#Define finance debt series

#Define finance debt series

Private M&A-Canada-Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to private manda in Canada published as part of the Lexology Getting the Deal Through series by Law Business Research (published: October 2021). For example, with Uruguay, the sovereign immunity clause provides: ‘Uruguay will waive that immunity in respect of any claims or actions regarding its obligations under the securities, except that Uruguay will not waive immunity from attachment prior to judgment and attachment in aid of execution under Uruguayan law' (see page 87 of the Prospectus of the

Even in some cases where the sovereign immunity has been waived by the debtor, that immunity is limited within its own territory.

In that case, local courts would not rule against the default and extraordinary measures instituted by the sovereign’s government due to the situation of emergency that the country is facing. Greece did the same through the enactment of the Bondholders Act 4050/12. For example, when the Argentine crisis of 2001 took place, the Congress passed law 25,561 declaring the public emergency of Argentina, particularly in the social, economic, administrative, financial and currency exchange areas. Where to sue? Upon an event of default in, for example, bonds, sovereign states usually establish that the situation is a public emergency by passing a law or enacting an executive order or decree. In debt documented in tradable instruments, this disruption would likely constitute an event of default. Litigation issues in sovereign debt Economic disruption in a country might trigger a crisis of magnitude sufficient to force creditors to examine their legal options for recovery.

View the related practice notes about Debt financing Litigation issues in sovereign debt