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Issuing high yield bonds—documents list

Issuing high yield bonds—documents list The documents listed below provide an overview of the core transaction documents typically used to document a high yield bond issuance. The description for each provides an explanation of the document's purpose and the parties which typically enter into them. Additional documents may be required to deal with aspects of a specific transaction (such as escrow arrangements) or to reflect bespoke arrangements. Document Description 144A Global Note A single note signed by the issuer which represents the entire amount of debt in relation to the Rule 144A issuance.Section 5 of the US Securities Act 1933 requires all offers and sales of securities in the US to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A is a safe harbour exemption from the section 5 requirement and it enables the initial purchasers of the bonds (see Purchase Agreement below) to resell the bonds to 'qualified institutional buyers', institutional investors who meet certain criteria.For more information on Rule 144A,...

Civil contempt proceedings—checklist

Civil contempt proceedings—checklist This Checklist on civil contempt proceedings summarises the different types of civil contempt, the key factors to consider when bringing proceedings for civil contempt, whether permission is required, how to make the application and what to include in it. This Checklist also considers the potential adverse costs consequences of making an unsuccessful application for civil contempt. Considerations Guidance Further guidance and information The different types of civil contempt It is important to understand the different types of civil contempt.Civil contempt proceedings under CPR 81 may be brought for non-compliance with a court order or undertaking or knowingly making a false statement in any affidavit, affirmation or other document verified by a statement of truth or in a disclosure statement. They can also be brought for interference with the due administration of justice or contempt committed in the face of court (ie where the contempt is directly in the court’s presence).It is often the case that a particular allegation straddles more than one type of civil contempt....

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Claims under the FIDIC Silver Book 2017 (clause 20.2)—flowchart

Claims under the FIDIC Silver Book 2017 (clause 20.2)—flowchart This flowchart sets out the process for claims by the Contractor or Employer under clause 20.2 of the FIDIC Silver Book 2017, which applies to: • claims by the Employer for: ◦ additional payment or a reduction in the Contract Price, and/or ◦ an extension of the Defects Notification Period • claims by the Contractor for: ◦ additional payment, and/or ◦ an extension to the Time for Completion The claiming party must also comply with any specific requirements stated in the clause in which the relevant entitlement is set out. For more information, see Practice Note: FIDIC contracts 2017—Contractor and Employer

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Employment claims in Scottish civil courts

Employment claims in Scottish civil courts Scottish civil courts, like their counterparts in England and Wales, can and do decide certain employment disputes. However, there are very significant differences between the civil court systems in Scotland and in England and Wales which practitioners need to be aware of. This Practice Note provides an overview of: • the most common orders sought by employment lawyers in Scottish civil courts • the structure of the Scottish civil court system • the jurisdiction and key features of each relevant court • rights of audience • rules of procedure • important points about: ◦ breach of contract claims in Scotland ◦ injunctive (interlocutory) relief in Scotland ◦ dawn raids in Scotland ◦ industrial relations disputes in Scotland ◦ equality of terms claims in Scotland The purpose of this Practice Note is to provide an introduction to the key features of the Scottish civil court system for employment lawyers. It is not intended to and does not purport to be a comprehensive account of...

Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

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Letter responding to request for consent to relief from sanctions

Letter responding to request for consent to relief from sanctions [insert name and address of claimant or defendant or claimant's or defendant’s legal representative] [insert date] Dear [insert organisation name] [Claimant v Defendant—Case number] Thank you for your letter of [insert date] requesting that our client consents to an application for relief from sanctions [set out details of the requested relief from sanctions]. [ [We have considered your request but confirm that we are unable to agree to it. [Set out reasons for refusing request] OR [Set out reasons why the requested extension is too long, and make proposal for a shorter extension]] OR We have considered your request and are

