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JIBFL: Rated subscription lines: bringing fund governing documents and finance documents into focus

This article was first published in the May 2024 issue of Butterworths Journal of International Banking and Financial Law.

In this In Practice article we will explore the benefits of obtaining a rating for a subscription facility. By reference to ratings criteria announced by the main agencies, we will explore how the limited partnership agreement, side letters and the related finance documentation are analysed to arrive at a rating.

Travers Smith advises Inflexion and other shareholders on the sale of the Atcore group, a global travel technology company to Travelsoft

Travers Smith LLP has advised an investment vehicle backed by longstanding client Inflexion and other selling shareholders (including LDC) on the sale of the Atcore Group to Travelsoft, a leading travel Software-as-a-Service (Saas) company, creating a global travel technology player, with platforms covering all the mission-critical software and back-office needs of the global leisure travel industry.

B2C contracts and clickwrap terms: the £1 million lottery case and what you can learn from it

A recent dispute over whether a consumer had won £1 million in an online game has some important lessons for B2C businesses and their online terms and conditions, particularly when errors or software glitches occur. Ariana Shaw, a trainee in our Technology & Commercial Transactions team, provides a visual guide to the case, which involved the former National Lottery operator Camelot.

ESMA Guidelines on Fund Names

The European Securities and Markets Authority (ESMA) has published its final guidelines on fund names using ESG or sustainability-related terms (Guidelines). The Guidelines are primarily motivated the ESMA's desire to combat greenwashing and are intended to specify the circumstances where the fund names using ESG or sustainability related terms are unfair, unclear or misleading.

EuroChem and Zephyrus: Recent cases test limits of exclusive jurisdiction clauses

Two recent High Court decisions illustrate the approach of the English courts to the construction of clauses arguably conferring exclusive jurisdiction for disputes on foreign courts. The High Court concluded that it should override the exclusive jurisdiction clause in Zephyrus but it would not have been prepared to do so in EuroChem. In each case, the High Court ultimately concluded that it had jurisdiction in relation to the parties' dispute.

Fund Finance Update: FFA European Symposium 2024

On 2 May 2024, the Fund Finance Association hosted its 8th Annual European Fund Finance Symposium at the Queen Elizabeth II Conference Centre in London, bringing together participants from all corners of the fund finance community including GPs and fund managers, lenders, rating agencies, lawyers, and other advisers for a busy day of education and networking. Travers Smith was proud to once again be a Platinum sponsor, and our sincere thanks to the Fund Finance Association and all involved for their efforts in organising another fantastic Symposium.

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