TreatiseTreatise

Asset-Based Lending: A Practical Guide to Secured Financing
(7th Edition)

 by John F Hilson
 
 Copyright: 2011-2014
 Last Updated: August 2014

 Product Details >> 

Product Details

  • ISBN Number: 9781402416408
  • Page Count: 1250
  • Number of Volumes: 1
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“A polished gem that deftly brings into focus the major issues.”
– The Secured Lender

In today’s economic climate, credit is very tight and many companies can no longer get an unsecured loan. Understanding the concepts and the requirements of using company assets to secure necessary financing is now vital for all in-house counsel and their law firm advisers.

Asset-Based Lending: A Practical Guide to Secured Financing provides step-by-step coverage of the current techniques, documents, risks, and protections at the heart of this complex specialty. This hands-on resource clearly:

  • explains the features, uses, mechanics, and upsides and downsides of every available secured financing technique
  • covers the asset categories, including accounts receivable, inventory, and equipment and fixture financing, and
  • instructs you on how to draft the full range of pertinent documents, with the aid of checklists and ready-to-use sample provisions and agreements.

Asset-Based Lending also guides you on how to accurately assess a borrower’s solvency before initiating a deal • plan for bankruptcy risks when analyzing secured loans • resolve conflicts between lead lenders and loan participants • and reduce lenders’ liability exposure to environmental, securities, and tax laws.

Packed with over thirty forms and checklists, Asset-Based Lending: A Practical Guide to Secured Financing is an important tool for every attorney, executive, business professional, and public official involved in secured financing.

  Preface and Acknowledgments
  Table of Contents
Chapter 1: Accounts Receivable Financing; and Appendix 1A
  • § 1:1 : Introduction1-2
    • § 1:1.1 : Commercial Finance1-3
    • § 1:1.2 : Bank Financing Transactions1-3
  • § 1:2 : Receivable Types1-4
    • § 1:2.1 : Conventional Receivables1-4
      • [A] : Characteristics1-5
      • [B] : Other Considerations1-7
    • § 1:2.2 : Secured Receivables1-8
      • [A] : Contractual Security Interests1-8
      • [B] : Statutory Liens1-9
      • [C] : Letter-of-Credit Security1-10
    • § 1:2.3 : Unbilled Receivables1-12
    • § 1:2.4 : Consignment Sales1-13
    • § 1:2.5 : Government Receivables1-14
    • § 1:2.6 : Healthcare Receivables Financing1-18
      • [A] : Medicare and Medicaid: Overview1-19
      • [B] : Legislation to Curb Perceived Abuses1-19
      • [C] : Narrowing of the Limitations on Security Interests in Governmental Receivables1-20
      • [D] : The Double Lockbox Technique1-23
      • [E] : Conclusion1-26
    • § 1:2.7 : Problem Areas1-26
      • [A] : Goods Owned by or Securing Others1-26
      • [B] : Rendition of Services1-29
      • [C] : Bill and Hold1-30
      • [D] : Ordinary-Course Transaction1-30
      • [E] : “Hidden Liens”1-30
      • [F] : Use of Assumed Names or Trade Styles1-33
      • [G] : Nonassignability Clauses1-33
      • [H] : Contra-Accounts1-33
      • [I] : Inventory Liens1-34
      • [J] : State Enforcement Statutes1-34
  • § 1:3 : Transaction Types and Characteristics1-34
    • § 1:3.1 : Commercial Finance1-34
      • [A] : Direct Loans1-35
      • [B] : Revolving Versus Term Loans1-35
      • [C] : Payable on Demand1-35
      • [D] : On Open Account1-36
      • [E] : Security1-37
      • [F] : Control of Collateral1-37
      • [G] : Non-Notification1-37
      • [H] : Control of Proceeds1-38
      • [I] : Lending Formula1-49
      • [J] : “Pursuant to a Commitment”1-51
      • [K] : Collection Days1-52
    • § 1:3.2 : Nonpossessory or “Bank” Financing1-52
      • [A] : Direct Loans1-52
      • [B] : Revolving Loans1-53
      • [C] : Note1-53
      • [D] : Security1-53
      • [E] : Lack of Controls on Collateral1-54
      • [F] : Lending Formula1-54
      • [G] : Periodic Settlement1-54
    • § 1:3.3 : Multiple Borrowers1-54
    • § 1:3.4 : Multiple Lenders1-56
    • § 1:3.5 : Guaranties1-58
  • Appendix 1A : General Continuing GuarantyApp. 1A-1
Chapter 2: Purchases of Accounts; and Appendices 2A-2E
  • § 2:1 : Introduction2-2
  • § 2:2 : Treatment Under the U.C.C.2-3
    • § 2:2.1 : Sale of Accounts2-3
    • § 2:2.2 : Sale of Intangibles2-3
  • § 2:3 : Factoring2-4
    • § 2:3.1 : Origins2-4
    • § 2:3.2 : Characteristics2-4
      • [A] : Sale2-5
      • [B] : Types of Accounts Sold2-5
      • [C] : Limited Recourse; Disputes and Chargeback2-5
      • [D] : Notice to the Customer2-6
      • [E] : Credit Approval2-6
      • [F] : Determination and Payment of the Purchase Price2-7
      • [G] : Record Keeping2-8
    • § 2:3.3 : Variations on the Theme2-8
      • [A] : Advance Factoring2-9
      • [B] : Discount Factoring2-10
    • § 2:3.4 : Equity Loans2-11
  • § 2:4 : Off-Balance-Sheet Accounts Financing2-12
    • § 2:4.1 : In General2-12
    • § 2:4.2 : Characteristics2-13
      • [A] : Batch Operation2-13
      • [B] : Credit Approval2-13
      • [C] : Notification2-13
      • [D] : Perfection2-13
      • [E] : Collection of Accounts2-14
      • [F] : Recourse2-15
  • § 2:5 : True Sale; Purchase Versus Loan2-15
    • § 2:5.1 : Introduction2-15
    • § 2:5.2 : Accounting Sale Requirements2-16
    • § 2:5.3 : Legal Sale Requirements2-16
    • § 2:5.4 : Tax Sale Requirements2-22
    • § 2:5.5 : Related Legal Issues2-23
  • § 2:6 : Securitization2-23
    • § 2:6.1 : Introduction2-23
    • § 2:6.2 : Basic Elements2-24
      • [A] : Special-Purpose Vehicle2-24
      • [B] : Funding of Vehicle2-26
      • [C] : Nature of Purchase/Facility2-29
      • [D] : Collection Agent2-30
      • [E] : Backup Facilities for the Vehicle2-30
