++* Trust Indenture Act

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1 +*3

2 ++* Trust Indenture Act

3 +++ trust company

4 ++,. bond trustee note trustee, fiscal agent Trust Deed the Trustee Act covenants charges pledges hold terms and conditions

5 ++- potential event of default

6 ++.. Bartlett and Others v Barclays Bank Trust Co. LTD. [] Ch Bartlett Trust Ltd. BTL debenture stock Barclays Bank Trust Co.Ltd. BTL freehold leasehold BTL BTL

7 ++/ BTL BTL BTL BTL BTL Bartlett Trust Holding Ltd.BTH

8 ++0 ultra vires fiduciary duty the Companies Act

9 ++1. event of default

10 ++2

11 ++3 Law Debenture Trust Corporation plc v Acciona SA and others Elektrim SA Elektrim Finance BV, The Law Debenture Trust Corporation plc Trust Deed, composition, d R d R R materially prejudicial to the interests of the Bondholders

12 +,* the Bonds are,... immediately become, due and repayable Concord Trust v Law Debenture Trust Corporation plc d d Concord Trust v Law Debenture Trust Corporation plc d writ in water a notice of acceleration

13 +,+ Elektrim Finance House of Lords an extraordinary resolution

14 +,, fiduciary duty the representative of the bondholders.

15 +,- hold Global Bond certificate Common Depositary book entry beneficiary

16 +,.. Reporting Covenants Financial Covenants Disposals of Asset Covenants

17 +,/ Change of Business Covenants Negative Pledge Covenants noaction clause Highberry Ltd v Colt Telecom Group plc Ch Companies Court [],

18 +,0 the Elliott Group vulture fund noaction clause insolvency the Insolvency Act an administration order

19 +,1.

20 +,2 restructuring waive

21 +,3.

22 +-*.

23 +-+

24 +-,

25 +--.

26 +-.

27 +-/ fiduciary duty

28 +-0. covenants Representation and Warranties

29 +-1 Representation and Warranties Covenants FA

30 +-2.

31 +-3

32 +.*.

33 +.+

34 +.,. FA SPC

35 +.- SPC SPC SPC

36 +.. FA

37 +./ FA FA

38 +.0 b a b d

39 +.1 SEC

40 +.2 http :// euro bond international bond See Financial Markets Law Committee supra n, p See Stavros Peristiani Evaluating the Relative Strength of the U.S. Capital Markets Current Issues In Economics and Finance, Volume, Number, July, Federal Reserve Bank Of New York, also see Stavros Peristiani and Joao A.C. Santos Has the US Bond Market Lost its Edge to the Eurobond Market? International Review of Finance, :, :at Philip Rawlings The Changing Role of the Trustee in International Bond Issues J.B.L, Jan, Sweet & Maxwell and Contributors, at

41 +.3 See Law Commission, Trustee Exemption Clause : A Consultation Paper, Consultation Paper No., also see Financial Markets Law Committee, Trustee Exemption Clauses issue, May, London, FMLC, Bank of England. Principal Paying Agent Financial Markets Law Committee supra note, at Charles P Goodall Eurobonds issued with the benefits of trust deeds International Financial Law Review, at See Barlett v Barclays Bank Trust Co Ltd []Ch. Rawlings supra note, at Financial Markets Law Committee supra note, at covenants Representation and Warranty Frank J. Fabozzi & Moorad Choudhry The Handbook of European Fixed Income Securities John Wiley & Sons Inc., at Fabozzi&Choudhry supra note, at security trustee

42 +/* See Rawlings supra note, at ; Trust Deed Covenants See Uruguay Central and Hygueritas Railway Co of Monte Video, Re [] L.R. Ch D. ; Dunderland Iron Co Ltd, Re [] L.R. Ch.. Rawlings supra note, at Ibid, at Financial Markets Law Committee supra note, at Rawlings supra note, at Fabozzi&Choudhry supra note, at CREST Customer Communications Interface Bartlett and Others v Barclays Bank Trust Co. LTD. [] Ch See Financial Markets Law Committee supra note Hazell v. Hammersmith and Fulham London Borough Council [] A. C. Westdeutsche Landesbank Girozentrale v. Islington London Borough Council [] A.C. Rawlings supra note, at Ibid Ibid

43 +/+ Ibid Financial Markets Law Committee supra note, at See Rawlings supra note, at Simon Hill and Tim Beech The credit crisis : have trustees lived up to expectations? Capital Markets Law Journal, Vol., No., at Law Debenture Trust Corporation plc v Acciona SA and others, CH [] EWHC CH, [] AllER D Feb Concord Trust v Law Debenture Trust Corporation plc [] UKHL, [] All ER Comm, [] Lloyd s Rep, [] BCLC Concord Trust v The Law Debenture Trust Corporation Plc, [] EWHC Ch Wednesbury unreasonable, see Associated Provincial Picture Houses Ltd vwednesbury Corp [] All ER, [] KB Financial Markets Law Committee supra note, at Rawlings supra note, at Financial Markets Law Committee supra note, at Rawlings supra note, at Fabozzi & Choudhry supra note, at See Frank J. Fabozzi,Moorad Choudhry The Handbook of European Structured Financial Products John Wiley & Sons Inc., at Temporary Global Bond Permanent Global Bond Permanent Global Bond Temporary Global Bond Permanent Global Bond

44 +/, See Moorad Choudhry An Introduction to Bond Markets John Wiley & Sons Inc., at Fabozzi & Choudhry supra note, at See Choudhry supra note, at Choudhry common depositary paying agent registrar trustee custodian See Moorad Choudhry The bond and money markets : strategy, trading, analysis Butterworth Heinemann, at Deed of Covenants See Fabozzi & Choudhry supra note, at Eilis Ferran Principles of Corporate Finance Law Oxford University Press,, at Philip Wood Law and Practice of International Finance Sweet & Maxwell reprinted, at Ferran supra note, at Rawlings supra note, at See Wood supra note Ferran supra note, at Wood supra note Ferran supra note, at Wood supra note Ferran supra note, at Wood supra note, at Highberry Ltd v Colt Telecom Group plc Ch Companies Court [] EWHC Ch, [] BCLC, ReColt Telecom Group Plc NO

45 +/- Ch [] EWHC Ch, [] BPIR, ReColt Telecom Group Plc NO Ch [] BPIR, [] EWHC Ch Re Colt Telecom Group Plc NO CH [] BPIR, [] EWHC Ch Hill and Beech supra note, at Wood supra note, at Fabozzi & Choudhry supra note, at Hill and Beech supra note, at Hill and Beech supra note, at See Moody s Moody s Reexamines Trustees Role in ABS and RMBS February,, http ://v.moodys.com/researchandratings, SPC Moody s ibid Financial Markets Law Committee supra note, at business judgment rule See Yakov Amihud, Kenneth Garbade, and Marcel Kahan An Institutional Innovation to Reduce the Agency Costs of Public Corporate Bonds Journal of Applied Corporate Finance, Spring, Volume No., at

46 +/. No. Vol..

47 +// Wood supra supra note, at. No. Goodall supra note, at Financial Markets Law Committee supra note, at http :// or. jp / JCER No... Moody s supra note Hill and Beech supra note, at Financial Markets Law Committee note, at Rawlings supra note, at

48 +/0 See Amihud and others supra note Ibid, at Ibid, at Ibid, at Ibid, at. Rawling supra note, at See Moody s supra note

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