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What is an asset-backed security?
An asset-backed security (ABS) is a marketable security that is issued by a special purpose vehicle (SPV) that buys financial receivables, such as automotive leases and mortgage lo...
The final step in syndication is allocation, which is the amount of a facility assigned to each participant lender upon the close of general syndication. Invitation letters genera...
What is a voluntary restructuring?
A method of debt restructuring that operates outside insolvency law is a workout, relying on negotiations between the debtor and, generally, the lead creditors or a committee of cr...
A lessor can claim the tax benefits of a leased asset only if it is a true lease. A true lease is any lease that allows the lessor to claim the tax benefits of ownership of a leas...
A lease titling trust is an SPV used in the securitization of leased motor vehicles that allows the sponsor lessor to transfer its beneficial rights to receive cash flows from the...
Prospective borrowers receive a term sheet in response to their invitations to bid. A term sheet is prepared and submitted by interested banks to the prospective borrower (or occa...
What is a syndication agreement?
A syndication agreement is a contract between the arranger and the other participants in the syndication of a lease that addresses the structure of the syndicate, how the transacti...
What is a syndicate fee structure?
Borrowers pay various fees to participant lenders according to the syndicate fee structure, such as upfront fee, commitment fee, facility fee and letter of credit fee, depending on...
A sublease is an arrangement between a rental property’s principal tenant and a subtenant, whereby the lease agreement between the landlord and the tenant remains in force and gove...
What is a standstill? What is the suspension of payment?
Creditors are typically willing to afford a viable debtor in financial distress standstill relief in order to work out a restructuring plan with its creditors. A standstill is a t...
