Financing structure
First Claim
1. A method, comprising the steps of:
- receiving a payment on a junior loan, the junior loan made by a junior lender to an owner of commercial real estate;
ownership of the real estate and of a lease of the real estate being arranged in one or more special-purpose entities bankruptcy remote from obligations unrelated to the real estate, the real estate being under lease from the owner to a tenant;
the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior loan collateralized at least in part by a pledge to the lender of rent cash flows generated by the lease and a junior assignment of rents under the lease in lieu of a mortgage foreclosable by the junior lender against the real estate, any ownership interest in any entity with an ownership interest in the real estate, the lessor of the lease, or a tenant of the real estate, except at most in the event of bad boy acts and force majeur events, the junior assignment being junior to any assignment of rents to the senior lender, the junior lender being independent of the senior lender;
the owner having surrendered over to a lockbox arrangement the right to rents paid by the tenant under the lease, the lockbox being obligated to make a senior payment to the senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments, the junior loan having a payment priority that is senior to all other obligations of the lessor except a senior loan, the lockbox being structured to isolate payment risk to the credit of the tenant, a pricing of the junior loan being based on the credit of the tenant;
the principal of the loan being guaranteed by a financial derivative arranged to cover default of the tenant on rents under the lease;
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer.
1 Assignment
0 Petitions
Accused Products
Abstract
A junior loan made by a junior lender to an owner/lessor of commercial real estate. Ownership of the real estate and of a lease of the real estate may be arranged in one or more special-purpose entities bankruptcy remote from obligations unrelated to the real estate. The junior loan may be collateralized at least in part by a pledge to the lender of rent cash flows generated by the lease and a junior assignment of rents under the lease. The junior lender may forego any mortgage foreclosable against the real estate, any ownership interest in any entity with an ownership interest in the real estate, the lessor of the lease, or a tenant of the real estate, except at most in the event of bad boy acts and force majeur events. The owner may surrender over to a lockbox arrangement the right to rents. The lockbox may be obligated to make a senior payment to the senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments. The lockbox may be structured to isolate payment risk to the credit of the tenant. The junior loan may have a payment priority senior to all other obligations of the lessor except a senior loan. Pricing of the junior loan may be based on the credit of the tenant. The principal of the loan may be guaranteed by a financial derivative arranged to cover default of the tenant on rents under the lease.
31 Citations
148 Claims
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1. A method, comprising the steps of:
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receiving a payment on a junior loan, the junior loan made by a junior lender to an owner of commercial real estate;
ownership of the real estate and of a lease of the real estate being arranged in one or more special-purpose entities bankruptcy remote from obligations unrelated to the real estate, the real estate being under lease from the owner to a tenant;
the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior loan collateralized at least in part by a pledge to the lender of rent cash flows generated by the lease and a junior assignment of rents under the lease in lieu of a mortgage foreclosable by the junior lender against the real estate, any ownership interest in any entity with an ownership interest in the real estate, the lessor of the lease, or a tenant of the real estate, except at most in the event of bad boy acts and force majeur events, the junior assignment being junior to any assignment of rents to the senior lender, the junior lender being independent of the senior lender;
the owner having surrendered over to a lockbox arrangement the right to rents paid by the tenant under the lease, the lockbox being obligated to make a senior payment to the senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments, the junior loan having a payment priority that is senior to all other obligations of the lessor except a senior loan, the lockbox being structured to isolate payment risk to the credit of the tenant, a pricing of the junior loan being based on the credit of the tenant;
the principal of the loan being guaranteed by a financial derivative arranged to cover default of the tenant on rents under the lease;
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer.
