Webcast

Commercial Lending: Essential Elements and Key Provisions in Syndicated Credit Agreements

Streams live on Thursday, November 07, 2019 at 03:00pm EST

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Course Information

Time 90 Minutes
Difficulty Intermediate

Course Description

The corporate loan market has changed dramatically over the past three decades. Rather than loans held by a single bank, larger corporate loans today are syndicated to other institutional lenders. This has led to a surge in growth in the volume of loans originated in the primary market and subsequently traded in the secondary market, facilitated in part by the standardization of loan and trading documentation. This has led to a surge in growth in the volume of loans originated in the primary market and subsequently traded in the secondary market, facilitated in part by the standardization of loan and trading documentation. For nearly 25 years, the Loan Syndications and Trading Association (LSTA), the trade association for the US market, has been standardizing the documentation that is used to originate loans in the primary market and trading those loans in the over the counter secondary market. The volume of LSTA standard agreements has grown enormously over the years and has contributed significantly to the growth of outstanding loans in the primary market and the volume of secondary loan trading.

This course will provide an overview of the LSTA’s Model Credit Agreement Provisions, which have gradually been expanded over the years, and the LSTA’s revolving credit facility agreement, the LSTA’s first complete credit agreement which was published in 2017. The speakers will focus on select provisions that are important for the corporate loan market and include a discussion on the different types of credit facilities, payment mechanics, representations and warranties, affirmative and negative covenants, events of default and remedies, inter-lending issues, and defaulting lender mechanics.


Learning Objectives:

  1. Assess the basics of and interplay between the primary loan market and secondary loan trading market
  2. Examine the unique aspects of syndicated lending and the relationship among the administrative agent and the lenders
  3. Analyze the basics of a credit agreement and the importance of certain provisions that impact the secondary trading of loans
  4. Review commonly negotiated provisions in syndicated loan documentation

Credit Information

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Faculty

Bridget Marsh is Deputy General Counsel of the Loan Syndications and Trading Association (LSTA). Bridget heads the LSTA’s Primary Market Committee and Trade Practices and Forms Committee and leads the legal projects for the development and standardization of the LSTA’s documentation. She is responsible for responding to and addressing secondary loan market trading disruptions and ensuring that the LSTA’s primary market and trading documentation reflects current market practices. Bridget regularly speaks on the loan market at American Bar Association events.

Prior to joining the LSTA, Bridget practiced as a corporate finance attorney at Milbank, New York, and as a lawyer in the corporate/M&A department of Simmons & Simmons, London, and completed a judicial clerkship for The Honorable Justice Beaumont of the Federal Court of Australia. She is a Regent of the American College of Commercial Finance Lawyers and a Fellow of the American Bar Foundation.

Bridget Marsh received a B.A. magna cum laude from Georgetown University, a law degree with first-class honors from Sydney Law School, University of Sydney, and a Masters in Political Science from the University of New South Wales. She is admitted as an attorney in New York, England & Wales, and New South Wales, Australia.



Arleen A. Nand

Greenberg Traurig

Arleen Nand is Chair of the Global Agribusiness Practice. She represents commercial, cooperative, development and investment banks, as well as hedge funds, private equity firms, and corporations in cross-border and domestic financings. Arleen has structured, drafted, and negotiated more than $40 billion of investment grade, leveraged finance and commercial paper transactions.

Arleen has served as lead counsel on numerous financings, including cross-border credit facilities, securitizations, syndicated loan transactions, credit-linked notes, asset-based and cash flow financings, convertible debt facilities, private placements, joint venture financings, debtor-in-possession credit facilities, senior and mezzanine transactions, and leveraged lease financings. She has advised clients on transactions involving various domestic and foreign collateral issues, including credit facilities secured by rolling stock, maritime vessels, aircraft, coal reserves, oil and gas, and carbon credits.



Tess Virmani is Associate General Counsel & Senior Vice President, Public Policy of the Loan Syndications and Trading Association (LSTA).

Tess focuses on developing market standards and maintaining LSTA documentation. She also leads the LSTA’s sustainable finance and ESG efforts. In addition, Tess participates in the LSTA’s policy initiatives, including market advocacy and spearheading industry solutions to market developments, such as the transition to replacement benchmarks.

Prior to joining the LSTA, Tess practiced as a finance attorney at Skadden, Arps, Slate, Meagher & Flom LLP in New York.  She received a B.S. in International Politics from the Walsh School of Foreign Service at Georgetown University and a J.D. from Fordham University School of Law.  She is admitted as an attorney in New York.