The US government could soon allow private US military contractors to operate in Ukraine to maintain and service weapons supplied by the United States (the “MC Policy”), according to a recent CNN news report. This type of...more
Part I: Whose Law is it Anyway? With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with...more
What is it and what does it do? An assignment of charter is a security agreement whereby a party (typically, a vessel owner) that has entered into a charter assigns its rights under such charter to a secured party...more
On August 24, 2023, the Second Circuit Court of Appeals determined in the highly anticipated case, Kirschner v. JP Morgan Chase Bank N.A., et al., that syndicated term loans are not securities. The Court upheld the district...more
Decommissioning. A word familiar to all of those who are involved in oil and gas exploration and production around the globe. It is defined in the Cambridge English Dictionary as “taking a factory or other industrial...more
On January 12, 2023, the U.S. Court of Appeals for the Eleventh Circuit reversed the dismissal of a claim against Renasant Bank seeking to invalidate a security interest that Renasant acquired through an FDIC receivership....more
When a landlord defaults on a mortgage of its rental property, the lending institution will typically seek to collect rent from the borrower’s tenants in order to secure repayment of the loan....more
In Northeast Farm Sales and Service, Inc. v. Krone NA, Inc., a farm equipment dealer, Northeast Farm Sales and Service, Inc. (Northeast Farm), sued Krone NA, Inc. (Krone), a supplier of farm equipment, in the dealer’s home...more
We have been following a case that has been winding its way through New York federal courts for some time that players in the syndicated loan market have described as everything from “a potential game changer” to an...more
This article is the third and final installment in a series of articles about how lawyers can better serve their clients by involving themselves in cybersecurity planning at an early stage. Just like Return of the Jedi was...more
As noted in our previous update, “‘NAV’igating Cayman Share Security – Lender FAQs,” fund finance lenders are increasingly encountering pledges of shares in SPVs incorporated in the Cayman Islands as part of the collateral...more
The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more
The security package for a subscription facility will typically include security over the uncalled capital commitments of a fund’s investors, including: (i) the right to make capital calls on investors in respect of their...more
As the universe of asset-based and hybrid facilities continues to expand, fund finance lenders are increasingly encountering pledges of equity interests issued by funds or SPVs domiciled in popular jurisdictions outside of...more
On October 29, 2021, Judge Laura Taylor Swain, the presiding judge in the Puerto Rico bankruptcy case, ruled that approximately $2 billion in intragovernmental loan claims were subordinated to bonds issued by the Puerto Rico...more
It is well recognized that, in keeping with the "fresh start" or "rehabilitative" policy, the Bankruptcy Code invalidates after-acquired property clauses in prepetition security agreements, but also includes an exception to...more
Many subscription facilities governed by New York law grant the lender a security interest in rights to call capital from the limited partners of exempted limited partnerships formed under the laws of the Cayman Islands....more
From time to time, we review loan files for clients to confirm they have the collateral they think they do. Assume a lender has a properly perfected $1,000,000 mortgage loan and a $500,000 line of credit secured by all of the...more
The initiative to draft a code that would unify commercial transactions across U.S. states came about in 1942. The drafters went to work in a remarkable setting that, aside from a global war, was marked by clashes of...more
On December 21, 2020, the Department of Defense (DoD) Office of the Undersecretary of Defense for Intelligence & Security published a Final Rule codifying the National Industrial Security Program Operating Manual...more
Custom crush is an effective method for vintners to start and grow their label and brand without requiring the capital intensive investment of a dedicated winery. When evaluating potential custom-crush facilities and...more
The PRC Civil Code and the Supreme Court Interpretation on Application of the Relevant Security Provisions in the Civil Code (the Interpretation) that came into effect on 1 January 2021 have both altered the position of...more
In a significant development, the Shanghai Financial Court has announced its ruling in the first case in China involving an application for recognition and enforcement of a Hong Kong court judgment relating to the...more
This article is the second in a series looking at how to address some of the issues affecting trade finance documentation and transactions in the current climate. The first article in this series analysed some of the...more
Suppose that you have an assignment of a copyright or a security agreement for a copyright. Are you required to record this assignment or security agreement against the copyright registration? Should you record this...more