Course Overview
Structured finance transactions involve lengthy, complex, interlinking documents. Mistakes are easily made, and often the issues that arise are difficult to deal with in an efficient manner.
This three-day Euromoney Legal Training course will consider specific structures often used when writing loan documentation and how to use loan documents to resolve difficulties that may arise during the life of the loan. In association with Kenneth Gray, this course will guide you through the complexities of structured finance, using a series of lectures, case studies and practical exercises.
Methodology
This course will cover
- A review of the different types of debt financing
- Understanding different tools often used in structured finance
- The impact of Basel II on legal documentation
- How best to protect creditors against the insolvency of intermediary parties
- Limitation on recourse: How do you achieve it satisfactorily?
- Using Special Purpose Vehicles – why they are important and what difficulties they present
- Studying a specific structured finance transaction: The benefits and difficulties to look out for using defeasance as an example
- The competing interests of different creditors
- How to use documentation to allocate certain risks between the parties involved, including worked examples of different clauses
Day 1
Nature of Structured Finance
- What is structured finance?
We will work through some examples to see how structures are developed to achieve the objectives of the parties
- Why is it used?
- Limits to its effectiveness
- Form versus substance
- Avoidance versus evasion
Withholding Tax
- What are withholding taxes?
- Double tax treaties
- Structures devised to eliminate withholding tax problems
Single Purpose Companies and Special Purpose Vehicles
- Different types and when they are used
- Insolvency proofing
Workshop:
We will consider the effect of security on the rights of creditors upon the insolvency of a company
Day 2
Granting Indirect
Participations in Structured and Secured Loans
- Transferring the benefit of security
Security
We will look at the security issues which commonly arise in structured finance including:
- Types of security available
- Guarantees
- Security from third parties
Security - Continued
- Security trusts and sharing security between different parties to the structure
- Quasi-security
Basel II
- What is the Basel II Accord?
- The Three Pillars of Basel II
- Specialised lending
- Use of credit risk mitigants
- The increased costs clause and Basel II
- Worked examples
- Structuring the deal
Day 3
Lease Securitisations, EETCs and other securitisation products:
- Combining different forms of structured finance
Jurisdiction Issues
Many structured finance transactions involve cross-border arrangements. In this session we consider:
- What jurisdictions might be relevant for different aspects?
- What does the legal opinion say?
Workshop: Considering the interrelation of the commercial requirements of different parties
Considering the provisions of an Intercreditor Deed
Exercise relating to the application of proceeds upon the occurrence of a default
Workshop: We will consider the competing rights of different classes of creditors and how these are reflected in the Intercreditor Deed
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Kenneth Gray
Kenneth Gray trained as a barrister before joining Norton Rose, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose’s office there. He was elected to the partnership in 1993 and returned to London in 1999 before retiring from the partnership in 2001 to work in the voluntary sector and on legal training. His practice at Norton Rose consisted primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border aircraft finance transactions and advising them on work outs when the borrower encountered financial problems.
Kenneth has won numerous awards, including being one of the top 20 Aviation Lawyers in the world by the Best of the Best 2001 guide, one of the Hot 100 Lawyers in the United Kingdom as voted by The Lawyer magazine in 2001 and one of the top 50 Lawyers in0 Europe under the age of 40 in 2000. He has been involved in many groundbreaking transactions over the years, including Jane's Transport Finance “Aircraft Innovator of the Year” in 2000 and the Airfinance Journal’s deal of the year for 1997, 1998, 1999 and 2001.
Courses run by this instructor
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.
1-4 May 2012 (London, United Kingdom)
Swaps and other OTC derivatives are a vital tool in risk management, investment and structured financings, and are used by almost all major financial institutions, hedge funds, central banks and corporations. Swaps are legally complex and have been the cause of major litigation
and have figured prominently in the headlines during the recent financial crisis. This course will teach you effective documentation technique to protect all parties involved in the transactions.
3-5 Jul 2012 (Dubai, United Arab Emirates)
This Euromoney Legal Training course is the follow on to our ever popular Loan Documentation training programme. The course will deal with the more structural and commercial side of the loan agreement and will give delegates more opportunities to practice making and responding to comments on the documents.
13-15 Jun 2012 (London, United Kingdom)
13-14 Jun 2012 (London, United Kingdom)
Understanding the Documentation
26-28 Sep 2012 (Copenhagen, Denmark)
Swaps and derivatives have become a vital tool in risk management and structured financings and are used by an ever-increasing number of banks, financial institutions, funds and corporations. This Euromoney Legal Training course will teach delegates how to properly document a transaction to protect all the parties involved.
10-12 Jun 2012 (Dubai, United Arab Emirates)
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.
30 May 2012 - 1 Jun 2012 (London, United Kingdom)
12-14 Sep 2012 (London, United Kingdom)
This three-day intensive Euromoney Legal Training course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document.
5-9 Mar 2012 (Johannesburg, South Africa)
A combination of two of Euromoney Legal Training’s most popular courses. The basic Loan Documentation course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document. The advanced course will deal with the more structural and commercial side of the loan agreement and will give you more opportunities to practice making and responding to comments on the documents.
16-18 Apr 2012 (Copenhagen, Denmark)
This three-day intensive Euromoney Legal Training course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document.
6-8 Jun 2012 (Zurich, Switzerland)
This three-day intensive Euromoney Legal Training course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document.
24-26 Sep 2012 (Paris, France)
This Euromoney Legal Training course is the follow on to our ever popular loan documentation training programme that has run for more than ten years. The course will deal with the more structural and commercial side of the loan agreement and will give delegates more opportunities to practice making and responding to comments on the documents.
11-13 Apr 2012 (London, United Kingdom)
Essential Documentation and Procedural Issues
21-23 May 2012 (London, United Kingdom)
An advanced legal guide to taking & enforcing security in the domestic & crossborder transactions
30 May 2012 - 1 Jun 2012 (London, United Kingdom)
This Euromoney Legal Training course is specifically designed for delegates who having mastered the basic issues, are facing the challenges of these new and complicated applications. As the range of users and applications of swaps and derivatives increase, the legal and documentation issues become difficult and require more sophisticated techniques.
9-13 Jul 2012 (London, United Kingdom)
Swaps and other OTC derivatives have grown both in volume and in complexity over the years. They provide flexible, effective and valuable tools for risk management and investment. On the other hand, they were blamed by some for the recent financial crisis largely due to their role in structured financings. Swaps are legally complex, a fact that frequently leads to litigation. To protect all parties involved, transactions must be properly documented
9-11 Jul 2012 (Johannesburg, South Africa)
This three-day intensive Euromoney Legal Training 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.
27-29 Mar 2012 (London, United Kingdom)
27-30 Mar 2012 (London, United Kingdom)
19-21 Jun 2012 (London, United Kingdom)
19-22 Jun 2012 (London, United Kingdom)
The Euromoney Legal Training course will consist of a series of lectures and workshops that will provide you with a practical insight into dealing with the documentation of loans. By the end of the course you will be thoroughly familiar with the most important aspects of loan documentation.
7-9 Mar 2012 (Amsterdam, Netherlands)
This intensive Euromoney Legal Training course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document.
23-25 May 2012 (Cairo, Egypt)
This three-day intensive Euromoney Legal Training course will cover all aspects of a loan transaction, concentrating particularly on the agreement itself and on the legal implications of a properly drafted and incorrectly drafted document.
27-28 Feb 2012 (Paris, France)
Negotiation and Documentation
This course has now expired please email us to find out when the course will next be running.