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1 Separateness Covenants - Richards, Layton & Finger
https://www.rlf.com/wp-content/uploads/2020/05/15027_Separateness-Covenants-W-007-7891.pdf
Bankruptcy Remote Entity? (8-606-5185). SEPARATENESS COVENANTS. One characteristic of a BRE is the inclusion of separateness provisions (or separateness.
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2 “Bankruptcy Remote” Special Purpose Entities in Commercial ...
https://www.americanbar.org/groups/real_property_trust_estate/publications/ereport/rpte-ereport-fall-2020/bankruptcy-remote/
Bankruptcy remoteness practices seek to prevent substantive consolidation of a borrower with its bankrupt affiliates to avoid exposing its assets to the claims ...
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3 Bankruptcy Remote Entities in Commercial Real Estate ...
https://content.next.westlaw.com/practical-law/document/If2fbe5b2f28a11e498db8b09b4f043e0/Practice-Note-Bankruptcy-Remote-Entities-in-Commercial-Real-Estate-Transactions?viewType=FullText&originationContext=document&transitionType=DocumentItem&ppcid=12fab582f58b4d7195e7aacaed1e7274&contextData=(sc.DocLink)
This Note discusses the fundamentals of using a bankruptcy remote entity to purchase real estate, including the reasons an investor may be required to establish ...
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4 From Bankruptcy-Remote to Risk-Remote - Cadwalader
https://www.cadwalader.com/uploads/books/088787e8ce2b1c202936a512e5a74161.pdf
By negotiating for these additional protections, creditors can ensure that the single purpose entity remains, if not a bankruptcy-remote ...
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5 Current Status of Bankruptcy Remote Entities - Ice Miller LLP
https://www.icemiller.com/ice-on-fire-insights/publications/current-status-of-bankruptcy-remote-entities/
Bankruptcy remote SPEs are typically used in real estate transactions and structured finance to isolate the assets that are the subject of ...
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6 AN OVERVIEW OF BANKRUPTCY REMOTE STRUCTURES
https://www.wfw.com/wp-content/uploads/2021/01/WFW-Maritime-Bankruptcy-Remote-Structures-January-2017.pdf
1 See for example “Bankruptcy Remoteness Criteria for Special Purpose Entities in Global Structured Finance Transactions”, Moody's, October 2014. BRIEFING. AN ...
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7 EX-3.2 - SEC.gov
https://www.sec.gov/Archives/edgar/data/1606965/000119312514289912/d721584dex32.htm
Representations, Warranties and Covenants of Each Member, 12. ARTICLE 4 ... Definition of Special Purpose Bankruptcy Remote Entity. Exhibit A:.
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8 Chapter 11 Bankruptcy and Loan Covenant Strictness
https://blogs.harvard.edu/bankruptcyroundtable/2017/09/19/chapter-11-bankruptcy-and-loan-covenant-strictness/
In syndicated loan contracts, a borrower's failure to comply with a covenant restriction triggers a default, and as such the lender's right to ...
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9 Separateness Covenants - Practical Law
https://uk.practicallaw.thomsonreuters.com/w-007-7891
Bankruptcy Remote Entities in Commercial Real Estate Transactions · Basics of Secured Commercial Real Estate Financing · Borrower Defaults and Lender Remedies in ...
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10 General Growth - Bradley Arant Boult Cummings LLP
https://www.bradley.com/-/media/files/insights/publications/2011/02/general-growth/files/reprint/fileattachment/general-growth-special-purpose-entities-barely-s__.pdf
Lenders have used bankruptcy-remote, special purpose entities (SPEs) ... Typical separateness covenants in loan documents provide that the SPE has a limited.
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11 How to construct a “ring fence” | Norton Rose Fulbright
https://www.projectfinance.law/publications/2020/october/how-to-construct-a-ring-fence/
“Non-petition” covenants — under which a parent agrees not to file a bankruptcy petition against the subsidiary — are typically not enforceable, ...
