Cross default meaning

In this issue: Advertising, marketing and sponsorship Contracts Data protection Public procurement Sale and supply of goods Supply of services International Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings— 8 May 2024. The Advertising Standards Authority (ASA) considered a complaint about a website promoting a gambling offer that did not set out key entry conditions. The complainant queried whether the advertisement misled consumers. The ASA agreed and upheld the complaint. See: LNB News 08/05/2024 29. Contracts Supreme Court clarifies law on damages and assessment of goods (Sharp Corp Ltd (Respondent) v Viterra BV (previously known as Glencore Agriculture BV) (Appellant)). In Sharp Corp Ltd v Viterra BV (previously known as Glencore Agriculture BV) [2024] UKSC 14, the Supreme Court unanimously allowed the appeal and also allowed the cross-appeal, sending the Awards back to the Appeal Board for reconsideration. Lord...

EU Law weekly highlights This week’s edition of EU Law weekly highlights presents analyses of the European Commission’s draft guidelines for high-risk AI under EU AI Act, guidance from the EU government on plans to simplify digital rules, and a review of AI assistants for possible ‘gatekeeper’ designation...

Re Revolution Bars Ltd [2024] EWHC 2949 (Ch) What are the practical implications of this case? Concisely distilling and referencing the pertinent common law, this decision serves as a pointed reminder to practitioners about circumstances in which a 'meeting' may fail to qualify as a meeting for creditor/member meetings and for cross-class cram downs under sections 901F and 901G of the Companies Act 2006 (CA 2006), including considerations around headcount, who is physically in attendance, and the role of proxies. It further illustrates when the fairness of a plan for 'out of the money' creditors ought properly to be weighed, marking an exception to what could otherwise be treated as the default position. The court endorsed, without hesitation, the High Court’s earlier conclusion that the opinions of 'out of the money creditors' carry minimal weight because they lack any real economic stake in the company in this matter as presented to the court...

What does this Practice Note cover? This Practice Note outlines the principal provisions that apply to both the 1992 ISDA Master Agreement (Multicurrency—Cross Border) (the 1992 Agreement) and the 2002 ISDA Master Agreement (the 2002 Agreement), together with their accompanying schedules. Unless indicated otherwise, any reference here to the master agreements (the ISDA master agreement) should be read as a reference to both the 1992 and 2002 Agreements. For a comparison of the two forms, see Practice Note: ISDA documentation—comparison of the 1992 and 2002 master agreements; for the broader ISDA documentation framework, see Practice Note: Derivatives—ISDA documentation framework. The key concepts underpinning the ISDA master agreement The ISDA master agreement rests on three core concepts, outlined briefly below: single agreement flawed asset close-out netting Single agreement Under ISDA’s documentation architecture, every derivative transaction between a pair of counterparties is captured under one overarching agreement (implemented through multiple layers of documentation), as provided in Section 1(c) of the...

This Practice Note offers guidance on the overall conduct of an arbitration under the Hong Kong International Arbitration Centre (HKIAC) Administered Arbitration Rules 2018 (the 2018 HKIAC Rules; HKIAC 2018). As outlined in Practice Note: HKIAC (2018)—the HKIAC Administered Arbitration Rules—application and key features, the 2018 HKIAC Rules generally govern HKIAC arbitrations begun on or after 1 November 2018, unless the parties agree otherwise; for arbitrations initiated before 1 November 2018, the 2013 HKIAC Rules will generally apply, again subject to party agreement. For an introduction to the HKIAC and its structure, see Practice Note: HKIAC—background to and structure of the institution. For guidance on commencing and answering proceedings, see Practice Notes: HKIAC (2018)—starting an arbitration and HKIAC (2018)—responding to a HKIAC arbitration. The overall approach to procedure in a HKIAC arbitration Each arbitration is unique, and a chief attraction of this form of dispute resolution is the ability to tailor the procedure to the requirements of the case. Nonetheless, most arbitrations follow a broadly similar procedural trajectory....

