THE LONDON CLUB GLOSSARY OF SELECTED TERMS

NOTE: All the terms that follow may not specifically be used in a "London Club" context only. However, they are made part of the London Club Glossary as they might be deemed useful for the purposes of this chapter. Please also refer to the Paris Club Glossary and the Legal Aspects of Debt and Financial Management Glossary, both of which form part of the training package. The aim of this glossary is to familiarize the reader with a number of important terms and concepts appearing in commercial bank restructuring. It is also meant to act as a reference tool for understanding substantive legal issues involved in commercial bank restructuring.

• Acceleration
• Assignability
• Bank Advisory Committee (BAC)/Bank Steering Committee
• Capture or Consolidation Period
• Comparability
• Conditions Precedent
• Consolidation
• Covenants
• Cross-Default Clause
• Debt Management Team
• Debt Rescheduling
• Default Interest
• Documentation Sub-Group
• Draw Down
• Eligible Debt
• Equal Treatment
• Events of Default
• Excluded Debt
• Exploratory Meeting
• Free Rider
• Heads of Terms
• Information Memorandum
• Layering
• Linkage
• Majority and Extra Majority Creditors
• Majority Rule
• Mandatory Prepayment Clause
• Moratorium
• Most Favoured Debt Clause
• Multi-Year Rescheduling Agreement (MYRA)
• Negative Pledge Clause
• New Money
• New York Club
• Obligor
• Pari Passu Clause
• Refinancing
• Representations and Warranties
• Set-off
• Sharing Clause
• Sovereign Immunity
• Standby Arrangement
• Syndicated Loan
• Trade Creditors
• Unanimity Rule
• Voluntary Repayment or Prepayment
• Voluntary Standstill Request
• Warranties
  

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