Amending and Unwinding Repackaging Notes

Secured limited recourse notes (commonly known as “repackaging”), once issued by an orphan special purpose vehicle (SPV), are generally expected to continue until the notes mature. Occasionally, during the term of the notes and for reasons unforeseen by the transaction parties when the transaction was put together, the terms and conditions of the notes or other transaction documents may need to be amended, certain breaches may have occurred such that a waiver will have to be obtained, or the transaction parties may wish to early unwind the transaction.
 
In this Bulletin, we discuss some of the mechanics and issues relating to an amendment, waiver and unwind of a repackaging transaction.
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