LoanDocumentation

eLearning

3129Dec2015
Online
1,250

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Thisonlinetrainingcoursewillcoverallaspectsofaloantransaction.PleasenoteVATmaylaterbeinvoiced
ifapplicable.
CourseInstructor
SueWrightisanEnglishsolicitorwithover20yearsexperienceininternationalbankingtransactions,
includingsyndicatedloans,subordinateddebt,structuredfinanceandtaxdriventransactions.

CourseDescription
CourseOverview&TargetAudience
Thiscourseisdesignedforbankersandlawyersandanyoneelsewhoisinvolvedininternationalfinanceand
needstounderstandthedocumentation.Thecoursesaresuitableforexperiencedusersandthosewithno
priorexperienceofthesubjectmatter.Itisusefulforbeginners,togivethemacomprehensivereviewofthe
loanagreementandtheissuesitraises.Itisalsousefulforthosewithpracticalexperiencebutwhohavenot
previouslyhadanyformalindepthtrainingontheagreement,tohelpthemfillintheinevitablegapsintheir
knowledgeandtogivethemaframeworkinwhichtoconsolidatetheirpracticalknowledge.Itisalsouseful
asarefresher.ThecourseusesextractsandspecimenclausesfromaversionoftheinvestmentgradeLoan
MarketAssociation(LMA)loanagreementasthebasisfordiscussions.

Bytheendofthiscourse,participantsshould:
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Understandthestructureoftheloanagreement(investmentgrade,unsecured)andtherelationship
betweenitsvariousprovisions
Beabletoreviewaloanagreementforaninvestmentgradeborrowerandidentifykeyissuessuchasthe
scopeoftheagreement
Beawareoftheimportanceofthedetailedprovisionsoftheloanagreementandbeabletonegotiate
someofthepointscommonlyraisedonthoseprovisions

TimeRequirement
Thecourseinvolvesaround10to15hoursworkoveranagreedperiodofweeks(ideally4weeks).Thisroute
coversthoseessentialtopicswhichparticipantsneedtobeawareofwhendealingwithaloantransaction.
Asecondrouteisavailablewhichrequiresbackgroundreadinginadditiontothetextsonthesite.Thisroute
requires30to40hoursworkoveranagreedperiod(ideally5weeks).
Delegatescandecideastheyprogressthroughthematerialshowmuchdepththeywanttogointoandmove
fromoneroutetoanotherastheywish.Therearedifferentquizzesdependingonwhichrouteisfollowedand
delegateswillbeawardedtheappropriatecertificatedependingonwhichsetofquizzestheycompleted
successfully.

Materials
Thematerialsconsistofshortinteractivevideos,quizzesandaforumfordiscussions.Delegateswillbe
requiredtopostasatisfactoryreportandquestionintheforum(andfeedbackoneachofthesewillbegiven
bythecoursetutor)aswellaspassingthequizzesinordertobeeligibleforacertificate.
Thecoursematerialsavailableonlineareselfcontainedandnoothermaterialsarerequiredinorderto
completethe'KeyFacts'routethroughthestudycourse.Thisroutewillgiveparticipantsagood
understandingofthekeyissues.
Delegateswhowishtoundertakethesecondroutethroughthecoursewillneedtohaveacopyofthebook
'InternationalLoanDocumentation'bySueWright,tobeabletoparticipate,asthisrouteinvolvesbackground
readingfromthebook.

FreeTrialLesson
Clickhereandturnupthevolumetotakepartina10minutefreetriallesson.Downloadtheaccompanying
worksheethere.
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Registration&Pricing
Pricingisperparticipant.Thepriceisthesamewhetherthedelegatechoosestodothe'KeyFacts'orthein
depthroute.
DelegatescanstartthecourseontheMondayfollowingtheweekinwhichtheyregister.Youcanregisteror
enquirebyusingtheregistrationtababove.

Agenda
Stage1

GeneralIntroductionandAdministrativeProvisions

Part1Introduction
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Lesson1:ACompany'sOverview
Debtvs.equity
Capitalmarketsvs.loanmarkets
Loanagreementstructure

Lesson2:StructuralSubordination
Whatisit?
Whatimpactdoesithaveonloanundertakings?
Useofupstreamguarantees
Locationsforduediligence

Part2AdministrativeProvisionsoftheLoanAgreement
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Lesson1:GeneralDefinitions
Includingcircularity
Movingdefinitions
Uncapitaliseddefinitions
Avoidingthetraps

Lesson2:SpecificDefinitions
Includingfinancedocuments
Materialadverseeffect
Referencebanks

Lesson3:FinancialIndebtedness
Thedefinitionexplainedincludingtitlefinancingsuchasfinanceleasingandrepos

Lesson4:DrawdownandRepayment
Lendersrightsandobligations
Conditionsprecedent
Multicurrencymechanicsandprepayment

