Euromoney Legal Training

COURSE BACKGROUND

This three-day intensive course will cover all aspects of security documentation focusing on the anatomy of the security document itself and the legal ramifications of an incorrectly drafted document. Starting with the reasons for taking security, delegates will be guided through the complete security process, from preliminary due diligence, drafting and negotiating an effective security document, perfecting security and understanding enforcement, to challenges to security, inter-creditor arrangements and cross-border issues. The course will also examine the specific issues at play when taking security across different assets.

DEVELOP A GREATER KNOWLEDGE AND UNDERSTANDING OF THE FOLLOWING KEY AREAS:

• Taking effective security
• Security in syndicated transactions
• Key issues for lenders and borrowers
• Anatomy of a security document
• Debentures and specific security
• Guarantees, indemnities and performance bonds
• Subordination, priorities and postponement
• Cross-border issues

WHO SHOULD ATTEND

• In-house Lawyers
• Bankers
• Bank Executives
• Private Practice Lawyers
• Corporate Counsel

Day 1

09.30 – 10.00 Introduction

· Why take security?

· Mortgages, charges, pledges and liens

10.00 – 10.50 Some General Principles

· Legal and equitable title

· Legal and equitable charges, assignments or mortgages

· Fixed and floating charges

10.50 – 11.10 Coffee break

11.10 – 11.30 Preliminaries to Taking Security

· Capacity

· Authorisation

· Insolvency

· Prior charges

11.30 – 12.00 Challenges To Security

· Transactions at an undervalue

· Voidable preferences

· Floating charges

· Financial assistance

12.00 – 12.45 Perfecting Security

· Registration: Companies House and Bills of Sale Registry

· Registration: land, ships, aircraft, intellectual property

· Notices to third parties: assignments of contracts and deposits

· Notices to prior charge holders

12.45 – 13.45 Lunch

13.45 – 14.45 Anatomy Of A Security Document (Part 1)

· Deed or Agreement

· Parties

· Definitions and interpretation

· Covenant to Pay

· Charging clause

· Representations and warranties

· Covenants: positive and negative

· Insurance

14.45 – 15.05 Coffee break

15.05 – 16.00 Anatomy Of A Security Document (Part 2)

· Powers to remedy

· Powers of enforcement

· Power of attorney

· Application and appropriation

· Other clauses

16.00 – 17.30 Debentures

· Fixed and floating charges revisited

· Charges over book debts; the Spectrum decision

· Receivers and administrators: Enterprise Act 2002

· Floating charges - disadvantages

· Key clauses and key issues

Day 2

09.30 – 11.00 Security Over Land

· Preliminaries - investigation of title and other matters

· Key clauses and key issues

11.00 – 11.20 Coffee break

11.20 – 13.00 Security Over Land (continued)

· Key clauses and key issues (continued)

· Enforcement

13.00 – 14.00 Lunch

14.00 – 15.00 Security over Ships, Aircraft And Other Chattels

· Ships

o Statutory mortgages, non-statutory mortgages, deeds of covenant and general assignments

o Insurances, earnings and requisition compensation

o Time charterparties and bareboat charterparties

o Key clauses and key issues

o Registration

o Enforcement

· Aircraft

o Mortgages

o Key clauses and key issues

o Registration

o Enforcement

· Chattels

o Mortgage or charge?

o Three practical limitations

o Key clauses and key issues

15.00 – 15.40 Security Over Contracts

· General principles

· Key clauses and key issues

· Enforcement

· Step-In Agreements

15.40 – 16.00 Coffee break

16.00 – 16.30 Security Over Cash Deposits

· Charge, assignment or set-off?

· Key clauses and key issues

· Registration

· Financial Collateral

16.30 – 17.00 Security Over Shares And Other Securities

· Preliminaries

· Mortgage or charge?

· Depository systems

· Listed securities – CREST

· Key issues and key clauses

· Registration

· Financial collateral

Day 3

09.30 – 10.40 Security Over Intellectual Property

· Introduction

· Intellectual property rights

· Intangible rights

· Physical materials

· Exploitation of intellectual property rights

· Conclusion

10.40 – 11.00 Coffee break

11.00 – 12.00 Guarantees, Indemnities And Performance Bonds

· Guarantees, indemnities and performance bonds distinguished

· Corporate guarantees – due diligence

· Challenges

· Key clauses and key issues

12.00 – 12.30 Subordination, Priorities And Postponement

· Subordination or postponement

· Deeds of priorities

12.30 – 13.00 Syndicated Lending

· Some general principles

• Who takes security
• Drafting Issues
• Cross-border Issues

13.00 – 14.00 Lunch

14.00 – 15.40 Cross-Border Issues

· Conflict of laws

· Conflicts - contractual issues

· Conflicts - proprietary issues (land)

· Conflicts - proprietary issues (goods)

· Conflicts – proprietary issues (intangibles)

· Insolvency

· Legal advice

· Enforcement

15.40 – 16.15 Case Studies

In this session delegates will look at a series of case studies involving various types of security to draw out some of the key issues covered by the course.

16.15 Course Ends

• Tim Walker

  Tim Walker is a solicitor with over 20 years experience of international and domestic banking transactions, including syndicated loans and structured finance. He was a partner in the Banking Department at Norton Rose until 1995 and now continues to head a niche finance practice at Cheltenham based law firm Rickerbys. As well as secured lending transactions, Tim’s current practice includes equipment leasing and invoice discounting. Tim is highly recommended as one of the leading experts in his field by Chambers independent legal directory.

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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