Asset-Backed Securities

Credit Card Receivables

Our lawyers have been lead counsel in more public and private credit card transactions over the past 10 years than any other law firm. We have advised on more than 450 transactions totaling more than US$300 billion since 2003. We have participated in the development of many innovative transactions and structures. In addition, we have experience with offerings of distressed credit card-backed securities, offerings of remarketable and repackaged credit card receivables, securitization of credit card reserve accounts, SEC registered offerings of non-U.S. credit card receivables, the acquisition of performing and distressed credit card portfolios, and the defeasance of outstanding credit card-backed securities.

Asset-Backed Conduits

Orrick's Financial Markets Group has been involved in numerous commercial paper and medium-term note programs collateralized by financial assets, including trade receivables, credit card receivables, insurance premium finance receivables, future flow receivables, off balance sheet lease receivables, equipment lease receivables, dealer floor plan receivables, automobile loans, SBA loans, CDOs and various other asset backed securities.

Short-Term ABS Financings

Orrick lawyers regularly represent clients in repurchase, securities purchase and similar agreements, the underlying assets of which include asset- and mortgage-backed securities, as well as warehousing and other arrangements in which the underlying assets are financed in connection with portfolio acquisition transactions or pending securitization or other disposition. Our Financial Markets Group also has been involved in numerous commercial paper and medium-term note programs collateralized by financial assets, including credit card receivables, automobile loans, SBA loans, trade receivables, insurance premium finance receivables, off balance sheet lease receivables, equipment lease receivables and dealer floor plan receivables.

Leases and Installment Sales Contracts

Orrick lawyers have participated in many transactions securitizing retail installment sales contracts and equipment leases, including those collateralized by synthetic leases, equipment leases, auto leases, aircraft leases, medical and scientific equipment leases, municipal leases and leveraged leases.

CBOs, CDOs and CLOs

Our Financial Markets Group has counseled issuers, placement agents, collateral managers, credit enhancement providers, swap counterparties, investors and commercial paper conduits since the inception of the collateralized debt obligation (CDO) market in the late 1980s. We have represented clients in CDO transactions securitizing a variety of assets, including high-yield bonds, bank loans, project loans, asset backed securities, collateralized bond obligation (CBO)/collateralized loan obligation (CLO) debt and equity, perpetual floating rate notes, credit linked notes, common stock, stock index funds, synthetic securities, trust preferred stock and real estate assets. We have participated in many novel transactions, including, for example, the first CLO/CBO issued by a Korean bank and the first post-Asian financial crisis CDO of an all Asian pool.

Trade Receivables

Orrick has served as issuer's counsel and underwriter's counsel in many transactions involving various types of trade receivables. These include transactions that have been publicly registered, privately placed, or issued through various securities registration exemptions or commercial paper conduits. Among the pioneering industry transactions in which Orrick has participated is the first trade receivables transaction that did not use third-party credit enhancement. In addition, Orrick has extensive experience working on transactions involving many different types of trade receivables, including railroad receivables, steel receivables, office supply receivables, utility receivables, trade receivables arising from the sale of personal computers, and trade loan receivables originated in Brazil.

Auto Receivables

Orrick has served as counsel to issuers, underwriters, credit enhancers and commercial paper conduits in numerous auto loan, auto lease, truck loan, recreational vehicle (e.g., snowmobiles and marine equipment) loan receivable transactions and dealer floor plan transactions. In addition, we regularly assist clients in establishing structured warehousing facilities.

Principal Finance

Orrick represents hedge funds, banks, investment banks, finance companies, lenders, servicers and joint ventures in connection with purchases of a variety of assets using cash and sophisticated financing techniques, including purchases of credit card receivables, auto loans, consumer loans and mortgages.

Other Asset Types

Orrick has broad experience in the securitization of new and unique asset types.

• Utilities (Stranded Costs) Receivables
• Catastrophe Bonds
• Franchisee Loan Receivables
• Tobacco Settlement Assets
• Student Loans
• Small Business Loans
• Mutual Fund Fee Receivables
• Tax Liens
• Healthcare Receivables
• Servicer Advance Payments