US 2014/0195415 A1Published application

System and method for facilitating the amending of syndicated loans

AssigneeLendAmend LLC

InventorsTejs Broberg, Ron Silverton, Matt Cornue, Brian Bentow

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Abstract

A system and method are provided for facilitating the amending of syndicated loans. Authorized users are registered in connection with their respective funds invested in the loan. Fund registration data is received for each fund and includes the fund holding amount and whether the fund is of the single or dual signature type. Authorized users may vote supporting, opposing or conditional with regard to the proposed amendment. A calculation is performed to anticipate the voting outcome before the amendment deadline. If the amendment is anticipated to pass, the conditional votes are converted to supporting votes. Typical embodiments provide for an Internet-enabled interface through which authorized users may enter or change their vote while monitoring the real-time status of the amendment. Agents may be automatically provided fund consents for each fund ending up with a supporting vote in a passing amendment. Funds may be automatically notified of the consent fee earned.

Claims50

Dependent claims

A method for facilitating the amending of loan terms, the method comprising the steps of:

identifying a proposed amendment to terms of a loan, the loan having a loan amount, at least one borrower and a multiplicity of lenders, the multiplicity of lenders having respective funds invested in the loan, the proposed amendment having an agent and an amendment deadline;
determining a voting threshold required to approve the proposed amendment, the voting threshold being expressed in the same units as, or as a percentage of, the loan amount;
receiving fund registration data for one or more of the funds, the fund registration data for each fund including a respective fund holding amount, the fund holding amount for each respective fund being an amount invested in the loan by the respective fund;
registering, in machine readable memory, a plurality of authorized users;
recording, in machine readable memory, a user vote from one or more of the authorized users with regard to a respective fund, wherein each user vote is at least supporting, opposing or conditional;
logging, in machine readable memory, a fund vote for each of a multiplicity of the funds for which fund registration data is received, wherein the fund vote for each respective fund is supporting, opposing, conditional or undecided with respect to the proposed amendment;
making a vote count dataset electronically accessible to at least a subset of the registered authorized users, the vote count dataset including one or more of:
(i) the total of fund holding amounts corresponding to funds for which an undecided fund vote has been logged,
(ii) the total of fund holding amounts corresponding to funds for which a supporting fund vote has been logged,
(iii) the total of fund holding amounts corresponding to funds for which an opposing fund vote has been logged, and
(iv) the total of fund holding amounts corresponding to funds for which a conditional vote has been logged;
and
calculating, by a processor element, an anticipated voting outcome for the proposed amendment, wherein the step of calculating
(i) is based upon at least the loan amount, the voting threshold, and the fund holding amounts corresponding to logged fund votes, and
(ii) results in an indication as to whether the proposed amendment is likely to pass or likely not to pass;
converting all logged conditional fund votes to logged supporting fund votes if the step of calculating results in an indication that the proposed amendment is likely to pass;
and
providing the agent a fund consent for each fund having a logged supporting fund vote with regard to the proposed amendment.

15 more elements

A system for facilitating the amending of loan terms, the system comprising:

machine-readable memory configured for storage of loan data, amendment data, fund registration data, authorized user data, user vote data and fund vote data, wherein
(i) the loan data includes a loan identifier, a loan amount, at least one borrower, a multiplicity of lenders having respective funds invested in the loan, and the funds invested in the loan
(ii) the amendment data includes an amendment identifier for a proposed amendment, an agent of the proposed amendment, an amendment deadline and the voting threshold required to approve the proposed amendment, the voting threshold being expressed in the same units as, or as a percentage of, the loan amount;
(iii) the fund registration data corresponds to one or more of the funds, the fund registration data for each respective fund including a respective fund holding amount, the fund holding amount for each respective fund being an amount invested in the loan by the respective fund;
(iv) the authorized user data corresponds to a plurality of registered authorized users;
(v) the user vote data includes a recorded user vote from one or more of the authorized users with regard to a respective fund, wherein each recorded user vote is at least supporting, opposing or conditional;
(vi) the fund vote data includes a logged fund vote for each of a multiplicity of the funds, wherein the logged fund vote for each respective fund is supporting, opposing, conditional or undecided with respect to the proposed amendment;
a processor element configured to communicate with the machine-readable memory;
one or more logic applications executable by the processor element and containing instructions which, when executed by the processor element, configure processor element to:
generate a vote count dataset;
perform a step of calculating;
and
perform a step of converting;
wherein the vote count dataset is electronically accessible to at least a subset of the registered authorized users and includes one or more of:
(i) the total of fund holding amounts corresponding to funds for which an undecided fund vote has been logged,
(ii) the total of fund holding amounts corresponding to funds for which a supporting fund vote has been logged,
(iii) the total of fund holding amounts corresponding to funds for which an opposing fund vote has been logged, and
(iv) the total of fund holding amounts corresponding to funds for which a conditional vote has been logged;
wherein for the step of calculating, the processor element is configured to calculate an anticipated voting outcome for the proposed amendment
(i) based upon at least the loan amount, the voting threshold, and the fund holding amounts corresponding to logged fund votes, and
(ii) resulting in an indication as to whether the proposed amendment is likely to pass or likely not to pass;
and
wherein for the step of converting, the processor element is configured to convert all logged conditional fund votes to logged supporting fund votes if the step of calculating results in an indication that the proposed amendment is likely to pass;
and
a means for providing the agent a fund consent for each fund having a logged supporting fund vote with regard to the proposed amendment.