    • § 2:6.3 : Nature of Accounts Financed2-31
    • § 2:6.4 : Bankruptcy Issues2-32
      • [A] : Bankruptcy of the Vehicle2-32
      • [B] : Bankruptcy of the Originator2-33
    • § 2:6.5 : Intangibles Subject to Federal Law2-34
    • § 2:6.6 : Tax Issues2-37
  • § 2:7 : Documentation2-37
    • § 2:7.1 : Factoring2-37
    • § 2:7.2 : Off-Balance-Sheet Financing2-38
    • § 2:7.3 : Intangibles2-38
  • Appendix 2A : Factoring Agreement (Wholesale-Maturity)2-38
  • Appendix 2B : Factoring Agreement (Retail-Advance)App. 2B-1
  • Appendix 2C : Assignment of Factoring Proceeds and Intercreditor AgreementApp. 2C-1
  • Appendix 2D : Agreement for The Off-Balance-Sheet Financing of Export ReceivablesApp. 2D-1
  • Appendix 2E : Trademark Collateral Assignment and Security AgreementApp. 2E-1
Chapter 3: Inventory Financing; and Appendices 3A-3D
  • § 3:1 : Introduction3-2
    • § 3:1.1 : Definition of Inventory3-2
      • [A] : Goods3-3
      • [B] : Held for Sale or Lease3-3
      • [C] : To Be Furnished Under Contracts of Service3-4
      • [D] : Raw Materials, Work in Progress3-4
      • [E] : Materials Used or Consumed in a Business3-5
    • § 3:1.2 : Types of Inventory3-5
    • § 3:1.3 : Types of Financing3-6
      • [A] : Working Capital3-6
      • [B] : Purchase Money3-7
    • § 3:1.4 : Consignments Under Article 93-9
      • [A] : What Constitutes a Consignment Under Article 9?3-9
        • [A][1] : Delivery for Purpose of Sale3-10
        • [A][2] : The Merchant3-11
        • [A][3] : Excluded Consignments3-12
      • [B] : Perfection and Priority Rules for Consignments3-12
      • [C] : Practical Considerations Regarding Consignment Transactions3-13
  • § 3:2 : Fungible Inventory Financing3-14
    • § 3:2.1 : Blanket Financing by a Lender3-14
      • [A] : Basic Elements3-14
      • [B] : Link with Receivables3-14
      • [C] : Formula3-15
      • [D] : Possession/Control3-16
      • [E] : Sale of Goods3-17
      • [F] : Other Terms3-18
    • § 3:2.2 : Blanket Financing by a Vendor3-19
      • [A] : Basic Elements3-19
    • § 3:2.3 : Unitary Financings3-20
      • [A] : Letter of Credit3-20
      • [B] : Documentary Drafts3-20
    • § 3:2.4 : Statutory Aspects3-21
      • [A] : Perfection and Priority3-21
      • [B] : Other Priority Issues3-22
      • [C] : Trademarks3-23
      • [D] : Regulated Industries3-24
      • [E] : Regulated Goods3-24
  • § 3:3 : In-Transit Inventory3-24
    • § 3:3.1 : Negotiable Documents3-25
      • [A] : Perfection with Respect to Goods Covered by Negotiable Documents3-25
      • [B] : Rights of the Secured Party Against a Holder of the Negotiable Documents That Have Been Duly Negotiated3-28
    • § 3:3.2 : Perfection with Respect to Goods Covered by Nonnegotiable Documents3-30
    • § 3:3.3 : Perfection with Respect to Goods Not Covered by Documents3-30
    • § 3:3.4 : Rights of Stoppage3-32
    • § 3:3.5 : Choice of Law Issues Related to In-Transit Inventory3-34
    • § 3:3.6 : Practical Considerations Regarding In-Transit Inventory3-37
  • § 3:4 : Unit Inventory Financing; Floor Plan3-38
    • § 3:4.1 : Basic Elements3-38
      • [A] : Types of Units3-38
      • [B] : Parties3-38
      • [C] : Advance Rate3-39
      • [D] : Agreement Terms3-39
      • [E] : Interface with Chattel Paper3-40
      • [F] : Cross-Collateral3-40
      • [G] : Perfection3-41
      • [H] : Intercreditor Issues and Priority3-41
  • § 3:5 : Documents3-42
  • Appendix 3A : General Security Agreement (Inventory)App. 3A-1
  • Appendix 3B : Intercreditor AgreementApp. 3B-1
  • Appendix 3C : Intercreditor AgreementApp. 3C-1
  • Appendix 3D : Lender’s Loss Payable EndorsementApp. 3D-1
Chapter 4: Equipment and Fixture Financing; and Appendices 4A-4D
  • § 4:1 : Introduction4-2
  • § 4:2 : Definitional Issues4-3
    • § 4:2.1 : Defining “Equipment”4-3
      • [A] : The Basic Term “Goods”4-3
      • [B] : The Basic Definition of “Equipment”4-3
      • [C] : Contrasted with Inventory4-4
      • [D] : Contrasted with “Fixtures”4-5
      • [E] : Contrasted with Other Goods4-5
      • [F] : Accessions4-5
    • § 4:2.2 : Defining the Transaction4-6
      • [A] : Purchase Money or Not4-6
      • [B] : Type of Transaction4-11
      • [C] : Contrast with Lease4-11
      • [D] : Retail Transactions4-13
  • § 4:3 : Documenting the Transaction4-13
    • § 4:3.1 : Purchase Money Vendor Transactions4-13
      • [A] : Security Agreement4-14
      • [B] : Warranty and Waiver Provisions4-14
    • § 4:3.2 : Purchase Money Lender Transactions4-14
      • [A] : Security Agreement4-14
      • [B] : Loan Proceeds Payment Letter4-14
    • § 4:3.3 : Non-Purchase Money Transactions4-15
    • § 4:3.4 : Documents and Issues in Common4-15
      • [A] : Description of Collateral4-15
      • [B] : Title to the Equipment4-16
      • [C] : Landlord/Mortgagee Waiver4-17
      • [D] : Use of Premises4-17
      • [E] : Insurance4-18
      • [F] : Financing Statement4-18
      • [G] : Vendor Repurchase4-20
      • [H] : Delivery and Installation Certificate4-20
      • [I] : Proceeds4-20
      • [J] : Related Rights4-21
    • § 4:3.5 : Certificate-of-Title Goods4-21
      • [A] : Covered Goods4-21
      • [B] : Perfection4-22
  • § 4:4 : Fixture Financing4-24
    • § 4:4.1 : Definitional Issues4-24
      • [A] : Basic U.C.C. Definition4-24
      • [B] : State Law4-25
      • [C] : Related U.C.C. Definitions4-25
    • § 4:4.2 : Perfection4-26
      • [A] : Mortgage4-26
      • [B] : Financing Statement Filed in the Real Property Records4-26
      • [C] : Financing Statement Filed in the Personal Property Records4-27
    • § 4:4.3 : Priority4-28
      • [A] : Normal Priority4-28
      • [B] : Purchase Money Priority4-28
      • [C] : Movable Goods4-29
      • [D] : Manufactured Homes4-29
      • [E] : Lien Creditors4-29
