FCA Announcement May Trigger LIBOR Cessation BenchmarkPosted on 06-09-2021

By: The Practical Guidance Finance Team The UK Financial Conduct Authority (FCA) has formally set the dates by which panel banks will no longer report on tenors of the London Interbank Offered Rate (LIBOR). These are the final dates the FCA will regulate LIBOR and the ICE Benchmark Administration ... Read More

The "New and Improved" Paycheck Protection ProgramPosted on 02-25-2021

By: Steven J. Dickinson, Robert K. Magovern, and James F. Van Orden , Cozen O’Connor The omnibus budget act signed by President Trump on December 27 reinstituted the Paycheck Protection Program (PPP), with significant changes. The act allows new borrowers to receive PPP loans and some existing... Read More

SOFR Loan Documentation: 8 Considerations for BorrowersPosted on 10-19-2020

By: David K. Duffee , Mayer Brown Bankers, lawyers, and others involved in the loan market’s transition from the London Interbank Offered Rate (LIBOR) to another reference rate have spent much of the past two years thinking about and drafting fallback provisions—the section of a loan agreement... Read More

What Happens When LIBOR Ends?Posted on 10-19-2020

By: Jason Amster , Practical Guidance This article describes how you should proceed when your client calls and asks what happens to their loan documents after the pending cessation of London Interbank Offered Rate (LIBOR) at the end of 2021. LENDER AND BORROWER CLIENTS WITH CREDIT AGREEMENTS that... Read More

Main Street Lending Program: Key Practice PointsPosted on 10-19-2020

By: Michael Chernick , Tomasz Kulawik , Mohamed El-Sayed , and Lisseth A. Rincon Manzano , Shearman & Sterling LLP This article describes the terms of the facilities available under the Main Street Lending Program, in addition to providing practice tips to lawyers whose clients are (or are considering... Read More

COVID-19 Ramifications in Loan DocumentsPosted on 06-19-2020

By: Michael Chernick and Brittany Roger, Shearman & Sterling LLP This article provides an overview of certain key provisions of credit agreements that will need to be reviewed to determine how the novel coronavirus (COVID-19) crisis—and the economic turmoil in its wake—affects a borrower’s... Read More

Sustainability-Linked Loans: Financing the Green TransitionPosted on 01-15-2020

By: Amara Gossin , Barclays and Bob Lewis Sidley , Austin LLP Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition. Since green bonds debuted in 2012, the types and numbers of these instruments... Read More

Healthcare Financing Anti-assignment LimitationsPosted on 08-23-2019

By: Leslie J. Levinson , Robinson & Cole LLP This article describes how to structure financing transactions for healthcare providers to overcome anti-assignment and collection limitations on Medicare and Medicaid receivables. THE UNIFORM COMMERCIAL CODE (U.C.C.) GENERALLY prohibits restrictions... Read More

Surplus Lines Placement Compliance FlowcartPosted on 06-14-2019

By: Cynthia Borrelli and Michael J. Morris , Bressler Amery & Ross, P.C. To find this article in Lexis Practice Advisor, follow this research path: RESEARCH PATH: Insurance > Managing Insurance Representatives > Checklists Read More

Secured Overnight Financing Rate in Loan TransactionsPosted on 06-14-2019

By: Jason Amster , Lexis Practice Advisor This article describes the Secured Overnight Financing Rate (SOFR), a broad credit-risk measure that is a frontrunner to replace the London Interbank Offered Rate (LIBOR). The article addresses how SOFR is calculated, how it compares with LIBOR, and its advantages... Read More

Current Updates and Legal Developments Fall 2018Posted on 09-12-2018

PUBLIC SECTOR UNIONS CANNOT IMPOSE FEES ON NON-MEMBERS, SUPREME COURT RULES PUBLIC SECTOR UNIONS CANNOT REQUIRE NON-MEMBERS to contribute to expenses related to union business, the U.S. Supreme Court ruled, overturning a 41-year-old decision. Janus v. AFSCME, Council 31, 2018 U.S. LEXIS 4028 (June... Read More

Current Updates and Legal Developments—Summer 2018Posted on 06-22-2018

SUPREME COURT AFFIRMS CONSTITUTIONALITY OF AIA PATENT REVIEW PROCESS A PROVISION IN THE AMERICA INVENTS ACT (AIA) allowing for pre-trial review of existing patents does not violate Article III or the Seventh Amendment of the U.S. Constitution, the U.S. Supreme Court has held. In Oil States Energy... Read More

Market Trends: Middle Market LoansPosted on 02-28-2018

By: Patrick Yingling and Aleksandra Kopec King & Spalding What is the “middle market” of the U.S. leveraged loan market? While there is no checklist for what constitutes the middle market, the two basic parameters are that the borrower has between $10 million and $100 million of annual... Read More

