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This subject involves the study and analysis of the structure, purpose and key provisions of market standard cross border lending documentation, including large syndicated credit agreements (governed by New York or English law). Students will focus on anticipating potential concerns and tensions in the negotiation process and will have the chance to review and study the key agreements and documents such as the credit agreement, guaranties, other ancillary documents, schedules, and document deliveries that they will encounter in practice. Students will also study the structure and standard documents used in the cross-border repo market and the securities lending market, two important international capital markets.
Over the past three decades, Professor Christian Johnson has taught and lectured on cross-border lending capital markets in Australia, Europe, Asia, the Middle East, Africa, and North and South America. Currently, he is the Commonwealth Professor of Law and Business Advising at Widener University Commonwealth School of Law. Professor Johnson has presented and lectured at sovereign wealth funds, central banks, multilateral development banks, the University of Oxford, the London School of Economics, the National University of Singapore, and other prominent institutions. Professor Johnson graduated with his law degree from Columbia University, practiced for global law firms in New York and Chicago, and worked as a certified public accountant for Price Waterhouse prior to law school.
Principal topics include:
- The various structures and purposes of different cross-border lending transactions
- The key provisions and clauses found in cross-border lending documentation
- The key interbank credit markets
- The key differences between New York, English law and Australia in lending transactions
- The key clauses found in New York/English guarantees
- The key legal, credit and business issues in repo and securities lending transactions.
Intended learning outcomes
A student who has successfully completed this subject should be able to:
- Examine and explain the structure and key business, credit and legal elements of market standard cross border lending documentation
- Successfully negotiate sophisticated and complex lending documentation
- Analyse and appraise the key idiosyncratic provisions found in cutting edge syndication and administrative agent clauses
- Evaluate the key and core elements in US and English law guarantees used by multinational financial institutions
- Analyse and appraise the special interest rate protection and breakage clauses
- Apply the key legal, credit and business issues in global repo and securities lending agreements to their use in international capital markets.
Last updated: 10 November 2023