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Joshua Stein PLLC
501 Madison Avenue, Suite 402
New York, NY 10022
(212) 688-3300
Practice Areas
Development
Finance
Ground Leases
Hotels
Purchases & Sales
Space Leases
Expert Witness Work
Joshua Stein
PLLC
Menu
Home
About Us
Completed Matters
Publications
News/Events
Press Coverage
Site Info
Search
Contact Us
Join Email List
Practice Areas:
Practice Areas:
Development
Finance
Ground Leases
Hotels
Purchases & Sales
Space Leases
Expert Witness Work
Publications
Nonrecourse
18 Articles and Other Items Found
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A 20-Year View of Commercial Real Estate Finance [2019]
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Richard Fries and Joshua Stein looked back at the last 20 years of commercial real estate finance -- how it has changed and how it has stayed the same -- in a two-part article in the New York Law Journal.
Carving Back the Carveouts [2016]
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When a guarantor negotiates a carveout guaranty with a lender, all kinds of things can go wrong in unexpected ways. Here are some of the major traps to consider.
Commercial Real Estate Loans: Trends in Carveout Guaranties [2015]
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Nonrecourse (carveout) guaranties have evolved and even mutated over time. Lenders, borrowers and guarantors need to know how they have changed, and should be aware of some surprising court decisions along the way.
Much Ado About Mezzanine Lending [2014]
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Mezzanine lending is an essential component of modern deal structures, but guarantors can't be too careful. This article explains why the nonrecourse carveout guaranty is a dangerous tool that should be handled with great care.
Single Purpose Entities Out of Control [2013]
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There is already a very low risk that a commercial real estate borrower will be dragged into its parent company's bankruptcy proceeding. But today's loan documents require borrowers to comply with 50 or more single-purpose entity covenants to prevent the already very unlikely "substantive consolidation" of the two companies. Read how a solution that is far out of proportion to the problem being solved has created huge problems for guarantors, and what can be done about it.
The Guarantor's Dilemma [2013]
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Carveout guarantors may have more to worry about than claims from co-investors. Read to see why in the world of nonrecourse carveout guaranties there's never a dull moment.
Better Luck Next Time [2012]
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Surprises can lurk in "ordinary" nonrecourse carveout guaranties.
Commercial Real Estate Loans: Negotiating Carve-Out Guaranties [2012]
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Given today's trends toward an expansive interpretation of non-recourse carve-outs, guarantors and their counsel need to know how to negotiate these documents.
Guaranties Bite [2012]
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Opportunistic loan purchasers are scrutinizing nonrecourse carveout guaranties, asserting claims against guarantors in ways no one could have envisioned. Find out why today's and tomorrow's deal sponsors may "just say no" when asked to sign these guaranties.
Revisiting the 24 Defenses of the Guarantor -- 24 Years Later [2012]
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Careful drafting of a guaranty can best protect a lender against a guarantor's defenses. The co-authors respond to each of the 24 defenses identified 24 years earlier with updated drafting strategies and additional suggestions for negotiating and administering guaranties.
Bad-Boy Carveouts Speeding Foreclosures [2009]
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Commercial Mortgage Alert interviewed Joshua Stein for a brief report on how nonrecourse carveouts affect loan enforcement in 2009. Click here to read the article.
Caveat Guarantor - Courts Rule Nonrecourse Carveouts Mean What They Say [2009]
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Lenders have started to try to enforce "nonrecourse carveout guaranties" in litigation against guarantors. So far the lenders have done rather well. This article explores a recent case in New Jersey and some other issues that may arise in enforcing these guaranties.
Aozora Bank Case: Some Comments [2004]
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Brief discussion of a California case denying a lender recovery for its attorneys' fees in enforcing a "nonrecourse carveout guaranty."
Perils of Subtenancy and a Roadmap for Recourse When the Sublandlord Defaults [2002]
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Subleases can create subtle risks for subtenants. This article explains those risks and some legal theories that might help mitigate them, with some unexpected implications for nonrecourse financing
Lender's Model State-of-the-Art Nonrecourse Clause (With Carveouts) [1997]
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This article identifies 37 possible carveouts to nonrecourse treatment for commercial real estate loans. It ranks those carveouts from the ordinary and typical to the extreme and unusual. The article also notes which carveouts typically make the guarantor liable for the entire loan, and which only require the guarantor to indemnify the lender for loss. The result: a reference point for comparison of any other nonrecourse clause.
Nonrecourse Carveouts - How Far is Far Enough? [1997]
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The logic of nonrecourse clauses. Just how far can you take it? And where does it end?
Nonrecourse Carveouts A to Z [1997]
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In 1997, Joshua Stein put together a table summarizing and commenting on dozens of "carveouts" sometimes seen in loan documents. It appeared in his 1997 Real Estate Review article on carveouts, and is also reproduced separately here.
Nonrecourse Clauses Revisited [1992]
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Why older nonrecourse clauses amount to "heads I win, tails you lose" for the borrower. An early statement of the rationale for nonrecourse carveouts.
Practice Areas:
Practice Areas:
Development
Finance
Ground Leases
Hotels
Purchases & Sales
Space Leases
Expert Witness Work
Joshua Stein PLLC
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