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We have made a general analysis of the issues set out below, but it must be noted that each issue is usually the subject of extensive negotiation and its outcome largely dependent on the agreed contractual terms.
As a result, our conclusions on each of the scenarios considered below must be analysed taking into account the actual terms and conditions of the relevant sale and purchase/construction/lease/finance documents (as applicable) and the factual circumstances applying to each of the cases.
This note assumes the position under an English law financing (following LMA recommended form) backed with Spanish real estate. Should the financing be subject to Spanish law, the analysis on certain matters would vary.
As such, this note provides only a general analysis of issues likely to arise and it is not intended to provide legal advice in respect of any specific situation.
