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Kramer Levin Naftalis & Frankel LLP

And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules

Kramer Levin Naftalis & Frankel LLP on

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the...more

Cadwalader, Wickersham & Taft LLP

The New Normal? June 2021 - The Importance of Springing Members

Cadwalader, Wickersham & Taft LLP on

Springing Members are a tool that a structured finance Lender can use to reduce the risk that a Borrower will dissolve under state law. Under most state laws, an LLC that does not have at least one member will dissolve. ...more

McGuireWoods LLP

Delaware Court Voids LLC Agreement Provision Giving Creditor Veto Over Bankruptcy

McGuireWoods LLP on

A Delaware bankruptcy court has joined what appears to be a recent trend toward invalidating limited liability company operating agreement provisions that effectively afford lenders veto power over the LLC’s authority to file...more

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