NY Practice Guide: Business and Commercial

NY Practice Guide: Business and Commercial

Copyright 2009, Matthew Bender & Company, Inc., a member of the LexisNexis Group.

IV OTHER TOPICS AFFECTING BUSINESS

CHAPTER 20 Secured Transactions

PART C: FORMS

4-20 NY Practice Guide: Business and Commercial § 20.20

AUTHOR: Lowell Citron, Esq. Kevin Eisenberg, Esq. Sandra Stern of Nordquist & Stern PLLC updated and revised the 2009 version of this chapter. Previously, Mr. Citron, Partner, and Mr. Eisenberg, Associate, at Loeb & Loeb LLP, New York revised the chapter in 2003 and 2004. The material in this chapter was previously revised by Mark S. Cohen, Esq. and Leonard Lee Podair, Esq. This chapter was originally prepared by Herbert L. Ash, Esq. and Mark S. Cohen, Esq.

§ 20.20 FORM 20-1: Documentation Checklist

______("Lender")

with

______("Borrower")

$______Credit Facility

Financing Transaction Checklist

To be Prepared or Provided by: [LC=Lender's Counsel, BC= Borrower's Counsel]
I. / Financing Documentation
A. / Loan Documentation
LC / 1. / [Revolving Credit] [Term Loan] [and Security] Agreement together with Exhibits and Schedules
LC / 2. / [$______] Term Loan Note
LC / 3. / [$______] Revolving Note
LC / 4. / Security Agreement
LC / 5. / Officer's Certificate re: Conditions Precedent
LC/Borrower / 6. / Financial Condition Certificate with Pro Forma Balance Sheet and Cash Flow Projections
LC / 7. / Accountant's Access Letter
LC / 8. / Payment Direction Letter
Lender / 9. / Borrowing Base Certificate
B. / 10. / Lockbox and Account Documentation
Lockbox Agreement
Counsel to Lender's Bank / 11. / Control Agreements for Deposit or Securities Accounts
LC; Counsel to Bank or Broker / 12. / Intellectual Property Documentation
Intellectual Property Searches
LC / 13. / Trademark Documentation
a. / Trademark Collateral Security Agreement
b. / Assignment
c. / Power of Attorney
LC / 14. / Patent Documentation
a. / Patent Collateral Security Agreement
b. / Assignment of Security
c. / Power of Attorney
LC / 15. / Copyright Mortgage
LC / 16. / Tradestyle Letter
LC/Borrower / 17. / Review of License Agreements
[Insert List]
LC/Borrower / 18. / Licensor Consent Letters
[Insert List]
BC / 19. / Releases of Prior Trademark Assignments
BC / 20. / Releases of Prior Patent Assignments
BC / 21. / Releases of Prior Copyright Mortgages
D. / Ancillary Collateral Documentation
LC/Borrower / 22. / Pledge Documentation
a. / Pledge Agreement
b. / [Stock Powers]
c. / [Stock Certificates]
LC / 23. / Collateral Assignment of Rights under Acquisition Agreement
E. / Insurance Documentation
BC / 24. / Certificates of Insurance and Copies of Insurance Policies
LC/BC / 25. / Loss Payable Endorsements (together with evidence of insurance agent's authority to execute same)
LC/Borrower / 26. / Key Person Life Insurance
a. / Collateral Assignment
[Insert List]
b. / Copy of Life Insurance Policy
[Insert List]
BC / 27. / Releases of Prior Assignments of Key Person Life Insurance
[Insert List]
F. / Opinions of Counsel
BC / 28. / Opinion of Borrower's Counsel
[Insert Name]
29. / Opinion of Local Counsel or House Counsel
[Insert Name]
G. / Third Party Documentation
LC/BC / 30. / Landlord Waivers
[Insert List]
LC/BC / 31. / Mortgagee Waivers
[Insert List]
LC/BC / 32. / Bailee Letters
[Insert List]
H. / Subordination and Intercreditor Documentation
LC / 33. / Subordination Agreement
LC / 34. / Intercreditor Agreement
I. / Guaranty Documentation
LC / 35. / Guaranty of ______("Guarantor")
LC / 36. / Guarantor Security Agreement
LC / 37. / Guarantor Pledge Agreement
J. / Miscellaneous
LC / 38. / ERISA Review
LC / 39. / Environmental Review
Lender / 40. / Appraisals
Lender / 41. / $______Undrawn Availability
II. / UCC, Tax Lien and Judgments [and Motor Vehicles]
LC / 42. / UCC, Tax Lien and Judgment Searches
(See Schedule A)
LC / 43. / UCC-1 Financing Statements
(See Schedule B)
LC / 44. / Tax Affidavits [if applicable]
