Topsy-Turvy: The World of Non-Recourse Financing Turned Upside Down or Right Side Up?
12 PM GMT
- The Michigan cases involving liability for SPE covenant breaches and subsequent Michigan and Ohio legislation prohibiting recourse for solvency covenant breaches;
- A recent Illinois case involving recourse liability for raising defenses in mortgage enforcement proceedings;
- Unintended consequences of solvency recourse liability on CMBS lenders’ expectations concerning bankruptcy and consolidation;
- The trend of increasing number of liability for losses provisions;
- The incipient migration of loss provisions to full recourse;
- Confusion concerning whether a requirement for a bad boy act can be implied in a guaranty;
- Rating agency views on these developments; and
- The efficacy of current drafting of non-recourse carve out provisions.
Joseph Phillip Forte
DLA Piper, New York, NY
Meredith J. Kane
Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY
Daniel B. Rubock
Moody's Investors Service, Inc., New York, NY
Speakers and topics are subject to change.
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