Monday, April 14 – 12:15 PM

The Inter-Creditor Agreement: How Have the Details Changed Since the Early 90’s?

• What are the terms and origination fees on today’s deals? How have they changed since this time last year?
• Are current terms in line with industry best practices?
• Evaluating subordinated lease-backs, full equity participation and other creative structures: What’s in-vogue in California?
• Multi-tiered structures (“b”-notes and senior/junior mezzanine)
• Fixed vs. floating rate mezzanine loans
• Intercreditor negotiation experiences: Are all lenders equal? * Underwriting: Evaluating the technical aspects of mezzanine loans

Moderator:

• A Representative of SEYFARTH SHAW LLP

Panel Participants:

• Dean Pappas, Partner GOODWIN PROCTER, LLP
• Robin Jones, Partner PILLSBURY WINTHROP SHAW PITTMAN, LLP
• Grant Puleo, Partner, Procopio

Monday, April 14 – 12:15 PM

Distressed Loans and Bankruptcy: Working out Defaults

• What could have been done to prevent the default?
• What does the “bad-boy” guaranty really mean? Are there other ways to obtain leverage over the borrower's conduct?
• What are the issues to address when you have a replacement guarantor?
• What should your documents say (or not say)?
• What are your options when dealing with a default?
• Mechanics of foreclosing on equity (the reality vs. the dream of a 10-day sale)
• Bankruptcy: foreclosure vs. deed in lieu of foreclosure
• Current default rates: What are the asset and geographic considerations?
• When is it time to call in a special servicer?
• Restructuring of loan terms
• The mezzanine lender's cure rights: What are the pitfalls and benefits of taking control?
• When do you foreclose?
• Taking over the senior loan position?
• Will the cram-down again be fashionable?
• Secondary exits for equity investors and lenders holding defaulted loans

Moderator:

• A Representative of PROSKAUER ROSE LLP

Panel Participants:

• Adam Weissburg, Partner COX, CASTLE & NICHOLSON, LLP
• Kenneth N. Russak, Partner FRANDZEL ROBINS BLOOM & CSATO, LC
• Patrick Potter, Partner PILLSBURY WINTHROP SHAW PITTMAN, LLP
• Michael Lyon, Partner, Procopio
• A Representative of SEYFARTH SHAW LLP
• Richard Hollowell, Partner-in-Charge SQUAR MILNER REAL ESTATE SERVICES GP