Mezzanine Lending Video Series (Episode 1)
Advancing Agriculture: Security Interests and Article 9 Challenges (Part 1)
Under the Communications Act of 1934, as amended (the "Communications Act"), a Federal Communications Commission (the "FCC") broadcast license cannot be owned or directly encumbered by security interests. Still, lenders...more
Insurance companies (life, property and casualty, medical and reinsurance) have long been a mainstay among many credit managers’ investor bases. In recent years, we’ve seen a stream of announcements of more formal...more
When a borrower defaults on a commercial loan, the lender's initial steps can make the difference between a successful workout and a drawn-out collection process. It is essential to understand the lender’s options and act...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan’s documentation cannot contain confidentiality restrictions that could impair the...more
In the context of secured transactions, the importance of a properly completed and filed UCC-1 financing statement (“UCC-1”) cannot be overstated. While a UCC-1 is often the simplest document in a transaction — i.e., a...more
With the growth of fund finance we have all observed cross-over between areas such as securitization, structured finance, and the insurance sector, blurring the lines between historically separate areas. The next frontier is...more
When taking security in a NAV facility, borrowers often operate within a corporate structure where portfolio investments are held by holding vehicle subsidiaries. These holding vehicles serve various purposes, including tax...more
The digital asset landscape took a leap forward this summer when the U.S. Court of Appeals for the Ninth Circuit confirmed that nonfungible tokens (NFTs) qualify for trademark protection under the Lanham Act. This decision,...more
In this seven part series, Barnabas Finnigan and Nick Ward dissect special purpose vehicles and bankruptcy-remote orphan structures of the type used in the US CLO market. Together they explore how SPVs are formed, how they...more
Furthering its Crypto Sprint initiative, on September 23, 2025, the CFTC announced the beginning of its next Crypto Sprint initiative—this time with its sights set on tokenized collateral. The CFTC previously announced a...more
Tricolor Situation Overview - Tricolor Auto Acceptance, LLC (“Tricolor”), founded in 2007, is a “buy here-pay here” (“BHPH”) subprime auto finance company. This means that it is both an auto dealer and an auto finance...more
A recent Quebec Court of Appeal’s decision in Séquestre de Bois BSL inc. / BSL Wood Products Inc., 2025 QCCA 993, builds on the Superior Court’s ruling and revisits the dissenting opinion in Maschinenfabrik Rieter AG c....more
Marine Insurance in Ship Finance Transactions: What Lenders and Owners Need to Know - Marine insurance coverage plays a pivotal role in ship finance transactions, ensuring operational continuity, protecting revenue flow,...more
When taking security over a portfolio of investments in a NAV facility, it may be difficult or costly to take security over the borrower’s investments. A common solution is to implement what we refer to as the SPV pledge....more
On August 5, 2025, the Securities and Exchange Commission Division of Corporation Finance released a statement on liquid staking as a follow-on to its May 29, 2025, protocol staking statement. The liquid staking statement...more
This article addresses numerous drafting issues identified in New York-law governed direct lending transactions that have either caused borrowers to seek amendments or the presence of which have caused secured hedge providers...more
The President of the European Central Bank (ECB), Christine Lagarde, has issued a letter responding to Members of the European Parliament regarding the Eurosystem's evolving approach to climate-related financial risks....more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be margin stock....more
Anthony Pirraglia, deputy chair of the firm’s Finance department, shares insight into how legal and regulatory trends are shaping private client finance today. As loans to ultra high net worth individuals and their controlled...more
Another bankruptcy court decision shows the skepticism of courts to Chapter 11 debtors’ arguments that they can surcharge a creditor’s collateral to pay extensive administrative expenses, such as professionals’ fees. A...more
Fine art was once regarded primarily as a cultural or emotional asset—meant to be displayed, appreciated, and eventually passed down through generations. But as the art market became increasingly sophisticated and intertwined...more
The Privy Council has clarified that the duty of care to "obtain the best price reasonably obtainable" in the sale of secured collateral does not require a secured party to improve an asset before sale to obtain the best...more
Many subscription credit facilities will provide for the issuance of letters of credit in addition to the funding of loans. A letter of credit is an irrevocable undertaking for the payment of money issued by a bank at the...more
It is widely understood that fine art collectors frequently identify investment as a primary motivation for acquiring fine art. Considering the fluctuating financial markets and prevailing global uncertainties, many fine art...more
The Bank of England (BoE) has published a feedback statement in response to its December 2024 discussion paper on transitioning to a repo-led operating framework. The discussion paper proposed changes to the Sterling Monetary...more