Tag Archives: trustee

Indemnities – beware the consequences of “reasonableness”

The provision of indemnities, particularly those provided to corporate trustees and agents, is an important feature of an effectively functioning structured finance market.  It enables the parties involved to allocate the risks of unforeseen expenditure to those parties with the ultimate economic interest in the transaction and allows trustees and agents to keep their fees … Continue Reading

Playing with New Toys: How investor guidelines are shaping new CMBS transactions

Last week’s new Debussy DTC/Toys’R’Us CMBS transaction , which we were happily involved in, has sparked media attention as a sign of recovery of investors’ faith in the European securitisation markets. It also demonstrated investor demands to address some of the structural issues that had arisen in the original Vanwall securitisation as well as other … Continue Reading

‘Point of no return’ is not the point says Supreme Court

So Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO) does not make limited recourse any of the notes it relates to. Those are the conclusions of the Supreme Court (see here) after it substantially re-affirmed … Continue Reading
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