND WESTERN SHIP AND RIG
More informationHOUSE OF LORDS. Lord Goff of Chieveley Lord Lloyd of Berwick Lord Hoffmann Lord Hope of Craighead Lord Clyde
Investors Compensation Scheme v. West Bromwich Building Society [1997] UKHL 28; [1998] 1 All ER 98; [1998] 1 WLR 896 (19th June, 1997) HOUSE OF LORDS Lord Goff of Chieveley Lord Lloyd of Berwick Lord Hoffmann
More informationIN THE HIGH COURT OF JUSTICE CHANCERY DIVISION. Before: MR. JUSTICE LIGHTMAN. - and -
IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION HC0C00 [001] EWHC 1 (CH) Royal Courts of Justice Thursday, th May 00 Before: MR. JUSTICE LIGHTMAN B E T W E E N: HURST Claimant - and - LEEMING Defendant
More informationJUDGMENT. Jamaican Redevelopment Foundation Inc (Appellant) v The Real Estate Board (Respondent)
[2014] UKPC 28 Privy Council Appeal No 0066 of 2013 JUDGMENT Jamaican Redevelopment Foundation Inc (Appellant) v The Real Estate Board (Respondent) From the Court of Appeal of Jamaica before Lady Hale
More informationSHAREHOLDERS AGREEMENT
DATED 24th November 2014 (1) Paul Andrews -and- (2) David Neil Laurence Levy -and- (3) Sincair Research Limited -and- (4) Christopher David Smith SHAREHOLDERS AGREEMENT Retro Computers Limited THIS AGREEMENT
More informationCZECH REPUBLIC SECURITIES ACT
CZECH REPUBLIC SECURITIES ACT Important Disclaimer This translation has been generously provided by the Czech National Bank. This does not constitute an official translation and the translator and the
More informationThe End to 'Dishonesty' in Sentencing? The Custodial Sentences Act will be Fogged by Confusion
March 2007 The End to 'Dishonesty' in Sentencing? The Custodial Sentences Act will be Fogged by Confusion Summary The Custodial Sentences Bill will result in confusion, not greater clarity, as well as
More informationTable of Contents WEIL:\ \4\
Table of Contents 1 DEFINITIONS AND INTERPRETATION... 1 2 COVENANT TO PAY... 4 3 COMMON PROVISIONS... 4 4 FIXED SECURITY... 4 5 FLOATING CHARGE... 5 6 PROVISIONS AS TO SECURITY AND PERFECTION... 6 7 FURTHER
More informationCHAPTER 371 BANKING ACT
BANKING [CAP. 371. 1 CHAPTER 371 BANKING ACT To regulate the business of banking. 15th November, 1994 ACT XV of 1994 as amended by Acts XXIV and XXV of 1995, VI of 2001, XVII of 2002, and IV and IX of
More informationNo Second Bite at the ISDA Valuation Cherry
March 2018 No Second Bite at the ISDA Valuation Cherry Lehman Brothers Special Financing Inc v National Power Corporation Contents A party closing out a 2002 ISDA Master Agreement must use commercially
More informationincluding existing and future fixtures, fittings, alterations and additions.
Version 2.3 Account No: Date: In this document: we, us and our means Fleet Mortgages Limited of 2 nd Floor, Flagship House, Reading Road North, Fleet, Hampshire, GU51 4WP (registered in England and Wales
More informationTrustee Implied Ministerial Duties Must Never Include Obligor Duties
Corporate Trust Alert December 2008 Trustee Implied Ministerial Duties Must Never Include Obligor Duties By: Steve Wagner When an obligor on a bond issue defaults and can t make payments to its bondholders,
More informationCan the Sukuk Industry Survive the Dana Gas Dispute?
