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Securitization of Renewable Energy Projects
Renewable energy developers and other investors in such projects have been seeking, and have recently found, a new way to monetize their investments via securitizations. The first renewable projects to be securitized were portfolios of residential solar assets, and other renewable projects may also lend themselves to securitizations. This article discusses the characteristics of renewable energy projects that are good candidates for securitizations, the structures and considerations involved in the recent solar project securitizations, and the impact of such securitizations on federal income tax incentives.
Basic Considerations for a Securitization
A securitization typically involves the issuance of debt securities backed by a segregated pool of financial assets. These amortize over time and generate cash flows sufficient to repay principal and interest on the debt securities, and generate residual cash flows for the sponsor or other holder of equity interests in the securitization vehicle. The securitization vehicle is usually a special-purpose entity with no other assets or debt that is designed to be bankruptcy-remote. The debt securities may be issued in a publicly registered offering or a private placement (such as a securities issuance pursuant to Rule 144A and Regulation S under the Securities Act), and may or may not be rated by one or more rating agencies.
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?