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Live Webinar

90-minute live streaming program
  • March 10
  • 1:00 - 2:30 pm EST

Potential Pitfalls in Borrowing Base Transactions

March 10

Understand the basics of ABL credit agreements and the best practices for compliance.

When negotiating a credit agreement, several factors, including the borrower’s risk profile and credit ratings, impact the breadth of the affirmative, negative and financial covenants imposed on the borrower. However, some of the most burdensome credit agreements are asset-based lending (ABL) credit agreements. The heart and soul of ABL lending is the collateral, and thus, ABL credit agreements often provide for intense lender monitoring and supervision because the borrowing base is tied to eligible assets. Under such a strict regime and without good advice from counsel, it is not uncommon for borrowers to trip an unintended default. This topic will highlight the basics of ABL credit agreements, including common provisions and pitfalls, and provide lawyers and treasury professionals with specific areas on which to focus review during negotiations. This information will also help ensure that the persons responsible for administering ABL credit facilities understand best practices for compliance with their complex provisions.

Learning Objectives

  • You will be able to define defaults.
  • You will be able to identify best practices pre- and post-closing to avoid defaults.
  • You will be able to recognize frequent compliance inquiries.
  • You will be able to discuss typical asset-based lending credit agreement provisions and term sheet considerations.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Discuss Typical Asset-Based Lending Credit Agreement Provisions and Term Sheet Considerations
  • Where to Focus Review of Term Sheets and Credit Agreements
  • Typical Definitions, Representations, Covenants and Events of Default
  • Other Negotiating Points
Formulate Best Practices Pre- and Post-Closing to Avoid Defaults
  • Credit Agreement Negotiation
  • Credit Agreement Administration
Defaults
  • Avoiding Defaults
  • Approach If Default Occurs or Is Forecasted
  • A Word on Technical Defaults
Frequent Compliance Inquiries
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, branch managers, loan officers, loan department personnel, credit and collection managers, controllers, accountants and real estate professionals.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kimberly MacLeod

Kimberly MacLeod

Hunton Andrews Kurth LLP

  • Partner with Hunton Andrews Kurth LLP
  • Practice areas include banking and finance, lending services, capital markets and securities, finance and restructuring, servicing rights financing and securitization, energy finance and securitization
  • Practice focuses on the representation of corporate borrowers in both cash flow and asset-based financings
  • Significant experience with negotiating and documenting on behalf of borrower and lender clients revolving, bridge and term loan facilities, including acquisition financings, recapitalizations and going private transactions
  • Also represents residential mortgage servicers and lenders in financing servicing advance receivables and servicing rights; additionally, she advises borrowers and lenders in debtor-in-possession financings, troubled loans, workouts and restructurings
  • Frequently speaks and writes on topics related to her practice
  • Selected among Profiles in Diversity Journal’s 2018 Women Worth Watching; Leaders in the Law, Virginia Lawyers Weekly, Class of 2017; selected among Virginia Lawyers Weekly’s 2010 “Influential Women of Virginia”; named among Virginia Business’ 2010 Legal Elite (business law); and selected in Rising Stars (banking), Virginia Super Lawyers, 2007 and 2008
  • Member, Virginia Bar Association and Richmond Bar Association; Leadership Metro Richmond, Class of 2013; member of the Board of Directors of Boaz & Ruth; member of the Board of Directors of Positive Vibe Foundation; member of the Mid-Atlantic Innocence Project Board of Directors and Screening Committee; and chair, Hunton Andrews Kurth LLP Pro Bono Committee
  • J.D. degree, cum laude, University of Richmond School of Law; B.A. degree in political science, University of North Carolina
  • Can be contacted at 804-788-8529 or [email protected]
Hillary Patterson

Hillary Patterson

Hunton Andrews Kurth LLP

  • Law Clerk* with Hunton Andrews Kurth LLP (*admitted in Virginia)
  • Practices areas include banking and finance, lending services, capital markets and securities, finance and restructuring, energy finance and securitization
  • Practice focuses on commercial lending, loan workouts and restructurings and business law
  • Represents borrowers and lenders in connection with revolving, bridge and term loan facilities, with an emphasis on the representation of public and portfolio company borrowers in both cash-flow and asset-based financings
  • Represents borrowers and lenders in connection with revolving, bridge and term loan facilities, with an emphasis on the representation of public and portfolio company borrowers in both cash flow and asset-based financings
  • Has spoken and written on topics of relevance to her practice
  • Member of the Virginia State Bar; Virginia Bar Association; Richmond Bar Association; Leadership Metro Richmond, Class of 2018; and member, Screening Committee, Mid-Atlantic Innocence Project
  • J.D. degree, magna cum laude, executive board member, moot court board, McNeill Law Society, University of Richmond School of Law; B.A. degree in economics, cum laude, Wake Forest University
  • Can be contacted at 804-787-8133 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408682
Published 2021
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