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.
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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 Pitfalls in Reporting and Compliance
Formulate Best Practices Pre- and Post-Closing to Avoid Defaults
- Credit Agreement Negotiation
- Credit Agreement Administration
Defaults
- Avoiding Defaults
- Action Plan If Default Occurs or Is Forecasted
- A Word on Technical Defaults
Frequent Compliance Inquiries
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Why Lorman?
Over 37 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
OnDemand Course
This course was last revised on September 18, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- 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: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- IL CLE 1.0
- This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 63 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. 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 Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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
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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