E&W Brussels I—enforcement of judgments [Archived] Archived: This Practice Note has been archived and is not maintained. It offers guidance on enforcing a judgment in the courts of England and Wales under Regulation (EC) 44/2001 (Brussels I). A judgment can be recognised and enforced under this regime only where proceedings were commenced before 10 January 2015. If this Practice Note is not applicable, see Which regime applies to enforce a foreign judgment?—checklist for assistance in identifying the correct enforcement regime. This Note explains the application of Regulation (EC) 44/2001, Brussels I, when enforcing judgments involving EU Member States. It outlines the general enforcement rules and the enforcement procedure—obtaining a declaration of enforceability—and includes how to appeal a declaration of enforceability. It also describes the process for enforcing an EU judgment in England and Wales that requires a registration order, together with how such orders can be appealed. For guidance on the recognition of a judgment under Regulation (EC) 44/2001, Brussels I, see Practice Note: E&W Brussels I—recognition of...

Notice designating an Early Termination Date following an Event of Default [ Insert Lead-In Language ] An Event of Default under the Agreement has arisen with respect to you in relation to: Section 5(a)(i) (Failure to Pay or Deliver) Section 5(a)(ii) (Breach of Agreement) Section 5(a)(iii) (Credit Support Default) Section 5(a)(iv) (Misrepresentation) Section 5(a)(v) (Default under Specified Transaction) Section 5(a)(vi) (Cross Default) Section 5(a)(vii) (Bankruptcy) Section 5(a)(viii) (Merger Without Assumption) The particulars of the Event of Default are set out below: [ Insert description of the relevant Event of Default, see Exhibits to this template notice for examples of descriptions of different Events of Default under the Agreement ] Where Bankruptcy has occurred and Automatic Early Termination applies: Automatic Early Termination has been specified as applicable to you in the Schedule to the Agreement, and the circumstances described above constitute an Event of Default under Section 5(a)(vii) [ (1)/(3)/(4)/(5)/(6) ] [ or, to the extent...

Notice designating an Early Termination Date following an Event of Default [ Insert Lead-In Language ] An Event of Default under the Agreement has arisen with respect to you under one or more of the following provisions: Section 5(a)(i) (Failure to Pay or Deliver) Section 5(a)(ii) (Breach of Agreement; Repudiation of Agreement) Section 5(a)(iii) (Credit Support Default) Section 5(a)(iv) (Misrepresentation) Section 5(a)(v) (Default under Specified Transaction) Section 5(a)(vi) (Cross Default) Section 5(a)(vii) (Bankruptcy) Section 5(a)(viii) (Merger Without Assumption) The particulars of the Event of Default appear below: [ Insert description of the relevant Event of Default, see Exhibits to this template notice for examples of descriptions of different Events of Default under the Agreement ] If Bankruptcy has occurred and Automatic Early Termination applies: Automatic Early Termination is specified as applicable to you in the Schedule to the Agreement, and the circumstances outlined above amount to an Event of Default under Section 5(a)(vii) [...

This Deed of guarantee and indemnity is executed on [ insert day and month ] 20[ insert year ] Parties 1 [ Insert name of Guarantor ], a company incorporated in England and Wales with registered number [ insert company number ], having its registered office at [ insert address ] ( Company A ); 2 [ Insert name of Guarantor ], a company incorporated in England and Wales with registered number [ insert company number ], having its registered office at [ insert address ] ( Company B ); Company A and Company B together (the Obligors ), and 3 [ Insert name of Lender ], of [ insert address ] (the Lender ). bACKGROUND (A) The Lender has extended facilities to the Obligors under a range of financing arrangements. (B) The Lender’s provision of those facilities to the Obligors, or to any of them, is conditional upon the Obligors executing this Deed for the benefit of the Lender...

This Q&A proceeds on the basis that: the question relates to a business-to-business transaction the question relates to a contract drafted and negotiated in the conventional manner and is not an e-commerce transaction entered into between the parties via website terms and conditions the question relates to the execution of a simple contract the question relates to the law of England and Wales Contract formation General contract law principles apply to agreements formed virtually...