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Banking Law

Security Interests in Aircraft and the Quagmire of Conflict of Laws

The recent receivership of Skyservice Airlines Inc. highlights the importance to airline creditors of having in place a certain, easily understandable and uniformly applied regime regarding the perfection and priority of various interests in aircraft. The Convention on International Interests in Mobile Equipment, together with the Protocol to the Convention on International Interests in Mobile Equipment in …

Banking Law

A Few Useful Tips for Syndicate Agents

Anyone who perceives the syndicate agent appointment and related provisions in credit agreements as mere boilerplate, relatively unworthy of close attention, is likely doing themselves a disservice. The following is a brief overview of a few occasionally overlooked points. Agent for Non-Signatories The parties on whose behalf the agent is to act (collectively, the “creditors”) …

Banking Law

Corporate Governance Issues for Smaller Financial Institutions

OSFI Superintendent Julie Dickson delivered a speech to the Trust Companies Association of Canada.  The speech was focused on highlighting certain governance issues especially relevant to smaller financial institutions. The following issues were discussed: Lack of Diversification: Because smaller financial institutions generally have a lack of diversification in product lines and operations, there is little room for …