      • [F] : Transactional Subordination4-30
      • [G] : Subordination4-31
      • [H] : Removal4-31
  • § 4:5 : Collateral Assignments of Real Estate Leases4-31
  • § 4:6 : Documents4-32
  • Appendix 4A : SECURITY AGREEMENT—EQUIPMENTApp. 4A-1
  • Appendix 4B : GENERAL SECURITY AGREEMENT—EQUIPMENTApp. 4A-2
  • Appendix 4C : SECURITY AGREEMENTApp. 4B-10
  • Appendix 4D : COLLATERAL ASSIGNMENT OF LEASESApp. 4C-8
Chapter 5: Chattel Paper; and Appendix 5A
  • § 5:1 : Introduction5-1
  • § 5:2 : Definitional Issues5-2
    • § 5:2.1 : Chattel Paper5-2
    • § 5:2.2 : Lease Versus Finance Transaction5-3
  • § 5:3 : Creation of the Paper5-3
    • § 5:3.1 : Types of Chattel Paper5-3
    • § 5:3.2 : Terms5-4
      • [A] : Monetary Obligation5-5
      • [B] : Waiver of Defenses5-5
      • [C] : Some Lease Provisions5-5
      • [D] : Time-Price Doctrine5-5
    • § 5:3.3 : State Regulation5-6
  • § 5:4 : Financing Choices5-7
    • § 5:4.1 : Finance Transactions5-7
      • [A] : Amount of Advance5-7
      • [B] : Amortization5-7
      • [C] : Independence of Transaction5-8
    • § 5:4.2 : Sale Transactions5-8
      • [A] : Price and Payment5-9
      • [B] : Collections5-9
      • [C] : Recourse5-9
    • § 5:4.3 : Reserves5-10
  • § 5:5 : Priority Problems5-11
  • § 5:6 : Documentation5-13
  • Appendix 5A : Conditional Sale Contract (Security Agreement)App. 5A-1
Chapter 6: Letters of Credit; and Appendices 6A-6C
  • § 6:1 : Introduction6-2
    • § 6:1.1 : Nature of a Letter of Credit6-2
      • [A] : Legal Effect6-2
      • [B] : Parties6-4
      • [C] : Characterization6-4
  • § 6:2 : Uses of Letters of Credit6-5
    • § 6:2.1 : Support of Commercial Paper6-5
    • § 6:2.2 : Assure Payment of Investment Obligations6-5
    • § 6:2.3 : Support Industrial Revenue Bonds6-6
    • § 6:2.4 : Replace Cash Deposits6-6
  • § 6:3 : Applicable Law6-6
  • § 6:4 : Issuers of Letters of Credit6-7
  • § 6:5 : Characteristics of Letters of Credit6-8
    • § 6:5.1 : Commercial Letter of Credit6-8
    • § 6:5.2 : Standby Letter of Credit6-9
    • § 6:5.3 : “Direct Pay” Letter of Credit6-10
    • § 6:5.4 : Payment upon Demand Alone6-11
  • § 6:6 : Documentation6-11
    • § 6:6.1 : Application6-11
    • § 6:6.2 : Reimbursement Agreement6-11
    • § 6:6.3 : Drafts and Documents6-12
    • § 6:6.4 : Other Documents6-13
    • § 6:6.5 : Bank Authority6-14
  • § 6:7 : Provisions of Letters of Credit6-14
    • § 6:7.1 : Revocability6-14
    • § 6:7.2 : Multiple Drawings6-16
    • § 6:7.3 : Acts of God6-16
    • § 6:7.4 : Transferability and Assignment6-17
    • § 6:7.5 : Right to Pay6-19
  • § 6:8 : Enforcement of Letters of Credit6-19
    • § 6:8.1 : Issuer’s Basic Obligation or Right to Pay6-19
  • § 6:9 : Bankruptcy Considerations6-22
    • § 6:9.1 : Bankruptcy of the Account Party6-22
    • § 6:9.2 : Bankruptcy of the Beneficiary6-24
  • § 6:10 : Documentation6-24
  • Appendix 6A : Reimbursement AgreementApp. 6A-1
  • Appendix 6B : Letter Agreement for Assigning the Right to Proceeds Under a Letter of CreditApp. 6B-1
  • Appendix 6C : Standby Letter of CreditApp. 6C-1
Chapter 7: Covenants
  • § 7:1 : Introduction7-2
  • § 7:2 : General Types7-2
  • § 7:3 : Distinction from Conditions7-4
  • § 7:4 : Distinction from Events of Default7-5
  • § 7:5 : Distinction from Representations and Warranties7-6
  • § 7:6 : Covenants in Commercial Finance7-6
    • § 7:6.1 : Traditional Covenants7-7
      • [A] : Collateral Maintenance7-7
      • [B] : Collateral Protection7-8
      • [C] : Change of Structure or Location7-9
      • [D] : Maintenance of Existence7-9
      • [E] : Maintenance of Perfection7-10
      • [F] : Furnishing of Information7-10
      • [G] : Lien Prohibition7-11
      • [H] : Ordinary-Course Receivable Creation7-12
      • [I] : Compliance with Laws7-12
      • [J] : Leases7-12
      • [K] : Environmental Matters7-12
      • [L] : Interest Rate Protection7-13
      • [M] : Determination of Borrowing Base7-13
      • [N] : Transactions with Affiliates7-14
      • [O] : Use of Proceeds7-14
      • [P] : Accounting Methods7-14
      • [Q] : ERISA and Tax Compliance7-14
      • [R] : Insurance7-14
      • [S] : Title to the Goods7-15
      • [T] : Location of the Goods7-16
      • [U] : Disposition of the Goods7-16
      • [V] : Other Protections7-17
    • § 7:6.2 : Expanded Covenants7-17
      • [A] : Financial Positions and Ratios7-17
      • [B] : Dividend and Investment Restrictions7-19
      • [C] : Capital Expenditures7-20
      • [D] : Debt Limitations7-20
      • [E] : Reporting Requirements7-21
  • § 7:7 : Role of Covenants in Purchases of Receivables7-21
  • § 7:8 : Role of Covenants in Financing of Intellectual Property7-22
    • § 7:8.1 : Collateral Protection by Debtor7-22
    • § 7:8.2 : Lender/Borrower Covenants7-23
    • § 7:8.3 : Borrower Representations7-23
    • § 7:8.4 : Default7-24
  • § 7:9 : Documentation [Review]7-24
Chapter 8: Participations and Assignments
  • § 8:1 : Introduction8-2
    • § 8:1.1 : Format of the Transaction8-3
    • § 8:1.2 : Authorities8-4
  • § 8:2 : General Nature of Participation8-4
    • § 8:2.1 : Purchase from Lead Lender Versus Loan to Lead Lender8-4
      • [A] : Purchase Characteristics8-4
      • [B] : Loan Characteristics8-6
    • § 8:2.2 : Obligations of the Lead Lender to Its Participants8-8
      • [A] : At Inception8-8
      • [B] : Is a Loan Participation a “Security”?8-9
      • [C] : During the Transaction8-10
    • § 8:2.3 : Lead Lender/Participant Conflicts8-11
      • [A] : Other Loans and Collateral8-11
      • [B] : Partial Participations8-11
      • [C] : Fees and Interest8-12
      • [D] : Computation Issues8-14
      • [E] : Modification of Loan Terms8-16
      • [F] : Overadvances8-16
      • [G] : Enforcement Activity8-19
      • [H] : Right of Termination8-19
