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Coordinating Swap and Loan Documentation

 

Gain insight into the legal and regulatory implications clients entering into interest rate swaps.

This topic will assist loan counsel in understanding the legal and regulatory implications of their clients entering into interest rate swaps in order to hedge the interest rate risk associated with a credit facility. For such a hedge to work properly, it is crucial for loan documentation to include the appropriate swap terms, and for loan counsel to comprehend how swap and loan documentation work in tandem. This includes ensuring that any security instruments properly secure a borrower's swap obligations; the interest rate terms, including LIBOR fallback terms, match between the swap and the loan; the swap terminates on its own terms; and the parties are complying with Dodd-Frank regulatory requirements. Following this information, loan counsel will be able to identity swap-related pitfalls, and more efficiently draft loan documentation for hedged credit facilities.

Agenda

Faculty

Alexander Fraser

Alexander Fraser

Michael Best & Friedrich LLP

Alec P. Fraser

  • Partner in the Milwaukee office of Michael Best & Friedrich LLP
  • Primary outside counsel to national, regional community banks on interest rate swaps, foreign exchange, commodities and other derivatives product lines, including documentation for customer transactions and Dodd-Frank Act compliance
  • Practice also includes all aspects of commercial lending, corporate finance and mergers and acquisitions
  • Conducts regular seminars and workshops on derivatives and loan documentation, compliance with derivatives regulations, and the LIBOR phase-out
  • Written several publications related to the areas of derivatives, commercial lending, and benchmark reform
  • Member of the Wisconsin and New York bars
  • J.D. degree, NYU School of Law; B.S. and M.B.A. degrees, University of Wisconsin
  • Can be contacted at 414-347-4757 or [email protected]
Cheryl L. Isaac

Cheryl L. Isaac

Michael Best Friedrich LLP

  • Senior counsel in the Washington, DC office of Michael Best Friedrich LLP
  • Represents clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt finance, commercial lending, cryptocurrencies, and digital asset offerings; advises on the impact of the LIBOR transition on each of these types of financing transactions
  • Drafts and negotiates ISDA documentation (including the ISDA Master Agreement, Schedule, Credit Support Annex, and related documents) for interest rate, foreign exchange, and commodities derivatives, and advises clients on compliance with Title VII of the Dodd-Frank Act and related rules and guidance issued by the Commodity Futures Trading Commission (CFTC) and other federal regulators
  • Represents both borrowers and lenders in various lending transactions, focusing on traditional bank loans as well as customized debt finance solutions for start-up and early growth companies
  • Author of several publications related to the areas of derivatives, the LIBOR transition, and cryptocurrencies
  • Member of the New York, Connecticut, and Washington, D.C. bars
  • LL.M. degree, Georgetown University Law Center; J.D. degree, Boston College Law School; B.A. degree, University of Pennsylvania
  • Can be contacted at [email protected] or 202-595-7934

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