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Cadwalader, Wickersham & Taft LLP

Navigating the Grey Area, March 2025 - Navigating the Grey Area: Financial Covenant Amendments and the Doctrine of Purview

The doctrine of purview under English law plays a critical role in determining whether amendments to a secured facility require reaffirmation or re-execution of guarantees and security. However, when it comes to adjustments...more

Cadwalader, Wickersham & Taft LLP

Subscription Agreements 101 – Back to Basics July 2024 - Subscription Agreements

We have said it before – the “credit cornerstone” of a subscription credit facility is the limited partnership agreement (the “LPA”) – it is the primary contract, together with any side letters, governing the relationship...more

Cadwalader, Wickersham & Taft LLP

Foreign Sovereign Immunity Garden Guide September 2023 - Laying the Groundwork on Foreign Sovereign Immunity

The doctrine of sovereign immunity is a foundational element of the interplay between a governmental investor’s contractual obligation to satisfy capital calls and a fund’s or lender’s ability to enforce that obligation...more

Cadwalader, Wickersham & Taft LLP

Forbear and Move Forward April 2023 - Forbearance Agreements: Bringing the Deal Parties Together

During times of market disruption and economic uncertainty, the representations and covenants set forth in a credit agreement play an even more important role in the ongoing relationship among the loan parties and lenders....more

Katten Muchin Rosenman LLP

California Court of Appeal Ruling Limits Application of Default Interest

The California Court of Appeal recently ruled that California law treats default interest measured against the unpaid principal balance of a loan as an unenforceable penalty. In Honchariw v. FJM Private Mortgage Fund, LLC...more

Ballard Spahr LLP

CA DBO concludes certain point-of-sale financing arrangements are loans, not credit sales

Ballard Spahr LLP on

On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents.  In the first action,  the DBO...more

Ballard Spahr LLP

Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

Ballard Spahr LLP on

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more

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