News & Analysis as of

Loan Agreements

Unfair contract terms for small businesses

by Dentons on

All lenders need to review their loan agreements following the release of ASIC’s Report 565 into ‘Unfair Contract Terms and Small Business Loans’....more

Arkansas Legislature Prescribes Contractual Waiver of Jury Trial in Lending Agreements

In late 2017, the Arkansas Supreme Court held that pre-dispute jury trial waivers in loan agreements are unenforceable as per the Arkansas Constitution. The Court provided that, according to the state’s Constitution, the...more

Marketplace Lending Update: Who’s My Lender?

Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more

Syndicated loans march ahead

by Dentons on

Federal Law No. 486-FZ on Syndicated Loans and Amending Certain Legislative Acts of the Russian Federation dated 31 December 2017 - Russian authorities have been looking to regulate syndicated lending for some time. With...more

LIBOR Phaseout: What Happened and What's Next?

by Baker Donelson on

The Financial Conduct Authority (FCA) of the United Kingdom plans to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. LIBOR is the benchmark rate that many banks use to set interest rates in loan...more

Early repayment fees, extension fees and double interest provisions in loan agreement not penalties

by Allen & Overy LLP on

Early repayment fees, extension fees and double interest provisions in agreements relating to a loan did not fall foul of the English law rule against penalties. The case shows how the principles set out by the Supreme...more

The Future of LIBOR

A London seminar considers what may become of the long-time benchmark interest rate as it faces possible obsolescence—and what might take its place. Although the 2021 deadline, after which LIBOR will not be supported by...more

Court Ruling Highlights “The Perils Of Going Into Business With Family Members”

by Murtha Cullina on

An Indiana Court of Appeals recently ruled upon a dispute between a mother and her daughter and son-in-law(and their business) concerning the lease of commercial property and the repayment of loans the mother made on the...more

Life After LIBOR

by Morrison & Foerster LLP on

After a long and at times scandalous life, LIBOR is retiring. Earlier this year, Andrew Bailey, chief executive officer of the United Kingdom’s Financial Conduct Authority (FCA), the regulator of the London Interbank Offered...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

Are You Being Served? Better Follow the Hague Convention

by Faegre Baker Daniels on

Serving judicial and extrajudicial documents abroad involves a complex patchwork of domestic legislation and international treaties. The recent High Court judgment in Marashen Limited v Kenvett Limited and Dmitry Ivanchenko...more

The Practical Effects of LIBOR’s Phase Out

Trillions of dollars’ worth of financial documents use the London Interbank Offered Rate, or LIBOR, to set the interest rate of a transaction. The ICE Benchmark Administration currently maintains a reference for LIBOR by...more

FCA Announces Discontinuation of LIBOR

by Hogan Lovells on

As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

SEC Staff Extends Effectiveness of No-Action Relief on Auditor Independence and the “Loan Provision”

by Dechert LLP on

The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the...more

Finding the Unicorn in Lender Liability Litigation

by Bryan Cave on

Investors frequently talk in terms of trying to find the next unicorn, that small start-up company that is going to turn into a billion dollar valuation. Lawyers are like that as well, always looking for that new decision...more

Lights Out for LIBOR by 2021

by Ropes & Gray LLP on

Questions regarding the sustainability and desirability of the London Interbank Offered Rate (LIBOR) have prompted the UK Financial Conduct Authority (FCA) to urge the phasing out of LIBOR and a transition to alternative...more

New Case Law on Upfront Fees in German Loan Agreements

by Shearman & Sterling LLP on

On 4 July 2017, the German Federal Court of Justice (BGH)—in two separate cases—held that pre-formulated agreements on work fees that are payable independent from the term of the underlying loan and agreed between a financial...more

Loans to U.S. Subsidiaries Should Be Carefully Structured and Documented to Obtain U.S. Tax Benefits

by Dorsey & Whitney LLP on

Canadian companies should carefully structure and document loans and advances to their U.S. subsidiaries. If loans to U.S. subsidiaries are not properly structured and documented, such loans may be recharacterized as equity...more

Arrangement Fee Clauses in German Loan Agreements ruled invalid by German Federal Court

by Dechert LLP on

The German Federal Court issued a series of groundbreaking rulings on July 4, 2017. Arrangement fee clauses in German law loan agreements are invalid if they are included in general terms and conditions set by the lender....more

The End of Days (Or At Least LIBOR)

by Dechert LLP on

You know, sometimes life’s problems smack you against the side of the head like a 2×4, and sometimes it’s just a multiplicity of middling offenses that become so annoying that you might just want to roll over and die. Think...more

Third Circuit Holds That Statutes Of Limitation May Be Tolled By Books-And-Records Demands Under Delaware Law Despite Inquiry...

by Shearman & Sterling LLP on

On June 13, 2017, Chief Judge Smith of the United States Court of Appeals for the Third Circuit reversed in part the District Court’s dismissal of claims for breach of contract as untimely. Norman v. Elkin, No. 16-1924 (3d...more

CalPERS And Securities Lending – Waiting For Godot?

by Allen Matkins on

California Government Code Section 7603 is short and unambiguous - All loans of securities shall be made pursuant to one of the standardized security loan agreement forms, as developed by the administrators of the State...more

Recovery of interest swap break costs on early redemption of loan

by Allen & Overy LLP on

Could the bank recover under an indemnity in a loan agreement for the costs of unwinding a related interest rate swap when the loan was redeemed early by the borrower? In earlier proceedings, Warren J had ruled that the bank...more

When is a Working Capital Agreement a Loan? It Depends on Your Claim

Suppose you’ve entered into a financial arrangement that resembles a lending agreement, but it is not formally designated as such, and you think you’re paying too much....more

A five minute roundup of upcoming cases and anticipated regulatory developments of interest to the Financial Services sector

by DLA Piper on

Welcome to the fourth edition of our On the Financial Services Horizon newsletter – a regular update on upcoming cases and anticipated regulatory developments affecting the Financial Services sector....more

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