22 more elements

A method for facilitating the amending of loan terms, the method comprising the steps of:

identifying a proposed amendment to terms of a loan, the loan having a loan amount, at least one borrower and a multiplicity of lenders, the multiplicity of lenders having respective funds invested in the loan, the proposed amendment having an agent and an amendment deadline;
determining a voting threshold required to approve the proposed amendment, the voting threshold being expressed in the same units as, or as a percentage of, the loan amount;
receiving fund registration data for one or more of the funds, the fund registration data for each fund including a respective fund holding amount and whether the respective fund is a single signature fund or a dual signature fund, the fund holding amount for each respective fund being an amount invested in the loan by the respective fund;
registering a plurality of authorized users;
recording a user vote from one or more of the authorized users with regard to a respective fund, wherein each user vote is at least supporting, opposing or conditional;
logging a fund vote for each of a multiplicity of the funds for which fund registration data is received, wherein the fund vote for each respective fund is supporting, opposing, conditional or undecided with respect to the proposed amendment;
making a vote count dataset electronically accessible to at least a subset of the registered authorized users, the vote count dataset including one or more of:
(i) the total of fund holding amounts corresponding to funds for which an undecided fund vote has been logged,
(ii) the total of fund holding amounts corresponding to funds for which a supporting fund vote has been logged,
(iii) the total of fund holding amounts corresponding to funds for which an opposing fund vote has been logged, and
(iv) the total of fund holding amounts corresponding to funds for which a conditional vote has been logged;
calculating an anticipated voting outcome for the proposed amendment, wherein the step of calculating
(i) is based upon at least the loan amount, the voting threshold, and the fund holding amounts corresponding to logged fund votes, and
(ii) results in an indication as to whether the proposed amendment is likely to pass or likely not to pass;
converting all logged conditional fund votes to logged supporting fund votes if the step of calculating results in an indication that the proposed amendment is likely to pass;
selecting a calculation deadline to be at or within one day prior to the amendment deadline, wherein the step of converting occurs no earlier than the calculation deadline;
updating the vote count dataset for each time a fund vote is logged or converted;
and
providing the agent a fund consent for each fund having a logged supporting fund vote with regard to the proposed amendment;
wherein for each single signature fund, a supporting fund vote is logged only if
(i) at least one supporting user vote is recorded in connection with the respective fund, or
(ii) at least one conditional user vote is recorded in connection with the respective fund and the step of calculating results in an indication that the proposed amendment is likely to pass;
and
wherein for each dual signature fund, a supporting fund vote is logged only if
(i) at least two supporting user votes are recorded in connection with the respective fund, or
(ii) at least two either supporting or conditional user votes are recorded in connection with the respective fund and the step of calculating results in an indication that the proposed amendment is likely to pass.

23 more elements

Dependencies are inferred from the claim text.

Facts

Application: 14/055,708Filed 16 Oct 2013
Priority: 10 Jun 2011
Published: 10 Jul 2014
Term ends: Not estimatedThe source records don’t support an estimate.

Classification2 codes

G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

Application61/495,920Us provisional application · filed 10 Jun 2011
Application13/494,002Continuation · filed 11 Jun 2012
Application14/055,708Continuation
US 8,589,272 B1Related patent
US 2014/0195415 A1This patent

From the US filing history. Foreign family members aren’t listed.

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