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12 What Is A Bankruptcy Remote Entity? - Realized 1031
https://www.realized1031.com/glossary/bankruptcy-remote
A bankruptcy remote entity is a separate legal entity whose bankruptcy or insolvency would have a minimal economic impact on the other entities within the ...
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13 Bankruptcy Remoteness: A Summary Analysis
https://www.choate.com/images/content/1/0/v2/104168/Bankruptcy-Remoteness-A-Summary-Analysis.pdf
“Bankruptcy remoteness” is a term used to describe the combination of rights, duties, and covenants found in the organizational documents or loan documents.
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14 Bankruptcy Remote Financings In Jeopardy After Michigan ...
https://www.foxrothschild.com/publications/bankruptcy-remote-financings-in-jeopardy-after-michigan-appellate-court-decision
The organizational documents of the newly formed entity (and the loan documents) will contain very extensive separateness and SPE covenants ...
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15 Freddie Mac Launches CMBS Loan Product - Moss & Barnett
https://www.lawmoss.com/media/publication/715_GustinReturnofSecuritizedLending.pdf
of the SPE, and the mortgage loan documents, must contain certain bankruptcy-remote covenants. These covenants generally include restrictions intended to: ...
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16 Separateness, Bankruptcy Remoteness, and True Sales
http://media.straffordpub.com/products/structuring-special-purpose-entities-separateness-bankruptcy-remoteness-and-true-sales-2016-03-22/presentation.pdf
Structuring the SPV to be “bankruptcy remote” so that it is unlikely ... the implied contractual covenant of good faith and fair dealing.
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17 Serving Two Masters: When 'Bankruptcy-Remote' Meets ...
https://www.lawjournalnewsletters.com/sites/lawjournalnewsletters/2017/08/01/serving-two-masters-when-bankruptcy-remote-meets-public-policy/
Known as “bankruptcy-remote entities,” or “BREs,” these entities are subject to structures and covenants in financing documents and their ...
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18 Coronavirus Fallout for Guarantors: Recourse ... - KMK Law
https://www.kmklaw.com/newsroom-publications-Coronavirus_Fallout_for_Guarantors
During the last recession, most bankruptcy-remote borrowers were established with covenants that they must maintain separateness from any other ...
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19 U.S. Operating-Asset or Whole- Business Securitization
https://www.paulweiss.com/media/3394089/jsf_winter_2016_paulweiss-2.pdf
if the parent becomes bankrupt, the assets and cash flow that have been securitized will not be ... fact, many of the standard bankruptcy-remote covenants.
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20 Single Purpose LLC: Everything You Need to Know
https://www.upcounsel.com/single-purpose-llc
Lenders also have the authority to require the SPE to be what is termed "bankruptcy remote." This means that the LLC must have the approval of an ...
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21 Practical guidance at Lexis Practice Advisor® - Fried Frank
https://www.friedfrank.com/uploads/siteFiles/Publications/Representing%20the%20Borrower%20in%20a%20CMBS%20Loan.pdf
purpose, bankruptcy-remote entity (SPE) criteria) are discussed in later ... These covenants are included in the loan documents and, except for certain.
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22 "Cleverly Insidious" Bankruptcy Waiver in SPE Operating ...
https://www.jonesday.com/en/insights/2014/08/cleverly-insidious-bankruptcy-waiver-in-spe-operating-agreement-unenforceable-as-matter-of-public-policy
The court went on to rule, however, that a restrictive covenant added at the ... 11 cases where loan agreement with bankruptcy remote debtor provided that ...
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23 Bond covenants, bankruptcy risk, and the cost of debt
https://www.sciencedirect.com/science/article/abs/pii/S0929119920302431
Examining the most frequently used bond covenants, we document that four out of 24 restrictions are associated with significantly higher bankruptcy risk. The ...
