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March 2007 Meager Portions 2006 Leaves Lenders Wanting More 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 Snacking on Nibbles… Asset-Based Lenders are Left Hungry in 2006 By Maria C. Dikeos, Loan Pricing Corporation ABLs saw their rations for loan assets cut in 2006 amid a steady supply of liquidity, low default rates and the emergence of ever deeper — and ever cheaper — investor pockets. At just more than $30 billion, new ABL loan assets in 2006, while certainly not negligible, did little in the way of keeping asset-based lenders busy or well fed. (Ref # CE059) From Soup to Nuts, Through Good Times & Bad By Christopher Moraff, Associate Editor When Webster Business Credit’s Warren Mino began his career, asset-based lending was known as a side product. However, as the industry began to grow and differentiate itself, he acknowledges that even though there have been changes, the fundamentals of lending have remained the same. (Ref # EXEC0042) Will 2007 be the Year of Mezzanine Financing? By Cindy Babitt and Beth Laschinger, Key Principal Partners Second lien loans have enjoyed surging popularity in recent years, while more traditional mezzanine structures have been sidelined. Could rising interest rates and a cooling economy signal an upcoming resurgence for mezzanine financing? (Ref # LOAN033) From All Angles… CIT Group’s Managing Director and Senior Restructuring Advisor, Deirdre Martini, has been involved in some aspect of the restructuring industry throughout her career. Now at CIT working on the deal side of this sector, she shares her thoughts on some familiar topics. (Ref # EXEC0043) Courts Address Whether Lenders Must Warn Customers, Others of Fraud By Peter S. Clark II, Reed Smith If a lender knows or has reason to believe that a customer/borrower is committing a fraud, does the lender have an obligation to disclose this knowledge to others who may be adversely affected? Turn to page 42 to find out. (Ref # LGL067) Fitch Ratings Criteria Report By Timothy Greening, Lisa Matalon, Amol Joshi, Mark Oline and Eric Tutterow, Fitch Ratings This report discusses the risks on underlying the premiums on DIP facilities and how the company rates those risks. In this, the first of a two-part series, Fitch analysts discuss how bankruptcy law changes affect DIP loans and a summary of the ratings process. (Ref # DIP003) Special Series SECURED LENDING IN EUROPE Everything you Need to Know About Secured Lending in France By Neil James, CMS Cameron McKenna This is the third article in our series on lending, security and bankruptcy issues in Europe. This month, we consider France. (Ref # LGL068) Columns PUTTING IT TOGETHER Quick Response Time & A Nimble Approach Kept the Deal on Track By Eric S. Miller, GMAC Commercial Finance When private equity firm American Industrial Partners faced a short window in which to close the acquisition of Collins Industries, it turned to the professionals at GMAC Commercial Finance to get the deal done. (Ref # DLS0025) FACTORING FOCUS Factors Head to the ‘Big Easy’ By Bert Goldberg, International Factoring Association The IFA’s 2007 Factoring Conference will be held in New Orleans and the Association anticipates 450-plus factors to attend. In pursuit of perfecting their craft, the attendees will also have the chance to experience tempting Cajun cuisine, the Big Easy’s colorful history and its recent rebirth. (Ref # FAC049) LEGAL EYES The One-Action Rule: Countering a Borrower’s Sword & Shield By Michael L. Monson, Rinehart & Fetzer, PC Although the one-action rule has been around for more than a century, the way it affects lenders constantly evolves as courts apply it to different situations. This article provides an overview of the rule and its applications. (Ref # LGL069) If you have questions regarding ABF Journal call us at 610.293.1300 x124 or e-mail sppapa@abfjournal.com 
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