Yield meaning

This Checklist highlights principal actions and considerations for a tenant weighing up surrendering its lease to its landlord. It is not comprehensive, and you should always assess whether further matters arise that require attention in your specific situation, including any fact-specific risks or obligations. This guidance proceeds on the basis that the following apply: the surrender is by express agreement and not effected by operation of law, and no immediate re-grant in favour of the tenant will follow the surrender You can read this Checklist alongside Practice Note: Lease surrenders and Checklist Surrender of lease—acting for the landlord—checklist. How to use this Checklist Although the mechanics of a lease surrender broadly resemble a sale and purchase in commercial terms (the tenant effectively sells and the landlord buys), notable distinctions remain. The opening section (Key issues) identifies the main points for review, with additional explanation provided in the Procedure table below for handling a lease surrender, in more detail for...

Introduction High yield bonds sit within securities regulation and, save for a few narrow carve-outs, are subject to New York law irrespective of the issuer’s domicile. They are brought to market under an indenture, which also provides for the appointment of a trustee to act for the bondholders. For further detail on the high yield product, see Practice Notes: Introductory guide to high yield bonds and High yield debt in 11 jurisdictions worldwide. For a snapshot of the principal deal papers needed for a high yield issuance, see Checklist: Issuing high yield bonds-documents list. Beyond setting out the issuer’s key covenants, the indenture includes provisions required to administer the bonds and to enable the bond trustee to discharge its duties. The trustee’s core role is to handle administrative matters for bondholders before any default and, where appropriate, to pursue enforcement on their behalf. For commentary on material terms and covenants in high yield, see: Introductory guide to high yield bonds-High yield bond terms and Practice Note: Covenants and other...

The documents set out below give a snapshot of the principal transactional papers commonly used to document a high yield bond issuance. For each, the summary outlines its function and identifies the relevant parties who would ordinarily sign it. Further documents might be necessary to address features of a particular deal (for example, escrow mechanics) or to capture tailored arrangements specific to that transaction... Document Description 144A Global Note A single note executed by the issuer evidencing the full principal amount for the Rule 144A tranche. Section 5 of the US Securities Act of 1933 requires every offer and sale of securities in the United States to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A provides a safe harbour from the Section 5 registration obligation, thereby permitting the initial purchasers of the bonds (see Purchase Agreement below) to subsequently resell the securities only to ‘qualified institutional buyers’, namely institutional investors that satisfy specified criteria. For further detail on Rule 144A,...

Lycamobile UK Ltd v HMRC [2026] UKUT 74 (TCC) The appellant, Lycamobile UK Ltd (LMUK), marketed a range of ‘plan bundles’ to UK consumers. These packages conferred, for a set duration, allowances or entitlements to use particular telecommunications services and, in some instances, access to additional services. LMUK accounted for VAT on the bundles only when, and to the extent that, the services available under a given bundle were actually consumed in practice. HMRC’s position was that VAT became chargeable at the point of sale of the bundles. The timing mattered because real-world take-up of the credit bundles was relatively modest, so calculating VAT by reference to actual consumption would yield a reduced liability. To resolve the dispute, the tribunals focused on identifying the true nature of the supply made to the customer: was LMUK supplying a right to make use of a credit bundle over the period, or was it supplying the credits as such?...

Mitchell and others v Al Jaber; Al Jaber and others v JJW Ltd [2024] EWCA Civ 423 What are the practical implications of this case? In most cases, once a company enters liquidation, directors recognise they have no ongoing function after a liquidator is appointed and simply meet their obligation to co-operate with the liquidator. If they nevertheless choose to make decisions or take action after liquidation, they risk being treated as intermeddlers. As intermeddlers, directors assume a fresh suite of duties and, if these are breached, the liquidator may bring a claim against them. Though it is uncommon for directors to try to continue directing or influencing a company in liquidation, this judgment allows liquidators to remind directors to yield to the liquidator’s authority and, if a director still acts rashly, to hold them liable for any losses or damage resulting from such ill-advised behaviour as intermeddlers. It is an additional, if somewhat niche, tool for liquidators in carrying out their role. What was the background?...

In this issue: Copyright & associated rights Designs Trade marks/passing off Patents Geographical indications IP and technology Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Copyright & associated rights Law360 reports that Sony Music has again failed to shut down a copyright claim in England relating to royalties from Jimi Hendrix’s band. A judge in London concluded the bandmates’ estates present an arguable case concerning IP rights tied to music streaming platforms. See: Sony loses bid to stop Hendrix Bandmates' Copyright Trial. Copyright and Performances (Application to Other Countries) (Amendment) Order 2024 SI 2024/193: This instrument widens eligibility for specified rights under UK copyright law to certain non-UK nationals by lifting some of the current limitations on extending those rights abroad. The Order takes effect on the date the CPTPP becomes operative for the UK. See: LNB News 28/02/2024 29...