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24 New York Bankruptcy Court Topples Contractual Barriers to ...
https://www.vorys.com/assets/attachments/New%20York%20Bankruptcy%20Court%20Topples%20Contractual%20Barriers%20to%20Filing%20Chapter%2011%20Part%20II.PDF
estate bankruptcy case in history in ... bankruptcy-remote provisions in their organizational documents. ... insolvent if it complies with the covenants.
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25 Bankruptcy and Real Estate: - Gibson Dunn
https://www.gibsondunn.com/wp-content/uploads/2021/02/WebcastSlides-MCLE-Blitz-Bankruptcy-and-Real-Estate-19-JAN-2021.pdf
liens and protections against other liens. • Seperateness covenants. Structuring a Bankruptcy Remote SPE – Liabilities and Creditors.
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26 The not-so-remote possibility of the bankruptcy of a ... - Lexology
https://www.lexology.com/library/detail.aspx?g=235ecab9-67c6-43c8-b62c-16954a210d7a
A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) (“SPV”) that is formed to hold a defined group of assets ...
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27 Effective Use of Special Purpose Entities
https://sbaustinlaw.com/library-papers/Effective%20Use%20of%20Special%20Purpose%20Entities.Sewell.pdf
LPs, including the borrower, without violating a single asset covenant. ... Lenders require bankruptcy remote special purpose entities in order to prohibit ...
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28 Are carve-outs to nonrecourse loans only for the 'bad boys'?
https://www.ballardspahr.com/-/media/files/articles/2012-07-03-are-carve-outs-to-nonrecourse-loans.pdf?la=en&hash=0E0D85C4EA9CDC115118D9FD84F26604
bankruptcy-remote entity, more commonly known as a special- purpose entity. ... property; voluntary bankruptcy ... of separateness covenants, such.
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29 Asset-Backed Securities: Costs and Benefits of “Bankruptcy ...
https://www.fdic.gov/analysis/cfr/bank-research-conference/annual-5th/cfrfall-2005-kayotte-sgaon.pdf
ABS are designed to achieve “bankruptcy remoteness” of the securitized assets ... protective covenants or put options in their contracts that could achieve ...
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30 Bankruptcy-Remote Special Purpose Entities and a ...
https://scholarlycommons.law.emory.edu/cgi/viewcontent.cgi?article=1190&context=ebdj
Securitization: How Remote Is Bankruptcy Remote?, 26 HOFSTRA L. REV. ... with an elaborate scheme of separateness covenants and independent ...
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31 Single-Purpose Entities & Independent Directors: Does ...
https://www.vedderprice.com/single-purpose-entities--independent-directors-does-igeneral-growthi-ruling-change-structured-finance-05-11-2010
In a typical2 structured finance transaction of equipment that involves a bankruptcy remote entity, the Parent creates a subsidiary whose purpose is limited to ...
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32 How Remote is Bankruptcy Remote? Is an Operating ...
https://www.allenmatkins.com/real-ideas/how-remote-is-bankruptcy-remote-is-an-operating-agreement-restriction-against-a-bankruptcy-filing-without-the-unanimous-consent-of-all-members-enforceable.html
To minimize the risk of a bankruptcy filing by the SPE, the SPE operating agreement typically restricts or limits the manager, managing member, or entity from ...
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33 The ABCs of Asset-Backed Securities (ABS)
https://www.guggenheiminvestments.com/perspectives/portfolio-strategy/asset-backed-securities-abs
Bankruptcy Remoteness: Most securitizations involve a sponsor, ... the effectiveness of portfolio limits, triggers, and covenants, ...
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34 Lessons From General Growth Properties - Fordham Law
https://ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=1299&context=jcfl
its related corporate entities, despite the fact that bankruptcy remote ... assets to secure the debt of another.16 These covenants limit the SPE's.
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35 Mezzanine Finance: Overview - Simpson Thacher
https://www.stblaw.com/docs/default-source/cold-fusion-existing-content/publications/pub1580.pdf
debt investment, the mezzanine debt covenant package may be ... purpose entity intended to be a "bankruptcy remote" entity which.
