This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, its original promissory note (if any) must be delivered to the collateral agent or custodian....more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan must be eligible to be sold and transferred to the facility’s SPV borrower, the...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan’s obligor cannot be a governmental authority.
EXAMPLE OF ELIGIBILITY CRITERIA:...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan must be fully funded (or, for any delayed draw term loan or revolving loan, a...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan’s documentation cannot contain confidentiality restrictions that could impair the...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be used for “personal, family or household purposes.”...more
9/24/2025
/ Borrowers ,
Commercial Loans ,
Compliance ,
Consumer Protection Laws ,
Due Diligence ,
Financial Institutions ,
Lenders ,
Loans ,
Regulatory Requirements ,
Risk Management ,
Uniform Commercial Code (UCC) ,
Warehouses
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be margin stock....more
EXECUTIVE SUMMARY -
When contract language is ambiguous and the court is tasked with finding the intended meaning, interpretation principles – such as “course of performance” – may be used. But did you know this principle...more
4/9/2025
/ Borrowers ,
Breach of Contract ,
Contract Disputes ,
Contract Interpretation ,
Contract Terms ,
Dispute Resolution ,
Financial Services Industry ,
Financing ,
Lenders ,
Uniform Commercial Code (UCC) ,
Waivers
EXECUTIVE SUMMARY -
There is a spectrum of potential financing structures for a private credit fund (a “Credit Fund”) to obtain liquidity, including at various levels in the fund structure, such as at the fund level or by...more
4/8/2025
/ Capital Markets ,
Collateral ,
Credit ,
Credit Funds ,
Debt ,
Financing ,
Investment Funds ,
Investment Management ,
Investment Portfolios ,
Lenders ,
Liquidity ,
Loans ,
Private Equity Funds ,
Securitization
AT A GLANCE -
The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with...more
3/11/2025
/ Capital Markets ,
Financial Institutions ,
Financial Services Industry ,
Investment Funds ,
Lenders ,
Liquidity ,
Loans ,
Non-Bank Lenders ,
Private Equity ,
Private Equity Funds ,
Private Funds ,
Securitization ,
Structured Finance
The implications of the 2020 election for structured finance are coming into focus. Informed by our discussions in Washington, we can anticipate the likely direction of federal policy over the next two years that will impact...more
12/9/2020
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Financial Regulatory Reform ,
GSE ,
Infectious Diseases ,
Inter-Bank Offered Rates (IBORs) ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Structured Finance ,
UK Brexit ,
Volcker Rule