Utilisation Definition

GLOSSARY

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What does Utilisation mean?

The drawdown of monies, or utilisation of a non-loan facility (eg a letter of credit) under a facility agreement

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LIBOR developments tracker

LIBOR developments tracker Scope of the tracker This tracker sets out developments related to the transition away from LIBOR to risk-free rates starting from 2018. It provides updates in relation to each of the LIBOR currencies and contains separate sections for regulatory updates and for cross-currency updates. The euro section also contains information on the transition from EONIA to €STR. The final section of the tracker sets out anticipated next steps in relation to LIBOR transition. For more information on the background to the transition away from LIBOR and other IBORs towards using RFRs, as well as information on the specific issues for the loan market, derivatives market, and debt capital markets of the adoption of RFRs, see Practice Note: LIBOR transition. For information on basing a facility agreement on risk-free rates instead of LIBOR, see Practice Note: Interest provisions in risk-free rate based loan agreements. This tracker does not cover updates in relation to the EU Benchmarks Regulation. For information on this, see: Benchmarks Regulation—timeline [Archived]. For a detailed...

Protecting and acquiring intellectual property rights in website content—checklist

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Measuring the in-house legal team

Measuring the in-house legal team This Practice Note discusses how in-house legal teams can use metrics such as staffing, spend, income and client satisfaction to demonstrate their value. Metrics are a useful tool to increasing self-awareness, implementing strategic improvements, focusing on reducing costs, increasing the influence of your legal function and developing and motivating your team. Why measure? Self-diagnosis Identifying trends and the current state of play, for example, workload, spend and staffing. Implementing strategic improvements Gathering the information you need to build business-wide support for your management strategies, for example:—maintaining headcount—pushing work to the business—outsourcing or insourcing—de-skilling or skilling-up—technology or further investment Focus on reducing costs A true focus on savings means keeping on top of data on costs or income, for example:—monitoring volume of external spend, discounts and rebates under alternative fee arrangements—building a platform from which to work closely with finance and procurement functions to achieve further savings Increasing the influence of your legal function Helping your legal team to become a key influencer...

An introduction to the Agreement on Import Licensing

An introduction to the Agreement on Import Licensing This Practice Note introduces the World Trade Organization’s (WTO) Agreement on Import Licensing. It provides guidance on the general provisions that are applicable to all import licensing procedures as well as the specific provisions relevant to automatic and non-automatic import licensing procedures. It further provides guidance on the notification obligation to the WTO Committee on Import Licensing. Introduction Import licensing can adversely affect trade in goods. This was already recognised under the General Agreement on Tariffs and Trade (GATT) 1947. Article VIII of GATT 1947 dealt in broad terms with import licensing as follows: • Member States recognised the need to minimise the incidence of import and export formalities and for decreasing and simplifying import and export documentation requirements • Member States agreed to review the operations of their laws and regulations in light of Article VIII if so requested by another Member State, and • Member States were prohibited from imposing substantial penalties for minor breaches of customs...

Discover our 217 Practice Notes on Utilisation

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured

Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the...

Share purchase agreement—pro-buyer—corporate seller—conditional—long form

Share purchase agreement—pro-buyer—corporate seller—conditional—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of selling corporate entity] incorporated in [England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Seller); 2 [Insert name of purchasing corporate entity] incorporated in England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Buyer), and 3 [Insert name of guarantor entity] incorporated in England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Guarantor) [(each of the Seller, the Buyer and the Guarantor being a Party and together the Seller, the Buyer and the Guarantor are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in [England and...

Dive into our 36 Precedents related to Utilisation

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary?

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary? The convention of splitting conditions precedent (CPs), into ‘CPs to signing the agreement’ and ‘CPs to initial utilisation’, reflects the fact that company acquisitions typically involve a split ‘exchange’, where the key documents are executed and the parties commit to the transaction (subject to certain conditions), and completion, where the money moves and the company or group legally changes hands. Certain CPs, such as corporate authorities, can be given prior to signing, while CPs such as security by the target group can’t be given until completion (the documents can be

Is the permission of the court required for evidence from financial proceedings to be utilised in children proceedings (and vice versa)?

Is the permission of the court required for evidence from financial proceedings to be utilised in children proceedings (and vice versa)? In relation to evidence, first consideration should be given to the provisions of the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955. FPR 2010, SI 2010/2955, 27.10, provides that proceedings to which FPR 2010 apply will be held in private except where FPR 2010 or any other enactment provides otherwise or, subject to any enactment, where the court directs otherwise. A hearing held in private means proceedings at which the general public have no right to be present (FPR 2010, SI 2010/2955, 27.10(2)). FPR 2010, PD 12G covers the communication of information relating to children proceedings and sets out at FPR 2010, PD 12G, para 2.1 the categories of people to whom information may be communicated and for what purpose. Communication outside of these provisions amounts to a contempt of court. FPR 2010, SI 2010/2955, 12.73 also provides that, for the purposes of the law relating to contempt of...

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Environment weekly highlights—17 October 2024

This week's edition of Environment weekly highlights includes: news analysis on South Lakeland Action on Climate Change—Towards Transition v Secretary of State for Levelling Up, Housing and Communities, in which permission for a proposed ‘net zero’ coal mine was quashed. Friends of the Earth has also confirmed this week that West Cumbria Mining have missed the deadline to appeal the decision. In addition, this week Dan Corry, has been appointed to conduct an internal review of the regulation and regulators within the Department for Environment, Food and Rural Affairs (Defra), the Department for Business and Trade (DBT) has launched a consultation on the development of a new Industrial Strategy, the UN Climate Change (UNCC) has announced the publication of two key standards to operationalise a new UN crediting mechanism ahead of COP29. Further, the Office for Environmental Protection (OEP) has published a report on the drivers and pressures affecting nature in Northern Ireland. DESNZ has published the response to its consultation on the climate change agreement scheme and Defra has...

Energy weekly highlights—17 October 2024

This week's edition of Energy weekly highlights includes: a News Analysis on the South Lakeland case concerning the lawful approach to environmental impact assessments (EIAs) and ‘substitution’ arguments in the context of fossil fuel developments, following the Supreme Court’s decision in Finch. In addition, this week, the Department for Energy Security and Net Zero (DESNZ) published the responses to its consultations on designing a policy framework for investment in long duration electricity storage (LDES) and updates to the 2009 Carbon Capture Readiness (CCR) requirements, as well as launching a consultation and call for evidence on the Capacity Market (CM).

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