Adverse interest meaning

STOP PRESS The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with effect from 17 March 2026. The changes remove LIBOR references, update IBOR rate definitions and the Target2 definition, and revise ERISA representations to incorporate additional exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is available exclusively to LMA members, accessible via the LMA’s Documentation Hub. These publications are updated versions issued by the LMA. Summary A core principle of trading under the LMA protocol is that ‘Trade is a Trade’; i.e. once a trade is struck—including an oral contract agreed by telephone—it is binding, and subsequent developments, even if adverse to one or both parties, do not entitle either party to cancel or ‘break’ the trade. By way of example, a failure to secure consent for...

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Pevensey Coastal Defence Ltd v Environment Agency [2024] EWHC 1435 (TCC)) What are the practical implications of this case? This dispute is highly fact‑sensitive, largely focused on construing terms in a particular PFI contract. Nonetheless, some issues of broader interest arise from the circumstances prompting the claim and the treatment of clauses addressing adverse weather — here, the escalation in storm activity along the Sussex coast — within a PFI arrangement that began in 2000 and ends in 2025. Parties might scrutinise the Change Control Schedule wording in the judgment and decide whether to seek the same outcome recognised here (namely, that costs could be recoverable where there has been a material rise in storm incidents/adverse weather). In essence, the issue was whether the Change Control Schedule allowed recovery of extra costs from a material uptick in storm events. Similar PFI parties should review that drafting. What was the background? Pevensey Coastal Defence Limited (PCDL) and the Environment Agency (EA) entered into a PFI contract dated...

This tracker tool tracks and summarises key new legislation and consultations in England and Wales linked to contamination, pollution and environmental permitting. In England and Wales, the following regimes govern contamination, pollution and environmental permitting: Contaminated land regime under Part IIA of the Environmental Protection Act 1990 (EPA 1990): addresses land contamination that is causing, or where there is a significant possibility of causing, significant harm to human health (including property), living organisms, interference with ecological systems, or impacts on controlled waters. The Environmental Damage (Prevention and Remediation) (England) Regulations 2015, SI 2015/810, and the Environmental Damage (Prevention and Remediation) (Wales) Regulations 2009, SI 2009/995 (EDR): apply to environmental damage, defined as damage to: a protected species or natural habitat that has a significant adverse effect on achieving or maintaining the favourable conservation status of that species or habitat a site of special scientific interest (SSSI) where the integrity of the site is adversely affected surface water...

Context The compulsory purchase regime is founded on the premise that a proprietor of land, or of rights, that are compulsorily taken or disturbed is entitled to be compensated. Consequently, working out the compensation is a central part of the compulsory purchase process; see: Promoting a compulsory purchase order, covering preparation of the order, its supporting documents and the making of the order. This Practice Note sets out the core principles for assessing compensation arising from the compulsory acquisition of an interest in land. Compulsory acquisition must rest on specific statutory authority, whether for taking the land itself or rights in or over it. The Royal Prerogative is reserved to the Crown, and even the Crown typically prefers to expropriate or requisition land under statutory powers. Most acquisitions proceed under Public General Acts, for example the Highways Act 1980 (HiA 1980). The making and confirmation of a compulsory purchase order (CPO) is usually regulated by the Acquisition of Land Act 1981 (ALA 1981). See Practice Note: Sources and limits...

The EDR is given effect in England and Wales by the Environmental Damage (Prevention and Remediation) (England) Regulations 2015, SI 2015/810, together with the Environmental Damage (Prevention and Remediation) (Wales) Regulations 2009, SI 2009/995. Under the EDR, operators whose activities are responsible for serious environmental incidents must take steps to prevent harm and to remedy any resulting damage. See Practice Notes: Environmental damage regulations—overview Environmental damage—when does the environmental damage regime apply? Environmental damage—potential liabilities Environmental damage—operators’ obligations, enforcement, offences and appeals The environmental damage regulations implement the requirements of the Environmental Liability Directive 2004/35/EC. See Practice Note: EU Environmental Liability Directive—snapshot. Environmental damage includes damage to: land marine waters protected species or natural habitats sites of special scientific interest (SSSI) surface water or groundwater Environmental damage to land Environmental damage to land means contamination of land by substances, preparations, organisms or micro-organisms which results in a 'significant risk...

Date [ date ] Parties [ name of Owner ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] (Owner) [ name of Developer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] (Developer) 1 Definitions Adjudication Date – the day on which any adjudicator appointed under HGCRA 1996 to determine a dispute regarding an amount due to: (a) the Developer under this Agreement; or (b) the Building Contractor under the Building Contract; delivers their decision; [ Adverse Rights – any easement, covenant, right or other interest affecting the Property, the release, discharge or variation of which is reasonably required to assist the Works or the use and occupation of the Development; ] [ Adverse Rights Agreement – any document that gives legal effect to the release,...

Date [ date ] Parties [ name of (first) Owner ] [ and [ name of second Owner ] ] [ [ both ] of OR incorporated in England and Wales (company registration number [ number ]) having its registered office at ] [ address ] ( [ together ] Owner ) [ name of Promoter ] [ of OR incorporated in England and Wales (company registration number [ number ]) having its registered office at ] [ address ] ( Promoter ) 1 Definitions In this Agreement, the following expressions shall have these meanings: [ Adverse Rights • any easement, covenant, right or other interest in or over the Property, the release, discharge or alteration of which is reasonably required in order to: (a) achieve the Objective; or (b) facilitate the Development; ] [ Adverse Rights Agreement • any instrument giving legal effect to the release, discharge or alteration of an Adverse Right; ] ...

This Agreement is entered into on [ date ] Parties [ Insert the company name ], a company incorporated in [ England and Wales ] under company number [ insert registered number ], whose registered office is at [ insert address ] (the Sponsor); and [ Insert the company name ], a company incorporated in [ England and Wales ] under company number [ insert registered number ], whose registered office is at [ insert address ] (the CRO) Each of the Sponsor and the CRO is a party and, collectively, the Sponsor and the CRO are the parties. Background The Sponsor is supporting a series of clinical trials to obtain marketing authorisation for the IMP and intends to retain the CRO to carry out certain services. The CRO possesses the requisite knowledge and experience in the design, oversight and conduct of clinical trials and agrees to provide such services to the Sponsor in accordance with the...

Where a tenant makes an encroachment onto neighbouring land owned by a third party adjacent to the demised land, the appropriation is treated as accruing to the benefit of the tenant’s landlord. In Tower Hamlets LBC v Barrett [2006] P&CR 132 (not reported by LexisNexis®), Neuberger LJ observed at para [26] that the doctrine is clearly articulated in these terms: in every case—whether the enclosed land is part of the waste, belongs to the landlord, or is owned by someone else—the presumption is that the tenant enclosed it for the landlord’s advantage, unless the tenant has carried out some act disclaiming the landlord’s title...

Planning obligations and local land charges A planning obligation made under a section 106 agreement constitutes a local land charge for the purposes of the Local Land Charges Act 1975 (LLCA 1975) and, accordingly, ought to be entered on the local land charges register as a local land charge. A local authority search should disclose planning obligations in relation to the property being searched against. If an obligation has not been recorded as a local land charge, it nonetheless binds a purchaser of the land, although the purchaser may seek compensation for any loss suffered as a consequence of the absence of registration. For more details, see Practice Notes: Planning obligations—key points and Planning local authority searches. Enforcement of planning obligations Section 106(4) of the Town and Country Planning Act 1990 (TCPA 1990) states that a section 106 agreement may stipulate that a person ceases to be bound by the agreement once they no longer hold an interest in the land...