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  • What do these words mean in the context of a financial agreement? Financial lawyers are very familiar with this phrase because it is included in most loan participation agreements and syndicated loan agreements for the purpose of protecting the lead or agent bank.
  • In 1996 the Mexican government organized an entity called Valuación y Ventas de Activos SA (VVA) for the purpose of organizing a series of sales of loans made by Mexican banks. The aggregate amount of the loans is said to exceed US$42 billion. The loans are held by Fondo Bancario para la Protección de Activos (FOBAPROA), a trust administered by Banco de México, the central bank.
  • UK firm Linklaters & Paines overtakes US rival Davis Polk & Wardwell to head this year’s ranking of the leading advisers on international equity issues. But other firms are catching up. Richard Forster and Robert Dwyer report
  • US chemicals group DuPont is paying £1.8 billion (US$3 billion) for the titanium dioxide and polyester businesses of the UK's ICI. The deal is part of ICI's programme to fund its £4.9 billion acquisition of Unilever's speciality chemicals businesses.
  • New York mutual life insurer Metropolitan Life Insurance has acquired Californian-based Security First Group from London Insurance Group. The deal is worth US$377 million.
  • Cleveland firm Squire, Sanders & Dempsey has opened an office in Madrid. The office will be headed by Juan Picón, formerly at Clifford Chance, Madrid. It opened on September 1 and will be staffed by six lawyers.
  • The German Securities Trading Supervisory Authority’s latest guidelines for the conduct of investment services business are out. Alexander Vogt and Peter Waltz of Oppenhoff & Rädler, Frankfurt, assess them in the context of existing rules
  • As with all emerging markets, securitization offers Peru new forms of debt instrument with a greatly reduced risk of default. New rules should boost the developing market. By Esteban Mancuso of White & Case, New York
  • The entry into force of Law No. 675 of December 31 1996, which included personal data protection rules, raised a number of doubts about the forms the banks must submit to customers to obtain their consent for the use of their personal data.
  • The US$944 million financing package for Osprey Maritime Limited of Singapore to purchase Gotaas-Larsen Shipping Corporation is the largest non-government ship finance transaction. It is also the largest US dollar syndicated loan provided by Singapore banks.