The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most...more
This alert is meant to supply some valuable information for landlords that currently hold tenant letters of credit from Silicon Valley Bank (“SVB”). SVB was closed this morning by the California Department of Financial...more
Lenders not only earn interest on the amounts lent, which needs to be sufficient not only to cover the lender’s cost of capital but also provide a sufficient return, but they also typically receive, depending on their role,...more
Letters of Credit are an increasingly common feature of aviation leasing and finance transactions, typically as a cash replacement with respect to security deposits and/or maintenance reserves. The process for drawing under...more
Letters of credit are often issued in aircraft leasing transactions as an alternative to the provision of a cash security deposit and, less frequently, the obligation to pay maintenance reserves in cash. In an airline...more
On 10 September 2019, the International Chamber of Commerce (ICC) issued a much anticipated set of revisions to the Incoterms – the international commercial terms published to clarify the obligations of buyers and sellers in...more
On February 11, 2015, the Office of the Comptroller of the Currency (“OCC”) issued an “updated” installment to the Comptroller’s Handbook in a new booklet entitled “Deposit-Related Consumer Credit.” In doing so, the OCC stole...more