商业房地产融资的最佳实践:A/B票据债权人间协议谈判中的基本问题

David M. Stewart
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引用次数: 0

摘要

在这个季度的特点,具体细节的贷款文件结构和谈判进行了调查,以及关闭过程和贷款管理。本问题的论文探讨了在REMIC证券化市场的A/B票据背景下,高级和初级贷款人之间最激烈的法律问题,其中高级(A)和初级(B)票据共享同一房地产的抵押贷款权益。本文概述了面对A票据持有人可能修改或减少借款人对B票据持有人的义务,或消除B票据抵押品的行为,B票据持有人可能试图保护其利益的方式。在每种情况下,作者都提出了典型的折衷立场,应该让B票据持有人和A票据支持的所有证券的持有人都满意。版权所有©2002 Henry Stewart Publications
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Best practices in commercial real estate financing: essential issues in negotiating A/B note intercreditor agreements†

In this quarterly feature the nuts and bolts of loan document structuring and negotiations are investigated, as well as the closing process and loan administration. This issue's paper examines the most hotly negotiated legal issues between the senior and junior lenders in the context of A/B notes originated for the REMIC securitisation market, where both the senior (A) and junior (B) note share a mortgage interest in the same real property. The paper outlines the ways in which the holder of the B note may attempt to protect its interest in the face of actions by the A note holder that could otherwise modify or reduce the borrower's obligations to the B note holder, or eliminate the collateral for the B note. In each case, the author suggests typical compromise positions that should satisfy both the B note holder and the holders of all tranches of the securities backed by the A note. Copyright © 2002 Henry Stewart Publications

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