Thursday, Feb. 27 | 1–5 p.m.

Location:

The Collaborative in Capella Tower
225 South Sixth Street
Minneapolis, MN 55402

Panel 1 | State of the Credit Markets

This panel will discuss current trends, challenges, and opportunities that are shaping the landscape of credit markets. Key topics will include the impact of changing capital requirements, interest rates, inflation, and the emergence of private lenders on borrowing costs, credit risk and default trends, and the evolving landscape of borrowers’ access to credit.

• Moderator:
  • Erin Snyder, Associate, Maslon LLP

• Panelists:
  • Hemal Gundecha, SVP & Senior Credit Director, Bremer Bank
  • Michael Lebens, SVP & Corporate Banking Leader, Associated Bank
  • Mark Klos, Partner, Maslon LLP

Panel 2 | Hot Topics in Distressed Loans

This panel will discuss the current state of the market, current trends in workout transactions, the status of various high profile enforcement actions, and panelists' thoughts about the coming 12 to 18 months as it relates to distressed loans. Most workouts are conducted out of court, and panelists will describe what we can expect to see in the near future. The panel will also share their thoughts about state court enforcement actions and bankruptcy proceedings in the current environment.

• Moderator:
  • Michael Rosow, Partner, Maslon
• Panelists:
  • Barry Fife, EVP and Chief Credit Officer, Choice Bank
  • Darin Kragenbring, SVP and Relationship Manager, U.S. Bank
  • Jason Reed, Partner, Maslon

AGENDA

1–1:30 p.m. | Registration and Networking

1:30–2:30 p.m. | State of the Credit Markets

2:30–2:45 p.m. | Break

2:45–3:45 p.m. | Hot Topics in Distressed Loans

4 p.m. | Networking Reception

Continuing Education:

Maslon will seek approval with the Minnesota State Board for Continuing Legal Education for 2.0 hours of standard CLE credit.

Questions? Please contact us at info@maslon.com.

For more information, go to TMA Restructuring Boot Camp.

Michael represents clients in loan workouts, creditor remedies, and bankruptcy; financial services litigation; and real estate litigation. He enjoys tackling highly complex cases that require his zealous advocacy in the courtroom, as well as completing transactional work in partnership with banks and other financial institutions to ensure they accomplish their business goals.

Michael has deep experience guiding workout professionals to implement collections processes and determining how best to enforce their rights as creditors. He also works on the collection of unsecured notes, the enforcement of secured loans, and the acquisition of assets of distressed companies.

For more information, go to Ethical Issues in Real Estate-Based Bankruptcies.

Michael represents clients in loan workouts, creditor remedies, and bankruptcy; financial services litigation; and real estate litigation. He enjoys tackling highly complex cases that require his zealous advocacy in the courtroom, as well as completing transactional work in partnership with banks and other financial institutions to ensure they accomplish their business goals.

Michael has deep experience guiding workout professionals to implement collections processes and determining how best to enforce their rights as creditors. He also works on the collection of unsecured notes, the enforcement of secured loans, and the acquisition of assets of distressed companies.

In addition, Michael continues his service on the global trustees board, joining Partner Amy Swedberg, now in her second year of a two-year term. TMA is a professional community that seeks to strengthen the global economy by working to save distressed businesses, assist management to navigate off-plan events, and help healthy companies avoid similar pitfalls.

To learn more, go to: Turnaround Management Association.

Michael represents clients in loan workouts, creditor remedies, and bankruptcy; financial services litigation; and real estate litigation. He enjoys tackling highly complex cases that require his zealous advocacy in the courtroom, as well as completing transactional work in partnership with banks and other financial institutions to ensure they accomplish their business goals.

Michael has deep experience guiding workout professionals to implement collections processes and determining how best to enforce their rights as creditors. He also works on the collection of unsecured notes, the enforcement of secured loans, and the acquisition of assets of distressed companies.

In this vital resource for bankruptcy attorneys, Jason and Amy share their expertise on claims, including types of claims, filing a proof of claim, allowance of claims and objections to claims, post-petition claims, and subordination of claims.

For more information or to order, go to: Minnesota CLE – Bankruptcy Practice in Minnesota Deskbook.

