Jurisdiction(s):
United Kingdom

Key definition

Gross Domestic Product definition

What does Gross Domestic Product mean? In legal and transactional practice, gross domestic product (GDP) is the total market value of goods and services produced within a jurisdiction over a stated period, used as a macroeconomic benchmark in statutes, public finance rules and contracts. It is not generally defined in UK or Irish legislation or case law; instead it is a descriptive economic measure compiled by the UK Office for National Statistics (ONS) and Ireland’s Central Statistics Office (CSO) under international standards (ESA and UN SNA). GDP is published quarterly and annually, in nominal and real terms (with the GDP deflator). Typical legal uses include:...

Collective Action Clauses in Sovereign Bonds: Structures, Voting Thresholds, EU/ESM Mandate, ICMA Single-Limb Aggregation, and Practice from Greece

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Mounting piles of debt and their steady rise have caused repayment difficulties and, in certain cases, default. Thus, when countries build up unsustainable debt loads (ie when the ratio of debt to Gross Domestic Product (GDP) climbs so far that policy measures cannot reverse it), the need to restructure existing liabilities increases. With many banks and retail bondholders now involved, private creditors have become more numerous, largely anonymous and harder to co‑ordinate (see Practice Note: Identifying bondholders and effective communication).

Types of collective action clauses (CACs)

These are provisions sometimes included in a bond issuance’s indenture and Prospectus, requiring bondholders to act together to facilitate the restructuring of such instruments by overcoming co‑ordination problems (also see Practice Note: Intercreditor payment priorities and requisite majorities). There are four different types of CACs. These are:

collective representation clauses (clauses intended to co‑ordinate representation of the bondholders as a group)
majority action clauses (clauses that provide for an action to be taken or adopted by a majority decision)
sharing clauses (clauses which provide that any proceeds obtained from the debtor would...

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Professor Rodrigo Olivares-Caminal

Queen Mary University of London

Rodrigo Olivares-Caminal is a Professor in Banking and Finance Law at the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London. Prior to joining CCLS he was a Senior Lecturer in Financial Law and the Academic Director at the Centre for Financial and Management Studies (SOAS), University of London and the School of Law, University of Warwick. He taught in undergraduate and postgraduate courses in various Schools of Law and Business Schools in the United Kingdom, Spain, Greece, France and Argentina as well as in professional training courses in Africa, Asia and Europe. Rodrigo has acted as a Sovereign Debt Expert for the United Nations Conference on Trade and Development (UNCTAD), Senior Insolvency Expert for the World Bank / IFC and as a consultant to several multilateral institutions in Washington DC and Europe, Central Banks and Sovereign States as well as in...

Web page updated on 21/05/2026

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