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Impacts on Project Financing
The LMA has been providing guidance notes to its members since 2016, flagging the kinds of provisions which are likely to be affected by Brexit. In particular they have focused on points that one can see would be impacted in finance documents such as law and jurisdiction provisions, references to EU law, lending restrictions and bail-in provisions. They have also provided specific optional wording for inclusion in loan agreements e.g. to allow lenders to nominate affiliated entities to participate in specified utilisations without transferring part of the available commitment to that affiliate. This provides flexibility to lenders in situations where local licensing requirements may change post Brexit. Also, the IPFA have provided Brexit training for their members to help market participants to move towards a common understanding of certain Brexit risks.
For more advice please contact Bird & Bird LLP
https://www.lma.eu.com/brexit (LMA members only)