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DLA Piper

Understanding the Impact of MOICs on MFN Provisions in Private Credit Transactions

DLA Piper on

The Most Favored Nation (MFN) provision in a loan agreement is a lender protection mechanism that is typically seen in credit facilities permitting an uncommitted incremental facility. The MFN provision, a term originating...more

Mayer Brown

Subscription Credit Facilities: The Importance of an Investor’s Agreement to Fund Without “Setoff, Counterclaim or Defense”

Mayer Brown on

EXECUTIVE SUMMARY - Subscription credit facilities rely on the obligations of investors to a private investment fund (“Fund”) to contribute their capital commitments to the Fund when called. From a subscription credit...more

Katten Muchin Rosenman LLP

California Court of Appeal Ruling Limits Application of Default Interest

Katten Muchin Rosenman LLP on

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

Buchalter

Gru Was Wrong About the Money: Court Concludes that Lender Owes Contractor “Contractually, Factually and Practically”

Buchalter on

In BCD Associates., LLC v. Crown Bank, CA No. N15c-11-062 (Super. Ct. Del, May 2, 2022), the trial court found that when a bank pays a contractor directly, it can create a legally binding relationship subject to the terms of...more

Cadwalader, Wickersham & Taft LLP

Let the Games Begin July 2021 | Issue No. 136 - Revlon: It’s Worth a Double Take (Part II: Borrower Considerations)

Cadwalader, Wickersham & Taft LLP on

In last week’s edition of FFF, we discussed the Revlon case involving an erroneous payment by an administrative agent to the syndicate lenders, which is currently up on appeal before the Second Circuit Court of Appeals....more

Orrick, Herrington & Sutcliffe LLP

L'Efficacia della clausola floor nei contratti di finanziamento

Orrick, Herrington & Sutcliffe LLP on

“Nel contratto di mutuo non è giuridicamente configurabile un tasso di interesse negativo che incida sul capitale mutuato. Conseguentemente, quando il tasso d’interesse sia stato pattuito in misura variabile, esso non può...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

Troutman Pepper Locke

Bankruptcy Recourse in MCA Agreements

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In preparing a merchant cash advance (MCA) agreement on behalf of the provider, there is constant tension between the urge to include every conceivable contractual right for protecting the provider’s economic interests and...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Arkansas Legislature Prescribes Contractual Waiver of Jury Trial in Lending Agreements

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In late 2017, the Arkansas Supreme Court held that pre-dispute jury trial waivers in loan agreements are unenforceable as per the Arkansas Constitution. The Court provided that, according to the state’s Constitution, the...more

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