News & Analysis as of

Lenders

Who gets the money when crops are sold? The answer is not as straight forward as you may think

by Hellmuth & Johnson PLLC on

With three straight years of depressed economic conditions in the agricultural marketplace, many farmers are really feeling the strain. When farmers feel the strain for long periods of time, eventually their bank, their...more

New York Appellate Court Upholds Plain Meaning of Reserve Provision in CMBS Loan Agreement

by Alston & Bird on

On October 24, 2017, a New York appeals court unanimously affirmed dismissal of a CMBS borrower’s lawsuit concerning the interpretation of a reserve provision in a commercial loan agreement. The dispute concerned the...more

Texas Voters Relax Home Equity Lending Restrictions

Texas has long had some of the tightest consumer protections in the home equity lending space. After years of lobbying by the industry, a constitutional amendment was submitted to voters on November 7, 2017, aimed at relaxing...more

Bank failed to exercise discretion properly when setting collection fees

by Allen & Overy LLP on

A lender failed to exercise a contractual discretion properly when deciding on what collection fees to charge under a receivables finance agreement which allowed collection fees of “up to 15%”. The court held that the bank...more

Texas Voters Ratify Amendment to Texas Constitution’s Home-Equity Lending Provisions

by Locke Lord LLP on

On November 7, 2016, Texas voters passed Proposition 2, which amends several familiar requirements for home-equity loans under Article XVI, Section 50 of the Texas Constitution, and which bids adieu to the old adage: “once a...more

A Deeper Dive: The CFPB Short-Term Small- Dollar Lending Rule

Introduction - By now you’ve likely heard that the Consumer Financial Protection Bureau (CFPB) has released a final small-dollar lending rule. The hallmark of the rule is the requirement That lenders make a reasonable...more

Momentive: Key Second Circuit Decision Tackles Make-Whole Premiums and Cramdown Interest

by Blank Rome LLP on

Action Item: Lenders and bankruptcy practitioners will need to consider with care how the Second Circuit’s recent Momentive decision will impact negotiations of (i) contractual provisions relating to payment of make-whole...more

Dealing on Written Standard Terms of Business—Guidance from the English Court of Appeal

The English Court of Appeal considers whether the use of model form agreements could constitute dealing “on written standard terms of business” The decision will give comfort to lenders who use precedents or model form...more

Second Circuit Gives Momentive Secured Creditors Another Shot at Market-Based Interest Rate in Cramdown Fight; Also Affirms...

by King & Spalding on

On October 20, 2017, the U.S. Court of Appeals for the Second Circuit delivered a victory for secured lenders by remanding the District Court’s order confirming the Debtors’ proposed plan to determine whether an efficient...more

Millennium Lab Part II: Delaware Bankruptcy Court Dispels Shadow Over Non-Consensual Third-Party Releases (For Now)

by Dechert LLP on

In trotting a path out of Chapter 11, debtors in most cases will need to engage various key stakeholders, some of whom are not entitled to a distribution in the bankruptcy. As a form of remuneration, non-debtors may insist on...more

In the Wake of Equifax: What Auto Dealers Need to Know About Data Privacy

Following the recent Equifax data breach wherein millions of consumers’ private information may have been compromised, it is increasingly clear that consumer-interfacing businesses need to, and in some cases are required to,...more

European Fund Finance Market Update

On October 11, 2017, the Fund Finance Association (the “FFA”) hosted its 3rd Annual European Fund Finance Symposium (the “Conference”) at the Landmark Hotel in London. Forty-two market participants sponsored the Conference...more

Court Of Chancery Interprets Credit Agreement And Declines To Consider Alleged Oral Modification

by Morris James LLP on

This decision interpreting a credit agreement’s terms is another reminder that an alleged oral modification to a written contract will not vary the contract’s terms when it has an integration clause and otherwise speaks to...more

Costly Thy Habit As Thy Purse Can Buy: Implications of the Proposed HVADC Rules for Borrowers and Lenders of Acquisition,...

by K&L Gates LLP on

On September 27, 2017, the Office of Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the “Agencies”) released a joint Notice of Proposed...more

CFPB Issues Final Rules on Payday and Vehicle Title Loans—Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and...more

California Makes Changes to the Finance Lenders Law

by Ballard Spahr LLP on

Recently, several changes were made to the California Finance Lenders Law with various effective dates. Effective immediately, the California Finance Lenders Law has been renamed the "California Financing Law."...more

2017 Arizona Case Law Affecting Commercial Real Estate and Lending

by Ryley Carlock & Applewhite on

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on October 10, 2017. Arizona Case Law – Late Fees and Liquidated Damages Provisions...more

Check it Twice! A Helpful Reminder to Drafters of UCC-1s

by Miles & Stockbridge P.C. on

For a creditor, the difference between a perfected and unperfected security interest can mean the difference between full repayment and receiving mere pennies on the dollar (or nothing) in a bankruptcy. On August 30, 2017, a...more

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part I

Following the recent hurricanes that have damaged many homes beyond repair, borrowers may seek to apply any available insurance proceeds to satisfy the outstanding balance on their loans rather than repair the property....more

Loan Documents And Key Provisions: Casualty Clauses

by Fox Rothschild LLP on

Whether you are a Lender or a Borrower, it’s obviously very important to know what terms are included in your Loan Documents and how they may affect your interests. Periodically, I will be blogging on issues and concerns...more

US Bankruptcy Filing Limitations - How Far Can You Go?

by Dechert LLP on

In order to file for bankruptcy, a corporate entity must be legally authorized to do so. Whether the bankruptcy petition has been duly authorized is governed by state law and often depends on the entity’s governance...more

CFPB’s First No-Action Letter: FinTech Lenders and Banks Take Note

by Vedder Price on

On September 14, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its first no-action letter (the “No-Action Letter”) concerning the operations of Upstart Network, Inc. (“Upstart”), a FinTech lender that...more

Bankruptcy Restrictions in Operating Agreement Held Unenforceable

In In Re Lexington Hospitality Group, LLC, the United States Bankruptcy Court for the Eastern District of Kentucky thwarted a lender’s efforts to control whether its borrower could file bankruptcy. As a condition to the loan,...more

Global Private Equity Newsletter - Fall 2017 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

A delicate balance has evolved over time in leveraged acquisitions with respect to the nature of the contractual relationship between a target and its owners, on the one hand, and the debt financing sources of the buyer, on...more

Fair Finance: Boiled by Boilerplate

by Blank Rome LLP on

It used to be so easy. The borrower and lender would enter into a loan and security agreement, fund the loan and perfect the security interest in the collateral. A year or two later the borrower might want an additional...more

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