We have recently seen a notable uptick in the usage of equity commitment letters (ECLs) in fund finance transactions and have been spending an increasing amount of time discussing their merits with our clients’ credit teams....more
Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more
The Situation: Challenges to the scope of an agency's corrective action are notoriously hard to win at the U.S. Government Accountability Office ("GAO") because of the high level of deference normally afforded to agencies in...more
Lenders rely on indemnification and hold harmless provisions in commitment and engagement letters to protect against claims that may be brought not only by third parties but by borrowers and their affiliates as well. Such...more
In the August 2017 issue of Debt Dialogue, we discussed the recent decision by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York with respect to claims brought by the litigation trust (the...more
The Tennessee Court of Appeals, Middle Section: SK Food Corporation, et al. v. FirstBank, Case No. M2016-01019-COA-R3-CV, filed 02/28/2017, recently had the opportunity to consider whether a party, faced with a “take it or...more
A recent decision of the UK Commercial Court sounds a cautionary note to parties entering into pre-contractual deal documents on the assumption that they do not constitute legally binding obligations. In Novus Aviation...more
FDA has published its performance goals and procedures (commonly referred to as FDA’s “goals letter” or “commitment letter”) for the Biosimilar Biological Product User Fee Act (“BsUFA”) reauthorization for fiscal years 2018 –...more
In today’s fast-paced lending environment, lenders often are required to order third-party reports and engage outside counsel prior to completing formal underwriting and issuing loan commitments. A non-binding term sheet is...more
Term sheets and commitment letters are documents frequently used by lenders to outline the terms of a potential financing. However, these two documents differ with respect to what is required of, and whether the terms are...more