Hogan Lovells International LLP
14 Experts
3 Contributions by Hogan Lovells International LLP
PRACTICE NOTES
Loan market and developments
Provide a concise outline of the present condition of the loan markets in your jurisdiction and any notable recent shifts. Bank lending facilities remain the principal source of finance for small and medium-sized enterprises (Petites et Moyennes Entreprises) and mid-cap businesses (Entreprises de Tailles Intermédiaires). That said, these companies increasingly seek to broaden their funding mix to avoid overreliance on bank borrowing and to secure instruments with longer maturities. Corporates are turning more frequently to bond issuance, in particular via unirate loan structures, which deliver a single tranche blending senior and mezzanine debt under one credit line taken up by a private fund. The chief obstacle to widening funding channels lies in the French banking monopoly restrictions described below. This ongoing shift aims to balance liquidity needs, reduce concentration risk with lenders, and align funding horizons with strategic plans, yet
Banking & Finance
PRACTICE NOTES
ARCHIVED: This Practice Note was archived and is not maintained.
Leveraged finance arrangements are frequently supported by multiple funding streams. Equity and senior debt are the norm; where further funds are required, mezzanine or other junior debt (for example, second lien, payment-in-kind (PIK) or high yield notes) may be added. Mezzanine is so named because it sits behind senior debt but ahead of equity in priority.
For additional detail on typical structures and financing options, see Practice Notes: Structure of a buy-out and Sources of finance. Practice Note: Introductory guide to acquisition finance provides a primer on acquisition finance, and the Glossary of acquisition finance terms and jargon defines commonly used expressions.
This note offers introductory guidance on:
the mezzanine facility agreement
methods by which mezzanine debt can be subordinated to senior debt
key intercreditor agreement points for senior and mezzanine
Banking & Finance
PRACTICE NOTES
ARCHIVED: This Practice Note was archived and is not maintained.
It outlines two categories of clauses that are frequently encountered in intercreditor agreements involving both senior and mezzanine financiers:
restrictions on the capacity of senior and mezzanine creditors to alter finance terms without consent from the other creditor class; and
senior creditor control over payments made to mezzanine lenders by the borrower group
The note summarises these clauses and identifies matters that are routinely negotiated. For an explanation of the range of provisions found in intercreditor agreements, see Practice Note: Intercreditor agreement—key provisions; and for an introduction to senior/mezzanine intercreditor agreements in particular, see Practice Note: Senior/mezzanine creditor intercreditor issues—introduction [Archived]. For a straightforward intercreditor agreement with accompanying drafting notes, see Precedent: Intercreditor deed—single company borrower—single secured senior lender—single secured junior lender—single unsecured subordinated lender. More detailed guidance on
Banking & Finance
4 Contributions by Hogan Lovells International LLP Experts
PRACTICE NOTES
This Practice Note sets out the essentials of Regulation (EU) 2024/2847, the EU Cyber Resilience Act (CRA): its background, timeline, aims, and how it aligns with other EU laws.
For details on the CRA’s scope or core duties for economic operators, see the following Practice Notes:
The EU Cyber Resilience Act—scope and classification of products
The EU Cyber Resilience Act—obligations, compliance and enforcement
Regulation (EU) 2024/2847, known as the CRA, is the first EU measure to set mandatory cybersecurity requirements for ‘products with digital elements’ across the EU. From December 2027, products that do not satisfy these requirements cannot be placed on the EU market. Accordingly, compliance will be crucial for market entry for both hardware and software. Manufacturers, importers and distributors will have extensive cybersecurity responsibilities and risk significant fines for
EU Law
PRACTICE NOTES
This Practice Note sets out the responsibilities of manufacturers, authorised representatives, importers and distributors under Regulation (EU) 2024/2847, the EU Cyber Resilience Act (CRA). It further considers enforcement and sanctioning under the CRA and explains what the new obligations mean for organisations in practical terms. For additional background and scope on the CRA, see the following Practice Notes:
The EU Cyber Resilience Act—overview and regulatory framework
The EU Cyber Resilience Act—scope and classification of products
The CRA is landmark EU legislation introducing mandatory cybersecurity requirements for ‘products with digital elements’ across the EU. Any product that fails to meet those requirements will be ineligible for placement on the EU market from December 2027. Accordingly, adherence to the CRA will be critical for securing access to the EU market for both hardware and software products. Manufacturers, importers and
EU Law
PRACTICE NOTES
This Practice Note outlines the material, personal and territorial reach and application of Regulation (EU) 2024/2847, the EU Cyber Resilience Act (CRA). It further sets out how products are categorised under the CRA, including non‑critical, important and critical products. For further background on the CRA and the key obligations placed on economic operators, see the following Practice Notes:
The EU Cyber Resilience Act—overview and regulatory framework
The EU Cyber Resilience Act—obligations, compliance and enforcement
The CRA is the first EU measure of its kind, imposing mandatory cyber security standards for ‘products with digital elements’ across the Union. Items failing to satisfy these requirements will be barred from sale on the EU market from December 2027 onwards. Meeting the CRA will therefore be vital for market entry into the EU for both hardware and software. Manufacturers, importers and
EU Law
PRACTICE NOTES
This Practice Note addresses influencer marketing in Germany. It is written for social media talent (influencers) and for brand owners running advertising campaigns. It concentrates on labelling and disclosure obligations, the sanctions that may follow, and the way disclosure is regulated. It also looks at whether copyright subsists in sponsored material and highlights key clauses typically found in the relevant agreements.
The nature of social media influencers
Influencer marketing is a prevalent advertising method in which businesses engage an individual—the influencer—to endorse their products (Higher District Court of Hamburg GRUR-RS 2020, 18139, para. 55; Zurth/Pless, ZUM 2019, 414 (414 et seq.)). Influencers are attractive contractual and promotional partners because they may have amassed either a very large audience delivering wide reach (so‑called celebrity influencers) or a smaller, homogeneous community focused on a shared topic (so‑called
TMT
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