Jason focuses his legal practice on corporate trustee representation, issues relating to corporate trust litigation, and bankruptcy concerns. His varied bankruptcy practice includes representation of both secured and unsecured creditors as well as representation of creditors' committees, in addition to defending preference litigation. Jason's practice also includes commercial financing transactions such as commercial lending and asset-based lending. Prior to joining Maslon, he clerked for the Honorable Robert Littlefield, Jr. at the United States Bankruptcy Court for the Northern District of New York. He has been recognized since 2019 on the Minnesota Rising Stars list as part of the Super Lawyers selection process.

Amy represents lenders and other commercial creditors, asset purchasers, indenture trustees and adversary proceeding defendants with creditor rights and bankruptcy issues. Recognized as a Minnesota Super Lawyer and as a 2020 and 2022 Leading U.S. Bankruptcy & Restructuring Lawyer by Lawdragon 500, she is an experienced litigator in the bankruptcy courts in Minnesota and other jurisdictions. Amy also assists lenders, bankruptcy trustees, and receivers in commercial real estate foreclosures, litigating fraudulent transfer claims, recovering assets, and negotiating workouts. Amy's experience includes the representation of creditors and asset purchasers in major Chapter 11 bankruptcies, including Delta Air Lines, Petters Company, Barney’s, Granite City, Polaroid, and Toys "R" Us.

• Assess the state of the deal by asking the following questions:
• What types of defaults exist (payment, covenants, other liens, taxes)?
• What type of collateral secures the obligation or loan (accounts, inventory, equipment, real estate, improvements, fixtures, developed property, rental property, owner occupied)?
• What is the value of the collateral? How recent is the last valuation? Is there insurance on the collateral?
• What is your lien priority? Consider statutory (superpriority) liens in addition to consensual liens. Are there any competing interests that may have rights to or possession of your collateral (e.g., landlords, warehousemen, consignors, etc.)?
• What is the status of the loan and/or collateral documentation? Has it recently been reviewed for deficiencies, needed updates, continuation of liens?
• Are existing financial covenants properly structured/defined? Are they measuring the correct financial metrics of the borrower?
• What sources of recovery exist other than the collateral, such as a guaranty or co-borrower? Have such entities been recently evaluated in terms of creditworthiness?
• Does the borrower’s business plan make sense, or do they have an alternative plan to alleviate the default?

2. ENGAGE

• Where do you want the deal to go? Lender control over a deal begins with a notice of default and enforcement of remedies. Consider including the following in a default notice:
• Statement of relevant defaults and timeframe to cure such defaults
• Acceleration of debt, if necessary
• Implementation of a default rate, if available
• Advising the borrower of remedies available to lender and potential for lender to recover fees (late fees, court fees, legal fees for collection)
• Request for information needed to assess situation and extent of defaults (updated financial information, information on litigation, etc.)
• Reservation of rights: indicate that lender is not waiving any remedy by simply providing notice of all currently known defaults and that delay in prosecuting other defaults and remedies does not constitute a waiver of either

3. RECORD

• Create a clear document trail with borrower regarding default and workout agreements. A forbearance agreement can be a strong start and should contain at least the following:
• Acknowledgments by borrower (amount of debt; enforceability of security interest; existence of defaults; no defenses, setoffs or counterclaims; lender’s right to enforce; and that documents are still in effect)
• Release of claims against lender and related entities
• Provisions for payments and related deadlines, along with acknowledgment that time is of the essence
• Provisions providing credit enhancements (adding collateral, guarantors, or other signatories)
• Provisions related to additional lender’s rights (access to collateral, inspection of books and records, audits, budgets, etc.)
• Consider charging a forbearance fee or adding new affirmative or negative covenants of the borrower or guarantors that are not in the loan documents
• Termination of forbearance agreement upon forbearance defaults
• Acknowledgment by borrower that they were represented by counsel in negotiation of forbearance and waiver of jury trial

4. REVIEW

• If workout negotiations fail, consider the following other remedies:
• UCC Article 9 public/private foreclosure sale
• UCC Article 9 partial/full satisfaction of debt agreement
• State court receivership/assignment for benefit of creditors (ABC)
• Deed in lieu of foreclosure
• Deed in escrow
• Sale of loan
• Replevin or foreclosure proceedings/self-help repossession
• Composition agreements/contract with creditors to accept pro rata settlement

We Can Help
Maslon’s Financial Services team is prepared to help with any of the foregoing, including initial reviews of loan files for potential pitfalls. Please contact us if you have questions or would like assistance.

