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Trade Receivables Finance

Banking & Finance is a founding practice of the firm and remains one of our signature strengths. Drawing on decades of experience, Mayer Brown offers a leading global receivables finance platform.

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Mayer Brown has extensive experience in the following areas:

Trade Receivables Securitization 
Non-Recourse and Limited Recourse Receivables Purchase
Supply Chain Finance
Trade Finance
Asset Based Receivables Lending 

Trade Receivables Securitization
Mayer Brown has been a leader in the creation and expansion of the global trade receivables securitization market. With one of the strongest securitization teams in the United States, Europe and Asia, we are regularly engaged on major projects in jurisdictions across the globe.

Additionally, we have a well-established trade receivables practice in emerging markets such as Latin America, Central and Eastern Europe, Russia, the Commonwealth of Independent States and Turkey, and we have completed multijurisdictional trade receivables purchase facilities involving receivables originating in Poland, the Czech Republic, Hungary, Mexico, Brazil and China.

Mayer Brown has been at the forefront in adapting traditional securitization true-sale technology to other hybrid receivables purchase structures, including asset-based lending structures incorporating trade receivables securitization facilities and “securitization-lite” structures. Mayer Brown has also advised on many trade receivables transactions that have received off-balance sheet treatment under FASB 166/167. The firm has been a leader in developing both the deferred purchase price and the recourse pool structures that have been developed in this context. The firm has also been a leader in structuring trade receivables transactions
funded with cash or through the issuance of letters of credit.

Finally, we have extensive experience with the current regulatory environment and its effect on trade receivables transactions including Rule 17g-5 under the Securities Exchange Act of 1934 and the Dodd- Frank Wall Street Reform and Consumer Protection Act (including the Orderly Liquidation Authority, new reporting requirements and the risk-retention rules).

Non-Recourse and Limited Recourse Receivables Purchase 
Utilizing both our world-class trade receivables securitization practice and our extensive experience in asset-based lending, Mayer Brown has developed a robust non-recourse/limited recourse receivables purchase practice offering. Mayer Brown regularly advises clients on some of the most complex transactions involving traditional factoring, invoice discounting, forfaiting and other similar products. Often we have assisted clients in implementing a receivables purchase solution alongside a borrower’s more traditional loan facility or receivables securitization to monetize excess customer concentrations. We have particular experience advising on the structuring, documentation and implementation of newly created programs around the world.

Supply Chain Finance
Our firm has extensive experience working on supply chain finance issues. Working together, lawyers from the firm’s Banking & Finance, Intellectual Property and Tax practices, among others, assist clients with the complex banking, security, regulatory, IP, accounting and tax issues associated with the cross-jurisdictional nature of a multinational company’s supply chain.
We have experience working with the electronic web-based supply chain finance programs offered by banks and third-party providers that are frequently used by major companies to organize their vendor payment process, and we are fluent in the related program documentation and financing arrangements. This experience gives us the insight to solve the issues relevant to a supply chain finance transaction, including:

  • True sale and perfection issues including rights of setoff
  • On/off-balance sheet treatment
  • Data protection and integrity issues
  • Licensing and approval issues
  • Cross-border tax issues, including withholding, VAT and other transfer taxes and permanent establishment issues
  • Electronic signature and related issues

Trade Finance 
Our firm is experienced with all manner of trade finance matters, including the structuring of sophisticated structured trade finance transactions, documentation issues (including letters of credit and bank guarantees), issues arising out of the UCP (and related codes), syndication of letters of credit (direct and by way of subparticipation), preexport facilities and buyer and supplier credits.

We have particular experience working on structured/multisourced financings that are supported by export credit agencies, multilateral agencies and vendor financiers. We have extensive experience in large-scale financings involving a range of credit agencies, including multilaterals (EBRD, IDB and IFC), bilaterals (CDC, KfW, MITI/NEXI and OPIC), ECAs (COFACE, UK Export Finance (formerly ECGD), EDC, EKN, Hermes, IFTRIC, JBIC/JEXIM, KEXIM and US Ex-Im Bank) and PRI providers (such as MIGA). Mayer Brown has acted in more than 100 transactions where we have either directly represented, or been involved in a transaction supported by, official agencies.

Mayer Brown has been a leader in the creation and expansion of the global trade receivables structured finance market. With one of the strongest structured finance teams in both Europe, the Americas and Asia, we are regularly engaged on major projects in jurisdictions across the globe.

Asset Based Receivables Lending
Mayer Brown has one of the leading international law practices in asset-based lending (ABL). We are one of the few law firms that genuinely offers a focused and experienced global ABL team with lawyers located throughout the United States, the United Kingdom, continental Europe and Asia. Our experience across jurisdictions has given us an understanding of the issues surrounding the granting, perfection and enforcement of security interests in the key jurisdictions where ABL lenders operate. We provide true start-to-finish ABL capability from inception through any workout and, in conjunction with our bankruptcy practice, through any reorganization, liquidation or secured party disposition.

Members of our team are active participants in the Commercial Finance Association, the Asset-Based Finance Association and other similar bodies.

We have particular experience with respect to:

  • Borrowing base evaluations and structuring
  • Fraudulent conveyance/financial assistance risk mitigation
  • Complex intercreditor arrangements, including split collateral pools and multi-lien structures
  • Collateral trust and sales agency structures
  • Debtor-in-possession, post-petition financings, secured party sales and alternate exit mechanisms

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