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Angus Hayhow
Associate, London

I am coming to the end of my second seat: project finance.  I begin the week by reading and filing the emails I didn’t need to read or respond to over the weekend.  I draft responses to various questions and information requests in relation to an up-and-running project that we have received from Lenders’ counsel. After sending these drafts to my supervisor for review, I meet with an associate who would like me to assist with the preparation of various documents required as conditions precedent to a loan facility.  I start working on these, using examples provided by the associate. Before finishing for the evening, I meet with my supervisor who gives some context ahead of a call I am to join her on in the morning. She also gives me comments on the draft emails I sent earlier in the day, which I incorporate and send to Lenders’ counsel.

I join my supervisor on a call with a client that seeks to undertake a group re-organisation. The call helps us to understand what the client intends to achieve and allows us to set out an outline of the documents and permissions likely to be required in achieving the aim.  Afterwards, my supervisor supplies me with copies of the project documents, and asks that I amend the draft agreement in light of points raised during the discussion with the client. I begin on this after attending the finance team catch-up meeting, which takes place in one of the conference rooms. The catch-up meeting involves partners and associates working in finance matters—informing the others of progress made in various work streams across ongoing deals. Later, I receive the Security Trustee’s wet-ink signature pages in relation to the amendment of certain hedging transactions recently executed by another client. I am now able to compile the agreements with the signatures of each party, which I will arrange to send out to the signatories.

Wednesdays begin with training sessions presented by one of the practice area associates. These sessions are aimed at, but not exclusive to, trainees. Associates and partners will join on occasion and sometimes chip in with comments on having encountered the law being discussed in practice. I send drafts of the various documents required as conditions precedent to the loan facility (e.g. board and shareholder resolutions, capacity opinion, and officer’s certificates) to the associate who briefed me on Monday. A partner emails me asking me to put together a summary of the terms of two schemes of arrangement, with particular focus upon an aspect of concern to a client anticipating entrance into such a scheme. I send this before heading home.

I continue making changes to the draft agreement I was working on Tuesday, then send the amended version to my supervisor for review. For another matter, I am asked to draw up ownership and deal structure charts to be used in a presentation to be given by a client to potential lenders. Using information in the draft finance agreements and given to us by the client, I draw these up as PowerPoint slides.  After receiving comments on the draft agreement, I make the relevant changes and send the draft back to my supervisor for her to send to the client after review.

I am given a research task centred upon the interaction of French and English law where a novation agreement governed by the law of one jurisdiction has been used in relation to a contract governed by the law of the other. I look into this using a mixture of online sources and the materials in the library on the ground floor. I send a response on the research task and then draft cover letters to accompany the compiled hedging agreement amendment documents. I release my time entries and finish up for the week.


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