Lenders

News & Analysis as of

Third Circuit Rules in Favor of Noteholders on Make-Whole Provision in Debt Indenture

Debt indentures often contain what is known as a “make-whole” provision, which requires the borrower, upon an early repayment of the debt, to make an additional payment to the lender to compensate the lender for its...more

West Coast Real Estate Update: November 2016 #2

California Appellate Court Overturns “Sham Guaranty” Defense - The single-purpose entity (SPE) has become a ubiquitous tool in commercial real estate acquisitions and financing in California. Lenders increasingly require...more

Commercial Lenders Take Note: Insurance May Not Cover Fraudulent USDA Guarantees for Business & Industry Loans

A Wisconsin federal court recently held that forged USDA loan guarantees did not trigger coverage under a bankers blanket bond held by Wisconsin-based Citizens Bank, resulting in a $15 million loss to the bank. Atlantic...more

SCOTUS Holding Could Exacerbate Already-Backlogged Federal Dockets

On November 8, 2011, the U.S. Supreme Court heard oral arguments in Lightfoot v. Cendant Mortg. Corp., a case that will decide an important jurisdictional issue for Federal National Mortgage Association (FNMA). See 769 F.3d...more

CMBS Loans In Hard-Hit Detroit, Cleveland, Take Creativity

Kenneth Fields was quoted in Andrew McIntyre’s Law360 article looking at hard-hit markets, including Detroit and Cleveland, that are having difficulty refinancing commercial mortgage-backed securities (CMBS) loans as the...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

Leaning In – Pennsylvania Refining the Mechanic’s Lien Law

Pennsylvania has continued to refine its mechanic’s lien law in recent years, and next year will bring the most sweeping changes ever for owners and contractors that work on larger projects....more

Ground Leasing Commercial Property? Ask the Lender First

Financing ground leases has become an increasingly significant part of commercial real estate lending. However, ground tenants, as borrowers, and their attorneys often fail to include integral lender protections when...more

New Delaware Chapter 11 Filings – DirectBuy Holdings, Inc. et al.

DirectBuy Holdings, Inc., and seven of its U.S. affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (lead case no. 16-12435). The cases have been assigned to the...more

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

Post-Petition Lenders: Does Your Super-Priority Claim Trump Post Conversion Expenses?

Key points: While DIP Lenders rightfully negotiate for super-priority administrative expenses which trump post conversion chapter 7 administrative expenses, these provisions are not uniformly enforced. DIP...more

Avoiding Lender Liability for Credit-Related Actions in California

Aside from general statutory prohibitions on lender discrimination, there are certain circumstances under California law in which lenders may be held liable for credit-related actions, such as negotiating or denying credit....more

Lenders to SPEs: Be Aware, You May Not Have Standing to Appeal a Substantive Consolidation Order

A substantive non-consolidation opinion is a common feature of structured finance transactions in the U.S. Most, if not all, opine as to what a bankruptcy court would do, but express no opinion on the appellate process. We...more

Title Insurance: What is its Value?

As I type this blog post, I am sitting at my desk with a four-inch-thick binder filled with title insurance forms—form policies, form endorsements, premium rate tables, survey requirements, etc.—and it occurs to me that many...more

Receivables Based Lenders Beware

Lenders frequently enter into loans secured by accounts receivables and/or chattel paper. A security agreement is signed, and the lender files a UCC financing statement, “putting the world on notice” of its security interest...more

Resolving Shopping Center Foreclosures in Florida - Considerations for Lenders

Shopping centers in Florida—and across the country—are increasingly facing financial stress due to factors such as Internet commerce and rent pressures. Rents generated from a shopping center are usually pledged as...more

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

Pennsylvania Lawmakers Fix Pennsylvania Lawmakers Drafting Errors

On Tuesday, Gov. Tom Wolf signed Act 103 of 2016 (HB665) into law, which changes Pennsylvania’s power of attorney law by excluding commercial transactions from certain provisions of the law. According to the original...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

Banking & Financial Services E-Note - September 2016

In an article published in the September / October issue of Commercial Real Estate Investment Magazine, Drew Demers provides guidance on how commercial loans and bank-owned real estate sales have changed due to growth in...more

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

Surviving the Zombie [Foreclosure] Apocalypse

Preparing For A World When Lis Pendens Protections Are All But Ober - “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given...more

Refinancing loans and valuations

Liability for a negligent valuation relied upon by a lender in refinancing a pre existing loan facility would not be limited to any new funds advanced but extend to the entire refinanced facility. Had there not been a...more

New regulations on syndicated lending in Vietnam

From 30 June 2016, an amendment to the co-financing regulations requires the paying agent to be an onshore credit institution, “co-financing agreements” are now required to be entered into between the lenders for offshore...more

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