      • [I] : Sales of Other Participations8-20
      • [J] : The Perils of Participations Redux8-21
      • [K] : Bankruptcy of the Lead Lender8-26
      • [L] : Performance by Participant8-28
      • [M] : Indemnities and Expenses8-28
    • § 8:2.4 : Multi-Lender Issues8-29
  • § 8:3 : Participations in Purchases of Receivables8-31
    • § 8:3.1 : Factoring Participation8-31
    • § 8:3.2 : Layoff Agreements8-32
    • § 8:3.3 : Off-Balance-Sheet Transactions8-32
  • § 8:4 : Reverse Participations8-33
    • § 8:4.1 : Purpose8-33
    • § 8:4.2 : Mechanics8-33
  • § 8:5 : Junior Participations8-34
    • § 8:5.1 : Equalization or Default Participations8-34
      • [A] : Origination8-35
      • [B] : Mechanics8-35
  • § 8:6 : Syndicated Loans and the Secondary Loan Trading Market8-36
    • § 8:6.1 : Introduction8-36
    • § 8:6.2 : Development of Loan Trading Market8-36
    • § 8:6.3 : Types of Secondary Loan Sales8-37
    • § 8:6.4 : Formation of the LSTA8-40
    • § 8:6.5 : Syndicated Loan Trading and the Use of LSTA Documentation8-41
      • [A] : Underwriting and Due Diligence8-42
      • [B] : Binding Trade and Trade Confirmation8-42
      • [C] : Documentation Requirements and Timing8-43
      • [D] : LSTA Standard Terms and Conditions8-44
    • § 8:6.6 : Syndicated Loan Market Information8-45
Chapter 9: Subordination; and Appendices 9A-9B
  • § 9:1 : Introduction9-2
  • § 9:2 : Debt Subordination9-4
    • § 9:2.1 : Definitional Issues9-4
      • [A] : Definition of Junior Debt9-4
      • [B] : Definition of Senior Debt9-5
    • § 9:2.2 : Degree of Subordination9-7
      • [A] : Principal9-8
      • [B] : Interest9-10
      • [C] : Standstill9-11
    • § 9:2.3 : Enforcement9-12
      • [A] : Direct Collection9-12
      • [B] : Turnover9-12
      • [C] : Reliance9-13
    • § 9:2.4 : Related Problem9-14
      • [A] : Junior Covenants9-14
      • [B] : Events of Default9-14
      • [C] : Senior Debt Amendments and Changes9-15
      • [D] : Junior Debt Amendments and Changes9-16
      • [E] : Indenture Trustees9-16
      • [F] : Junior Voting Provisions9-17
      • [G] : Maturity of Junior Debt9-17
    • § 9:2.5 : Subordinated Debt As “Capital”9-17
      • [A] : Verification9-18
      • [B] : Debt Versus Equity9-18
    • § 9:2.6 : Enforceability Against Transferees9-18
    • § 9:2.7 : Bankruptcy Issues9-26
      • [A] : Enforceability9-26
      • [B] : Turnover9-27
      • [C] : Reinstatement9-27
      • [D] : Waivers9-27
      • [E] : Unauthorized Solicitation; Designation9-28
    • § 9:2.8 : Drafting Concerns9-30
      • [A] : Notice Considerations9-30
      • [B] : Borrower9-31
    • § 9:2.9 : Subrogation9-31
  • § 9:3 : Lien Subordination9-32
    • § 9:3.1 : Definition Issues9-32
      • [A] : Debt9-33
      • [B] : Collateral9-33
      • [C] : Liens9-34
      • [D] : Parties9-36
    • § 9:3.2 : Extent of Subordination9-37
      • [A] : Standstill9-37
      • [B] : Review Rights9-38
      • [C] : Marshaling9-39
    • § 9:3.3 : Circular Liens and Waivers9-40
      • [A] : Circular Liens9-40
      • [B] : Waivers9-41
    • § 9:3.4 : Intercreditor Agreements9-43
  • § 9:4 : Purchase Option9-43
  • § 9:5 : Structural Subordination9-44
  • § 9:6 : Equitable Subordination9-44
  • § 9:7 : Documentation9-45
    • § 9:7.1 : Debt Subordination9-45
    • § 9:7.2 : Lien Subordination9-45
  • Appendix 9A : Debt Subordination Provisions for NoteApp. 9A-1
  • Appendix 9B : Intercreditor AgreementApp. 9B-1
Chapter 10: Fraudulent Transfers
  • § 10:1 : Introduction10-2
  • § 10:2 : Basic Definitions10-4
    • § 10:2.1 : Bankruptcy Code10-5
    • § 10:2.2 : Uniform Fraudulent Conveyance Act10-6
    • § 10:2.3 : Uniform Fraudulent Transfer Act10-6
    • § 10:2.4 : Common Law and Other Sources10-7
  • § 10:3 : Transfer Made or Obligation Incurred10-8
  • § 10:4 : Consideration or Value10-8
    • § 10:4.1 : Direct Consideration10-9
      • [A] : Bankruptcy Code10-9
      • [B] : U.F.C.A.10-11
      • [C] : U.F.T.A.10-12
    • § 10:4.2 : Indirect Consideration10-13
    • § 10:4.3 : Recipient of Consideration10-14
    • § 10:4.4 : Repayment of Existing Debt10-15
    • § 10:4.5 : Savings Clauses10-18
  • § 10:5 : Insolvency10-21
    • § 10:5.1 : Solvency Letters or Procedures10-21
    • § 10:5.2 : Assets10-22
    • § 10:5.3 : Liabilities10-25
    • § 10:5.4 : Leveraged Buyout Merger/Pro Forma Technique10-27
  • § 10:6 : Unable to Pay Its Debts10-30
  • § 10:7 : Unreasonably Small Capital10-31
  • § 10:8 : Actual Intent10-32
  • § 10:9 : Creditor Remedies10-33
    • § 10:9.1 : Generally10-33
    • § 10:9.2 : Protection of a Buyer/Transferee10-35
Chapter 11: Competing Liens
  • § 11:1 : Introduction11-2
  • § 11:2 : U.C.C. Lien Competition11-3
    • § 11:2.1 : Collateral from Another Jurisdiction11-3
    • § 11:2.2 : Previously Owned Goods11-4
    • § 11:2.3 : Nonfiling Perfection11-5
    • § 11:2.4 : Assignees, Subrogees, Affiliates, and Other Acquirers11-6
    • § 11:2.5 : Bulk Sale Creditors11-8
    • § 11:2.6 : Sellers of Goods11-9
    • § 11:2.7 : Insignificant Assignments of Accounts11-9
    • § 11:2.8 : Certified Securities, Instruments, and Negotiable Documents11-10
    • § 11:2.9 : Subsequent Lien Creditors11-11
    • § 11:2.10 : Ordinary-Course Buyers11-12
    • § 11:2.11 : Non-Ordinary-Course Buyers11-13
    • § 11:2.12 : Purchase Money Security Interests11-13
    • § 11:2.13 : Consignments11-15
    • § 11:2.14 : Returned Goods11-15
    • § 11:2.15 : Negotiable Documents11-16
      • [A] : Goods Held by a Bailee11-16
    • § 11:2.16 : Chattel Paper11-17
    • § 11:2.17 : Collecting Bank11-17
    • § 11:2.18 : Changes of Structure11-18
    • § 11:2.19 : Disposition of Collateral11-19
  • § 11:3 : Bankruptcy11-20
  • § 11:4 : State Statutory Liens11-20
    • § 11:4.1 : Suppliers of Goods11-21
    • § 11:4.2 : Suppliers of Services11-21
