Last blog added on Monday, May 14th, 2012

Information About Banking & Financial Services Law

Banking & Financial Services Law is published by Osler.

Recent Posts

Below is a preview of the five most recent posts from the blog Banking & Financial Services Law. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!

Superior Court of Québec Refuses to Apply Indalex
May 10th, 2012

In April 2011, the Ontario Court of Appeal rendered a unanimous judgment in Re Indalex Limited which ordered that the amount the debtor was required to contribute towards its pension plan wind up deficiency be paid in higher priority to repayments to its interim (DIP) lender. This judgment was a dep... Read more »

Inapplicability of the Personal Property Security Act (Ontario) to Insurance
April 30th, 2012

We recently represented a US bank in Ontario on a secured refinancing for a Canadian borrower. The Canadian borrower owns a number of Canadian and US subsidiaries (the Canadian borrower and its subsidiaries, the “Loan Parties”) which delivered secured guarantees. US counsel for the bank... Read more »

Canadian Court Permits Roll-up of Pre-petition Borrowing in Cross-border Canada-U.S. Proceeding
April 25th, 2012

This entry was written by Steven Golick and Patrick Riesterer. Interim Financing Under the CCAA and “Roll-ups” Section 11.2 of the Companies’ Creditors Arrangement Act (“CCAA”) gives the Canadian court explicit authority to grant a priority charge for amounts advanced b... Read more »

Participatory Loan Agreements: Usury Provisions and Equity Sweeteners
April 3rd, 2012

When lending to borrowers poised for growth, it is not uncommon for lenders to include mechanisms for them to capitalize on the future growth of the borrower, be it through warrants or other equity sweeteners (often known as participatory loan arrangements). In these circumstances, heed must be paid... Read more »

Payment Blockage in Intercreditor Agreements
April 2nd, 2012

In a senior lender/junior lender scenario, the lenders will customarily enter into an intercreditor agreement to establish their respective rights when dealing with a common borrower. The intercreditor agreement will usually provide a restriction on the payments that the borrower can make to the jun... Read more »

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