Ana represents financial institutions serving as indenture trustees and in other representative capacities in connection with municipal and corporate bonds and mortgage-backed securities. Her practice includes counseling indenture trustees on issues relating to the administration of the trustee’s duties and powers, including after the occurrence of an event of default. Ana also has extensive experience representing indenture trustees in trust instruction proceedings. Prior to joining Maslon, she practiced in the finance and restructuring group of a large law firm.

Brian has extensive experience representing banks, insurance companies, and other capital providers in all forms of commercial financing transactions. These include the areas of general commercial lending and leasing, asset-based lending, mezzanine/second-lien loans, real estate term and construction financing, indenture trustee representation, loan syndications, project finance, and chattel paper warehouse financing. Brian has also served as lead counsel on numerous transactions involving the structuring and documenting of syndicated secured loans, management contracts, and other commercial agreements with Indian tribes located in the United States and Canada.

National "Best Law Firm" Ranking:

• Appellate Practice [Tier 3]
• Commercial Litigation [Tier 3]
• Litigation — Banking & Finance [Tier 3]
• Securities Regulation [Tier 3]

Regional/Metro: Minneapolis "Best Law Firm" Ranking:

• Appellate Practice [Tier 1]
• Bet-the-Company Litigation [Tier 1]
• Commercial Litigation [Tier 1]
• Litigation—Banking & Finance [Tier 1]
• Product Liability Litigation—Defendants [Tier 1]
• Securities Regulation [Tier 1]
• Trust & Estates Law [Tier 1]
• Employment Law — Management [Tier 2]
• Litigation—Antitrust [Tier 2]
• Litigation—Intellectual Property [Tier 2]
• Litigation—Labor & Employment [Tier 2]
• Securities / Capital Markets Law [ Tier 2]
• Employee Benefits (ERISA) Law [Tier 3]
• Franchise Law [Tier 3]
• Litigation—Securities [Tier 3]

To view the full rankings, go to: U.S. News - Best Lawyers® 2021 "Best Law Firms" Rankings.

U.S. News Media Group and Best Lawyers® rank more than 15,000 firms nationally. The rankings are based on a rigorous evaluation process that includes the collection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process.

To receive future COVID-19-related legal alerts, please email us.

TOPICS:

• Most Recent
• Corporate
• Mergers & Acquisitions
• Labor & Employment
• Product Liability Litigation
• Construction
• Insurance Coverage
• Cybersecurity
• Estate Planning
• Supporting the Effort
   

Most Recent:

• January 14, 2022 — Supreme Court Halts OSHA's COVID-19 Vaccine and Testing Mandate
• December 20, 2021 — OSHA's COVID-19 Vaccine and Testing Mandate Is Back in Business After Sixth Circuit Court of Appeals Lifts Stay
• November 8, 2021  — Fifth Circuit Court of Appeals Stays OSHA's COVID-19 Vaccine and Testing Mandate: Next Steps for Employers
• November 5, 2021 — What Employers Need to Know About OSHA's New Vaccine and Testing Requirements
• November 1, 2021 — 5 New Legal Risks for Product Manufacturers During COVID-19
• September 10, 2021 — Path Out of the Pandemic: Biden Administration Will Require Employers with 100+ Employees to Mandate COVID-19 Vaccination or Weekly Testing
• August 24, 2021 — Updated COVID-19 Guidance from OSHA and the CDC: What It Means for Your Business

Corporate:

• February 16, 2022 — Can You Spot a Liar? Key Factors for Determining Credibility in Internal Investigations
• January 8, 2021 — New SBA Guidance Released: Interim Final Rules on the Revived Paycheck Protection Program
• December 28, 2020 — Coronavirus Relief Under the Consolidated Appropriations Act, 2021
• June 5, 2020 — CARES Act PPP Reform: Paycheck Protection Program Flexibility Act of 2020
• April 27, 2020 — New SBA Guidance Released: PPP Loan Certification Requirements for Good Faith
• April 16, 2020 — CARES Act: Paycheck Protection Program Loan Forgiveness
• April 10, 2020 — CARES Act: The Main Street Lending Program Offers Relief for Small and Mid-Sized Businesses
• April 2, 2020 — CARES Act: Paycheck Protection Program - Proactive Steps to Apply
• March 30, 2020 — COVID-19: Key Business Resources Under the CARES Act
• March 26, 2020 — COVID-19: Key Business Considerations for Minnesota Emergency Executive Order 20-20
• March 20, 2020 — COVID-19 Business Update: Tax Deadline and Proposed CARES Act
• March 16, 2020 — COVID-19: Force Majeure Contract Clauses
   

