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IN THE MARKETPLACE
DVI, Inc. of Jamison, PA has announced the successful completion of a $454 million equipment lease asset-backed securitization. To date, DVI has completed 32 asset-backed securitizations, and since the initial transaction in 1991, the Company has placed $5.3 billion of such asset-backed notes in the market. The securitized assets in this transaction are comprised of loans and leases secured by medical equipment. The transaction was led by Merrill Lynch & Co. and co-managed by Banc of America Securities LLC and Nomura Securities International, Inc.. Standard & Poor's, Moody's Investor Service, Inc. and Fitch, Inc. rated each of the securitization classes of notes, with 85% of the notes rated AAA or its equivalent and 95% of the notes rated investment grade.
Fitch Ratings of New York has announced that its equipment lease asset-backed securities (ABS) delinquency index grew bigger and stronger in 2003, according to the latest edition of 'The ABS Equipment Expo.' As of March 31, 2003, total delinquencies greater than 30 days past due fell 38 basis points from the prior quarter to reach 3.73%, the lowest level since November 1998. Despite improving delinquency trends, the company remains concerned about the increasing size of the 91+ day past due bucket relative to the smaller, younger buckets. Over the past 15 months, the size of the 91+ past due bucket has steadily risen as a proportion of total delinquencies. During first quarter 2003, the 91+ bucket rose 329 basis points over the prior quarter to reach 30.2% of the total. Although first quarter 2003 delinquencies hit four-year lows within Fitch's index, prolonged macroeconomic weakness within the U.S. economy continues to affect the equipment leasing industry. While the equipment lease issuers within Fitch's index are not immune to the ramifications of economic instability, those issuers securitizing their portfolios are proving to be somewhat isolated from negative performance trends, relative to the overall market as a result of industry tiering. 'The ABS Equipment Expo' tracks equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available at http://www.fitchratings.com/.
ICON Capital Corp. of New York has announced the completion of ICON Income Fund Nine, LLC ('ICON Nine'). The fund raised $100 million of investor equity and is on track to acquire approximately $250 million of equipment subject to leases with large, creditworthy companies. Combined with prior ICON-sponsored programs, more than $500 million of equity has been raised and more than $1 billion of equipment has been acquired since ICON Nine began marketing in late 2001.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?