Representing Co-Lenders in Syndicated Credit Facilities
Consent Rights, Sacred Rights, Waterfall and Pro-Rata Sharing Provisions, Removal and Addition of Co-Lenders
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will examine syndicated loans from the co-lender's perspective. The panel will discuss deal points of particular concern to co-lenders, including pro-rata sharing and waterfall provisions, "sacred rights," assignment provisions, and the ability of the agent to add or remove co-lenders. The panel will also discuss the differing perspectives of majority vs. minority co-lenders and regulatory concerns for banks and other regulated entities.
- Regulatory and compliance concerns for co-lenders entering into syndicated credit facilities
- Critical issues in loan documents
- Borrower structure, guarantors, recourse
- Consent rights of the borrower
- Assignment and assumption
- Ability to incur subordinate or additional debt
- Financial and other reporting obligations
- Waterfall and pro-rata sharing provisions
- Sacred rights: amendments requiring the consent of all lenders
- Non-consenting lenders: removal of lenders
- Minority vs. majority co-lenders
- Senior vs. junior creditors
- Approval of new lenders after initial syndication -- disqualified lenders
The panel will review these and other vital questions:
- What loan provisions might be considered deal breakers for a co-lender looking to invest in a syndicated credit?
- What terms are considered sacred rights, and are there situations where they can be amended without unanimous consent?
- How might waterfall and pro-rata sharing provisions deviate in the life of a loan?
- When should co-lenders have input on the admission of new lenders?
Patricia (Pat) Christ
Assistant General Counsel, Senior Vice President
Bank of America
Ms. Christ is Assistant General Counsel, Senior Vice President at Bank of America, NA.| Read More
Ms. Christ is Assistant General Counsel, Senior Vice President at Bank of America, NA.Close
Bobbi Acord Noland
Parker Hudson Rainer & Dobbs
As head of the Commercial Finance practice, Ms. Noland guides global banks, regional banks and finance companies... | Read More
As head of the Commercial Finance practice, Ms. Noland guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Ms. Noland frequently advises her clients on workouts and restructurings.Close
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