Cohen, Salk and Hoffman

Bennett L. Cohen

Bennett L. Cohen

P: 847.480.7989

Practice Area
Secured Lending

Bar Admissions
Oregon Bar, 1977
Illinois Bar, 1978
U.S. District Court, Northern District of Illinois, 1978

J.D., University of Oregon, 1977
B.A., University of Oregon, 1974

Federal Tax Liens
Security Interest in Deposit Accounts
Security Interests in Securities Accounts
UCC Financing Statements- Debtor's Name
UCC Terminations
UCC Rules

Mr. Cohen has always concentrated his practice in secured lending. Mr. Cohen regularly represents large and small banks, finance companies, insurance companies and other financial institutions in the structuring, documentation and closing of secured lending transactions, including asset-based loans, commercial loans, commercial real estate mortgage and construction loans, loan modifications and restructurings, mezzanine loans, leveraged corporate acquisitions, letters of credit transactions, commercial equipment lease financing transactions and factoring transactions. 

Mr. Cohen served for fifteen years as general counsel to the Midwest Association of Secured Lenders, a trade association of over eighty banks and finance companies located in Chicago and outlying areas.  Mr. Cohen is also a frequent lecturer on commercial lending topics for lending associations.  Mr. Cohen is a member of the American Bar Association and serves on the ABA Committee on Commercial Financial Services and the ABA Subcommittees on Secured Lending, Loan Documentation and the Uniform Commercial Code.  He is also a member of the ABA Joint Task Force on Deposit Account Control Agreements, the ABA Model Intercreditor Task Force, and the ABA Joint Task Force on Filing Operations and Search Logic.

Representative transactions:

  • Combined $26,000,000.00 loan facility made to seven (7) affiliated borrowers involving ten (10) different revolving, term and mortgage loans that were cross-collateralized, cross-defaulted and cross-guaranteed, and included three commercial mortgages and a blanket security interest in all borrowers' and corporate guarantors' assets.
  • $12,500,000.00 term loan to a borrower secured by a collateral assignment of a $13,500,000.00 first mortgage loan made by the borrower to an unrelated third party.
  • $10,000,000.00 mortgage facility consisting of six separate loans, which loans were cross-collateralized and cross-defaulted and included five separate affiliated borrowers, and the collateral included eight separate mortgaged properties.
  • $24,500,000.00 revolving line of credit loan cross-collateralized and cross-defaulted with three mortgage loans to three affiliates totaling $7,000,000.00.
  • $10,000,000.00 revolving line of credit loan made to co-borrowers and secured by, among all general business assets, five securities accounts which made up part of the borrowing base formula.
  • Combined $19,000,000.00 facility consisting of revolving lines of credit, term loan and equipment line to borrower and cross-collateralized and cross-defaulted with separate loans to two affiliates.
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