Legal Updates

By now we all are very much aware that COVID-19 is putting us all to the test. On a business level this is affecting companies in all possible sectors and is likely to have a significant impact on their contractual relationships, including the agreements documenting their financing arrangements. The financial impacts are starting to be felt, and both lenders and borrowers are reviewing the facilities agreements/loan agreements they already have in place and into the additional provisions that they will have to negotiate in relation to the new agreements being entered into. We will look into several aspects where COVID-19 (and the state of alarm imposed by the Spanish government) might have an impact on facilities agreements), which may lead to the enforcement of security, draw-stops and/or mandatory prepayment events under existing agreements and leaving a final note for currently on-going negotiations of new facilities/loans.

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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying it to specific issues or transactions.

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