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Bankruptcy Law Update: Can One Member of a Lending Syndicate Enforce Remedies Under a Loan Agreement? Surprisingly, the New York Court of Appeals Says “No”
April 24, 2007 Full PDF
In a significant and somewhat surprising decision, the New York Court of Appeals recently held that, absent an express provision to the contrary, an individual lender in a syndicated loan is prohibited from enforcing its rights under the loan agreement or a related guaranty. Assuming this decision stands, under New York law, if individual enforcement action is desired, the loan agreements must expressly provide for it.