Mergers & Acquisitions:

• April 18, 2020 — Video: COVID-19 Business Owner's Survival Guide—M&A After COVID-19 (29:00), Presented by Terri Krivosha
   

Labor & Employment:

• February 16, 2022 — Can You Spot a Liar? Key Factors for Determining Credibility in Internal Investigations
• January 14, 2022 — Supreme Court Halts OSHA's COVID-19 Vaccine and Testing Mandate
• December 20, 2021 — OSHA's COVID-19 Vaccine and Testing Mandate Is Back in Business After Sixth Circuit Court of Appeals Lifts Stay
• November 8, 2021  — Fifth Circuit Court of Appeals Stays OSHA's COVID-19 Vaccine and Testing Mandate: Next Steps for Employers
• November 5, 2021 — What Employers Need to Know About OSHA's New Vaccine and Testing Requirements
• November 1, 2021 — 5 New Legal Risks for Product Manufacturers During COVID-19
• September 10, 2021 — Path Out of the Pandemic: Biden Administration Will Require Employers with 100+ Employees to Mandate COVID-19 Vaccination or Weekly Testing
• August 24, 2021 — Updated COVID-19 Guidance from OSHA and the CDC: What It Means for Your Business
• May 24, 2021 — What Employers Need to Know Now That the CDC Has Relaxed Mask Recommendations for Those Who Are Fully Vaccinated
• March 24, 2021 — The American Rescue Plan Act of 2021—Key Implications for Employers
• December 30, 2020 — New Year, New Rules: Employer Implications of the New COVID-19 Relief Legislation
• December 22, 2020 — Employers: EEOC Releases New Vaccine Guidelines to Address Five Key Concerns
• September 14, 2020 — FFCRA Update: Department of Labor Revises Regulations, Largely Rejects SDNY Court Ruling
• August 5, 2020 — Key FFCRA Regulations Vacated by Federal Court, Dramatically Expand FFCRA Leave Eligibility
• July 24, 2020 — #MaskUpMN: Key Employer Re

National "Best Law Firm" Ranking:

Appellate Practice [Tier 3]
Commercial Litigation [Tier 3]
Litigation – Banking & Finance [Tier 3]

Regional/Metro: Minneapolis "Best Law Firm" Ranking:

Appellate Practice [Tier 1]
Commercial Litigation [Tier 1]
Litigation – Banking & Finance [Tier 1]
Litigation – Labor & Employment [Tier 1]
Product Liability Litigation – Defendants [Tier 1]
Employee Benefits (ERISA) Law [Tier 2]
Employment Law – Management [Tier 2]
Litigation – Intellectual Property [Tier 2]
Securities/Capital Markets Law [Tier 2]
Trusts & Estates Law [Tier 2]
Litigation – Securities [Tier 3]

To view the full rankings, go to: U.S. News - Best Lawyers® "Best Law Firms" rankings for 2019.

U.S. News Media Group and Best Lawyers rank more than 11,000 firms. The 2019 "Best Law Firms" covers 137 practice areas across all 50 states and the District of Columbia. The rankings are based on a rigorous evaluation process that includes the collection of client and lawyer evaluations, peer review from leading attorneys in their field, and review of additional information provided by law firms as part of the formal submission process. Achieving a high ranking is a special distinction that signals a unique combination of professional excellence and breadth of expertise.

Earlier this year, Maslon attorneys Cooper Ashley, Mark Baumann, David Herr, Geoff Jarpe, Susan Link, Mike McCarthy, Bill Pentelovitch, Larry Purdy, Marty Rosenbaum, and Howard Tarkow were selected by their peers for inclusion in The Best Lawyers in America® 2019. In addition, Bill Pentelovitch was recognized by Best Lawyers as the 2019 Litigation—Banking and Finance "Lawyer of the Year" award winner in Minneapolis. To view the full article, go to: Maslon Attorneys Selected for Inclusion in The Best Lawyers in America® 2019.

