Global Plc is proposing to make an issue of Eurobonds for the first time. As its legal adviser you are requested to advise Global Plc on the following matters:

1) whether a trustee should be used and the alternative to having a trustee;

2) the meaning and effectiveness of a "no-action clause" in the bonds documentation and potential problems with its enforceability in particular jurisdictions.

1. The trust deed is made on 25 November 2013

In financial real estate transactions, trust deed transfer the leagal title of property to a third party such as bank, escrow company, or little company to hold until the borrower repays their debt to the lender. Trust deeds are used in place of mortgages in several place.

In the case of fiscal agency agreement are entered into between an issuer of debt securities and a fiscal agent. It specifies the mechanics of issuing and paying principal and interest on the debt securities.

This are the main difference between the trust deed and fiscal agency agreement.

2. access to capital which could help your company raise finance for further development, both at the time of admission and through further capital raisings, an increased profile which can increase demand for your shares and improve your company's liquidity - some investors are more comfortable investing in a business listed on the Main Market as they may see it as being a more secure opportunity ,facilitation of acquisitions - increasing your company's ability to make acquisitions, using listed shares as currency, objective valuation - placing an independent value on your company's business, creating a market for your company's shares - helping to broaden your shareholder base, improving employee commitment - you can use shares as an employee incentive to encourage their long-term motivation.