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36 Special Purpose Entities & Asset Isolation
https://www.maalot.co.il/Publications/CP20210120170708.pdf
The terms insolvency-remote and bankruptcy-remote are not legal terms; ... Covenants to maintain the SPE's activities separate from the.
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37 General Growth Properties - Proskauer
https://www.proskauer.com/insights/download-pdf/1412
Casting a Cloud over Traditional Perceptions of Bankruptcy Remote Financing Structures ... commence a bankruptcy case; separateness covenants that require a ...
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38 Understanding the Role of Independent Directors in Corporate ...
https://resources.clasinfo.com/blog/understanding-the-role-of-independent-directors-in-corporate-governance
Also known as “bankruptcy remote” entities, SPEs have covenants and requirements in place, including the appointment of Independent ...
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39 "BAD BOY" GUARANTYS - Barley Snyder
https://www.barley.com/bad-boy-guarantys/
The insolvency was a breach of the SPE covenants and caused full loan liability of the guarantor under the non-recourse guaranty.
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40 Real Estate Law & Industry Report - Alston & Bird
https://www.alston.com/-/media/files/insights/publications/2012/03/topsyturvy-the-world-of-commercial-real-estate-fin/files/fortebna_3_2012/fileattachment/fortebna_3_2012.pdf
an entity can be an SPE if it has limited purpose and debt but without Separateness Covenants it cannot be fully bankruptcy-remote.
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41 In an asset securitization or structured finance transaction, the ...
http://www.lexisnexis.com/documents/pdf/20080128095218_large.doc
Outside credit risks or exposure should be removed to the greatest extent possible. Typically, assets are transferred to a bankruptcy-remote special purpose ...
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42 a bna, inc. - real estate! law & industry - Goodwin Procter
https://www.goodwinlaw.com/-/media/files/publications/attorney-articles/2009/menna_glosban_opper_richardson_bna_6_2_09.pdf
law to the bankruptcy remote structure and summarize how the GGP bankruptcy filing has ... ing and (b) the ''separateness covenants'' designed to.
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43 Not So Bankruptcy-Remote SPEs and In re General Growth ...
https://www.davispolk.com/sites/default/files/files/Publication/3ad13d6d-0e93-4a0c-93d2-80ecfd4fb3a7/Preview/PublicationAttachment/7ca2fc0b-c27c-47b1-8cf2-87e71c3f4793/resnick.krause.article.oct09.pdf
remote” in an attempt to protect lenders ... General Growth's bankruptcy-remote SPE ... entities adhere to “separateness covenants”.
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44 Costs and Benefits of "Bankruptcy Remoteness" - jstor
https://www.jstor.org/stable/20869270
are designed to achieve "bankruptcy remoteness" of securitized assets from ... pledge covenants) that would prevent the issuance of new secured debt outside.
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45 The Not-So-Remote Possibility Of The Bankruptcy ... - Mondaq
https://www.mondaq.com/unitedstates/insolvencybankruptcy/375950/the-not-so-remote-possibility-of-the-bankruptcy-of-a-bankruptcy-remote-entity
A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) ("SPV") that is formed to hold a defined group of assets ...
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46 Securitisation - Shearman & Sterling
https://www.shearman.com/-/media/Files/Perspectives/2021/02/020USA-LP.pdf
5.1 Bankruptcy-Remote Transfers p.13. 5.2 Principal Warranties p.13. 5.3 Principal Perfection Provisions p.14. 5.4 Principal Covenants.
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47 BANKRUPTCY-REMOTE SPECIAL PURPOSE ENTITIES
https://southerncalifornialawreview.com/wp-content/uploads/2013/11/86_1309.pdf
bankruptcy-remote vehicle (“BRV”)24 —is an entity that a parent company ... bankruptcy.37 For example, often times the SPE covenants will include a.