    • § 11:4.3 : Landlords11-22
    • § 11:4.4 : Warehousemen11-23
    • § 11:4.5 : Mortgagees11-23
    • § 11:4.6 : Environmental Laws11-23
  • § 11:5 : Federal Statutory or Regulatory Competitors11-24
    • § 11:5.1 : Federal Tax and Similar Liens11-24
    • § 11:5.2 : Government Contracts11-33
    • § 11:5.3 : Special Statutes11-33
    • § 11:5.4 : Hot Goods11-34
    • § 11:5.5 : Environmental Laws11-34
    • § 11:5.6 : Perishable Agricultural Commodities Act11-35
Chapter 12: Bankruptcy Issues
  • § 12:1 : Introduction12-2
    • § 12:1.1 : Property of the Estate12-2
  • § 12:2 : Lender’s Right to Deal with the Collateral12-2
    • § 12:2.1 : Automatic Stay12-2
      • [A] : Lifting the Stay12-3
      • [B] : Exemptions12-5
    • § 12:2.2 : Ownership of Property12-6
      • [A] : Accounts Receivable12-6
      • [B] : Leased Property12-7
      • [C] : Consigned Inventory12-9
      • [D] : After-Acquired Property12-10
    • § 12:2.3 : Offset12-10
  • § 12:3 : Debtor’s Rights to Use the Collateral12-10
    • § 12:3.1 : Cash and Cash Collections12-11
    • § 12:3.2 : Noncash Property12-11
    • § 12:3.3 : Leased Property12-12
  • § 12:4 : Provision for “Adequate Protection”12-12
  • § 12:5 : Financing the Chapter 11 Debtor12-15
    • § 12:5.1 : Voluntary Versus “Involuntary” Financing12-15
    • § 12:5.2 : Documentation12-16
    • § 12:5.3 : Crossover Versus Continuing Lien12-17
    • § 12:5.4 : Protecting the Repayment of New Loans12-18
    • § 12:5.5 : Ability to Foreclose12-19
    • § 12:5.6 : Conversion of Pre-Petition Collateral12-20
    • § 12:5.7 : Coming Out of Chapter 1112-21
    • § 12:5.8 : Some Thoughts on Approaches12-22
  • § 12:6 : Other Dangers for the Secured Creditor12-23
    • § 12:6.1 : Preferences12-23
    • § 12:6.2 : Fraudulent Conveyances12-29
    • § 12:6.3 : Lapse of Perfection During the Case12-30
    • § 12:6.4 : Other Financings12-32
    • § 12:6.5 : Offsets12-33
    • § 12:6.6 : Fair Labor Standards Act12-35
    • § 12:6.7 : Equitable Subordination12-36
    • § 12:6.8 : Chapter 11 Plans12-39
      • [A] : Credit Bidding12-40
      • [B] : “Gifting”12-45
Chapter 13: Closing Considerations; and Appendices 13A-13E
  • § 13:1 : Introduction13-2
  • § 13:2 : Receivables Finance Takeover13-3
    • § 13:2.1 : Alternative Choices13-3
      • [A] : Purchase of Position13-3
      • [B] : Payout of Old Lender13-4
    • § 13:2.2 : Mechanics13-5
      • [A] : Purchase13-5
      • [B] : Payout13-7
      • [C] : Indemnities by New Lender13-10
      • [D] : General Closing Steps13-11
  • § 13:3 : Factoring13-15
    • § 13:3.1 : Differences from Receivables Finance13-16
      • [A] : Re-Assignment of Receivables13-16
      • [B] : Credit Balance13-16
      • [C] : U.C.C. Filings13-17
      • [D] : Indemnity13-17
  • § 13:4 : Opinion Issues13-17
    • § 13:4.1 : General Terms13-18
      • [A] : Organization and Authorization13-18
      • [B] : Due Execution and Delivery13-19
      • [C] : Valid, Binding, and Enforceable13-19
      • [D] : Noncontravention of Other Agreements13-20
      • [E] : Noncontravention of Laws13-20
    • § 13:4.2 : Collateral Security Terms13-20
      • [A] : Valid, Binding, Enforceable Liens13-21
      • [B] : Perfection13-21
      • [C] : Priority13-23
    • § 13:4.3 : Assumptions and Reliance13-24
      • [A] : Genuineness13-24
      • [B] : Due Execution by Others13-24
      • [C] : Certificates of Officers13-24
      • [D] : Other Opinions13-24
    • § 13:4.4 : Exceptions13-25
      • [A] : As to Enforceability13-25
      • [B] : As to Priority13-26
  • § 13:5 : U.C.C. Filing Issues13-28
    • § 13:5.1 : Used Equipment; Specially Acquired Inventory13-28
    • § 13:5.2 : Computer Searches13-28
    • § 13:5.3 : Bankrupt Companies13-29
    • § 13:5.4 : General Search and Filing Issues13-30
  • § 13:6 : Disbursement and Use of Loan Proceeds13-33
    • § 13:6.1 : Tying in to Loan Documents13-33
    • § 13:6.2 : Use of Proceeds13-34
    • § 13:6.3 : Timing Issues13-34
      • [A] : Taking of Collateral and Perfection13-34
      • [B] : Acquired Entities13-35
      • [C] : Release of Liens13-35
  • § 13:7 : Commitment Letters13-35
    • § 13:7.1 : Compensation13-37
    • § 13:7.2 : Conditions13-39
      • [A] : SunGard Provisions13-39
      • [B] : Modifications to SunGard and Xerox Provisions13-42
    • § 13:7.3 : Syndication13-44
  • § 13:8 : Regulation U13-45
    • § 13:8.1 : Substantive Requirement13-46
      • [A] : Purpose Credit13-46
      • [B] : Direct or Indirect Security13-46
      • [C] : Maximum Loan Value13-47
    • § 13:8.2 : Reporting Requirement13-48
      • [A] : Regulation U Forms13-48
      • [B] : Revolving Credit Facilities13-49
      • [C] : Annual Reporting for Non-Bank Lenders13-49
    • § 13:8.3 : Consequences of Non-Compliance with Regulation U13-49
  • § 13:9 : Documentation13-50
  • Appendix 13A : Indicative Terms: Revolving Credit FacilityApp. 13A-1
  • Appendix 13B : Commitment LetterApp. 13B-1
  • Appendix 13C : Commercial Finance Association: Letter of IndemnityApp. 13C-1
  • Appendix 13D : Landlord’s Waiver and ConsentApp. 13D-1
  • Appendix 13E : Closing MemorandumApp. 13E-1
Chapter 14: Lender Liability; and Appendix 14A
  • § 14:1 : Introduction14-1
  • § 14:2 : Contract Liability14-6
    • § 14:2.1 : Oral Promises14-7
    • § 14:2.2 : Failure of a Condition14-10
    • § 14:2.3 : Good Faith14-12
    • § 14:2.4 : Commercial Reasonableness14-18
  • § 14:3 : Tort Liability14-22
    • § 14:3.1 : Fiduciary Duty and Control14-22
    • § 14:3.2 : Improvident Lending/Aiding and Abetting14-27
  • § 14:4 : Statutory Liability14-30
    • § 14:4.1 : Environmental Laws14-30
    • § 14:4.2 : Securities Laws14-33
    • § 14:4.3 : Federal Tax Laws14-34
    • § 14:4.4 : RICO14-35
  • Appendix 14A : Term SheetApp. 14A-1
Chapter 15: Overview of Revised Article 9; and Appendix 15A