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2. A method, comprising the steps of:
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receiving a payment on a junior loan, the junior loan owed by an owner of commercial real estate to a junior lender;
ownership of the real estate and of a lease of the real estate being arranged in one or more special-purpose entities bankruptcy remote from obligations unrelated to the real estate, the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior lender being independent of the senior lender;
the owner having surrendered over to a lockbox arrangement the right to rents paid by a tenant under the lease, the lockbox being obligated to make a senior payment to the senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments, the lockbox being structured to isolate payment risk to the credit of the tenant, a pricing of the junior loan being based on the credit of the tenant; and
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer. - View Dependent Claims (3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 32)
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30. A method, comprising the steps of:
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advancing a junior loan from a junior lender to an owner of commercial real estate, ownership of the real estate and of a lease of the real estate being arranged in one or more special-purpose entities bankruptcy remote from obligations unrelated to the real estate, the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior lender being independent of the senior lender;
the owner surrendering over to a lockbox arrangement the right to rents paid under the lease, the lockbox being obligated to make a senior payment to the senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments, the lockbox being structured to isolate payment risk to the credit of the tenant, a pricing of the junior loan being based on the credit of the tenant;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (31, 33, 34, 35, 36, 37, 38, 39, 40)
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41. A method, comprising the steps of:
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receiving a payment on a junior loan, the loan made by a junior lender to an owner of commercial real estate, the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior lender being independent of the senior lender, the junior loan collateralized at least in part by a junior assignment of rents under the lease in lieu of a mortgage foreclosable by the junior lender against the real estate, the junior assignment being junior to any assignment of rents to the senior lender;
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51)
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52. A method, comprising the steps of:
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advancing a junior loan from a junior lender to an owner of commercial real estate, the owner owing a senior loan to a senior lender and the junior loan to the junior lender, the junior lender being independent of the senior lender, the junior loan collateralized at least in part by a junior assignment of rents under the lease in lieu of a mortgage foreclosable by the junior lender against the real estate, the junior assignment being junior to any assignment of rents to the senior lender;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 72, 73, 74, 75, 76, 77, 78, 79, 80)
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67. A method, comprising the steps of:
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receiving a payment on a loan, the loan made by a lender to an owner of commercial real estate, the real estate being under lease from the owner to a tenant, payments of the loan being secured by payments under the lease, the loan being guaranteed by a financial derivative arranged to cover default of the tenant on rents under the lease;
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer. - View Dependent Claims (68, 69, 70, 71)
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81. A method, comprising the steps of:
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originating a loan from a lender to an owner of commercial real estate, the real estate being under lease from the owner to a tenant, payments of the loan being secured by payments under the lease, the principal of the loan being guaranteed by a financial derivative arranged to cover default of the tenant on rents under the lease;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93)
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94. A method, comprising the steps of:
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receiving a payment on a junior loan, the loan made by a junior lender to an owner of commercial real estate, payments of the loan being secured by payments under a lease of the real estate;
an owner of the real estate and of the lease of the real estate having surrendered over to a lockbox arrangement the right to rents paid under the lease, the lockbox being obligated to make a senior payment to a senior lender and a junior payment to the junior lender before the owner receives any residual of the lease payments; and
the junior loan collateralized by a pledge to the lender of rent cash flows generated by a lease of the real estate, and neither a pledge nor a lien over the real estate nor against any ownership interest in any entity with an ownership interest in the real estate, except at most in the event of bad boy acts and force majeur events;
at least one step of originating, managing or servicing the loan having been performed with the assistance of a computer. - View Dependent Claims (95, 96, 97, 98, 99, 100, 101)
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102. A method, comprising the steps of:
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advancing a junior loan of funds from a lender to an owner of an interest in real estate, the junior loan being subordinate to a senior financing of the real estate, the junior loan being collateralized by a pledge to the lender of rent cash flows generated by a lease of the real estate, the lender taking neither a pledge of nor a lien over the real estate nor against any ownership interest in any entity with an ownership interest in the real estate, except at most in the event of bad boy acts and force majeur events;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (103, 104, 105, 106, 107, 108)
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109. A method, comprising the steps of:
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advancing a junior loan of funds from a lender to an owner of an interest in real estate, the junior loan being subordinate to a senior financing of the real estate, the junior loan being collateralized by a pledge to the junior lender of rent cash flows generated by a lease of the real estate, the terms of the junior loan being non-recourse against the real estate, the owner, or a tenant of the real estate, except at most in the event of bad boy acts and force majeur events;
at least one step of originating, managing or servicing the junior loan being performed with the assistance of a computer. - View Dependent Claims (110, 111, 112, 113, 114, 115, 116, 117)
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118. A method, comprising the steps of:
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advancing a junior loan of funds from a junior lender to a owner of an interest in real estate, the junior loan having a payment priority that is senior to all other obligations of the owner except a senior loan, the junior lender being independent of a senior lender of the senior loan, terms of the junior loan being non-recourse against the real estate, the owner, or a tenant of the real estate except at most bad boy acts and force majeur events;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (119, 120, 121, 122, 123)
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124. A method, comprising the steps of:
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lending funds to create a junior loan from a lender to a owner of real estate, the real estate being under lease from the owner to a tenant, the junior loan being subordinate to a senior loan owed by the owner, the junior lender being independent of a senior lender of the senior loan, an interest rate of the junior loan being based on the credit of the tenant;
at least one step of originating, managing or servicing the loan being performed with the assistance of a computer. - View Dependent Claims (125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 139, 140, 141, 142, 143, 144, 145, 146, 147, 148)
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Specification