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Structured finance subordination provisions upheld by High Court

  • Cadwalader Wickersham & Taft LLP
  • -
  • United Kingdom
  • -
  • August 14 2009

The High Court in England has confirmed the validity under English law of contractual provisions common in structured finance transactions which subordinate payments to a swap counterparty in circumstances where the swap counterparty has defaulted on its obligations under the terms of the relevant swap agreement

Bank of New York v. Montana Board of Investments: limitation on the power of the senior class of note holders to control the disposition of the assets of a structured investment vehicle following default

  • Cadwalader Wickersham & Taft LLP
  • -
  • United Kingdom
  • -
  • July 18 2008

On July 10, 2008, a decision in London Chancery Court, applying New York law, found that the senior class of note holders of a structured investment vehicle (the “SIV”) did not, under the terms of the SIV documents in question, have the right to direct the trustee as to the time, manner and place of the sale of the SIV’s assets following a default by the SIV on its outstanding obligations

Regulated covered bonds 2008

  • Cadwalader Wickersham & Taft LLP
  • -
  • United Kingdom
  • -
  • February 13 2008

In 2007, HM Treasury and the Financial Services Authority published a consultation paper inviting interested parties to comment on draft legislation introducing a statutory covered bond regime for the United Kingdom