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Articles by Lawrence Rutkowski
Anyone dealt with a company LOANGUYS?
For those experts, your input is highly appreciated . I'm a newbie here! My offer just got accepted for an REO property and needs some rehab before we can close the loan and ready for rent. I got call from a lender LOANGUYS to do a bridge loan. I was told that they can do it as low as 5.75% for 12 mos, no docs just purely asset base, no prepayment penalty. I am new to this. Did anyone work with them or are they even legit? What are things I need to know with this kind of loan? Thank you
Promissory Notes | JD Supra
Background A promissory note, in its simplest form, is an instrument by which a Borrower (the Maker) acknowledges its obligation to repay the Lender (the Payee).
The Poseidon Principles for Marine Insurance | JD Supra
Introduction According to the International Maritime Organization (IMO), the shipping industry currently accounts for 2.2% of global emission of greenhouse gases (GHG), with the potential, if left unregulated, to increase 50-250% by 2050. In response, the IMO has targeted a 50% reduction in GHG emissions by 2050 via its GHG Strategy, approved in April 2018. Against this background, the Poseidon Principles for Marine Insurance (PPMI) came into force on December 15, 2021.
Vessel Sales and Escrow Arrangements | JD Supra
Background Much as one puts down earnest money in advance of closing on a home, or a lump sum down when buying a car, the buyer of a large commercial vessel will often lodge all or part of the purchase price with an escrow agent to provide certainty to the Seller, and more importantly, if the vessel is mortgaged, to the Seller’s mortgagee, that the purchase price will be available at closing.
U.S. Offshore Wind WTIV Jones Act Compliance | JD Supra
Background The winds of change are coming for the nascent U.S. offshore wind industry, with several large projects scheduled to come online before 2030.
Simply Speaking- June 2022: EEXI and CII - What Are the Implications for Vessel Owners and Lenders? | JD Supra
EEXI and CII - What Are the Implications for Vessel Owners and Lenders? Background The International Maritime Organization (“IMO”) adopted MARPOL Annex VI in 1997 to limit air pollutants commonly associated with vessel operations. In June 2021, the IMO, working with the Marine Environmental Protection Committee (“MEPC”), passed amendments to Annex VI aimed at reducing carbon emissions produced by vessels.
Simply Speaking - May 2022: General Average | JD Supra
Background Almost a year to the day after the EVER GIVEN blocked the Suez Canal, making global headlines and focusing the general public’s attention on the world of shipping, bad news struck the EVER GIVEN’s parent shipping company once again. The EVER FORWARD ran aground in the Chesapeake Bay, where she remained for over a month, requiring multiple refloating attempts over several weeks, including the offloading of hundreds of cargo-laden shipping containers.
Simply Speaking (October 2020) — Financial Covenants – Part I - Finance and Banking - United States
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Due diligence for ship finance transactions in USA | Lexology
Due diligence Demonstrating title or legal ownership How does one demonstrate title to or legal ownership of a vessel registered under the laws of your jurisdiction? Vessels - at least most commercial vessels and, in some instances, pleasure craft - are registered under the laws of the United States with the United States Coast Guard.
Ship mortgages and liens in USA | Lexology
Ship mortgages and other liens over vessels Types of ship mortgage What types of ship mortgages exist and what obligations may a ship mortgage secure? Can contingent obligations, including swap obligations, be secured? Are there standardised forms? There is no prescribed form of mortgage in the US. Unlike the English model, there is no statutory short form accompanied by a deed of covenants.
Ship Finance in the USA | Lexology
Use the Lexology Getting The Deal Through tool to compare the answers in this article with those from other jurisdictions. Due diligence Demonstrating title or legal ownership How does one demonstrate title to or legal ownership of a vessel registered under the laws of your jurisdiction? Vessels - at least most commercial vessels and, in some instances, pleasure craft - are registered under the laws of the United States with the United States Coast Guard.
Shipping in the USA | Lexology
Use the Lexology Navigator tool to compare the answers in this article with those from other jurisdictions. Are there any notable trends or recent legal developments in your jurisdiction’s shipping industry?
Marine insurance and accidents in the USA | Lexology
Use the Lexology Navigator tool to compare the answers in this article with those from other jurisdictions. What maritime risks must be covered under the law and what is the mandatory level of coverage? The Oil Pollution Act and the Comprehensive Environmental Response, Compensation and Liability Act set out limits of liability and require a vessel “certificate of financial responsibility” for tank and other vessels.
Carriage of goods by sea in the USA
Use the Lexology Navigator tool to compare the answers in this article with those from other jurisdictions. Is your jurisdiction party to any international conventions on the carriage of goods by sea? If so, does the relevant domestic implementing law contain any notable modifications (eg, extensions to the scope of application)?
Ship registration in the USA
Use the Lexology Navigator tool to compare the answers in this article with those from other jurisdictions. Which ships are eligible for registration in the national shipping register(s) and which parties may register ships? As defined in Section 3 of Title 1 of the US Code, the word ‘vessel’ includes “every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water”.
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