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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Banking and Finance
  • schedule 90 minutes

Mezzanine Loan Foreclosures: Conducting a UCC Foreclosure Sale and Navigating Bankruptcy Pitfalls

Protecting Lender and Borrower Interests and Overcoming Obstacles to the Sale

$347.00

This course is $0 with these passes:

CLE
ALL
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Description

Mezzanine lenders face many issues when seeking to foreclose on equity interests securing a mezzanine loan. Similarly, mezzanine borrowers must make several strategic decisions when facing a lender's post-default enforcement of a mezzanine loan.

Unlike traditional mortgage loans, UCC Article 9 governs mezzanine loans. The UCC foreclosure process contains potential pitfalls and grey areas. However, counsel can address legal concerns and minimize risks with careful planning.

Listen as our authoritative panel addresses critical legal issues for borrowers and lenders facing a mezzanine loan foreclosure under UCC Article 9 and provides best practices to effectuate a UCC foreclosure. The panel will also discuss bankruptcy considerations that impact borrowers' and lenders' strategies when a mezzanine loan defaults.

Presented By

James S. Cochran
Partner
O'Connor Cochran, LLP

Mr. Cochran has extensive experience advising clients in workouts and restructurings involving complex collateral packages and multiple jurisdictions. He represents lenders in mezzanine loan transactions and other sophisticated commercial real estate financings, and has acted for lenders and other stakeholders in various bankruptcy matters, including DIP financings, section 363(f) sales and claims transfers.

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Steven O. Weise
Partner
Proskauer Rose LLP

Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.

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Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Thursday, August 15, 2024

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Business and legal considerations
    1. Business review
    2. Due diligence
    3. Legal review
  2. Foreclosure by sale
    1. Basic rules
    2. Public vs. private sale
    3. Mechanics of the foreclosure process
    4. Traps for the unwary
    5. Borrower and guarantor responses to lender actions
  3. Strict foreclosure
    1. Nature of the remedy
    2. Strict foreclosure mechanics
    3. Potential problems
  4. Bankruptcy issues
    1. Joint administration
    2. Dismissal of bad faith filings
    3. Lift stay motions
    4. Substantive consolidation
    5. Other bankruptcy issues

The panel will review these and other key issues:

  • What protections does UCC Article 9 afford mezzanine borrowers facing loan foreclosure?
  • How should intercreditor agreements be structured to protect the interests of mezzanine lenders?
  • What strategies should mezzanine lenders and borrowers use to effectuate a smooth UCC foreclosure?
  • What bankruptcy considerations come into play when a mezzanine loan goes into default?