the original credit approval and, if
so, should the lawyer review it as
well? Who will be responsible for
tracking post-closing items (in any
event, the client should be provided
with a copy of the applicable post-closing schedule)? Does the client require that UCCs, mortgages and other
perfection instruments be recorded
via an approved vendor? Does the
client intend to conduct post-closing
searches to confirm proper filing/re-cordation of perfection documents or
is the lawyer expected to be responsible for this? TSL
Leonard Lee Podair, a partner at Hahn &
Hessen LLP, regularly represents lenders in secured lending transactions.
To whom should the lawyer send
the due diligence questionnaire for
completion by the borrower group?
5. Billing Issues: Do the financial institution and the lawyer’s firm have
any special billing arrangements
in place? Does the client have an
expense reimbursement letter
signed by the borrower group and/
or a deposit for transaction costs?
Will the matter be billed periodically, at closing or in the ordinary
course, and will the bill be delivered
electronically or the old-fashioned
6. Closing and Post-Closing: What
kind of review of the client’s credit
approval is required of the lawyer?
Will the client be submitting a “
preclosing” memo as a modification of
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