Erin represents creditors and financial institutions in both in-court and out-of-court restructurings. Her practice also includes representing borrowers and lenders in commercial financing transactions. Erin graduated, cum laude, from Northwestern University Pritzker School of Law, where for two years she mentored first-year law students as an advisor for the school's Academic and Professional Excellence program. Erin earned her bachelor's degree in Philosophy and Catholic Studies, summa cum laude, from the University of St. Thomas.

"I am excited to join in the Depart Smart mission of promoting safe travel abroad for all students. After reading director Sheryl Hill's book, Walking on Sunshine, and having traveled abroad myself as a student, I know that Depart Smart serves a critical and important need in protecting student safety that was not previously being addressed," Amy shared.

Amy's practice focuses primarily on assisting lenders and other commercial creditors, asset purchasers, adversary proceeding defendants, and indenture trustees with creditor rights and bankruptcy issues. Amy is an experienced litigator in the bankruptcy courts in Minnesota and other jurisdictions. She also assists lenders in real estate foreclosures, receiverships, pursuing loan collateral, negotiating workouts, and drafting commercial loan documentation.

For more information, visit: clearcausefoundation.org.

Amy's practice focuses primarily on assisting lenders and other commercial creditors, asset purchasers, adversary proceeding defendants, and indenture trustees with creditor rights and bankruptcy issues. Amy is an experienced litigator in the bankruptcy courts in Minnesota and other jurisdictions.

For more information or to register, go to: Minnesota CLE's The Effective Civil Litigator.

In recent years, the TIP statute has been an increasingly important tool for financial institutions that have a trust office in Minnesota or administer corporate trusts in Minnesota. It allows these institutions to obtain judicial approval of discretionary actions that might otherwise be second-guessed or to obtain approval for actions that need to be performed but are not expressly provided for in the governing trust documents. The court is given broad powers to assist corporate trustees located in Minnesota who are faced with a dilemma about how to proceed in the circumstances that have arisen, especially when those circumstances were not anticipated when the trust documentation was originally drafted, or when the technical requirements for the action are not met but the action is beneficial to the trust beneficiaries—usually the holders of notes, bonds, or certificates representing an investment. 

The TIP statute is being revised to provide petitioners with the option of proceeding based upon in rem or personal jurisdiction. In rem jurisdiction is generally available in Minnesota when trust assets are located or deemed to be located in Minnesota, bearing in mind that intangible assets are deemed to be located where the trustee is located. The revisions also expand the parties in interest who may seek instructions or participate in TIP proceedings.

Importantly, in its general scope provisions, the new statute clarifies that corporate trustees located in Minnesota may use the TIP portion of Minnesota's Uniform Trust Code but are not subject to its provisions generally, which are intended to apply to traditional trustees of personal trusts. As such, the new law expressly recognizes that financial institutions serving in corporate trustee capacities to facilitate financing transactions are not subject to the general fiduciary duties of most traditional trustees.

The statute defines a corporate trust agreement as "any indenture, pooling and servicing agreement, collateral agency agreement, or other contractual arrangement that establishes an express trust either before or upon the occurrence of an event of default and was entered into with a trustee as a party to facilitate a commercial transaction for the issuance of debt or equity securities or for the creation of other similar rights or interests, whether or not the securities are subject to any securities laws, including but not limited to the Trust Indenture Act of 1939, as amended." This view follows modern case law where corporate trustees are only held accountable for the express contractual rights and powers that they have undertaken under the governing trust documents and are not held to all other general notions of trust law that were developed in the context of traditional trust relationships.

The extent to which some traditional trust law principles may apply to corporate trustees is continuing to develop in legal precedents. In addition, the Trust Indenture Act of 1939, as amended, may be applicable to corporate trust indentures covered by that law.

View the Minnesota Uniform Trust Code bill passed by the Senate and the House.

• Sections 501C.0201 through 501C.0208 of the revised statute relate to Trust Instruction Proceedings. 
• The bill (S.F. 578) was approved by the Senate on March 4, 2015, and by the House on March 16, 2015.

Maslon regularly represents financial institutions acting in various corporate trustee capacities in a wide variety of matters, including Trust Instruction Proceedings. We are monitoring this legislation and will post further updates as they become available. Please contact us with any related questions you may have.

