gotiation of waivers from such distributors
of defenses to payment under their respective distribution agreements, a review of
the enforceability of a judgment against
non-U.S. entities under the laws of various
foreign jurisdictions, and an examination
of the claims of actors, directors, and writers to proceeds of the film under collective
Commercial finance offers today’s
young professionals avenues to explore
any industry that interests them.
What role has mentoring played in your
Mentoring has been critical in my development as an attorney. My mentors have
played a central role at each stage of my
career, from explanations of provisions of
loan documents as a junior associate, to
understanding the legal and business risks
of often-requested compromises from
opposing counsel as a mid-level associate,
to client relationship management and
collaborative loan document form creation
as a senior associate. I believe that there
is truly no substitute for mentoring from
senior attorneys who are invested in one’s
career, as I have been lucky to have.
I think that the commercial finance industry can attract more young professionals
by highlighting the industry sectors and
unique elements of contemporary finance
transactions. Every borrower and every
deal is different, and part of what makes
finance work so interesting is that considerations for a loan to a borrower in one
industry may be completely different from
considerations for a loan to a borrower in a
different industry. Each deal is a chance to
immerse oneself in a new field.
For example, a loan to a diversified supermarket chain requires an examination
of the Perishable Agricultural Commodities
Act with respect to certain inventory, an
analysis of the ability of a secured party
under applicable laws and regulations to
foreclose on alcoholic beverages and restrictions on sales thereof, and an inquiry
into HIPAA and related healthcare laws,
rules and regulations regarding realization on collateral consisting of pharmacy
prescription lists and pharmaceutical products themselves.
On the other hand, a loan to a film
producer to finance a film that will be
distributed globally implicates an entirely
different set of concerns. Such a loan
requires, among other things, an understanding of the relationship between the
producer and its sales agent, an analysis of
the financial strength of distributors, a ne-
on is an associate at Greenberg Traurig, LLP with a practice fo-
cused on traditional asset-based financings across a wide variety
of industries and financings and strategic transactions for clients in
the entertainment and media industries. Jon drafts and negotiates
full sets of transaction documents as the lead associate on deals for Green-
berg Traurig, from term sheets and commitment letters to credit, security
and inter-creditor agreements.
Jon earned a B.A. degree from Columbia University in 2004 and a J.D. degree from the University of Pennsylvania Law School in 2007.
Jon is certified as a volunteer preparer of income tax returns for the Internal
Revenue Service’s Volunteer Income Tax Assistance program and has assisted low-income individuals and families with their federal and state income
tax returns in Philadelphia, New York City, and Orange County.
Jon is a member of the ASPCA, the SPCALA, and Southern California’s Dedicated Animal Welfare Group, and lives in the Los Angeles area with his wife,
Cindy, and their two cats.
JONATHAN M. SCHALIT
Greenberg Traurig, LLP
Is there a piece of professional advice that
you would give yourself if you could go
back in time?
f I could go back in time and
give myself a piece of profes-
sional advice, I would tell my-
self to confer with the business
development, underwriting and
relationship management personnel on
each deal as early as possible. I have found
over the years that business development
team members have important busi-
ness insights and objectives that inform
drafting and negotiating term sheets and
commitment letters, while relationship
managers often have preferences for the
day-to-day administration of a loan that
may require sign-off from underwriters
and is, at times, at odds with initial ver-
sions of credit approvals.
How do you think the commercial finance
industry can attract more young professionals?