Material adverse effect clauses are prevalent in Australian loan documentation. However, lenders should be mindful that, given some recent UK
Since its first review of term deposits by large banks and mutuals in 2010 there have been improved disclosure and fewer default rollovers from high
A draft Credit Reporting Code (CR Code) was released for public consultation on Friday with comments due by 5 May 2013. This draft supplements
The Lomas decision confirms the understanding of the OTC derivatives industry and realigns the Australian and English law position on the operation of Section 2(a)(iii) of the ISDA Master Agreement.
The proposed reforms would apply to all exposures to CCPs arising as a result of financial derivatives (both OTC and exchange traded derivatives), reposreverse repos and securities lending and borrowing transactions
The Supreme Court decision lays to rest some of the uncertainty surrounding the effectiveness under English law of flip clauses used in structured finance and securitisation transactions since the original case was heard in the UK courts in 2009.
Regulators are considering whether there should be central clearing for Australian OTC derivatives.
Currently it’s unclear when a party can exercise a contractual right to close out a netting contract with an ADI in statutory management.
The UK Supreme Court, which is the UK's highest court, has handed down its long-awaited decision in Belmont Park Investments Pty Limited v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc 2011 UKSC 38, in which the Court considered the validity and enforceability of so-called "flip" clauses under English bankruptcy law
On receiving a request to bargain, employers will need to carefully consider that request and their next steps.