Turning the Page
December 21, 2020 | Issue No. 19

Some final thoughts on 2020 ... and some positive energy as we prepare for 2021.

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Partner | Securitization & Asset Based Finance
Associate | Securitization & Asset Based Finance

In pooled commercial mortgage-backed securities (“CMBS”) transactions, typically called “conduit” transactions, and some single-asset (“SASB”) transactions, a single entity typically purchases one or more classes of certificates that represent the entirety of the first-loss portion of the securitization. This entity is referred to as the “B-Piece Buyer,” because it purchases the unrated and lowest-rated (in conduit transactions, typically “B” or “B-“) classes of the securitization. Additionally, in certain transactions, the B-Piece Buyer also acts as the “third-party purchaser” under the risk retention rules, which permit a sponsor to satisfy its risk retention obligation through the purchase of the first-loss portion of a transaction by an unaffiliated party. Because the B-Piece Buyer has a greater risk of loss than investors in the more senior classes of a CMBS transaction, it has certain rights both before and after securitization that extend much further than the rights granted to the more passive senior investors.

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Special Counsel | Real Estate

A recent decision of New York’s highest court potentially strengthens the ability of lenders to bring suits against third parties for participation in a borrower’s breach of single purpose entity/bankruptcy remote loan document covenants.

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Partner | Real Estate
Associate | Real Estate

In this final installment of our six-part series on hotel financing, we examine cash control.

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Here is a rundown of some of Cadwalader's recent work on behalf of our clients.

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Key Contacts

Steven M. Herman
Senior Counsel
T. +1 212 504 6054

Fredric L. Altschuler
Senior Counsel
T. +1 212 504 6525

Nicholas E. Brandfon
T. +1 212 504 6039

Holly Marcille Chamberlain
T. +1 704 348 5121

Christopher J. Dickson
T. +1 704 348 5159

Melissa C. Hinkle
T. +1 212 504 6972

Alan W. Lawrence
T. +1 212 504 6332

Bonnie A. Neuman
T. +1 212 504 5625

Matthew Robertson
T. +1 704 348 5257

Kevin Sholette
T. +1 704 348 5311

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