• Enable petitioners to proceed based upon in rem or personal jurisdiction. In rem jurisdiction is generally available in Minnesota when trust assets are located or deemed to be located in Minnesota, bearing in mind that intangible assets are deemed to be located where the trustee is located.
• Expand the parties in interest who may seek instructions or participate in TIP proceedings.
• Expressly provide that corporate trustees located in Minnesota may use the TIP portion of Minnesota's Uniform Trust Code but are not subject to its provisions generally, which are intended to apply to traditional trustees of personal trusts. The revised statute defines a corporate trust agreement as "any indenture, pooling and servicing agreement, collateral agency agreement, or other contractual arrangement that establishes an express trust either before or upon the occurrence of an event of default and was entered into with a trustee as a party to facilitate a commercial transaction for the issuance of debt or equity securities or for the creation of other similar rights or interests, whether or not the securities are subject to any securities laws, including but not limited to the Trust Indenture Act of 1939, as amended."

  As such, the new law expressly recognizes that financial institutions serving in corporate trustee capacities to facilitate financing transactions are not subject to the general fiduciary duties of most traditional trustees. The revised statute follows modern case law where corporate trustees are only held accountable for the express contractual rights and powers that they have undertaken under the governing trust documents and are not held to all other general notions of trust law that were developed in the context of traditional trust relationships.

Resources

• To view the revised bill passed by the Senate and the House, go to: Minnesota Uniform Trust Code.
  • Sections 501C.0201 through 501C.0208 of the revised statute relate to Trust Instruction Proceedings.
• To view our more detailed analysis of the revised TIP Statute, go to: Minnesota Legislature Revises Minnesota's Corporate-Trustee-Friendly Trust Instruction Statute.

We Can Help
Maslon regularly represents financial institutions acting in various corporate trustee capacities in a wide variety of matters, including Trust Instruction Proceedings. We are monitoring this legislation and will post further updates as they become available. Please contact us with any related questions you may have.

Ali Duerr joins Maslon's Business & Securities Group and focuses her practice in the areas of public company securities law disclosure and compliance, private placements of equity securities, mergers and acquisitions, and corporate governance. She has experience preparing a broad assortment of corporate and transactional documents, including key U.S. Securities and Exchange Commission reports, private placement memoranda and related offering documents, purchase and sale agreements, and formation and governing documents. Ali is a graduate of the University of Denver Sturm College of Law, where she served as executive editor of the Transportation Law Journal. Before joining Maslon, Ali practiced at a large private law firm in Denver. 

Erica Holzer joins Maslon's Litigation Group and focuses her practice in the areas of complex commercial disputes, product liability litigation, and appeals. Erica earned her law degree, summa cum laude, from William Mitchell College of Law, where she served as the editor-in-chief of the William Mitchell Law Review. During law school, she was the recipient of the Minnesota Lavender Bar Association's Student Leadership Award and the William Mitchell "Student Award of Merit" at commencement. Before joining Maslon, Erica served as a law clerk to the Honorable Matthew E. Johnson of the Minnesota Court of Appeals.

Jason Reed joins Maslon's Financial Services Group and focuses his practice on corporate trustee representation, issues relating to corporate trust litigation, and bankruptcy concerns. Prior to joining Maslon, he clerked for the Honorable Robert Littlefield, Jr. at the United States Bankruptcy Court for the Northern District of New York. Jason is a 2013 magna cum laude, Order of the Coif graduate of the University of Minnesota Law School. During law school, he served as lead managing editor of the Journal of Law and Inequality and was the recipient of the Kent Wennerstrom Award – Outstanding Student Director 2012-2013.

Kristian Weir joins Maslon's Litigation Group and practices in the area of general commercial litigation. He received his undergraduate degree in history from Boston College and earned his law degree, cum laude, from the University of Notre Dame Law School. Kristian was a member of the Notre Dame Law School Moot Court Team that won the 2013 National AAJ STAC Trial Competition, and was the winner of the 1L Moot Court Competition during his first year of law school. He also had the unique opportunity of serving as a clerk in the Bath Magistrates' Court in Britain, an experience which he incorporated into a dissertation comparing British and American tort systems, written while studying abroad in Bath and at University College, Oxford.