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48 Bankruptcy Remote Special Purpose Entities Are Not ...
https://www.reinhartlaw.com/knowledge/bankruptcy-remote-special-purpose-entities-not-necessarily-bankruptcy-proof/
Jun 14, 2016 —
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49 Protecting Lenders In Structured Financing Transactions
https://www.hugheshubbard.com/news/protecting-lenders-in-structured-financing-transactions-the-utility-of-bankruptcy-remote-entities-following-in-re-ggp-properties-inc
... In Structured Financing Transactions: The Utility of “Bankruptcy-Remote” ... which typically include separateness covenants and limited ...
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50 Commercial Real Estate Loan Defaults and Remedies (TX)
https://www.huntonak.com/en/insights/commercial-real-estate-loan-defaults-and-remedies-tx.html
For larger loans, the lender will also require that the SPE be bankruptcy remote. Typical SPE covenants to include in the loan documents.
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51 Evaluating the Role of an Independent Directors in Corporate ...
https://www.wolterskluwer.com/-/media/project/wolterskluwer/oneweb/www/grc/files/pdf/ct-corporation/ct-corporation-evaluating-role-independent-director.pdf?rev=d34ef2de24e74897ba1581325e02052f&hash=3D7BB2444978A6DC01887D38E303BF50
Also known as “bankruptcy remote” entities, SPEs have covenants and restrictions to protect the underlying SPE assets from bankruptcy, including the appointment ...
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52 BANKRUPTCY LAW v BANKRUPTCY-REMOTE ...
https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2407940_code2201675.pdf?abstractid=2407940
B. Jurisdiction, applicable law and recognition in bankruptcy-remote issues (avoidance ... Covenants also include restrictions to engage in activities other.
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53 LENDING AND RESTRUCTURING ALERT
http://www.herrick.com/content/uploads/2016/01/a8218cccb54032b21c3d4ffd63c3c85a.pdf
centers were structured as “bankruptcy remote” special purpose entities whose ... “separateness covenants” requiring them to maintain their assets and ...
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54 JARGON - Latham & Watkins LLP
https://www.lw.com/admin/Upload/Documents/BoJ_US_Corporate_and_Bank_Finance-second-edition.pdf
deal, the Affirmative Covenants regarding delivery and maintenance ... Bankruptcy Remote Vehicle: a company that is set up within a corporate.
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55 Debt - Liberty Broadband
https://www.libertybroadband.com/investors/financial-information/sec-filings-liberty-broadband/xbrl_doc_only/1394
On May 12, 2021, a bankruptcy remote wholly owned subsidiary of the Company (“SPV”) ... The Margin Loan Agreement does not include any financial covenants.
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56 Project Finance Primer for Renewable Energy and Clean ...
https://www.wsgr.com/PDFSearch/ctp_guide.pdf
the bankruptcy-remote Project Company level, and thus insulates the Sponsor (including equity investors in the Sponsor) and the Holdco from liability to ...
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57 What Is a Single Purpose Entity and Why Is It Important...?
https://hjlawfirm.com/what-is-a-single-purpose-entity-and-why-is-it-important/
A bankruptcy remote LLC is one in which it is required that the LLC have the ... lenders should also require a set of covenants designed to ...
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58 Special Purpose Vehicles in Bankruptcy Litigation
https://scholarlycommons.law.hofstra.edu/cgi/viewcontent.cgi?article=2656&context=hlr
An SPV is designed under the law to be a bankruptcy-remote ... monitoring compliance with covenants and enforcing specific remedies.
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59 Podcast: A Primer on Asset-backed Leverage Facilities
https://www.ropesgray.com/en/newsroom/podcasts/2022/march/podcast-a-primer-on-asset-backed-leverage-facilities
So, it's essential that the SPV be “bankruptcy remote,” meaning that it ... separateness covenants to ensure the borrower is a third party, ...
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60 Securitisation - Germany - Mayer Brown
https://www.mayerbrown.com/-/media/files/perspectives-events/publications/2019/02/chambers_guide_to_securitisation_2019_qanda_germany.pdf
organised as bankruptcy remote special purpose entities. (SPEs). ... An SPE's activities will be restricted by negative covenants.