DEAL NEWS / UAE Can the Sukuk Industry Survive the Dispute? By DAVID J. BILLINGTON and MOHAMED TAHA Introduction Islamic Sharia-compliant bonds, commonly referred to as sukuk (an Arabic term that literally
More informationProfessionally drafted STANDARD TERMS OF BUSINESS. by legal counsel (Andrew Noble FRICS, FCIArb, Barrister at law)
Professionally drafted STANDARD TERMS OF BUSINESS by legal counsel (Andrew Noble FRICS, FCIArb, Barrister at law) Introduction 1. This service has been set up to assist UK businesses to develop and to
More informationIN THE HIGH COURT OF JUSTICE IN NORTHERN IRELAND CROCKAGARRAN WIND FARM LIMITED. -v- ARTHUR McCRORY AND MARY McCRORY
Neutral Citation No: [2012] NICh 30 Ref: DEE8619 Judgment: approved by the Court for handing down Delivered: 11/10/2012 (subject to editorial corrections) DEENY J IN THE HIGH COURT OF JUSTICE IN NORTHERN
More informationNeutral Citation Number: [2004] EWHC 2939 (Ch) IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Case No: HC 04/C00410 Royal Courts of Justice Strand, London, WC2A 2LL B e f o r e : Date: Thursday, 9 th December
More information28. IT S A CONTACT SPORT: CORPORATE TRUST CONCERNS THAT BOND ATTORNEYS NEED TO ANTICIPATE. Wells Fargo Bank, N.A. - Minneapolis, Minnesota
28. IT S A CONTACT SPORT: CORPORATE TRUST CONCERNS THAT BOND ATTORNEYS NEED TO ANTICIPATE Chair: Bryant D. Barber Lewis and Roca LLP - Phoenix, Arizona Panelists: Virginia A. Housum Patrick J. McLaughlin
More informationTERMS AND CONDITIONS OF THE BONDS
TERMS AND CONDITIONS OF THE BONDS The following, subject to completion and amendment, and save for the paragraphs in italics, is the text of the Terms and Conditions of the Bonds. The issue of the 25,000,000
More informationPOST-ENFORCEMENT CALL OPTION AGREEMENT
CONFORMED COPY POST-ENFORCEMENT CALL OPTION AGREEMENT 28 NOVEMBER 2006 FOSSE MASTER ISSUER PLC as Issuer and FOSSE PECOH LIMITED as Post-Enforcement Call Option Holder and LAW DEBENTURE TRUST COMPANY OF
More informationGlobal Restructuring & Insolvency Guide
Global Restructuring & Insolvency Guide Singapore Overview and Introduction Given the notable preference of creditors and stakeholders in companies for restructuring as opposed to liquidation, this chapter
More informationHS1 Limited. STID Proposal: Explanatory Q&A
HS1 Limited STID Proposal: Explanatory Q&A 1 Who is entitled to receive the STID Proposal? In accordance with Clauses 12.2 and 12.3 of the STID, the HS1 Security Trustee, the Secured Creditor Representatives
More informationTerms and Conditions for Training Courses
Terms and Conditions for Training Courses IMPORTANT NOTICE: PLEASE READ CAREFULLY BEFORE BUYING TRAINING COURSES This is a legal agreement between you (Licensee or you) and ESP Ltd, The Creative Industries
More informationLAWN TENNIS CLUBS GUIDANCE NOTES FOR USE OF CASC AND NON-CASC ARTICLES OF ASSOCIATION AND RULES
LAWN TENNIS CLUBS GUIDANCE NOTES FOR USE OF CASC AND NON-CASC ARTICLES OF ASSOCIATION AND RULES These guidance notes and the attached precedents only apply to clubs constituted as companies limited by
More informationChanges to the Russian Civil Code: What's new in the regulation of obligations
Changes to the Russian Civil Code: What's new in the regulation of obligations 1 Briefing note May 2015 Changes to the Russian Civil Code: What's new in the regulation of obligations As of 1 June 2015,
More informationRIGHTS & LIABILITY OF SURETY
RIGHTS & LIABILITY OF SURETY 1. INTRODUCTION Dear students welcome to the lecture series on Business Regulatory Framework. In my previous lecture I have discussed the contract of indemnity and began the
More informationThe Companies Act Company Limited by Shares
The Companies Act 2006 Company Limited by Shares Articles of Association of PEEBLES RFC LIMITED (Trading as Peebles Rugby ) rms:26.05.16 The Companies Act 2006 Company Limited by Shares Articles of Association
More informationPARAGON FINANCE PLC AND MORTGAGE TRUST SERVICES PLC AND FIRST FLEXIBLE (NO.7) PLC AND CITICORP TRUSTEE COMPANY LIMITED AND HOMELOAN MANAGEMENT LIMITED
EXECUTION COPY PARAGON FINANCE PLC AND MORTGAGE TRUST SERVICES PLC AND FIRST FLEXIBLE (NO.7) PLC AND CITICORP TRUSTEE COMPANY LIMITED AND HOMELOAN MANAGEMENT LIMITED SUBSTITUTE ADMINISTRATOR AGREEMENT
More informationANNEXURE D. CERTIFICATE SUBSCRIPTION UNDERTAKING in respect of Rs. /- Sukuk Certificates due DATED
ANNEXURE D CERTIFICATE SUBSCRIPTION UNDERTAKING in respect of Rs. /- Sukuk Certificates due DATED By The Financial Institutions Specified in Schedule 1 hereto in favour of Pakistan Domestic Sukuk Company
More informationBAA FUNDING LIMITED as Issuer. DEUTSCHE TRUSTEE COMPANY LIMITED as Bond Trustee and Borrower Security Trustee
CLIFFORD CHANCE LLP EXECUTION VERSION BAA FUNDING LIMITED as Issuer DEUTSCHE TRUSTEE COMPANY LIMITED as Bond Trustee and Borrower Security Trustee DEUTSCHE BANK AG, LONDON BRANCH as Principal Paying Agent
More informationSLM STUDENT LOAN TRUST , SUPPLEMENTAL INDENTURE NO. 1 OF 2016, dated as of June 6, 2016, INDENTURE dated as of March 1, 2004 among
SLM STUDENT LOAN TRUST 2004-3, SUPPLEMENTAL INDENTURE NO. 1 OF 2016, dated as of June 6, 2016, to INDENTURE dated as of March 1, 2004 among SLM STUDENT LOAN TRUST 2004-3, as Issuer, DEUTSCHE BANK TRUST
More information