Tag Archives: Transactions

A $1.8 million Drafting Lesson

In a typical case of distressed borrower where the lender was left holding the unpaid debt bag,  the Fifth Circuit Court of Appeals chimed in on the hotly debated and litigated prepayment premiums litigation. In re Denver Merchandise Mart, 740 F.3d 1052 (5th Cir. 2014).  The lender was secured, with the accelerated $24 million note … Continue Reading

Negotiating Forward-Looking MAC Clauses: Addressing Borrowers’ and Lenders’ Divergent Interests in the Inclusion of “Prospects”

Material adverse change (“MAC”) or material adverse effect (“MAE”) clauses in Credit Agreements are used primarily as a condition precedent to closing and all borrowings, and the occurrence of a MAC or MAE may also constitute an event of default.  The MAC definition will also be used to qualify representations and warranties, covenants and other terms … Continue Reading

More on Capital Call Facilities: The European Perspective

This post was written by Abbey Mansfield. A few months ago we blogged about capital call facilities, including basics, challenges and opportunities from a U.S. law perspective.  As noted in that post, capital call (aka “subscription” or “equity bridge”) facilities have garnered attention recently due to their strong performance in the wake of the financial crisis. Today, we … Continue Reading
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