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61 S. Miller Co-Authors Article on GGP Bankruptcy - Morgan Lewis
https://www.morganlewis.com/pubs/2011/03/s-miller-co-authors-article-on-ggp-bankruptcy
“Lenders have used bankruptcy-remote, special purpose entities (SPEs) since the early 1990s to attempt to isolate their collateral from the ...
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62 Sharpest tool in the shed: A primer on asset-backed leverage ...
https://www.globallegalinsights.com/practice-areas/fund-finance-laws-and-regulations/06-sharpest-tool-in-the-shed-a-primer-on-asset-backed-leverage-facilities
The upshot of the carefully planned bankruptcy-remote structure discussed above is that a leverage facility is anchored by a borrower that is effectively an ...
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63 dealing with potential bankruptcy of a licensor; a ... - DLA Piper
https://www.dlapiper.com/~/media/files/people/radcliffe-mark/dealing_with_potential_bankruptcy_of_a_licensor__a_bank.pdf?la=en&hash=16463FC0B02BE403669C09DE759528B74DD01202
BANKRUPTCY REMOTE ENTITY MAY BE ONE WAY TO AVOID RISKS FOR ... BREs structured as corporations need to include operational covenants in the charter ...
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64 General Growth Bankruptcy Ruling Has Potential Far ...
https://www.bhfs.com/Templates/media/files/insights/General%20Growth%20Bankruptcy%20Ruling%20Has%20Potential.pdf
many previously held assumptions regarding special purpose, bankruptcy remote entities and independent directors because they were thought to provide ...
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65 The Nuts and Bolts of Negotiating Nonrecourse Carve outs ...
https://admin.thompsonhine.com/wp-content/uploads/1137/doc/Striefsky_-__Practical_Real_Estate_Lawyer.pdf
Lenders will insist on SPE and separateness covenants as necessary for bankruptcy remote bor- rower. Borrowers should re-focus on which loan document features ...
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66 Hertz ABS' bankruptcy-remote status not imperiled by rare ...
https://info.debtwire.com/hertz-abs-bankruptcy-remote-status-not-imperiled-rare-parking-lcs-spv-sources/
... park letters of credit used to help the company meet unsecured debt covenants does not put the SPV's bankruptcy-remote status at risk, ...
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67 Reports - Reserve Bank of India
https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=164
In order to ensure that the assets actually achieve the bankruptcy remoteness, it is essential to move them out of the balance sheet of the Originator and ...
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68 Recent Bankruptcy Court Ruling Has Major Implications For ...
https://www.pillsburylaw.com/images/content/2/7/v2/2772/D595894A1FFB01E5FD2987F6301BCCED.pdf
erence to the bankruptcy-remote and lockbox covenants in the transaction documents, although it did pro- vide the SPEs' secured creditors ...
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69 Separateness Covenants Clause (Pro-Lender) - Lexis Advance
https://advance.lexis.com/open/document/openwebdocview/Separateness-Covenants-Clause-Pro-Lender-/?pdmfid=1000522&pddocfullpath=%2Fshared%2Fdocument%2Fforms%2Furn%3AcontentItem%3A5TH0-PXB1-JWR6-S2PF-00000-00&pdcomponentid=500752
This separateness covenants clause is used in a real estate financing transaction in the loan agreement and the organizational documents of the borrower ...
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70 Non-recourse Loans—A Dangerous Misnomer
https://www.greenbaumlaw.com/media/publication/342_NJSBA%20-%20NonRecourseLoans%20LCS.pdf
bankruptcy-remote, single-purpose entity (SPE). In response to the ratings agency requirements, lenders include SPE covenants in their mortgage loan docu-.
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71 New Jersey Law Journal
https://www.gibbonslaw.com/Files/Publication/6da880c4-ccd1-4a2f-b635-c477e7556150/Presentation/PublicationAttachment/31a7281f-ce9c-4482-b0f6-db1dc76504e5/Bershad%206_3_13.pdf
bankruptcy filings in which the borrower colluded in some fashion. ... remote entity (an SPE) and comply with. SPE covenants; and interference with.
