News & Analysis as of

Loan Agreements Banking Sector

McDermott Will & Emery

English High Court Enforces Asymmetric Jurisdiction Clause in a Syndicated Loan Facility Agreement

McDermott Will & Emery on

On 24 May 2024, the English High Court granted final injunctive relief to Barclays Bank Plc (Barclays), both in the form of an anti-suit injunction and an anti-enforcement injunction, arising out of a syndicated loan...more

McDermott Will & Emery

Mobility@McDermott: Monthly Update - 7/2023

1. FEDERAL COURT OF JUSTICE RULES ON ASSIGNMENT CLAUSE IN T&CS FOR CAR FINANCING - In April 2023, the German Federal Court of Justice (Bundesgerichtshof, “BGH”) ruled that an assignment clause used by a German captive bank...more

Katten Muchin Rosenman LLP

Deleveraging Through the LMA Intercreditor Distressed Disposal: How to Navigate a Challenge-Free Process

A distressed disposal (Distressed Disposal) under an LMA-based intercreditor agreement (ICA) is a powerful restructuring tool. It has the potential to significantly de-lever a business for the benefit of the “in the money”...more

Dechert LLP

Crisis Averted? Close Calls and Lessons for CRE Lenders After the Shutdown of Signature Bank

Dechert LLP on

Breaking up is hard to do... …or so they say. And with a bank in receivership, it’s even harder. In the immediate wake of the Signature Bank takeover, commercial real estate lenders undertook swift inventory of their loan...more

Dechert LLP

Crisis Averted? Close Calls and Lessons for CRE Lenders After the Shut Down of Signature Bank.

Dechert LLP on

Part I - What’s In A Name? – The Impact of Titles on Cash Management Accounts. Shakespeare may have thought that a rose by any other name was still a rose…but would an FDIC regulator see things the same way? Don’t bet on...more

Fenwick & West LLP

Silicon Valley Bank Closure: Updated Considerations Following the Creation of Silicon Valley Bridge Bank, N.A.

Fenwick & West LLP on

Considerations relating to Silicon Valley Bank (SVB)’s closure have continued to evolve as a result of the recent announcement by the Federal Deposit Insurance Corporation (FDIC) that it has transferred all deposits—both...more

Vinson & Elkins LLP

Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to...

Vinson & Elkins LLP on

On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District...more

Eversheds Sutherland (US) LLP

The Windfall Wire: Second Circuit panel says Citibank may recover nearly $500 million in inadvertently wired funds

​​​​​​​Citibank’s balance sheet is likely breathing a sigh of relief. A Second Circuit panel held that the bank may finally recoup nearly $500 million in funds that it inadvertently wired to lenders almost two years ago. US...more

White & Case LLP

Special Economic Measures Have Been Adopted

White & Case LLP on

On 28 February, 1 March and 5 March 2022, the Russian President signed Decrees on special economic measures in connection with so-called "unfriendly" (as such term is used in the Decrees) actions by the USA and the foreign...more

Allen Matkins

California Statute Permits Unlicensed "Small Dollar" Lending By Some Nonprofits

Allen Matkins on

On the eve of the Great Depression, the United States Bureau of Printing and Engraving made a big change by introducing small bills.  The Bureau reduced the size of bills by about 30% to save money on ink and paper - the...more

Miller Canfield

Commitment Fees Might Constitute Interest Under Michigan Law

Miller Canfield on

Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more

Allen Matkins

Court Terminates "Rent-a-Bank" Claim

Allen Matkins on

Mr. Sims is a retired veteran living on a fixed income in California.  Last year, he " "responded to online marketing" on a website maintained by OppLoans, a Delaware limited liability company with an Illinois address.  Mr....more

Carlton Fields

Third Circuit Upholds Pennsylvania Federal Court’s Finding That an Arbitration Agreement Is Unenforceable Where It Limits...

Carlton Fields on

In Williams v. Medley Opportunity Fund II, LP, plaintiffs Christine Williams and Michael Stermel obtained payday loans from American Web Loan, Inc. (AWL), an online entity owned by the Otoe-Missouria Tribe of Indians. The...more

Miller Canfield

Practice Pointer: When is an Agreement Enforceable Against a Bank?

Miller Canfield on

The short answer is that an agreement is enforceable against a bank when the agreement is in writing and signed by the bank. But, the answer really depends on the jurisdiction involved....more

Carlton Fields

Third Circuit Concludes Arbitration Agreement Is Unenforceable Under the Prospective Waiver Doctrine

Carlton Fields on

The Third Circuit Court of Appeals has refused to enforce an arbitration agreement because it impermissibly limited claims to those available under tribal law at the expense of federal statutory claims. The court also...more

Goodwin

Financial Services Weekly Roundup: The OCC’s True Lender Test Embraces A Simplified Solution

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more

Morrison & Foerster LLP

Will The True Lender Please Stand? – OCC Proposes “True Lender” Bright-Line Rule

On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking that would establish when national banks or federal savings associations (collectively, banks) are the “true lender”...more

Brownstein Hyatt Farber Schreck

COVID-19—Evaluating Material Adverse Change Clauses in Loan Agreements

Access to credit is a question of paramount importance to borrowers navigating uncertain times, and as market participants work to assess the impact of COVID-19 on the broader economy, the question has arisen as to whether...more

Akin Gump Strauss Hauer & Feld LLP

MAE in Loan Agreements: A Framework for Lenders and Borrowers During the Current Crisis

Projections of the full impact of COVID-19 (more commonly known as the coronavirus) on the economy remain extremely uncertain and continue to reflect a variety of outcomes. As a result of this uncertainty, businesses who have...more

Steptoe & Johnson PLLC

LIBOR To Be Discontinued! What Will Your Bank Do?

Steptoe & Johnson PLLC on

In case you haven’t heard, the London Interbank Offered Rate (“LIBOR”) may be phased out by the end of 2021. Why? Because the Financial Conduct Authority (“FCA”) in the U.K. announced in July 2017 that it will stop requiring...more

Bass, Berry & Sims PLC

Chris Lazarini Examines Accrual of Indemnitor Liability

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case in which a mortgage company sued a bank under the indemnity clause of the parties loan purchase agreement. The bank sought dismissal on statute of limitations...more

Sullivan & Worcester

Customer Due Diligence and FinCEN’s Frequently Asked Questions

Sullivan & Worcester on

As you are aware, FinCEN’s Customer Due Diligence rules are effective in two days. In a nutshell, these rules require banks to obtain and verify the identity of the beneficial owners of new business customers. The rules are...more

Cadwalader, Wickersham & Taft LLP

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

Baker Donelson

LIBOR Phaseout: What Happened and What's Next?

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

Pillsbury Winthrop Shaw Pittman LLP

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

30 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide