Mike Avidon To Co-Chair Virtual Meeting of ABA Letters Of Credit Subcommittee

September 22, 2020

The American Bar Association Business Law Section Virtual Section Annual Meeting is here! It is free for Business Law Section Members. There will be many exiting CLE programs and committee meetings. You can still register at: Events and CLE.

The Letters of Credit Subcommittee will meet virtually on Tuesday, September 22, 2020 from 11:00 AM-Noon (Central time). We hope you will join us as we have useful, interesting and timely topics to cover.

Many have asked questions about access to the virtual meetings. Below are the agenda and some FAQs (with answers) about access:

Agenda:

1. Welcome by Mike Avidon (Partner, Moses & Singer LLP) and Mary Rosen (Senior Counsel, Capital Markets (International), Wells Fargo).
2. Natixis Funding Corp. et ano v. Genon Mid-Atlantic, LLC and related actions, N.Y. County Index Nos. 650817/2018 etc., 2019 WL 2319171, 2019 N.Y. Slip Op. 31511(U) (Sup. Ct. N.Y. Co. 2019), aff'd, 181 A.D.3d 481, 121 N.Y.S.3d 34 (App. Div. 1st Dep't 2020), app. den., 2020 WL 5183267 (Ct. App. 2020). In the attached decision, the Appellate Division unanimously affirmed the five decisions by the Commercial Division of the NY Supreme Court, NY County, that we discussed at our Fall 2019 meeting. Following the denial by NY's highest court of Natixis' motion for leave to further appeal, Natixis paid the dishonored drawings plus interest. Mike's firm represented the victorious letter of credit beneficiaries. Natixis had argued that a unilateral mistake in drafting 11 letters of credit and alleged fraud by the beneficiaries furnished it a defense to honoring certain drawings. Mike will lead the discussion on these cases.
3. The impact of COVID-19, including claims of force majeure and proposals to directly or indirectly revise UCC Section 5-104 on formal requirements for letters of credit, confirmations, advices, transfers, amendments and cancellations (requires authentication "(i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in Section 5-108(e)") to allow electronic signatures in contrast to paper-based UCC Article 1 definitions of "signed" and "writing." Mike and Mary will lead the discussion on this topic.
4. Supplemental letter of credit-related comments to the comments circulated at the ABA fall 2019 meeting to The Loan Syndications and Trading Association (LSTA) October 19, 2017 form of syndicated Credit Agreement. Many thanks to LSTA for permission to circulate marked, changed pages to Subcommittee members. Please note the attached changed pages (a) contain only the supplemental comments, excluding pages where the only changes were to footnote numbers, and (b) are for educational purposes in connection with our meeting and not for redistribution. Many thanks to the Subcommittee members who contributed comments. Mike and Mary will lead the discussion on this topic.

FAQs:
1. How will I access the Virtual Section Annual Meeting?

All registrants should receive an email containing unique log-in details to access the Virtual Section Annual Meeting site by Thursday, September 17. Those who register after that date should receive access details shortly after completing registration.

Each day throughout the meeting, registrants should receive a daily bulletin email including your log-in details as a reminder for easy access.

Use the log-in details to enter the Virtual Section Annual Meeting site where attendees can access complete meeting resources, including schedules, an attendee roster, meeting materials, and event links. From the Virtual Section Annual Meeting site, attendees will also be able to chat with colleagues.

CLE Programs and committee meetings will all be accessed from the Meeting site and no additional log-in will be needed. However, social events will be held via a special networking platform (Remo) and while you will be able to access the links from within the Meeting site, it will require a separate log-in. For a seamless experience, you are encouraged to create and personalize your Remo account as soon as possible.

2. What will events at the Virtual Section Annual Meeting look like?
After logging in to the Virtual Section Annual Meeting site, attendees will be able to access direct-links to all CLE programs, committee and subcommittee meetings, and social events.

  • CLE programs will be hosted on the Virtual Section Annual Meeting site and streamed as webinars. Panelists' video cameras will be used. Attendees will not have access to video or microphones. Attendees will have the ability to submit questions throughout the program. Every CLE program will have its own program landing page which will include the link to the webinar; the program description and speakers; and the link to the materials.
  • Committee meetings, subcommittee meetings, and all other non-CLE programs will be hosted as a Zoom meeting. Links will only be accessible directly from the Virtual Section Annual Meeting site and Zoom meeting details will not be shared outside of the Meeting site. Please keep in mind that this means members will need to register for the Meeting to access the any committee or subcommittee meetings. Attendees will be muted upon entry into the committee or subcommittee meeting, however they will have the ability to unmute if they'd like to speak. All participants will have video capabilities and screen sharing will also be available. Participants will be able to share their screen with all attendees. Every Zoom meeting will have a dedicated technical support person present.
  • Receptions and networking events will be hosted on the Remo platform and access to these events will require a separate log-in experience, although you will access the links to each event from the Virtual Section Annual Meeting site. For a seamless experience, you are encouraged to create and personalize your Remo account as soon as possible. Once attendees have logged-in to the reception area, they will be able to navigate the event freely, viewing other attendees present and joining small groups presented as virtual "tables."

Please register and attend our meeting. We hope to see you (virtually) in about a week! Stay well, stay safe.

Mike & Mary