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72 U.S. CMBS Legal and Structured Finance Criteria
http://1stsss.com/referencematerials/SP_CMBS_Legal_and_Structured_Finance_Criteria.pdf
and bankruptcy-remoteness covenants in the defeasance documents. The defeasing borrower should deliver opinions as to the enforceability of ...
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73 Single Purpose Entity (SPE), explained
http://monumentllp.com/index.php/2020/03/31/single-purpose-entity-spe-explained/
A bankruptcy remote entity is always an SPE, but not all SPEs are ... a lender will often require that the owning entity covenant to adhere ...
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74 3.5 Legal isolation of transferred financial assets
https://viewpoint.pwc.com/content/pwc-madison/ditaroot/us/en/pwc/accounting_guides/transfers_and_servic/transfers_and_servic_US/chapter_3_control_cr_US/35_legal_isolation_o_US.html
Under the typical two-step arrangement, the transferor sells financial assets to a wholly-owned bankruptcy-remote entity (BRE) that, it turn, ...
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75 Representing Real Estate Joint Ventures in Mortgage ...
https://www.quarles.com/content/uploads/2017/09/REJF-Representing-Real-Estate-Joint-Ventures.pdf
a bankruptcy filing by the borrower. ... form a single-asset, bankruptcy-remote entity to serve ... Covenants in loan documents either require the bor-.
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76 The GGP Case—What It Means for Lenders
https://katten.com/The-GGP-CaseWhat-It-Means-for-Lenders-06-01-2009
All of the “bells and whistles” that real estate lenders and their counsel have been requiring to ensure bankruptcy remoteness remain ...
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77 Special Purpose Entities – The New Chapter 11 Debtors
https://www.kramerlevin.com/images/content/1/9/v4/1966/Bankruptcy-Alert-August.pdf
specifically, the so-called “bankruptcy remoteness” of a special (or ... separateness covenants and the borrower had an obligation to retain ...
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78 Recent Cases Concerning “Springing” or “Bad-Boy ...
https://www.fennemorelaw.com/Templates/media/files/insights/materials/Bad%20Boy%20Guarantees%20Article_Nov%202012%20(Final).pdf
protection or affecting the “bankruptcy remote” aspects of the single-purpose ... Separateness” the mortgage lists covenants for the borrower, including one ...
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79 General Growth Properties and the Boundaries of Bankruptcy ...
https://www.natlawreview.com/article/general-growth-properties-and-boundaries-bankruptcy-remoteness
Bankruptcy remote covenants require the affirmative vote of one or more independent directors — directors without any vested interest in the ...
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80 Restructuring the next wave of cov-lite debt | White & Case LLP
https://www.whitecase.com/insight-our-thinking/restructuring-next-wave-cov-lite-debt
Historically, financial covenants have been viewed as a form of 'early warning system' for lenders, enabling them to initiate restructuring ...
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81 The Application of Structured Finance Techniques to ...
https://s3.amazonaws.com/kslaw-staging/attachments/000/003/926/original/StructuredFinanceTechniques.pdf?1494907261
representations, warranties and covenants regarding the general business of the borrower and the ... bankruptcy remote provisions are intended to ensure.
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82 Structured Finance MEMORANDUM - Kutak Rock
https://www.kutakrock.com/-/media/files/news-and-publications/news/2011/03/bankruptcy-matters-for-student-loan-debt-issuers/files/comparison-of-bankruptcy-considerations-for-issuer/fileattachment/ca_sf_032911.pdf
The “bankruptcy-remote” requirements may not prevent a bankruptcy ... covenants under which the creditors agree not to file bankruptcy ...
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83 Real Estate Secured Loan Review and Credit Risk
https://www.lorman.com/resources/real-estate-secured-loan-review-and-credit-risk-who-is-your-borrower-16033
Reviewing Financial Statements and covenant ... One carve out required borrower to remain a bankruptcy remote SPE and remain solvent and pay ...
