AUSTRIA
Czech Republic
Germany
Slovak
Vienna
Austria
Law and Practice Contributed by: Markus Fellner, Stefan Sallat and Florian Henöckl Fellner Wratzfeld & Partner Rechtsanwälte GmbH
Hungary
Italy
Slovenia
Croatia
Contents 1. Loan Market Overview p.12 1.1 The Regulatory Environment and Economic Background p.12 1.2 Impact of Global Conflicts p.12 1.3 The High-Yield Market p.12 1.4 Alternative Credit Providers p.13 1.5 Banking and Finance Techniques p.13 1.6 ESG/Sustainability-Linked Lending p.13 2. Authorisation p.14 2.1 Providing Financing to a Company p.14 3. Structuring and Documentation p.15
6. Enforcement p.22 6.1 Enforcement of Collateral by Secured Lenders p.22 6.2 Foreign Law and Jurisdiction p.22 6.3 Foreign Court Judgments p.23 6.4 A Foreign Lender’s Ability to Enforce Its Rights p.23
7. Bankruptcy and Insolvency p.23 7.1 Impact of Insolvency Processes p.23 7.2 Waterfall of Payments p.24
7.3 Length of Insolvency Process and Recoveries p.24 7.4 Rescue or Reorganisation Procedures Other Than Insolvency p.24 7.5 Risk Areas for Lenders p.25 8. Project Finance p.25 8.1 Recent Project Finance Activity p.25 8.2 Public-Private Partnership Transactions p.25 8.3 Governing Law p.26 8.4 Foreign Ownership p.26 8.5 Structuring Deals p.26 8.6 Common Financing Sources and Typical Structures p.26 8.7 Natural Resources p.26 8.8 Environmental, Health and Safety Laws p.27
3.1 Restrictions on Foreign Lenders Providing Loans p.15 3.2 Restrictions on Foreign Lenders Receiving Security p.15 3.3 Restrictions and Controls on Foreign Currency Exchange p.15 3.4 Restrictions on the Borrower’s Use of Proceeds p.15 3.5 Agent and Trust Concepts p.15 3.6 Loan Transfer Mechanisms p.15 3.7 Debt Buyback p.16 3.8 Public Acquisition Finance p.16 3.9 Recent Legal and Commercial Developments p.17 3.10 Usury Laws p.17 3.11 Disclosure Requirements p.17 4. Tax p.17 4.1 Withholding Tax p.17 4.2 Other Taxes, Duties, Charges or Tax Considerations p.17 4.3 Foreign Lenders or Non-Money Centre Bank Lenders p.17 5. Guarantees and Security p.18 5.1 Assets and Forms of Security p.18 5.2 Floating Charges and/or Similar Security Interests p.20 5.3 Downstream, Upstream and Cross-Stream Guarantees p.20 5.4 Restrictions on the Target p.20 5.5 Other Restrictions p.21 5.6 Release of Typical Forms of Security p.21 5.7 Rules Governing the Priority of Competing Security Interests p.21 5.8 Priming Liens p.21
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