Workout of Guarantor Defaults

Client: Agent bank
Date: Jan 28, 2010
Location:

Summary:

Schiff Hardin represented an agent bank in connection with the workout of guarantor defaults under a master construction loan facility providing four loans to four related borrowers in four states.

The work resulted in amendment removing certain financial covenants applicable to the guarantor in exchange for the agent bank receiving direct rights to access the capital contribution obligations of the solvent limited partner in the joint venture holding company.

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