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Syndicated Loans are Not Securities

The U.S. Supreme Court declined to hear an appeal of the Second Circuit Court of Appeals’ ruling in Kirschner v. JP Morgan Chase Bank. Last August, the Second Circuit Court of Appeals held in Kirschner that syndicated term...more

Bank Term Funding Program to Expire on March 11

The Federal Reserve’s Bank Term Funding Program (BTFP) will sunset as planned on March 11, ending a program that helped calm the markets after last year’s collapses of Silicon Valley Bank and Signature Bank threatened a...more

Syndicated Loans are Not Securities, Court Rules

In a win for banks and private credit lenders, the U.S. Court of Appeals, Second Circuit recently ruled a $1.8 billion leveraged loan was not a security. The United States syndicated loan market had been anxiously...more

Proposed Regulation Would Force Banks to Issue Billions in Long-term Debt

Federal regulators are strongly considering requiring regional and mid-sized banks to issue billions of dollars in long-term debt to guard against more bank failures. This onerous requirement will be difficult and costly...more

Bank Collapses Shake Financial and Tech Sectors

The past week delivered three major shocks to the financial and tech worlds: first, the March 8 failure of Silvergate Bank; second, the sudden, March 10 failure of Silicon Valley Bank (“SVB”); and third, the weekend collapse...more

LIBOR Phase-Out: Time for Lenders to Act

Let this serve as yet another reminder that the end of the London Interbank Offered Rate (LIBOR) is fast approaching. Time is now running short, as all remaining LIBOR tenors are set to expire on June 30, 2023. With 3+ months...more

Proposed UCC Amendments Set Guidelines for Security Interests in Digital Assets

Lenders looking to take security interests in digital assets, including cryptocurrency and non-fungible tokens (NFTs), may gain some certainty in the near future. The Uniform Commercial Code (UCC) sponsoring...more

Outlining the Main Provisions of the CARES Act

1. Up to $500 Billion in Loans, Loan Guarantees, and Investments to Eligible Businesses (of any size but geared to large businesses), States and Municipalities. (Division A, Title IV) Allocation of Funds: • Not more than $25...more

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