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 | | |11. |Control Agreements for Deposit or Securities Accounts | | | | | |

|Bank | | | | | | | | | |

| | |LC; Counsel |12. |Intellectual Property Documentation | | | | | |

| | |to Bank or | | | | | | | |

| | |Broker | | | | | | | |

| | | | |Intellectual Property Searches | | | | | |

|LC | | |13. |Trademark Documentation | | | | | |

| | | | |a. |T| | | | |

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|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. |P| | | | |

| | | | | |l| | | | |

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| | |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. |C| | | | |

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| | | | | |]| | | | |

| | |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. |R| | | | |

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| | | | | |t| | | | |

|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|R| | |

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| | | | | |n| | |

|BC | | |70. |Certified Copies of Certificates of Incorporation and all amendments | | | | | |

| | | | |thereto | | | | | |

| | | | |a. |B| | | | |

| | | | | |o| | | | |

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| | | | |a. |B| | | | |

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| | | | |a. |B| | | | |

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| | | | | |]| | | | |

|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.

Learn more or purchase now on the Lexis Store [] or, if you have a subscription to , you can research the publication online [1-1 NY Practice Guide: Business and Commercial 1.syn].

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