  • § 15:1 : Introduction15-3
    • § 15:1.1 : Status15-4
    • § 15:1.2 : Purpose of Revisions15-6
    • § 15:1.3 : Consumer Transactions15-6
  • § 15:2 : Scope of Revised Article 915-7
    • § 15:2.1 : Accounts15-7
    • § 15:2.2 : Payment Intangibles15-8
    • § 15:2.3 : Promissory Notes15-8
    • § 15:2.4 : Chattel Paper15-9
    • § 15:2.5 : Electronic Chattel Paper15-9
    • § 15:2.6 : Investment Property15-10
    • § 15:2.7 : Deposit Accounts15-10
    • § 15:2.8 : Health-Care-Insurance Receivables15-10
    • § 15:2.9 : Commercial Tort Claims15-11
    • § 15:2.10 : Software Versus Goods15-12
    • § 15:2.11 : Consignments15-12
      • [A] : What Constitutes a Consignment Under Article 9?15-13
        • [A][1] : Delivery for Purpose of Sale15-14
        • [A][2] : The Merchant15-15
        • [A][3] : Excluded Transactions15-16
      • [B] : Perfection and Priority Rules for Consignments15-16
      • [C] : Practical Considerations Regarding Consignment Transactions15-17
    • § 15:2.12 : Promissory Notes Secured by Real Estate15-18
    • § 15:2.13 : Agricultural Liens15-18
    • § 15:2.14 : Letter-of-Credit Rights15-19
    • § 15:2.15 : Supporting Obligations15-19
    • § 15:2.16 : Good Faith15-20
    • § 15:2.17 : Adaptation to Electronic Contracting15-20
    • § 15:2.18 : Federal Preemption15-21
    • § 15:2.19 : Exclusions15-21
    • § 15:2.20 : “Debtor” Versus “Obligor”15-22
  • § 15:3 : Creation of Security Interests15-23
    • § 15:3.1 : The Security Agreement15-23
    • § 15:3.2 : Description of Collateral15-24
    • § 15:3.3 : Rights in or Power to Transfer Rights to Collateral15-25
    • § 15:3.4 : Assignment of Rights to Payment15-27
    • § 15:3.5 : Assignment of Other General Intangibles15-28
    • § 15:3.6 : New Debtor15-28
  • § 15:4 : Perfection of Security Interests15-28
    • § 15:4.1 : Automatic Perfection15-29
    • § 15:4.2 : Perfection in Supporting Obligations15-29
    • § 15:4.3 : Perfection by Filing15-29
      • [A] : Kinds of Collateral Subject to Perfection by Filing15-32
      • [B] : Location of the Debtor15-32
      • [C] : The Debtor’s Name15-33
      • [D] : Indication of the Collateral15-37
      • [E] : The Debtor’s Signature15-37
      • [F] : Effectiveness As to New Debtor15-39
      • [G] : Rejection or Incorrect Indexing by Filing Officer15-41
      • [H] : Minor Errors15-42
      • [I] : Multiple Secured Parties15-42
      • [J] : Termination Statements15-42
      • [K] : Bogus Filings15-43
      • [L] : Transition from Former Article 9 to Revised Article 915-45
    • § 15:4.4 : Perfection by Control15-45
      • [A] : Investment Property15-45
      • [B] : Deposit Accounts15-46
      • [C] : Electronic Chattel Paper15-46
      • [D] : Letter-of-Credit Rights15-47
    • § 15:4.5 : Perfection by Possession15-47
      • [A] : Instruments15-47
      • [B] : Money15-47
      • [C] : Tangible Chattel Paper15-47
      • [D] : Certificated Securities15-48
      • [E] : Goods and Negotiable Documents15-48
      • [F] : Collateral in the Hands of Third Parties15-48
      • [G] : Governing Law15-49
    • § 15:4.6 : Perfection in Proceeds15-49
      • [A] : Revised Definition of Proceeds15-49
      • [B] : Automatic Attachment and Perfection15-50
      • [C] : Tracing15-50
  • § 15:5 : Priority of Security Interests15-50
    • § 15:5.1 : General Rule15-50
    • § 15:5.2 : Effect of Other U.C.C. Provisions15-51
    • § 15:5.3 : Filing Versus Control15-51
    • § 15:5.4 : Filing Versus Possession15-51
    • § 15:5.5 : Automatic Versus Other Methods of Perfection15-51
    • § 15:5.6 : Control Versus Control15-52
    • § 15:5.7 : Purchase Money Security Interests15-53
      • [A] : Multiple Shipments15-53
      • [B] : Multiple Purchase Money Security Interests15-53
      • [C] : Software15-53
      • [D] : Consignments15-54
      • [E] : Proceeds15-54
      • [F] : Dual Status Versus Transformation Rule15-54
    • § 15:5.8 : Lien Creditors15-55
  • § 15:6 : Transfers of Collateral15-55
    • § 15:6.1 : Rights of Transferees Generally15-55
    • § 15:6.2 : Transferees of Money and Funds from Deposit Accounts15-56
    • § 15:6.3 : Buyers in Ordinary Course of Business15-56
    • § 15:6.4 : Nonexclusive Licensees in Ordinary Course of Business15-56
    • § 15:6.5 : Purchasers of Chattel Paper15-57
    • § 15:6.6 : Purchasers of Promissory Notes15-57
    • § 15:6.7 : Purchasers of Property Subject to Articles 3 and 815-58
    • § 15:6.8 : Retention of Proceeds by Junior Secured Party15-58
  • § 15:7 : Enforcement of Security Interests15-58
    • § 15:7.1 : Rights of Guarantors15-58
    • § 15:7.2 : Collection Rights of Secured Party15-58
    • § 15:7.3 : Disposition of Collateral by Secured Party15-59
      • [A] : Preparation of Collateral15-59
      • [B] : Certain Unusually Low-Priced Dispositions15-59
      • [C] : Warranties15-60
      • [D] : Non-Cash Proceeds15-60
      • [E] : Notice of Disposition15-60
      • [F] : Acceptance of Collateral15-61
      • [G] : Effect of Non-Compliance15-61
  • § 15:8 : Transition Rules15-62
  • Appendix 15A : Revised Article 9 Security AgreementApp. 15A-1
Chapter 16: Revised Article 9 Transition Rules
  • § 16:1 : Introduction16-1
  • § 16:2 : The Rules16-3
    • § 16:2.1 : Perfection by Filing Under Former Article 916-3
    • § 16:2.2 : Perfection by Non-Filing Under Revised Article 916-6
    • § 16:2.3 : Perfection Outside of Former Article 916-7
    • § 16:2.4 : Perfection Under Former Article 9 but Revised Article 9 Inapplicable16-8
    • § 16:2.5 : Unperfected Under Former Article 9 but Perfected Under Revised Article 916-9
    • § 16:2.6 : Continuation Under Revised Article 9 of Filings Under Former Article 916-10
    • § 16:2.7 : Amendment Under Revised Article 9 of Filings Under Former Article 916-12
