Lending Definition

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GLOSSARY

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What does Lending mean?

The lending of copies of the work available for use, on terms that it will or may be returned.

The lending of copyright works is the lending of copies, otherwise than for direct or indirect economic or commercial advantage, may be returned, otherwise than for direct or indirect economic or commercial advantage, through an establishment which is accessible to the public.

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Drafting a building contract/schedule of amendments—checklist

Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...

Ownership and issues regarding copyright works created at home—checklist

Ownership and issues regarding copyright works created at home—checklist Employees and contractors are increasingly working more from home. This has resulted in an increase in content being created at home and posted or shared online, for example by teachers to share with their pupils via video communications. When content is created at home in these circumstances, the ownership of IP rights, use of third-party material and infringement of third-party rights should be considered. For further information on issues raised by this Checklist, see Practice Notes: • Copyright—protectable works • Copyright—authorship and ownership • Copyright & associated rights—overview • Copyright infringement • Copyright—secondary infringement • Copyright infringement—remedies • Copyright—permitted acts and defences • Joint ownership of intellectual property rights The third column can be used to record observations or comments as the Checklist is worked through. Checklist Further information Notes (if any) Copyright origination ☐ Identify the copyright work. Copyright is an unregistered right—it comes into being automatically on the creation of a qualifying work.The main categories of ‘work’ are:—literary,...

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Authorisation requirements for CBTL mortgages—flowchart

Authorisation requirements for CBTL mortgages—flowchart Purpose of the CBTL flowchart The purpose of this flowchart is to assist firms in determining whether they need to apply for authorisation to carry on regulated activities in relation to consumer buy-to-let (CBTL) mortgages under the Mortgage Credit Directive Order

Liquidated damages v penalty clause—checklist

Liquidated damages v penalty clause—checklist As seen in Practice Note: Contract interpretation—distinguishing between liquidated damages and penalty clauses, the task of determining whether or not a liquidated damages clause may be held to be unenforceable as a penalty is not always an easy one. While it will be a matter of construction for the courts in each case, there are a number of factors to consider when analysing the scope of an alleged liquidated damages clause and whether or not it may be susceptible to challenge as a penalty. If drafting a liquidated damages clause, it is essential that you keep these factors in mind in drafting the clause (and its relationship with related clauses). See: • Drafting and negotiating a liquidated damages clause—checklist • Precedent: Liquidated damages clause For specific consideration of how clauses in commercial contracts which provide for ‘default interest’ have been considered in the authorities, see: • Penalty interest rates in commercial contracts • Contract interpretation—distinguishing between liquidated damages and penalty clauses—When might default interest be...

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Ireland—Signing off on the documentary conditions precedent in a loan transaction

Ireland—Signing off on the documentary conditions precedent in a loan transaction Each of the documentary conditions precedent (CPs) to funding must be satisfied (or waived) before funding can take place. Who signs off on the documentary CPs? Once all of the documentary CPs have been satisfied (or waived), the lender (or, in syndicated transactions, the facility agent) will usually be required by the terms of the facility agreement to confirm to the borrower, in writing, that this is the case. However, whether the documentary CPs have been satisfied will have been determined by a number of factors: legal, commercial and factual issues will have been addressed by a combination of the lender(s) and the lawyers acting for the lender(s). Therefore, signing off on the documentary CPs will involve both the lender(s) and lawyers. It is important, however, to note that the final commercial decision on whether to lend is made by the lender(s) rather than their lawyers. Role of the lawyers for the lender(s)—issuing a CP satisfaction letter Finding a...

Remedies for connected lender liability in consumer credit

Remedies for connected lender liability in consumer credit This Practice Note examines a purchaser’s causes of action and remedies where the credit in a supplier-purchaser agreement is financed by a third party. The Consumer Credit Act 1974 (CCA 1974) provides that in certain instances where there is a connection between the supplier of goods and services and the creditor, the borrower will be able to seek a remedy against the creditor under CCA 1974, s 75 where the supplier has made a misrepresentation or is in breach of contract. This Practice Note looks at the main requirements of section 75 and the circumstances in which it might be applied when purchasing goods or services with a credit card. Overview Under a contract for the sale or supply of goods or services as between a supplier and purchaser, the purchaser’s causes of action and remedies are well known. However, what is the position where the transaction is financed by a third-party creditor? In certain debtor-creditor-supplier (or DCS) relationships, a consumer...

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Ireland—Notice of assignment of contractual rights and form of acknowledgement for an assignment by way of security: single company assignor—bilateral—specific monies

Notice of assignment of contractual rights from an assignor incorporated as a limited company in Ireland with a form of acknowledgement from the contract counterparty This is a Precedent Notice of Assignment which can be used to give notice of an assignment of contractual rights by way of security from an assignor to its contract counterparty. This drafting note explains the context in which this Precedent Notice of Assignment might be used as well as the features of this Precedent Notice of Assignment and the assumptions on which it is based. For information on taking security over contractual rights, see Practice Note: Ireland—Assignments by way of security. Parties to this Precedent Notice of Assignment This Precedent Notice of Assignment is designed for use in bilateral transactions (ie where there is only one lender) as opposed to syndicated transactions (ie where there is more than one lender). It has been drafted as being: • from a single security provider (defined as the ‘Assignor’) • to its contract counterparty and refers to...

Grazing lease—Scotland—Style

Grazing lease—Scotland—Style Parties 1 [insert full name of party], residing at [insert address] (together with their successors as landlord under this Lease), are hereinafter together referred to as the Landlord; and 2 [insert full name of party], residing at [insert address] [and [insert full name of party], residing at [insert address]] (hereinafter [together] referred to as the Tenant). IT IS CONTRACTED and AGREED between the Parties as follows: 1 Definitions Act • means any act of the United Kingdom (UK) or Scottish Parliament and any delegated law made under it and any European Community legislation or decree having effect of law in the UK; Authority • means any statutory, public, local or other authority or any court of law or any government department or any of their duly authorised officers; Date of Entry • means [insert date of entry]; Ish • means [insert date of ish—no more than 364 days after date of entry]; Landlord's Neighbouring Property • means the neighbouring property retained by...

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I act for a small company which is having trouble obtaining bank finance—would an issue of mini-bonds be a viable alternative?

I act for a small company which is having trouble obtaining bank finance—would an issue of mini-bonds be a viable alternative? IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for DCM lawyers? [Archived] BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the...

I've just noticed that an executed document has the wrong date on it. What should I do?

I've just noticed that an executed document has the wrong date on it. What should I do? The first thing you need to do is insert the correct date in the document which has been incorrectly dated. It is important that the date on the document accurately reflects the date on which the parties to it intended to be bound by its terms. Normally, this is the date when the parties: • signed the document (if it is a simple agreement as opposed to a deed), or • delivered the document (if it is a deed) In the absence of any provision to the contrary in the document, it will be presumed that the date on a document is the date the document took effect. If the date is wrong, there could be confusion about when the document took effect. How should a document be dated? It depends whether the document in question is a simple agreement or a deed. In the case of a simple agreement, the document should...

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Financial Services—other developments (16/06/2025)

A round-up of other developments, which have not been covered in full by the ��˾��ҹ�� Financial Services practical guidance team but may nevertheless be of interest.

Financial Services—other developments (10/6/2025)

A round-up of other developments, which have not been covered in full by the ��˾��ҹ�� Financial Services practical guidance team but may nevertheless be of interest.

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