Current Updates and Legal Developments Spring 2018Posted on 02-28-2018

U.S. DEPARTMENT OF LABOR SETS NEW GUIDELINES FOR INTERN COMPENSATION THE U.S. DEPARTMENT OF LABOR (DOL) HAS ADOPTED new guidelines for determining whether interns working at for-profit companies are entitled to compensation under the federal Fair Labor Standards Act (FLSA). The DOL abandoned its... Read More

Current Updates and Legal DevelopmentsPosted on 12-19-2017

D.C. COURT ORDERS EEOC TO RECONSIDER WORKPLACE WELLNESS RULES IN AN ACTION BROUGHT BY THE AMERICAN ASSOCIATION of Retired Persons (AARP), the U.S. District Court for the District of Columbia has ordered the U.S. Equal Employment Opportunity Commission (EEOC) to reconsider two regulations related to... Read More

Industry Insights: Aircraft Lease SecuritizationsPosted on 12-19-2017

By: Patrick Dolan and Ramy Ibrahim , Norton Rose Fulbright Us LLP THE AIRCRAFT LEASE SECURITIZATION MARKET IS EVOLVING as evidenced by an increase in these transactions over the last few years. Indications are that 2017 may surpass 2016 in total number of aircraft lease securitizations. Three potentially... Read More

Current Updates And Legal DevelopmentsPosted on 10-31-2017

SUPREME COURT TO RULE ON VALIDITY OF CLASS WAIVERS IN EMPLOYMENT CONTEXT By: Lexis Practice Advisor Staff THE U.S. SUPREME COURT IS expected to decide this term whether the collective-bargaining provisions of the National Labor Relations Act (NLRA) prohibit enforcement of agreements requiring employees... Read More

Credit Agreements in the Insurance IndustryPosted on 09-27-2017

By: Daniel A. Rabinowitz and David S. Berg KRAMER LEVIN NAFTALIS & FRANKEL LLP Credit Agreements in the Insurance Industry This article explains how to modify a standard credit agreement to account for a borrower that is an insurance company or an insurance holding company. Examples illustrate... Read More

Current Updates and Legal Developments - Fall 2017Posted on 09-27-2017

SEXUAL ORIENTATION DISCRIMINATION UNDER TITLE VII REMAINS HOT-BUTTON ISSUE By: Bender’s Labor & Employment Bulletin, Volume 17, Issue 7 RECENTLY, THREE OF THE U.S. CIRCUIT COURTS OF APPEAL addressed the issue of whether discrimination on account of an individual’s sexual orientation... Read More

Brokered Deposits and Strategic Planning ConsiderationsPosted on 06-07-2017

By: John Popeo Overview Brokered deposits are often viewed by insured depository institutions (IDIs) as a cost-effective source of liquidity and funding. Federal bank regulatory agencies, however, consider brokered deposits to be a less stable source of funding that contributed to the 2008 global... Read More

U.S. Patent Office Launches PTAB Procedural Reform Initiative - Practice News, Summer 2017Posted on 06-07-2017

THE UNITED STATES PATENT AND TRADEMARK OFFICE (USPTO) With the enactment of the America Invents Act in 2011, the PTAB was charged with conducting proceedings to address challenges to existing patents. Those proceedings “have significantly changed the patent landscape by providing a faster, cost... Read More

Current Updates and Legal DevelopmentsPosted on 04-12-2017

HHS AGENCY PROPOSES RULE TO STABILIZE INSURANCE MARKETPLACE THE CENTERS FOR MEDICARE & MEDICAID SERVICES (CMS) issued a proposed rule aimed at stabilizing individual and small group health insurance markets in anticipation of Congress’ possible repeal and replacement of the Affordable Care... Read More

Bank Regulation and Commercial LendingPosted on 02-09-2017

By: Dwight Smith , Nelson Mullins Riley & Scarborough LLP. Bank financing can take several forms, including commercial loans, repurchase agreements, and securities borrowing transactions, all of which are subject to regulation at the federal and state levels. This article provides an overview of... Read More

A Briefing on Emerging Issues Impacting Transactional Practice - Winter 2017Posted on 02-09-2017

FEDERAL COURT FAST TRACKS REVIEW OF RULING BLOCKING IMPLEMENTATION OF OVERTIME REGULATIONS THE FIFTH CIRCUIT COURT OF APPEALS ISSUED A BRIEF order December 8 granting expedited review of a November 22 ruling by a federal judge in the Eastern District of Texas preliminarily enjoining implementation... Read More

A Briefing on Emerging Issues Impacting Transactional Practice - Fall 2016Posted on 09-13-2016

STUDY ON INJECTION WELL INDUCED EARTHQUAKES THE U.S. GEOLOGICAL SURVEY (USGS) RECENTLY released its short-term forecast for seismic activity. For the first time, it includes a discussion of “Induced Earthquakes.” The study, which comes after a significant hike in the incidence of earthquakes... Read More