FKA’s commentary for the PCTA on a model agreement for multi-currency closed-end and open-end credit prepared by a Working Group of the Polish Bank Association (the “Polish LMA”)
The Polish Corporate Treasurers Association (PCTA) has taken part in the work of the Working Group under the auspices of the Polish Bank Association to create the first Polish model credit agreement adapted to the law, in accordance with the Loan Market Association model. The LMA model has been gaining in popularity in the practice of international and Polish larger-scale venture financing. In this work, the Association has been making use of, among others, support provided by FKA Furtek Komosa Aleksandrowicz law firm. The model (Agreement for multi-currency closed-end and open-end credit) was published at a PBA conference held on 16 November 2016.
To summarise the PCTA’s comments, FKA’s Financial Institutions and Financial Restructuring Team headed by partner and advocate Leszek Rydzewski edited a commentary to approximate the developed documentation standards to market practitioners: members of the Association.
The commentary’s purpose is to discuss selected clauses which should be of interest to potential borrowers when negotiating documentation with creditors that is based on the model credit agreement drawn up by the Working Group under the auspices of the PBA. The commentary is of a preliminary kind, presenting provisions of the model that have been chosen by the authors, and it does not exhaust the subject of negotiating credit agreements with creditors.
The PCTA’s goal is to promote integration and enhance the identity of Treasurers as a distinct professional group, and to provide comprehensive support to Treasurers in the performance of their tasks. The commentary will be available in the Association’s member section: http://pcta.pl/ (after logging on) and will be presented during events organised by the PCTA.