    • § 16:2.8 : Termination Under Revised Article 9 of Filings Under Former Article 916-12
    • § 16:2.9 : Terminology16-13
    • § 16:2.10 : Transition Issues When Searching16-14
    • § 16:2.11 : Earlier Attached, Unperfected Security Interests16-15
  • § 16:3 : How Priority Will Work Under the Transition Rules16-15
  • § 16:4 : What Secured Party Can Do to Anticipate Revised Article 916-16
Chapter 17: Intellectual Property Financing; and Appendices 17A-17C
  • § 17:1 : Introduction17-2
    • § 17:1.1 : Types of Intellectual Property17-3
    • § 17:1.2 : Increasing Importance of Intellectual Property As Collateral17-3
    • § 17:1.3 : Interplay of State, Federal and International Law17-4
  • § 17:2 : Legal Background17-4
    • § 17:2.1 : Perfection of Security Interests Under Article 917-4
    • § 17:2.2 : Impact of Bankruptcy on Security Interests17-5
    • § 17:2.3 : Federal and International Preemption of Article 917-6
      • [A] : Article 9 Provisions Addressing Preemption17-6
      • [B] : Case Law Addressing Preemption17-8
      • [C] : Not All Intellectual Property Is Governed by Federal or International Law17-8
  • § 17:3 : Security Interests in Patents17-8
    • § 17:3.1 : Federal Law—The Patent Act of 195217-9
    • § 17:3.2 : Case Law on Perfection of Security Interests in Patents17-10
    • § 17:3.3 : Uncertainties and Practice17-11
  • § 17:4 : Security Interests in Trademarks17-16
    • § 17:4.1 : Federal Law—The Lanham Act17-16
    • § 17:4.2 : State Trademark Protection17-17
    • § 17:4.3 : Case Law on Perfection of Security Interests in Trademarks17-17
    • § 17:4.4 : Uncertainties and Practice17-18
  • § 17:5 : Security Interests in Copyrights17-19
    • § 17:5.1 : Federal Law—The Copyright Act of 197617-20
    • § 17:5.2 : Case Law on Perfection of Security Interests in Copyrights17-21
    • § 17:5.3 : Uncertainties and Practice17-24
    • § 17:5.4 : Source Code Escrows17-25
  • § 17:6 : Security Interests in Mask Works17-26
    • § 17:6.1 : Federal Law—The Semiconductor Act of 198417-26
    • § 17:6.2 : Uncertainties and Practice17-26
  • § 17:7 : Security Interests in Trade Secrets17-27
    • § 17:7.1 : Uncertainties and Practice17-27
  • § 17:8 : Security Interests in Rights in Proceeds of Intellectual Property17-28
    • § 17:8.1 : Royalties, Licenses, and Infringement Claims17-28
    • § 17:8.2 : Uncertainties and Practice17-30
  • § 17:9 : Security Interests in Goods That Incorporate Intellectual Property Rights17-33
    • § 17:9.1 : Trademark Branded Goods17-33
    • § 17:9.2 : Goods Manufactured Under Patents17-35
    • § 17:9.3 : Goods Whose Packaging or Labeling Includes Copyrights17-35
    • § 17:9.4 : Hybrid Goods with Embedded Computer Programs17-36
  • § 17:10 : Other Issues Affecting Intellectual Property Security Interests17-37
    • § 17:10.1 : Difficulty of Obtaining Current Accurate Searches17-37
    • § 17:10.2 : Delays in Recordation of Documents17-38
    • § 17:10.3 : Inability to Make Blanket Federal Filings17-38
    • § 17:10.4 : Multiplicity of Rights17-38
    • § 17:10.5 : After-Acquired Rights17-39
    • § 17:10.6 : Need for Federal Legislative Solutions17-39
    • § 17:10.7 : Proposals for an International Convention on Intellectual Property Financing17-40
  • Appendix 17A : Patent Security AgreementApp. 17A-1
  • Appendix 17B : Trademark Security AgreementApp. 17B-1
  • Appendix 17C : Copyright Security AgreementApp. 17C-1
Chapter 18: Debtor in Possession Financing; and Appendices 18A-18F
  • § 18:1 : Introduction18-2
  • § 18:2 : Legal Framework for DIP Financing18-4
    • § 18:2.1 : Statutory Provisions18-5
    • § 18:2.2 : Case Law18-9
    • § 18:2.3 : Applicable Rules, Orders, Guidelines, and Procedures18-10
  • § 18:3 : Typical Financing Orders Approved by Courts18-12
  • § 18:4 : Key Issues in DIP Financings18-14
    • § 18:4.1 : Rollup and Cross-Collateralization18-14
    • § 18:4.2 : Use of Cash Collateral Versus DIP Financing18-17
    • § 18:4.3 : Joint Debtors and De Facto Substantive Consolidation18-18
    • § 18:4.4 : Myths and Realities of Priming18-20
    • § 18:4.5 : Section 506(c) Surcharge and Section 552(b) Equities of the Case Waivers18-23
    • § 18:4.6 : Obtaining Requisite Prebankruptcy Lender Consent to Do a DIP18-25
    • § 18:4.7 : Prefiling DIP Commitments18-26
    • § 18:4.8 : Carve-Outs for Professionals and Other Administrative Expenses18-28
    • § 18:4.9 : Avoiding Power Claims and Recoveries As DIP Collateral18-31
    • § 18:4.10 : Ratification of Prebankruptcy Liens or Claims (and Time Limits on Challenging Them)18-32
    • § 18:4.11 : Scope and Automatic Perfection of Postpetition Liens18-33
    • § 18:4.12 : Interim Versus Final Orders18-35
    • § 18:4.13 : Appropriate Findings of Fact in DIP Orders18-37
    • § 18:4.14 : Binding Future Parties18-37
    • § 18:4.15 : Milestones and Credit Bidding18-38
  • § 18:5 : How to Document a DIP Financing18-39
  • Appendix 18A : Statutory Provisions Relevant to Use of Cash Collateral and DIP FinancingApp. 18A-1
  • Appendix 18B : Decisions Regarding DIP FinancingApp. 18B-1
  • Appendix 18C : Federal Rule of Bankruptcy Procedure 4001App. 18C-1
  • Appendix 18D-1 : Sample Interim DIP Financing OrderApp. 18D-1-1
  • Appendix 18D-2 : Sample Final DIP Financing OrderApp. 18D-2-1
  • Appendix 18E : Milestones—363 SaleApp. 18E-1
  • Appendix 18F : Milestones—Plan of ReorganizationApp. 18F-1
Chapter 19: Perfecting Liens Under Select European Laws
  • § 19:1 : Introduction19-4
  • § 19:2 : Granting Security in Italy19-4
    • § 19:2.1 : General19-4
    • § 19:2.2 : Type of Security—Overview19-5
    • § 19:2.3 : Type of Security—Analysis19-5
      • [A] : Land and Buildings19-5
        • [A][1] : Rankings and Registrations19-7
        • [A][2] : Voluntary Mortgages19-7
        • [A][3] : Judicial Mortgages19-8