LC / 45. / UCC-1 Fixture Filings
(See Schedule C)
BC / 46. / UCC-3 Termination Statements
(See Schedule D)
Borrower / 47. / Motor Vehicle Certificates
(See Schedule E)
III. / Subordinated Debt Financing
BC / 48. / Subordinated Credit Agreement
BC / 49. / Security Agreement
BC / 50. / Subordinated Note
BC / 51. / Other
IV. / Acquisition Documentation
BC / 52. / Acquisition Agreement
BC / 53. / Employment Agreements
BC / 54. / Management Agreements
BC / 55. / [Other]
V. / Payoff Documentation
BC or LC / 56. / Payoff Letter with Indemnity
VI. / Real Estate Documentation
LC / 57. / Mortgages/Deeds of Trust
[Insert List]
LC / 58. / Tax Affidavits [if applicable]
LC / 59. / Leasehold Mortgages/Deeds of Trust
a. / Review of Lease
b. / Landlord Consent/Estoppel
c. / Non-Disturbance from Fee Mortgagee
LC / 60. / Collateral Assignment of Leases and Rents
a. / Borrower's Interest as Tenant
(i) / Review of Lease
(ii) / Landlord Consent/Estoppel
(iii) / Non-Disturbance from Fee Mortgagee
b. / Borrower's Interest as Landlord
(i) / Review of Lease
(ii) / Subordination and Attornment Agreement from Borrower's Tenant
BC / 61. / Title Commitments together with copies of recorded instruments affecting title, judgments, UCC searches and municipal searches
[Insert List]
BC / 62. / Current or updated surveys certified to Lender and title company together with a survey report
[Insert List]
BC / 63. / Flood Insurance (in an amount approved by Lender, naming Lender as loss payee) or evidence of inapplicability
[Insert List]
BC / 64. / Evidence of Zoning Compliance
[Insert List]
BC / 65. / Certificates of Occupancy
[Insert List]
Borrower/LC / 66. / Environmental Review
[Insert List]
Lender / 67. / Appraisals
[Insert List]
BC / 68. / Release of Prior Mortgages/Deeds of Trust/Fixture Filings
Borrower/LC / 69. / Prior Mortgages/Deeds of Trust Documentation (if Prior Mortgages/Deeds of Trust are to remain on the Real Estate)
a. / Review of Documentation
b. / Subordination Agreement
VII. / Corporation Authorization
BC / 70. / Certified Copies of Certificates of Incorporation and all amendments thereto
a. / Borrower
b. / Guarantor
BC / 71. / Certified Copy of By-Laws and all amendments thereto
a. / Borrower
b. / Guarantor
BC / 72. / Good Standing Certificates and Authorizations to Business
a. / Borrower
[Insert List]
b. / Guarantor
[Insert List]
BC / 73. / Secretary's Certificate of Borrower re: Resolutions approving the borrowing and authorizing designated officers to execute agreements with Certified Copy of By-Laws and signature specimens
BC / 74. / Secretary's Certificate of Guarantor re: Resolutions approving the guarantee and authorizing designated officers to execute the guarantee with Certified Copy of By-Laws and signature specimens

Schedule A

UCC, Tax Lien and Judgment Searches

I. Borrower

Jurisdiction

II. Guarantor

Jurisdiction

Schedule B

UCC-1 Financing Statements--Filing Locations

I. Borrower

Jurisdiction / Filing Date / Filing No.

II. Guarantor

Jurisdiction / Filing Date / Filing No.

Schedule C

UCC-1 Fixture Filings--Filing Locations

I. Borrower

Jurisdiction / Filing Date / Filing No.

II. Guarantor

Jurisdiction / Filing Date / Filing No.

Schedule D

Termination Statements

Jurisdiction / Secured Party / Original File No. / Original File Date
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______
______/ ______/ ______/ ______

Schedule E

Motor Vehicles

Description / Serial Number

This form was taken from New York Practice Guide: Business and Commercial, an illustrative, how-to guide that takes you step-by-step through most New York business and commercial transactions from the vantage point of attorneys on both sides of the transactions. You'll get in-depth analysis of long-standing and recent business concerns and the guidance of experts for representing and advising clients on a multitude of issues.

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