Diligence Letter From External Legal Counsel Addressing Certain Diligence Issues As A Precondition To The Mobilisation Of Syndicated Loans Governed By English Law As Collateral In Eurosystem Credit Operations

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DILIGENCE LETTER FROM EXTERNAL LEGAL COUNSEL ADDRESSING CERTAIN
DILIGENCE ISSUES AS A PRECONDITION TO THE MOBILISATION OF SYNDICATED
LOANS GOVERNED BY ENGLISH LAW AS COLLATERAL IN EUROSYSTEM CREDIT
OPERATIONS
[Date]
[National central bank]
Dear Sirs
English law governed syndicated loans – due diligence
We have acted as English legal advisers to [counterparty] in connection with the mobilisation by
[counterparty] of certain English law governed syndicated loan agreements (the "Loan
Agreements") tendered as collateral for its obligations to [national central bank] (the "NCB").
Scope and purpose
1.
We have reviewed the Loan Agreements set out in schedule 2 and schedule 3 from an
1.1
English law perspective only and for the purpose of confirming that the Loan
Agreements satisfy the criteria set out in schedule 1.
We have not reviewed the Loan Agreements for any other purpose nor have we reviewed
1.2
any other documents and we do not comment on or take into account any laws other than
English law.
Assumptions
2.
We have assumed that each Loan Agreement is in full force and effect and has not been
terminated, superseded or amended (whether or not in writing).
Confirmations
3.
We confirm that each Loan Agreement listed in schedule 2 satisfies all the criteria set out
3.1
in schedule 1.
We confirm that each Loan Agreement listed in schedule 3 does not satisfy all the
3.2
criteria set out in schedule 1.

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