Early-stage finance meaning

This checklist outlines the principal ISDA documentary points that should be considered during a financing transaction. Term sheet stage If acting for a borrower and specialist hedging advisers are engaged, obtain their input on the term sheet. If acting for a borrower, confirm the total pricing of the deal is clear (covering both the loan and the hedge). A borrower may pick a lender for a low loan margin, only to find that the swap credit spread from the same lender renders the overall economics less appealing than those from another lender. Are the loan and hedging set on an IBOR basis (eg EURIBOR) or on a risk free rate (eg SONIA or SOFR)? Does the lender require a zero floor in its loan? If acting for a borrower, ensure the borrower understands the consequences of any mismatch between this and the hedging documentation. ...

What are the key issues for lawyers to consider? Ascertain whether an Event of Default or a Termination Event has taken place, as this will dictate whether Section 6(a) or Section 6(b) of the ISDA Master Agreement will apply. If an Event of Default has occurred, confirm whether or not Automatic Early Termination is applicable. This will be specified in the Schedule to the ISDA Master Agreement...

Achieving a meaningful induction Most organisations operate a regimented yet, to be candid, shallow onboarding for new hires. Largely, HR procedures dictate it, ticking off essential policy requirements — security, health and safety, and internal control frameworks. Beyond that, the general counsel (GC) ought to make sure you’re introduced to pivotal people across your team and the wider company in a considered, organised manner. Still, much of this serves more to alert colleagues that someone has arrived than to genuinely support the newcomer. In essence, the process often prioritises protocol and optics over substance and genuine support for the new hire initially. The task, therefore, is to turn the induction window into something valuable. It’s an opportunity the new joiner should shape proactively to serve their interests early on...

In this issue: Public company takeovers Equity capital markets Corporate governance Partnerships Private equity Members LexTalk®Corporate: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Public company takeovers Takeover Panel publishes note on cancellation of admission to trading The Takeover Panel (Panel) has issued a new note offering advisers guidance on cancelling an admission to trading for companies caught by the Takeover Code (Code). It confirms that companies with registered offices in the UK, the Channel Islands or the Isle of Man, whose securities are traded on specified markets, remain within the Code for two years after cancellation, irrespective of where central management and control is located or whether they re-register as private companies. The Panel encourages early engagement with the Panel Executive when a cancellation is contemplated, to ensure shareholders receive suitable disclosure about the Code’s continued effect, and it outlines...

In this issue: Budgets and Finance Bills Companies and corporation tax International Funds Real estate tax Employment Taxes Individuals and income tax Energy and environment Anti-avoidance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills Spring Statement 2025 The Chancellor of the Exchequer is set to deliver her Spring Statement to Parliament on Wednesday 26 March 2025. Finance Bill 2025 to receive Royal Assent Royal Assent for the Finance Bill 2025 is expected on 20 March 2025, at which point it will be enacted as the Finance Act 2025. This comes after the Bill’s second and third readings in the House of Lords on 19 March 2025 and the usual bypassing of the committee stage. The House of Lords made no amendments to the Bill as received from the House of Commons. See: Finance Bill 2025...

Local Government Finance Settlement Westminster council is set to face some of the steepest reductions in grant funding among upper-tier authorities. The government is delivering on its promise to shift resources towards areas with the greatest need, writes Stuart Hoddinott. That inevitably means some councils will receive less than they might have expected, and, with a limited pot, ministers have had to make hard choices over where the losses fall. The announcement this week on council allocations—the Local Government Finance Settlement—runs to considerable detail, yet one headline stands out. Crucially, the most deprived authorities will gain most from rising local government budgets across this parliament. From 2024/25 to 2028/29, core spending power (the funding councils have available to provide services) will rise by 24.6% in real terms for the most deprived decile of local authorities. By comparison, the 10% least deprived councils will see only a 3.4% real-terms uplift. The rationale is sound: these places typically face higher service pressures, especially costly, acute provision such as social care and...

The Budget The Budget is a Parliamentary occasion where the Chancellor of the Exchequer delivers key statements on the national economy. It sets out the government’s tax intentions for the next year, and at times for later periods. Most measures due in the following tax year will already have been announced and consulted on in advance. Fresh announcements may arrive on Budget day—some, mainly anti-avoidance steps, take effect immediately. Others are scheduled to commence from a future date. The Budget also precedes the presentation of the Finance Bill to Parliament. In most years there is a single Finance Bill, though in some—such as those featuring a general election—there have been two or even three, as outlined below. Income tax and corporation tax are annual charges, so they can only be levied for a year (a tax year for income tax, or a financial year for corporation tax) where an Act of Parliament provides for them. Consequently, the government’s power to charge...

Fiscal events for 2026–27 This section brings together content on the fiscal events for 2026–27, beginning with the Spring Forecast on 3 March 2026...

Terminating a derivative under an ISDA Master Agreement When ending a derivatives contract documented under an ISDA Master Agreement, it is vital to follow the termination provisions exactly as drafted. Any misstep may mean the termination is not properly effected and could be invalid. Section 6 (Early Termination) details the outcomes that follow once an Event of Default or a Termination Event—each described in Section 5 (Events of Default and Termination Events)—has occurred. Put simply, an Event of Default involves fault attributable to a party, while a Termination Event usually arises without blame or beyond a party’s control. Section 6 also explains how the close-out netting mechanism operates after an Event of Default or Termination Event. For more detail, see Practice Notes: Scope of the ISDA Master Agreement part 4—Section 5 (Events of Default and Termination Events) and Scope of the ISDA Master Agreement part 5—Section 6 (Early Termination). Termination events...

The Architect shall: General responsibilities (Stages 0–7) Lead Consultant: advise on scopes, guide specialists, integrate and co‑ordinate design, chair design meetings with minutes, manage Client–Design Team communication, collate stage reports. Act as or liaise with the Principal Designer under CDM 2015 and Building Regulations 2010; manage Client instructions; agree deliverables; design to budget; brief on duties; liaise with the BIM Manager. Stage 0: advise on risks, finance and feedback; visit site; assist with Design Team appointments; Stage 0 report. Stage 1: feasibility; arrange/collate surveys; develop the strategic brief into the Project Brief (sustainability, quality, spatial needs); set procurement, programme and PEP; align budget; Stage 1 report. Stage 2: concept and outline proposals aligned to cost plan and strategies; cost advice; compliance route and pre‑application planning; Stage 2 report. Stage 3: spatial co‑ordination; planning applications/consents, revisions and conditions; select materials/methods; value engineering; tender support; Stage 3 report. Stage 4: technical design, specifications and packages; building regulations submissions; ERs, Construction Phase Plan; Stage...

Notice designating an Early Termination Date following a Credit Event Upon Merger/Additional Termination Event/Tax Event Upon Merger where Burdened Party is not Affected Party [ Insert Lead-in Language ] We hereby give notice that the following matters have occurred: [ Set out, with an appropriate level of specificity, the facts and circumstances that result in the Credit Event Upon Merger/Additional Termination Event/Tax Event Upon Merger in which the Burdened Party is not the Affected Party, and identify the Affected Transactions. Your explanation should be detailed enough and expressly linked to the relevant wording of Section 5(b) or the Additional Termination Event provision so that the counterparty can reasonably understand the basis for your determination. ]...

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...