Claim against a driver for a collision caused by misleading signals

Claim against a driver for a collision caused by misleading signals IN THE COUNTY COURT AT [insert] Claim No: Parties 1 A B Claimant and 2 X Y Defendant _____________________________________________________________________________ PARTICULARS OF CLAIM _____________________________________________________________________________ 1 At all material times, the Claimant was the owner and driver of a [insert make and model of vehicle] registration number [insert registration number]. The Defendant was the owner and driver of a [insert make and model of vehicle] registration number [insert registration number]. 2 On [insert date], the Claimant was lawfully waiting at the intersection of [insert street name] and [insert street name, town, county]. The Claimant was stationary and preparing to turn left. As she waited, the Defendant’s vehicle approached from the Claimant’s right. The Defendant’s vehicle slowed and signalled to turn left into the Claimant’s street. In reliance on the Defendant’s signal, the Claimant commenced her left turn. The Defendant failed to turn left and proceeded across the junction, colliding with the Claimant’s vehicle. 3 The accident was caused...

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How can I enforce an order for pre-action disclosure and costs?

How can I enforce an order for pre-action disclosure and costs? Firstly, it would be prudent to look at the terms of the pre-action disclosure order to see if it mentions anything regarding enforcement. For an example order, see Precedent: Order for pre-action disclosure. Effect of non-compliance Compliance refers to the parties’ need to comply with the court’s rules, practice directions and orders (CPR 1.1(2)(f) and CPR 3.8)—see Practice Note: Case management—compliance. Note: rules and guidance can be set out in any applicable court guide, as well as in the CPR. To access various court guides, see Practice Note: Court guides and other guidance. Failing to comply with civil procedural rules, practice directions and/or court orders can increase the amount of time it takes for a dispute to be resolved and/or the costs of doing so. These delays and costs affect other court users, as well as the parties to the instant proceedings. Conversely, effective and efficient case and costs management can minimise the time...

Is it possible to rely at trial on a witness statement that has been filed/exchanged but the witness has since died? If so, what procedural steps are required and how will the court treat such evidence?

Is it possible to rely at trial on a witness statement that has been filed/exchanged but the witness has since died? If so, what procedural steps are required and how will the court treat such evidence? The purpose of witness statements in civil proceedings is to significantly reduce the overall length of trials by avoiding the need for witnesses to give evidence in chief under questioning from their legal representative. When a witness is called to give evidence at trial, they will be asked a series of questions to the effect of being asked to confirm that the matters set out in the witness statement are true and that they wish for the witness statement to stand as their evidence. However, if a proposed witness is, or will be, unable to affirm the contents of the statement in oral evidence at trial (for whatever reason), that statement will have the status of hearsay evidence for the purposes of the proceedings. ‘Hearsay’ is a statement made otherwise than...

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Understating the incurred costs in a cost budget did not amount to misconduct (Vardy v Rooney)

Dispute Resolution analysis: Mr Justice Cavanagh considered an appeal from a preliminary issues hearing relating to costs assessment proceedings following the trial in this well-publicised litigation. The defendant, Coleen Rooney, had included only the costs which were considered to be reasonable and proportionate within her budget, instead of actual expenditure. The judge agreed with the first instance decision of Master Gordon-Saker and concluded that the defendant had not acted unreasonably or improperly in the approach taken to the incurred costs of her budget. Whilst the court was critical of the lack of transparency and the failure to make clear the basis on which the incurred costs had been set out, there was insufficient evidence to suggest that the defendant had acted unreasonably or improperly so as to warrant a sanction for misconduct. This is an important decision as it will inevitably affect the approach taken by some parties regarding the incurred costs of a budget. Written by Claire Kretzmann, associate costs lawyer at Paragon Costs Solutions.

Court compels disclosure in £500,000 phone crypto-theft case

Law360, London: The victim of a phone-snatching in London has secured a court order compelling four companies offering digital asset exchange services to disclose documents tied to an alleged fraud perpetrated against them after £500,000 (US$667,000) in cryptocurrency was drained from his account.