Asset Backed Security meaning

Banking & Finance—November 2025 case round-up Westfield Park Ltd v Harworth Estates Investments Ltd [2025] EWCA Civ 1374 Interpretation of contract—deferred consideration clause The Court of Appeal upheld Westfield Park Ltd’s appeal against HHJ Klein’s ruling on the correct construction of an agreement dated 14 October 2021 (the ‘Agreement’) for the sale and purchase of York Holiday Park Development. The key question was whether the judge at first instance had properly read a deferred consideration provision in Schedule 4 as triggering an additional payment from Westfield to Harworth Estates Investments Ltd when the Coal Authority confirmed that static caravans could be located within a ‘Zone of Influence’ surrounding two mineshafts. The appellate court criticised the departure from the contractual wording in favour of a purposive construction of the relevant terms. It held that the judge failed to begin with the objective, natural meaning of the Agreement and did not correctly apply the established principles of contractual interpretation reaffirmed in Arnold v Britton and Wood v Capita Insurance...

Risk & Compliance weekly highlights—14 November 2024 In this issue: Data protection Financial sanctions Other financial crime Other Risk & Compliance updates this week Daily and weekly news alerts Trackers New and updated content Data protection ICO releases report on data protection concerns in genomics The Information Commissioner’s Office (ICO) has issued a report spotlighting privacy risks arising from genomics. Rapid advances across healthcare, education, insurance and law enforcement are creating a range of security challenges: potential misuse or re-identification where genomic data is hard to anonymise; the prospect of systemic discrimination; limited transparency around data sharing; and the use of information beyond its initial purpose. The report also flags specific risks from families sharing genomic data, because material disclosed about one person may inadvertently expose another’s sensitive details. In response, the ICO is encouraging organisations in these sectors to collaborate through its Regulatory Sandbox and develop genomics innovations that meet privacy expectations. See: LNB...

In this issue: Advertising, marketing and sponsorship Confidential information Consumer protection Contracts Sale and supply of goods Supply chain LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship How to avoid misleading claims—Lessons from recent beauty industry ASA decisions The beauty sector is highly competitive. Claims in marketing materials, including websites, that a product is the best or delivers health benefits can help brands gain attention. Such claims must be objective, capable of verification and backed by substantiation to comply with the Committee of Advertising Practice (CAP) Code and to avoid a finding of misleading advertising by the Advertising Standards Authority (ASA). Cassandra Hill and Georgina Doukanaris examine the issues. See News Analysis: How to avoid misleading claims—Lessons from recent beauty industry ASA decisions. ASA rulings—3 December 2025 Three complaints were lodged with the ASA about paid...

This Practice Note discusses the meaning of capital call facilities, 'NAV' or asset-backed facilities, and hybrid facilities the commercial applications of capital call facilities the due diligence that lenders will undertake the standard security package typically required by lenders the principal terms of capital call facilities 'Capital call facilities' and other types of fund finance A capital call facility, also known as a subscription line facility, is financing extended by a lender to a fund and is ordinarily collateralised by investors’ undrawn commitments. Accordingly, funds tend to obtain these lines early in their life cycle, when unfunded commitments are at their highest yet the fund holds few or no investments that can be charged in favour of lenders. Nevertheless, particularly where recallable capital commitments persist (see below), capital call facilities can remain beneficial well into the fund’s term. By contrast, funds that are at the halfway stage or approaching the end of their life cycle may find that...

What does this Practice Note cover? This Practice Note sets out an overview of the listing routes on The International Stock Exchange (TISE), with emphasis on its Qualified Investor Bond Market (QIBM), accelerated listing services, international recognitions, regulatory stance, and its sustainable finance offering. It explains the categories of debt securities eligible for admission, the advantages of listing on TISE, and the practical points for issuers, including timetable and disclosure obligations. TISE supports listings across a broad spectrum of debt, such as intragroup loan notes, high-yield bonds, asset-backed notes (covering securitisations and collateralised loan obligations), variable funding notes, convertible notes, Eurobonds and warrants. The platform includes the QIBM, which is tailored to the admission of bonds and other debt instruments marketed to institutional investors, professional investors, and other investors who are experienced and knowledgeable in bond investing (being ‘Qualified Investors’ as defined in the Qualified Investor Bond Market Listing Rules). TISE also provides the TISE Passport, a pan-European, fast-track listing facility available to debt security programmes that have already...

This Practice Note: provides a synopsis of the three principal forms of fund finance: capital call facilities (often referred to as equity bridge facilities) net asset value (NAV) (or asset backed) facilities hybrid facilities examines green and sustainability-linked finance, together with some types of fund-related finance, GP/Manager facilities and co-invest facilities sets out key security and documentary considerations, including financial covenants, representations, undertakings, events of default and prepayment events The capital call facility market is well-established and largely standardised, though approaches to assessing investor creditworthiness and differences driven by varied fund structures can diverge. By contrast, NAV facilities and hybrid facilities are highly flexible, taking multiple forms with differing security packages and covenant frameworks. Much of this Practice Note proceeds on the basis that lending is made to a typical private equity fund structured as a limited partnership registered under the Limited Partnerships Act 1907 (LPA 1907), including Private...