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October/Convention 2004Is It Really A New Game? Borrowers Appear to Hold the Winning Hand If you are interested in ordering any of the articles from this issue of ABF Journal, please visit the Article Directory. The Article Directory is a comprehensive listing of all ABF Journal print articles. It also includes a reprint order form. Features An Industry Focused Approach Gives Edge to Lenders, Borrowers Alike By Joseph F. Nemia As competition becomes more and more heated, companies are seeking lenders with industry focused as well as geographically focused professionals. Deep industry knowledge provides fundamental support for highly efficient lending service, giving the lending team insights into the customer's situation that help shape quick, well-tailored solutions. (Ref # GEN006) Accelerating at a Torrid Pace: Second Lien Loan Issuance in 2004 By Colin Cross Volume for second lien loans began to surge in 2003 and continues at a torrid pace in 2004. What factors led to the transition of this market from an outlier of the capital markets, accounting for less than one percent of asset-based deals to a mainstream credit product offered to borrowers on a regular basis? (Ref # IND055) Wake Up and Smell the Cycle... Revisiting the Lessons Learned From Past Indiscretions By Michael J. Bedore Less than two years ago, the economy was in a recession, corporate bankruptcies were at historical highs, and workout groups scurried to recover from the indiscretions of the late-90s. Now, it's summertime, and the money is easy. Unfortunately, intense competition is forcing fundamental credit tenets to be compromised in order to both "win" new business and retain existing accounts. Can we benefit by revisiting the tough lessons learned from the past? (Ref # IND052) Checking Your Blind Spots… Preparing for a Borrower's Bankruptcy By Howard Brod Brownstein Planning for your borrower's bankruptcy proceeding must be systematic and comprehensive. While it's easier when you have ample time to prepare - perhaps even to see if a "prepack" is possible - such preparation usually must be made with a tempo of controlled urgency. (Ref # BANK011) Playing to Win: How Appraisers Are Helping Lenders Secure Deals & Avoid Losses By Kenneth S. Frieze Many lenders are anticipating that when the current credit cycle turns, aggressive deal structures will prove problematic. While there are a myriad of challenges that a lender must deal with in a troubled situation, the accurate valuation of assets should not be one of them. (Ref # APP020) Treasury Management Services: Maximizing Liquidity In An Asset-Based Structure By Jim Connolly Companies have a lot of choices today when it comes to providers of treasury services. But because of the nature of the asset-based relationship, there are inherent synergies when the credit facility is coupled with lender-provided treasury management services. (Ref # CRD016) Cash Flow Recovery Sends Asset-Based Lenders Scouring for Deals: "O Issuance, Wherefore Art Thou?" By Daleep Akoi Asset-based loan issuance in the first half of 2004 touched $22 billion on the back of working capital, acquisition related and dividend recapitalization deals. If the market manages to generate a number even close to that in the second half, it will be thanks to lenders looking inward at their portfolios or throwing away some caution on long-held risk parameters in order to book new dealflow. (Ref # IND056) Protect Lenders From the Unknown… Viewing the Examination Scope as a Dynamic Concept By David K. Hanley One of the first questions a due diligence analyst asks when informed of an upcoming exam is "What's the scope?" Although a natural reaction given the nature of the job, there are times when examiners need to be reminded that the examination scope is a dynamic concept, and that the whole point is not merely to fulfill the scope but to satisfy the client's needs. (Ref # FIELD004) The Final Showdown: No More Bluffing In Today's Competitive Marketplace By Ken Chmelko The lending market these days is much like a game of showdown poker where all of the cards are being played face up. The lenders at the table run the full gamut: Some are strategically waiting for just the right cards to fall their way while others simply try to win all the chips by outbidding the other players. GMAC Commercial Finance shares its view of winning in today's competitive marketplace. (Ref # IND053) Intellectual Property Financings: Finding Value In a Concept By Edward P. Meintzer The $1.15 billion Levi Strauss and Co. deal that closed in September 2003 highlights that there is demand from corporations for intellectual property-based financing. According to Moody's, there have been $10 billion in intellectual propertybacked securitizations completed since 1997. Why are so many asset-based lenders reluctant to use intellectual property as collateral support for a loan? (Ref # LSP017)
Tailored To Fit: Defining Rights & Priorities with Intercreditor Agreements
Debt Market Considerations:
Columns
PROFILE:EXECUTIVES
LEGAL EYES 
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