Understand the basics of ABL credit agreements and the best practices for compliance, with an emphasis on current market trends.
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 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 will 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.
Agenda
Faculty
Hillary Patterson
Hunton Andrews Kurth LLP
- Counsel with Hunton Andrews Kurth LLP
- Practices 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, 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
- Also represents residential mortgage companies and lenders in financing servicing advance receivables and mortgage servicing rights
- Regularly advises clients on corporate law issues and provides counsel on contract compliance
- Frequently speaks and writes on topics related to her practice
- Member of the Virginia State Bar and Delaware State 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]
Jessica R. Tobin
Hunton Andrews Kurth LLP
Jess Tobin
- 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
- Experience representing borrowers and lenders in connection with secured and unsecured revolving, bridge, and term loan facilities, including acquisition financings, recapitalizations, and “going private” transactions, with an emphasis on the representation of portfolio company borrowers
- Also represents residential mortgage servicers and lenders in financing servicing advance receivables and servicing rights
- Frequently speaks and writes on topics related to her practice
- Member, Virginia Bar Association and Richmond Bar Association; Leadership Metro Richmond, Class of 2024; member of the Board of Directors of the Greater Richmond Bar Foundation; member of the Mid-Atlantic Innocence Project Screening Committee
- J.D. degree, magna cum laude, University of Richmond School of Law; B.A. degree in political science, University of New Hampshire
- Can be contacted at 804-787-8989 or [email protected]
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