        • [A][4] : Legal Mortgages19-8
        • [A][5] : Enforcement of the Mortgages19-8
        • [A][6] : Reduction and Extinction of the Mortgages19-9
      • [B] : Moveable Goods19-10
      • [C] : Shares/Quotas19-10
        • [C][1] : Pledge over Shares19-10
        • [C][2] : Pledge over Quotas19-11
    • § 19:2.4 : Bank Accounts19-12
    • § 19:2.5 : Receivables19-13
      • [A] : Assignment of Receivables19-13
      • [B] : Pledge over Receivables19-15
      • [C] : Differences Between the Pledge and the Assignment of Receivables19-15
    • § 19:2.6 : Moveable Goods Taken as a Group19-16
    • § 19:2.7 : Guarantees19-17
      • [A] : Fideiussione19-17
      • [B] : The First Demand (Independent) Guarantee19-18
    • § 19:2.8 : General Overview on Enforcement Proceedings19-19
      • [A] : Enforcement Concerning Real Estate Property19-19
      • [B] : Special Enforcement of Pledge19-19
      • [C] : Enforcement Following Insolvency19-20
      • [D] : Hardening Period and Claw-Back Action19-20
      • [E] : Enforceability of Foreign Decision19-21
    • § 19:2.9 : General Issues19-21
      • [A] : Corporate Interest19-21
      • [B] : Financial Assistance19-22
      • [C] : Priorities19-23
        • [C][1] : Liens19-23
      • [D] : Ranking19-25
  • § 19:3 : Creation of Security in England and Wales19-25
    • § 19:3.1 : Types of Security Interest—General19-25
    • § 19:3.2 : Mortgage19-26
    • § 19:3.3 : Charge19-27
    • § 19:3.4 : Priority19-29
    • § 19:3.5 : Registration19-29
    • § 19:3.6 : Debenture19-29
    • § 19:3.7 : Pensions Regulator19-30
    • § 19:3.8 : Possible Challenges to Security Interests19-31
    • § 19:3.9 : Financial Assistance19-31
  • § 19:4 : Taking Security in France19-32
    • § 19:4.1 : General19-32
    • § 19:4.2 : Reform of French Security Laws19-33
    • § 19:4.3 : Type of Security—Overview19-34
    • § 19:4.4 : Types of Security—Analysis19-35
      • [A] : Land and Buildings19-35
        • [A][1] : Freehold Mortgage (hypothèque conventionnelle)19-36
        • [A][2] : Reloadable Mortgage (hypothèque rechargeable)19-37
        • [A][3] : Freehold Lender’s Lien (privilège du prêteur de deniers)19-37
      • [B] : Moveable Goods19-38
        • [B][1] : Pledge over Tangible Movables19-38
        • [B][2] : Pledge over Tools and Equipment (nantissement du materiel et de l’outillage)19-39
      • [C] : Shares19-39
        • [C][1] : Pledge over Financial Instruments Accounts19-40
        • [C][2] : Pledge over Shares Other than Financial Instruments Accounts19-41
        • [C][3] : Security over Shares Issued by a SARL19-41
        • [C][4] : Security over the Shares Issued by a Société en Nom Collectif19-42
        • [C][5] : Security over Shares Issued by Civil Companies19-42
        • [C][6] : Advantages and Disadvantages19-42
      • [D] : Bank Accounts and Cash Collateral19-43
        • [D][1] : Pledge over Bank Account19-43
        • [D][2] : Pledge of Cash Collateral19-44
      • [E] : Receivables19-44
        • [E][1] : Assignment of Receivables by Way of Security Known as Cession Dailly19-44
        • [E][2] : Pledge over Receivables (Nantissement de Créances)19-45
        • [E][3] : Delegation19-46
      • [F] : Guarantees and Cautionnement19-46
        • [F][1] : Four Categories of Guarantees19-46
        • [F][2] : Cautionnement Personnel19-48
        • [F][3] : Bank Guarantees19-49
      • [G] : Intellectual Property19-49
    • § 19:4.5 : General Issues Relating to Taking Security and Guarantees in France19-50
      • [A] : Banking Monopoly Rules19-50
      • [B] : Corporate Interest19-50
      • [C] : Financial Assistance19-50
      • [D] : Shared Security19-51
      • [E] : Transferability of Loan and Security19-51
      • [F] : Priority Among Creditors19-52
      • [G] : Insolvency19-52
  • § 19:5 : Granting Security in Germany19-54
    • § 19:5.1 : General19-54
    • § 19:5.2 : Types of Security—Overview19-55
    • § 19:5.3 : Types of Security—Analysis19-56
      • [A] : Guarantees19-56
        • [A][1] : Suretyship (Bürgschaft)19-56
        • [A][2] : Guarantee (Garantie)19-57
      • [B] : Security over Shares (Anteilsverpfändung)19-57
        • [B][1] : Formalities and Costs19-58
        • [B][2] : Enforcement19-58
      • [C] : Security over Receivables19-58
        • [C][1] : Assignment of Receivables19-58
          • [C][1][a] : Blanket Assignments19-60
          • [C][1][b] : Realization of Assigned Rights and Receivables19-61
        • [C][2] : Pledge of Receivables19-61
      • [D] : Security over Bank Accounts19-61
      • [E] : Security over Land and Buildings19-62
        • [E][1] : Land Charges (Grundschulden)19-62
        • [E][2] : Mortgages (Hypotheken)19-63
        • [E][3] : Registration Process19-64
        • [E][4] : Costs Incurred upon the Creation of a Land Charge or Mortgage19-64
        • [E][5] : Enforcement of a Land Charge or Mortgage19-65
          • [E][5][a] : Enforcement Procedure19-65
          • [E][5][b] : Costs of Enforcement19-66
          • [E][5][c] : Suspension of Enforcement Proceedings19-66
      • [F] : Security over Intellectual Property19-67
        • [F][1] : Pledge of Right19-67
        • [F][2] : Assignment for Security19-68
        • [F][3] : Trademark Usufruct (Markennießbrauch)19-68
        • [F][4] : Formalities19-69
      • [G] : Security over Personal Property19-69
      • [H] : Security over Aircraft and Ships19-71
        • [H][1] : Security over Aircraft19-71
        • [H][2] : Security over Ships19-72
    • § 19:5.4 : General Issues19-73
      • [A] : Risk of “Over-collateralizing” (Übersicherung)19-73
      • [B] : Corporate Benefit19-74
      • [C] : Financial Assistance19-74
      • [D] : Priority19-74
      • [E] : Insolvency Law19-75
  Table of Authorities
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