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Articles by Michael S. Timpone
ISDA Releases Marshall Islands Netting Opinion
On December 15, 2023, the International Swaps and Derivatives Association, Inc.
ISDA Releases Marshall Islands Netting Opinion | JD Supra
On December 15, 2023, the International Swaps and Derivatives Association, Inc.
Offshore Wind Public Funding
Offshore wind is the renewable energy industry's newest darling. Federal and state funding opportunities have abounded in the wake of increasingly available and reliable technologies to implement the green energy source, but these opportunities coexist with myriad regulatory frameworks. Though offshore wind is not entirely without opposition, the US government and various federal and state agencies have excitedly begun working on wind power projects and incentives.
Ocean Shipping Reform Act
The Ocean Shipping Reform Act (OSRA), which amends the Shipping Act, was signed into law by U.S. President Joseph Biden in 2022 to alleviate certain measures taken by shipping companies in the midst of supply chain delays.
Michael S. Timpone from Seward & Kissel Author Profile Page
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The Corporate Transparency Act
The Corporate Transparency Act (CTA) was enacted by the United States Congress, and signed into law by President Joseph Biden, in 2021 as part of the Anti-Money Laundering Act of 2020. The purpose of the CTA is to combat money laundering and terrorism funding. The CTA takes effect on January 1, 2024.
Government Tax Incentives For Offshore Wind Investments
Offshore wind investments have become increasingly popular within the renewable energy sector due to the vital role they play in the global transition to clean energy. United States congress has created federal tax benefits to incentivize innovation, capital investment, and employment growth and to lower costs, resulting in more affordable clean energy.
"Pursuant To Agreement" Mortgage Under The Marshall Islands Maritime Act
Section 309(2) of the Maritime Act of the Marshall Islands has been amended recently to provide important clarifications on what indebtedness may be secured by a so-called "pursuant to agreement" mortgage as described further below. The general rule under the Maritime Act is that a ship mortgage may not secure future indebtedness that has yet to be incurred at the time of the mortgage recording.
Amendments To The Marshall Islands Maritime Law And Regulations: Pre-Signing Mortgage Instruments
The Republic of the Marshall Islands recently amended its maritime law and related regulations. Specifically, Section 302 of the Maritime Act of the Marshall Islands (the "Maritime Act") has been revised to allow that certain mortgage instruments – those that provide they shall only become valid and effective upon recording with the maritime administrator – shall in fact be valid and effective only upon such recording with the maritime administrator.
Amendments to the Marshall Islands Maritime Law and Regulations: Pre-Signing Mortgage Instruments | JD Supra
Background The Republic of the Marshall Islands recently amended its maritime law and related regulations. Specifically, Section 302 of the Maritime Act of the Marshall Islands (the “Maritime Act”) has been revised to allow that certain mortgage instruments – those that provide they shall only become valid and effective upon recording with the maritime administrator – shall in fact be valid and effective only upon such recording with the maritime administrator.
“Pursuant to Agreement” Mortgage under the Marshall Islands Maritime Act | JD Supra
Background Section 309(2) of the Maritime Act of the Marshall Islands has been amended recently to provide important clarifications on what indebtedness may be secured by a so-called “pursuant to agreement” mortgage as described further below. What was the issue? The general rule under the Maritime Act is that a ship mortgage may not secure future indebtedness that has yet to be incurred at the time of the mortgage recording.
The Corporate Transparency Act | JD Supra
Background The Corporate Transparency Act (CTA) was enacted by the United States Congress, and signed into law by President Joseph Biden, in 2021 as part of the Anti-Money Laundering Act of 2020. The purpose of the CTA is to combat money laundering and terrorism funding. The CTA takes effect on January 1, 2024. What does the CTA require?
Knock-for-Knock Indemnities | JD Supra
Background A knock-for-knock indemnity clause is a contractual risk allocation mechanism commonly utilized in the oil and gas industry. Charterparties and other maritime contracts concerning vessels also sometimes include this concept. What are knock-for-knock indemnities?
Facility Fees and Accrual | JD Supra
Background Lenders not only earn interest on the amounts lent, which needs to be sufficient not only to cover the lender’s cost of capital but also provide a sufficient return, but they also typically receive, depending on their role, transaction related fees, e.g., agency fees, commitment fees, upfront fees, arrangement fees, etc. These fees are negotiated at the Term Sheet stage of the transaction and may be set forth in the facility agreement or in one or more fee letters.
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 (October 2020) — Financial Covenants – Part I - Finance and Banking - United States
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Ship Finance: An Opportunity For Private Funds
To print this article, all you need is to be registered or login on Mondaq.com. Shipping, defined for the purposes of this article as a business that generates revenues from vessels that can propel themselves on water, is a capital-intensive industry, where depending on the type and size, a single income-producing asset (i.e. the ship) can cost tens of millions of dollars.
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