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In years past defaulting lender mechanics in a subscription credit facility may have been viewed as boiler plate language and, in most cases, the relevant provisions have not received much attention. In light of recent events in the banking industry, defaulting lender provisions have gained some renewed attention. In this article we take a look at the current general state of defaulting lender provisions and the impacts on the lender and borrower.
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It is a moving and powerful image: 260,000 headstones at Arlington National Cemetery in Virginia marked with American flags in honor of Memorial Day – an assignment of honor accepted by soldiers of the 3rd U.S. Infantry Regiment, the oldest active-duty infantry unit in the Army, dating back to 1784.
Before turning to our Memorial Day Weekend activities marking the unofficial start of summer (and our friends in the UK enjoying a Monday off for late May bank holiday), we in the U.S. need to remember that our freedoms and our ability to enjoy life's pleasures came at the expense of the heroic men and women of the U.S. Armed Forces who made the ultimate sacrifice. As it is said, we owe it to their memory, and to the families they left behind, to hold this day sacred, to honor them and to remember them.
We remember them this weekend ... and offer our gratitude.
It’s the Friday before Memorial Day Weekend here in the United States. Given the holiday weekend, this installment of our Sovereign Immunity Series will be light, as we will cover just two states: South Dakota and Tennessee. However, next week we will have an installment dedicated to Texas sovereign immunity, which is a complex and popular topic as many market participants know.
We continue to follow the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the United States Court of Appeals for the Second Circuit.
FFA's US NextGen will host a June 6 panel discussion on the latest trends in private credit. The discussion will take place at the offices of Reed Smith in New York at 599 Lexington Avenue.
Ellie Swenson joined U.S. Bank’s Subscription Finance team in early May as a Senior Analyst in the New York office. Ellie will work alongside Becky Li, David LaBarge, Dennis O’Hara and Mike Henry.
Guaranties are a common feature in fund finance transactions. Particularly in NAV loans, upstream and affiliate (or “sideways”) guaranties are used. This week we discuss some of the context for the use of these types of guaranties, as well as some of the issues that lenders should consider in relying on them.
The LSTA and LMA hosted their Joint New York Conference yesterday. One of the panels focused on “Sustainable Finance: Maintaining Integrity” and featured an impressive line-up of industry leaders in this space, including Cadwalader’s Sukhvir Basran, a partner in our London office and co-head of our ESG practice. The other panelists included Gemma Lawrence-Pardew, Head of Sustainability, Director – Legal, at LMA; Robert Lewis, partner at Sidley Austin LLP; and Tess Virmani, DGC & EVP – Public Policy, Head of ESG at LSTA.
Institutional investment allocations, sponsor consolidation, bank-private equity origination partnerships, NAV volume − plenty of long-term themes in this week’s private market news. Here’s what we’re reading.
The FFA APAC Executive Committee will host an Asia-Pacific Fund Finance Market Update on June 13, with fund finance experts providing the latest market updates and discussing trends and APAC fund finance market predictions.
Congratulations to Matt Finn, who has been recently promoted to Director in the Global Fund Banking group in the New York office of Silicon Valley Bank. Matt joined Silicon Valley Bank in 2015 and has extensive banking experience in subscription finance, working closely with onshore and offshore sponsors.
Congratulations to Matt Doyle, who has recently joined Apple Bank in New York as Vice President − Subscription Finance. Matt was previously in Silicon Valley Bank’s New York office, focusing on subscription fund banking.