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84 Does Non-Recourse Liability Still Exist? - Carr McClellan P.C.
https://www.carr-mcclellan.com/does-non-recourse-liability-still-exist-2/
This separateness, referred to as being “bankruptcy remote”, is beneficial to ... The NMLA rendered solvency covenants in nonrecourse loans ...
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85 Going-Concern Debt of Financial Intermediaries
https://www.aeaweb.org/conference/2020/preliminary/paper/4dBNfzDZ
prevalence of covenants in both bonds and loans. ... deposits and bankruptcy remote, non-recourse repos—seems to dampen the role of the Dia-.
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86 Repo Priority Right and the Bankruptcy Code
https://cfr.pub/published/papers/auh-sundaresan-2018.pdf
5There can be other reasons for creating bankruptcy-remote SPV structures, ... program, monitor covenants that long-term creditors may impose by way of ...
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87 Structuring Commercial Mortgage Securitization Special ...
https://www.nycbar.org/pdf/report/uploads/20071978-StructuringCommercialMortgageSecuritizations.pdf
Krause, Not So Bankruptcy-Remote SPEs and In re General Growth Properties Inc., ... prohibited by their loan covenants, as seriously impairing the SPEs' ...
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88 Noncompetition Agreements in Bankruptcy - Chicago Unbound
https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=4901&context=uclrev
The issue of bankruptcy's effect on covenants not to compete arises most frequently ... that "all legal obligations of the debtor, no matter how remote or.
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89 TEXT-Fitch updates UK whole business securitisation rtg criteria
https://www.reuters.com/article/idUSWLA168620120809
These include a comprehensive security package, bankruptcy remote special purpose vehicle issuer, committed liquidity at issuer level, ...
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90 Think Like a Lender — 8 Ways Lenders Protect Downside Risk
https://www.stacksource.com/blog/think-like-a-lender-8-ways-lenders-protect-downside-risk
However, bankruptcy remote does not necessarily mean bankruptcy proof. Lenders should recognize the bankruptcy risks that cannot be eliminated, ...
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91 Property and the True-Sale Doctrine
https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1541&context=jbl
conventional sense: either the likelihood of the event is too remote, ... that financial covenants are included in private loans agreements to limit the ...
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92 The End of Mortgage Securitization? Electronic Registration ...
http://www.ncbrc.org/wp-content/uploads/The-End-of-Mortgage-Securitization-Electronic-Registration-as-a-Threat-to-Bankruptcy-Remoteness-SSRN-id1908893-1.pdf
Abstract. A central tenet of asset securitization in the United States—that assets are bankruptcy remote from their sponsors—may be ...
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93 Bankruptcy-remote entities are widely used in securitizations ...
https://www.debevoise.com/-/media/files/insights/publications/2009/09/court-denies-motions-to-dismiss-bankruptcies-of-__/files/view-client-update/fileattachment/courtdeniesmotionstodismissbankruptciesofgeneral__.pdf
Bankruptcy lawyers have long warned that bankruptcy-remote ... with a bankrupt affiliate through insertion of “separateness covenants” in.
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94 Legal analysis for structured finance transactions - CRISIL
https://www.crisil.com/mnt/winshare/Ratings/SectorMethodology/MethodologyDocs/criteria/Legal%20analysis%20in%20structured%20finance%20transactions.pdf
are, therefore, bankruptcy remote from the originator's estate. ... Covenants restricting the transferee's ownership of the assets will be viewed as.
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95 Securitisation - Walkers Global
https://www.walkersglobal.com/images/Publications/Articles/2020/Chambers__Partners_-_Securitisation_-_Ireland_-_Feb20.pdf
5.1 Bankruptcy-Remote Transfers p.17. 5.2 Principal Warranties p.17. 5.3 Principal Perfection Provisions p.18. 5.4 Principal Covenants.
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