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Appellate Court Rules Secured Creditors Can Switch Priorities Pursuant to a Subordination Agreement if the Subordinating Creditor’s Security Interest Is Enforceable
John F. Lawlor,Kevin C. McDonald,Steven W. Walker, March 21, 2013
In Caterpillar Financial Services Corporation v. Peoples National Bank, N.A. (March 4, 2013), the US Court of Appeals for the Seventh Circuit, applying Illinois law, held that, under the “partial subordination” approach to lien subordination agreements, a junior creditor could move into...

CFTC Further Clarifies Commodity Pool Treatment for Certain Securitizations and Provides Additional No-Action Relief for Others
Rory M. Cohen,J. Paul Forrester,Carol A. Hitselberger,Stuart M. Litwin,David R. Sahr, December 12, 2012
On December 7, 2012, the Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (CFTC) issued interpretation and no-action letter No. 12-45, “Further Exclusions from Commodity Pool Regulation for Certain Securitization Vehicles; No-Action...

Sovereign Immunity Analysis in Subscription Credit Facilities
Zachary K. Barnett,Mark C. Dempsey,Rajeev Khurana,Michael C. Mascia,Wesley A. Misson, November 26, 2012
Subscription credit facilities (a Facility) have become a popular form of financing for private equity and real estate funds (Funds). The Facility’s lenders (the Lenders) are granted a security interest in the uncalled capital commitments of the Fund’s limited partners (the Investors)...

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