News & Analysis as of

Borrowers

The Ball is in the SEC’s Court: What Health Care Borrowers Can Do While Waiting on Changes to Rule 15c2-12

by Foley & Lardner LLP on

On March 1, 2017, the Securities and Exchange Commission (SEC) issued Release No. 34-80130 (the Release) proposing several amendments to its Rule 15c2-12 (the Rule) that would add two new events to the list of events that...more

The End of LIBOR: What’s Next for Lenders and Borrowers?

by Liskow & Lewis on

According to Britain’s Financial Conduct Authority, the London Interbank Offered Rate, or LIBOR, will be phased out and abandoned by the end of 2021. This phase out will put lenders and borrowers in a tricky situation as...more

Court Of Chancery Declines To Enforce Agreement To Negotiate

by Morris James LLP on

Windsor I LLC v. CWCapital Asset Management LLC, C.A. No. 12977-CB (Del. Ch. July 31, 2017) - In this decision, the Court of Chancery declines to enforce an agreement to negotiate, applying Maryland law. ...more

When All Else Fails, Try A Collateral Agent

by SmithAmundsen LLC on

So, you are one of several creditors of a borrower and each creditor has a security interest in all assets of the business. Or perhaps you and another creditor have competing liens on inventory of a borrower. In these and...more

Creditors not obliged to protect security interest by taking step in foreign insolvency proceedings

by Allen & Overy LLP on

A borrower and a guarantor had no realistic prospect of successfully arguing that their obligations to repay a loan had been discharged due to a secured creditor’s failure to take steps to protect its security interest under...more

UCTA and use of industry standard model form facility agreement

by Allen & Overy LLP on

In the context of a syndicated facility agreement based on a Loan Market Association standard form, the Court of Appeal confirmed the extent to which negotiation and amendment of a party’s “written standard terms of business”...more

REO Advisor: Pre- And Post-Foreclosure Servicer Strategies To Allow For Tenant Construction Activities On Collateral Properties,...

This edition of the REO Advisor explores the pre- and post-foreclosure servicer strategies to allow for tenant construction activities on collateral properties, as well as the subdivision and subsequent partial sales of large...more

Arrangement Fee Clauses in German Loan Agreements ruled invalid by German Federal Court

by Dechert LLP on

The German Federal Court issued a series of groundbreaking rulings on July 4, 2017. Arrangement fee clauses in German law loan agreements are invalid if they are included in general terms and conditions set by the lender....more

MSRB's G-42 Guidance Notes Ambiguities for MAs in Conduit Issues

by Burr & Forman on

Last week, the MSRB issued “guidance” on the application of Rule G-42 conduct standards for Municipal Advisors in conduit issues. The “guidance” highlights ambiguities from the “for or on behalf” language in the MA Rule when...more

Double Trouble—Is Black Sky Capital Blue Skies for Lenders?

by Perkins Coie on

An annoying question for lenders is whether or not a lender can enforce two loans to the same borrower and secured by the same property. The nagging issue is usually raised when a lender makes (1) a first loan and an...more

Employee Loan Or Compensation?

by Farrell Fritz, P.C. on

Everyone recognizes the importance of debt financing to a business. The business needs liquidity to purchase or improve assets, or to pay expenses. It borrows the necessary funds from an institutional lender that requires...more

Seventh Circuit Affirms Dismissal of $1.5 Billion Malpractice Claim Filed by Lenders Against Borrower's Law Firm Because it Owed...

by Hinshaw & Culbertson LLP on

Oakland Police & Fire Ret. Sys. v. Mayer Brown, 2017 U.S. App. LEXIS 11522, ___ F.3d ___ (7th Cir. 2017) - Brief Summary - Plaintiffs filed a putative class action against the defendant, a law firm that represented a...more

No Standing = No Fees: Turning the Tide in Favor of Lenders and Servicers in the fight for fees in Florida

by Locke Lord LLP on

On July 12, 2017, Locke Lord was successful in obtaining an order in a Florida trial court denying a borrower’s request for an award of attorneys’ fees following a successful argument that the plaintiff lacked standing to...more

ILPA Issues Guidance on “Subscription Lines of Credit and Alignment of Interests”

by Goodwin on

Subscription lines of credit, or capital call facilities – which are just two of the many names given to borrowing arrangements put in place by private fund managers at the fund level – have been in the market for many years...more

Oil & Gas Rights and CMBS Servicing—Transfer Considerations

Question: The borrower pledged oil and gas rights related to the collateral property to the lender. The borrower has notified the servicer that it would like to sell these oil and gas rights. Can the lender approve the lease...more

Florida Second District Court of Appeal Ruling Highlights the Possible Pitfalls of Relying on Prior Servicer Records

by Blank Rome LLP on

Florida’s Second District Court of Appeal (“Second District Court”) recently held that a mortgagee failed to demonstrate it satisfied the condition precedent in a residential mortgage foreclosure. Allen v. Wilmington Trust,...more

Future of Federal Student Loans Takes Center Stage at the Education Department

by Baker Donelson on

Federal student loans have taken on a newfound importance as the Trump Administration seeks to re-envision the role of the federal government in providing funding for higher education. Proposed changes and items under...more

CFPB Provides Updated Guidance Related to Loan Forgiveness Program

by McGuireWoods LLP on

On Thursday, June 22, 2017, the Consumer Financial Protection Bureau (CFPB) provided updated guidance for supervisory examinations of student loan servicers. Richard Cordray, the Director of the CFPB, gave prepared remarks...more

The Current CMBS Experience – And a Path Forward

by Alston & Bird on

The CMBS industry is not attracting repeat borrowers in sufficient numbers and must improve the performing borrower experience if it’s to survive. Our Finance Group presents the results of our survey of players in the CMBS...more

When is a Question of Fact NOT a Question of Fact?

His light was red, swore the nuns. My light was green, slurred the drunk. Question of fact, ruled the judge. Summary judgment, denied. If cases were that simple, our courts wouldn’t have enough to do. Trial court motion...more

North Carolina Supreme Court Holds That Liberal Standard of Notice Pleading Applies to Judicial Foreclosure Actions

by Ward and Smith, P.A. on

In an important decision for creditors, the North Carolina Supreme Court recently clarified the distinction between judicial foreclosure and non-judicial foreclosure by power of sale. In U.S. Bank v. Pinkney, the Supreme...more

Refinancing the Borrower through an Assignment and Assumption: When, Why, and How

by Blank Rome LLP on

In Part 1 of this two-part series, Jason I. Miller introduces the assignment and assumption structure and its benefits, discusses the factors a lender can use to determine whether it is ultimately a beneficial strategy to...more

State AGs Again Target Abuses Against Student Borrowers, Military

Demonstrating the continuing enforcement activity by state attorneys general with respect to student lending and active servicemembers, the AGs in Massachusetts and New York recently obtained consent orders from,...more

Thinking outside the box: the basics of Unrestricted Subsidiaries

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 5 - We are often asked by clients whether an "Unrestricted Subsidiary" can be used to complete a transaction which may not otherwise be permitted by their high-yield notes...more

Student Loan Servicing Regulations: 50 State Guide on Laws and Legislation – First Edition

by Hinshaw & Culbertson LLP on

Preface - The following summary of current state law and pending legislation regarding student loan servicing as of June 1, 2017, is designed to serve as a tool to assist in understanding the breadth of state regulations...more

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