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Web Site Moses & Singer is well known for its experience in trade finance. Our attorneys www.mosessinger.com have the breadth of experience essential to negotiate, structure, and document

Banking & Finance highly complex and varied transactions. In addition, we have litigated or Michael Evan Avidon arbitrated international and domestic letter of credit disputes arising out of Viktoria Dallendorfer* trade finance (and other) transactions. For examples of the wide range of trade Steven J. Glaser finance services that our Trade Finance Group provides, please read below. Albert P. Pacelli Paul M. Roder Trade, Export, and International Development Finance & Supplier Howard L. Siegel Thomas Volet Finance Litigation & Insolvency Transactions in which Moses & Singer’s attorneys are consulted are often at Shari Alexander Alan Kolod the cutting edge of global trade finance. For example, Moses & Singer has Mark N. Parry advised commercial banks in connection with bank payment obligations David Rabinowitz (BPOs) under the International Chamber of Commerce’s (ICC) new Uniform Philippe A. Zimmerman Rules for Bank Payment Obligations (URBPO) after one of our partners served *Of Counsel on the Consultative Group for the ICC in connection with the adoption of the

URBPO. Moses & Singer’s attorneys have also represented global commercial banks in connection with (i) the first-ever Export-Import Bank of the United States (Ex-Im Bank) guaranteed loan to a foreign financing company to provide funding for the purchase by one of its affiliates of automobile parts manufactured in and exported from the United States and (ii) the first-ever privatization-driven restructuring of a credit facility to a South American power company in which an Overseas Private Investment Corporation (OPIC) non- honoring of sovereign guaranty insurance policy was converted into a direct guaranty of the obligations of the borrower. We also represented BAFT in the preparation of the New York law version of its form of Master Trade Loan Agreement.

Transactions as to which Moses & Singer routinely offers its clients advice include import and export letters of credit, documentary collections, so-called “silent confirmations,” BPOs, supply chain finance, payment claims processing, accounts receivable purchasing and forfaiting, discounting drafts, bills of exchange and promissory notes, payment guarantees, commodity finance, pre-export finance, post-import finance, trade loans, export credit agency (ECA) finance, and international development finance.

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Our experience includes cross-border credit facilities for borrowers in dozens of countries in Africa, Asia (including the Middle East), Europe, North America, and South America. Structured transactions as to which the firm has advised its clients include transactions supported by direct loans made and guarantees and insurance policies issued by agencies, development finance institutions, and multilateral investment banks, including OPIC, Ex-Im Bank, Export Development Canada (EDC), Coface (France), SACE (Italy), Hermes (Germany), EKF (Denmark), ERG (Switzerland), ECGD (U.K.), Inter-American Development Bank (IADB), and SEK (Sweden).

Letters of Credit and Credit Support

Our partner Mike Avidon is at the forefront of this area of banking law and was a leader in the most recent revision of the Uniform Commercial Code's letter of credit provisions (UCC Article 5) and the drafting of the International Standby Practices (rules for standby letters of credit) as well as serving on the ICC’s Consultative Group for the preparation of the URBPO.

Several major banks and other financial institutions regularly look to Moses & Singer in complex matters involving letters of credit, including transactions, litigation and DOCDEX proceedings. The firm's clients are issuers of commercial (documentary), direct-pay, and standby letters of credit, and standby bond purchase agreements, as well as commitments to honor or negotiate documents, bank guarantees and committed lines of credit, both to provide credit for commercial transactions and to provide credit support and liquidity for a variety of obligations, including commercial paper, industrial development bonds (IDBs), industrial revenue bonds (IRBs), and other tax exempt variable rate demand obligations, insurance obligations, asset securitizations, judgments, and other structured financings.

We regularly work with ICC rules such as UCP600, ISP98, URR 725, URDG 758, and URC 522 and international practices such as the International Standard Banking Practice for the examination of documents under documentary credits (ISBP). The credit facilities we handle range from bilateral to syndicated, from plain vanilla to synthetic and alternative (ALOC) structures.

We have also worked on outsourcing and white-label and private-label transactions in the letter of credit context.

International Transactions

In addition to transactions centered in the United States of America, we regularly represent lenders, borrowers, trustees, and other parties in a wide range of cross-border transactions. We frequently address the complex requirements for multi-jurisdictional collateralization and credit support and coordinate the obtaining of legal opinions from multiple jurisdictions.

Litigation and Other Disputes

We regularly represent clients in letter of credit and other trade-related litigation and dispute resolution proceedings, including in the state and federal courts in New York City and DOCDEX proceedings and (with the assistance of local

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counsel) in courts across the United States of America. Landmark cases in which we have been involved include 3Com Corp. v. Banco do Brasil, S.A., 2 F.Supp.2d 452 (U.S. Dist. Ct. S.D.N.Y. 1998), aff’d, 171 F.3d 739 (2d Cir. 1999) (notice of non-renewal of an evergreen letter of credit had to be clear and unequivocal, not an arguable request to our client 3Com for consent to early termination of the letter of credit) and Banco Nacional De Mexico, S.A. v. Societe Generale, 34 A.D.3d 124, 820 N.Y.S.2d 588, 2006 N.Y. App. Div. LEXIS 10829, (First Dept. 2006) (unanimously held, as urged by our client, The Clearing House Association L.L.C., a leading bank trade association that appeared as an amicus curiae, that if a letter of credit specifies New York law and a New York forum, a ruling of a foreign court on the parties’ rights will not be enforced in NY, and the NY court will judge the case for itself).

Industry Leaders

Moses & Singer’s attorneys routinely write and present on trade, export, and international development finance topics at various industry and legal association gatherings and privately for the firm’s clients and have had major roles in projects to revise or draft laws, rules, regulations, practices and forms in this area.

Prior results do not guarantee a similar outcome.

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