Stage1Quiz

Stage2

Interest,RepresentationsandRepeatingRepresentations

Part1Interest

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Lesson1:InterestRatesandFundingCosts
Baserate
Centralbankrates
BaselIIIliquidityratios
Fundingcosts

Lesson2:LIBOR
Screenrate
Baserate
Referencebanks

Lesson3:InterestPeriods
Brokenfundingcosts
Defaultinterestandpenalties
Interestperiodsinrevolvingcredits

Lesson4:AdditionalCosts(Part1)
Themarketdisruptionclause

Lesson5:AdditionalCosts(Part2)
TheIncreasedCostsclause

Lesson6:WithholdingTax(Part1)
Withholdingtax
Grossingup
Doubletaxtreaties
Grossupandloantransfer
FATCA

Lesson7:WitholdingTax(Part2)
Riskallocation
Theclawbackclause
Loantransfers

Part2RepresentationandRepeatingRepresentations
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Lesson1:Representations
ObligorsandGroupmembers
Roleofrepresentationsinriskallocation
Litigation
Paripassu
Litigationandbreachofcontractrepresentations

Lesson2:RepeatingRepresentations
Hazards
Discussionofwhichrepresentationstorepeat

Stage2Quiz

Stage3

UndertakingsandIntroductiontoEventsofDefault

Part1Undertakings
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Lesson1:InformationUndertakings
GAAPandIFRS
FrozenandmovingGAAPprovisions
Auditorscertificatesandotherinformationundertakings,includingtheobligationtonotifyofaDefault

Lesson2:GeneralUndertakings
Thenegativepledge
Thenodisposalsclause

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Lesson3:FinancialCovenants(Part1)
Relationshipwiththematerialadversechangeandcrossdefaultclauses
Reviewofinterestcover,leverageandcashflowratios

Lesson4:FinancialCovenants(Part2)
Gearing
Liquidity
TangibleNetWorth
Capitalexpenditure

Lesson5:ScopeoftheAgreement
Groupmembers,ObligorsandExcludedCompanies
Changeofownershiporcontrolofthecompany

Part2IntroductiontoEventsofDefault
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Lesson1:EventsofDefaultTheBigPicture
Objectivevs.subjectiveEventsofDefault
Scopeoftheagreement
Robustness,particularlyinviewofthecrossdefaultclauses
EventsofDefaultoutsidetheBorrowerscontrol

Lesson2:EventofDefaultPurposeandMechanics(Part1)
TheroleoftheEventsofDefaultin:
Allocatingrisk
GivingtheLendersleverage
AutomaticandnonautomaticEventsofDefault
BorrowersrighttoremedyanEventofDefaultwhichhasoccurred
EventsofDefaultanddefaultinterest

Lesson3:EventsofDefaultPurposeandMechanics(Part2)
DefaultsandEventsofDefault
'RolloverLoans'inarevolvingcreditfacility
EffectofdisputedEventofDefaultonacceleration

Stage3Quiz&CompulsoryReport

Stage4

EventsofDefaultandBoilerplate

Part1EventsofDefault
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Lesson1:'BreachofContact'EventsofDefault
Nonpayment
Failuretomeetfinancialratios
Breachofundertakingandmisrepresentation

Lesson2:OtherGeneralEventsofDefault
Insolvency
Litigation
Changeofcontrol
Illegality

Lesson3:CrossDefaultPurpose
Spirallingeffect
Crossdefaultvs.crossacceleration
Waysinwhichtheborrowermayseektoreducetheimpactoftheclause

Lesson4:MaterialAdverseChange
Argumentsforandagainst

Lesson5:MaterialAdverseChange
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Wording

Part2Boilerplate
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Lesson1:TheAgentsRoleandthe'Boilerplate'
Fiduciaryduties
Exclusionclauses
Other'boilerplate'clauses,including:
Theproratasharingclause
Theantiestoppelclause
Thejurisdictionclause
Theclausedealingwithwaiversandamendments

Lesson2:TransferMethods
Assignments
Novations
Subparticipations(fundedandrisk)
Creditderivatives

Lesson3:TransferringSecuredLoans
Theoptionsforstructuringsecuredsyndicatedloans

Lesson4:TheTransferClauseBorrower
Concerns
'Yankthebank'
Confidentiality

Part3General
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DefaultingLenders
Addressingissueswhicharoseduringthefinancialcrisisof2008

CourseEnd

WhoShouldAttend

WhyUs
Whyus

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Qualityourclientsconsistentlyrateourperformanceexcellentoroutstanding.Ouraverageoverallscore
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Trackrecordwehavedeliveredtrainingsolutionsfor95%ofworldstop100banksandhavetrainedover
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Knowledgeour150strongteamofindustryspecialisttrainersareworldleadingfinancialleadersand
commentators,ensuringourknowledgebaseissecondtonone.
Reliabilityifwepromiseit,wedeliverit.Wehavedeliveredover20,000eventsbothinpersonandonline,
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RecognitionweareaccreditedbytheBritishAccreditationCouncilandtheCPDCertificationService.Inan
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