We have arrangements in place with the following lenders:
They both follow the same format:
A global arrangement. This is the umbrella agreement. These are all signed. If you are asked to sign up to global terms, then contact the Operations and Compliance Director. We can agree to re-sign agreements already negotiated and agreed. But signing up to anything new will take time and most likely the agreement will need to be bespoke. Here are copies of the agreements with the lenders who have appointed Keystone to their panel: Rhea Family Finance Master Agreement and Level Master Agreement and the Level Side Letter.
Level seem to be the most common lender clients choose. You should note from their terms that you must provide Level with written updates (including relevant documentation) on the client's proceedings and as reasonably requested by Level from time to time (including prior to each drawdown), and, to the extent you are yourself aware of the same, you must keep Level informed of any facts or matters about the client's proceedings which you reasonably believe are material to Level as lender to the client with regard to the client's ability or intention to repay its loan, including without limitation where the client:
disputes an invoice or refuses consent for you to discharge Fees from Monies you hold on account;
Level require the client to assign the settlement to them in security for their lending. You must serve on the other side a notice of that assignment, and also on any other firm of solicitors who you are aware are instructed by the client in respect of their proceedings or the sale of any of their assets (e.g. the family home). You must tell them if your advice as to the likely outcome worsens.
An undertaking. We have agreed template undertakings the lenders with whom we are registered. The global agreements all include undertakings. In additional Level require an additional stand-alone undertaking. Click here for the Level template undertaking.
You must bear in mind that, despite their format, we still are giving undertakings and our usual processes (as slightly amended) still apply. These undertakings are classed as Routine Undertakings, though with one important difference. You should follow the process for Routine Undertakings save that you also need to send to the Clients Team the signed client instruction letter drafted by Level, which is a standard part of their loan documents. Naturally, you must check the relevant Master Agreement is the one we agreed and the undertaking likewise. Any deviation from the agreed draft wording makes the undertaking a Bespoke Undertaking and you should follow that process, which includes the need for the wording to be approved by us. You should note that it can take a while to approve these type of Bespoke Undertakings as they often require a lot of negotiation.
Keystone should not be a party to any other document. If you see any other documents that the lender asks you to sign on behalf of the firm, then you should contact the Operations and Compliance Director.
If a client already has a loan and wants to move over to Keystone, quite often when a lawyer joins Keystone, then the funder might ask for Keystone to sign up to the terms of the first loan. We will not do this. There will need to be an entirely new loan on the terms we have agreed.