Family office The phrase ‘family office’ spans a wide array of circumstances, so there is no universally agreed definition. The Family Firm Institute, however, characterises a family office as: ‘A separate entity apart from the operating business (and sometimes created with the assets realised after the sale of a family enterprise) consisting of a diversified wealth portfolio held for the benefit of the family’ (Family Enterprise; understanding Families in Business and Families of Wealth Wiley 2014 (not reported by LexisNexis®)). Such offices are largely, and more commonly, the preserve of high net worth—indeed ultra high net worth—families (ie those with investable assets above $30m), with varied holdings and complex affairs. That complexity can create scope for disputes. Nonetheless, with a well-designed structure supported by a clear strategy and effective family governance, a family office can yield substantial advantages. These benefits accrue not only to the family members themselves but also, through coordinated philanthropic efforts, to the broader community. Likely features of a family office include: a...

Background This Practice Note presents a concise overview of the main themes for comparing the UK and EU approaches to competition in digital markets. Specifically, it examines the regulatory regimes created by the Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024) and Regulation (EU) 2022/1925 on contestable and fair markets in the digital sector, which amends Directive (EU) 2019/1937 and Directive (EU) 2020/1828, the EU Digital Markets Act (EU DMA). What’s happening in the UK? Online platforms and digital advertising have faced intense regulatory attention across the UK, the EU and further afield, including the USA and Australia. Although digital markets can yield major gains for consumers and for wider economies, that scrutiny revealed weakened rivalry stemming from a small cohort of powerful digital businesses active in the market. In the UK, this led to demands for tougher enforcement powers and pre-emptory tools to permit quicker action. That process culminated in the DMCCA 2024, Part 1 of which introduces new regulatory functions granted to the Competition...

Practice Note overview This Practice Note sets out the key concepts and common hazards involved in the reinstatement of tenants’ alterations. The topic is often contentious: landlords may inherit premises in an unlettable condition, and tenants can be required to carry out reinstatement works—potentially lasting months—right at the eleventh hour... Scope exclusions Reinstatement following damage by an insured (or uninsured) risk—see instead Practice Notes: Negotiation guide—insurance clauses—commercial leases and Insurance issues for tenants Dilapidations in relation to disrepair—see instead: Dilapidations—overview No reinstatement obligation Where there is no obligation to reinstate the demised premises, any lawful alteration becomes part of the premises and the tenant cannot be compelled to reverse it. The tenant must yield up the premises with those alterations, although it may remove any tenant’s fixtures up to the very last moment of the term—see Practice Note: Fixtures and fittings. In Peel Land and Property v TS Sheerness Steel, the Court of Appeal confirmed that, while a tenant is,...

Your Ref: Our Ref: Date: From: [ insert name of landlord’s solicitor ] at [ insert address ] To: [ insert name of tenant or tenant’s solicitor ] at [ insert address ] Dear [ insert organisation name ] [ insert particulars of the lease ] (the ‘Lease’) relating to [ insert name of property ] (the ‘Property’) We act on behalf of [ insert name of client ], being [ your landlord OR your client’s landlord ] under the Lease. Please note that [ your OR your client’s ] Lease of the Property is scheduled to end on [ insert date of determination of the contractual term of the lease ]. Kindly arrange for [ you OR your client ] to yield up possession of the Property upon the Lease’s expiry. For the return of the keys, [ Our client’s OR Our client’s agent’s ] contact particulars are [ insert landlord or agent’s contact details ]. If you...

Notice to terminate lease To: [ name of Landlord ] (Landlord) of [ address ] From: [ name of Tenant ] (Tenant) of [ address ] Re: Lease dated [ date ] entered into between (1) [ the Landlord OR [ name of original landlord ] ] and (2) [ the Tenant OR [ name of original tenant ] ] (the Lease) relating to [ description of property ] (the Property) Pursuant to clause [ number of break clause in the Lease ] of the Lease, [ I OR the Tenant ] hereby serves notice to bring the term granted by the Lease to an end on [ [ date ] OR [ repeat wording of the lease, eg 'the expiry of the fifth year of the Term' ] ] and on that date [ I OR the Tenant ] shall yield up possession of the Property. Dated: [ date ] Signed: ( [ For and on behalf of the...

This is a template closing memorandum for use in a high-yield bond transaction. It provides a framework for completing a high-yield bond deal, outlining the actions required throughout the process. Depending on the transaction, further papers or procedures, including escrow arrangements, might be necessary. What is needed will vary with the features of the offering in question. This model closing memorandum assumes a secured high-yield issue that benefits from group guarantees, carries ratings, is admitted to trading on a stock exchange, and involves the issuer relying on Regulation S and Rule 144A under the US Securities Act 1933. You may encounter transactions that proceed without a closing memorandum; in such cases, lawyers prepare only the certificates that would ordinarily sit behind it. Where this approach is taken, confirm every certificate is produced and that each requisite document and step is addressed. Nevertheless, the preferred course is to compile a complete closing memorandum to ensure the package is comprehensive...

File reviews Conducting file reviews signals that an organisation takes quality and compliance seriously. Reviews and audits yield meaningful data and statistics and, if issues are uncovered, the audit findings can be channelled into your risk register or other planning so remedial measures are enacted. Ensuring the right levels of supervision are firmly in place is essential. A Supervision policy can be valuable, clearly setting out supervision arrangements, including the following: file audits/reviews governance and reporting lines work allocation oversight of work case progression supervising correspondence outsourcing arrangements...