Structuring Multi-Lender Agreements in Syndicated Facilities: Balancing the Rights of Agents and Co-Lenders
Borrower Defaults, Lender Defaults, Exculpatory Clauses, Information Sharing
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss typical clauses in a syndicated loan agreement and provide best practices for lenders and agents to structure and negotiate loan agreement provisions to protect their rights and interests and avoid being disadvantaged in a multi-lender transaction that goes south.
Outline
- Responsibilities of agents
- Exculpatory provisions and case law
- Agent's rights
- Agent's errors and omissions
- Defaulting lender
- Defaulting borrower
Benefits
The panel will review these and other essential questions:
- What are typical exculpatory clauses that limit the liability of the agent and what case law is there addressing the agent's liability to co-lenders?
- What disclosures about the borrower, the terms of the loan, and borrower defaults must the agent provide to co-lenders?
- What provisions should be added to syndicated loan agreements to provide maximum protection and flexibility to agents and co-lenders?
- How can the definitions of "defaulting lender" and "impacted lender" affect co-lenders' remedies against defaulting lenders?
Faculty
Dr. Alison R. Manzer
Partner
Cassels Brock & Blackwell
Dr. Manzer is a partner in the Banking & Specialty Finance Group and Business Law practice. She has developed... | Read More
Dr. Manzer is a partner in the Banking & Specialty Finance Group and Business Law practice. She has developed expertise in a wide range of practice areas combining skills to work effectively in most corporate/commercial practice areas, with a focus on financial services and structured transactions. Dr. Manzer's recent experience includes block chain and fintech applications. Her cross-border expertise has led to several leadership roles in leading U.S. business law organizations such as the American College of Commercial Finance Lawyers and the American Bar Association. Dr. Manzer has written many books on legal topics, primarily in areas of banking and specialized finance, and routinely lectures and speaks on a wide range of topics.
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James C. Schulwolf
Partner
Shipman & Goodwin
Mr. Schulwolf is a partner in Shipman's Business and Corporate Practice Group. He focuses his practice on... | Read More
Mr. Schulwolf is a partner in Shipman's Business and Corporate Practice Group. He focuses his practice on advising clients in financing, investment, acquisition, and restructuring transactions. In the Finance sector, Mr. Schulwolf regularly represents financial institutions including banks, mezzanine funds, and other institutional investors in structuring, documenting, and closing complex senior and mezzanine financings, including mezzanine financings with equity co-investments. He regularly represents lenders in connection with acquisition financings, financing of alternative energy projects (including wind, solar, and fuel cell projects), asset-based loans, cash flow loans, and syndicated credit facilities and he also represents Shipman's corporate clients and private equity portfolio companies in their financing transactions.
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Jeffrey A. Wurst
Attorney
Bodner Law
For nearly 40 years, Mr. Wurst has been a nationally recognized leader in the commercial finance community where he has... | Read More
For nearly 40 years, Mr. Wurst has been a nationally recognized leader in the commercial finance community where he has represented large and small banks and commercial lenders as well as family-owned businesses providing sound advice and counselling on both legal and business matters. He is widely recognized for his hands on representation in commercial finance and bankruptcy matters. Mr. Wurst is skilled in his handling and supervising of complicated as well as routine debt finance transactions and is regularly called upon to handle loan workouts, asset-based lending, factoring, syndications, leasing and C&I, as well as bankruptcy matters, and turnaround situations stemming from transactions. He is called upon to provide advice to emerging finance companies. Mr. Wurst has spent a lifetime representing lenders and borrowers in both federal and state insolvency proceedings, including debtor-in-possession financing, disputed use of cash collateral, assignments for benefit of creditors and secured party sales under Article 9 of the Uniform Commercial Code. He is a fellow of the American College of Commercial Finance Lawyers and a panelist on the American Arbitration Association’s National Roster of Arbitrators.
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