collateral assignment of equipment lease

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5 elements to include in collateral assignment of lease/landlord’s waiver.

06/20/2012 | by Gary D. Buchman

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Landlords of commercial properties are often asked to sign a collateral assignment of lease and a waiver of the landlord’s lien on a tenant’s trade fixtures and equipment in favor of the tenant’s equipment lender or franchisor.  The usual form presented permits the lender/franchisor to enter the leased premises in the event of a tenant default under its equipment loan or franchise agreement, in order to repossess equipment and trade fixtures.  This may occur notwithstanding that such a default of tenant’s loan arrangements is not a default under the lease.  When coupled with a collateral assignment of lease, the lender/franchisor will have a right to occupy the premises and to subsequently assign tenant’s leasehold to a new tenant/franchisee.

From a landlord’s perspective, there are several key elements to incorporate into these documents:

• The obligation of the lender/franchisor to remove the equipment and trade fixtures at, or promptly after, expiration of the lease;
• The obligation of the lender/franchisor to pay rent and other charges during its possession of the premises;
• The obligation of the lender/franchisor to restore any damage to the premises resulting from removal of equipment and trade fixtures;
• The right of the landlord to approve any future tenant that lender/franchisor may wish to take the place of the existing tenant; and
• The continuing obligation of the existing tenant, notwithstanding the collateral assignment of the lease and any subsequent repossession or assignment of the lease by the lender/franchisor.

Gary D. Buchman – Partner

Gary D. Buchman is a partner in the firm’s Real Estate Department.

• Gary D. Buchman

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• equipment lease provisions some cautions

Equipment Lease Provisions - Some Cautions

Equipment leases make up a significant portion of every business budget in the modern business world in which both the tax laws and the need for expensive computer and telecommunications hardware require large investments. Typically, a business will “invest” hundreds of thousands of dollars of its budget with telephonic systems, computerization, and, as technology increases in importance, security systems, remote offices, video conferencing equipment and wireless communications.

The lessors are often seemingly massive entities with complex names somehow mysteriously connected with “telephonic” sounding names and too often our client assumes that the lessor is a “baby bell” or a branch of some international computer company. While that is sometimes true, more often than not you are dealing with a small company with less assets than your own which finances its own access to equipment and is quite likely to cease to exist about the same time the lease runs out. Clearly the maintenance clauses are a key concern, but so is the reluctance to actually carefully read and negotiate those long and often boring lease agreements.

When the asset being leased is expensive and important for a prospective lessee, the lessee may spend the appropriate time reviewing every clause and negotiating all points of interest. However, thousands of equipment leases are signed every year that are quite routine and modest in size, such as for computers, copiers, furniture or construction, manufacturing or farming equipment. Such leases usually are prepared by the lessor and utilize a standard form of the lessor, usually in very small print. The lessor will often tell the lessee that the form is not negotiable, perhaps because the transaction is too small to justify such effort. In some cases, of course, this will be true and the lease is strictly a "take it or leave it" proposition. In other cases, there will be scope to negotiate at least a few provisions that the lessee finds objectionable.

This article shall give the basic review considerations that every business should consider before engaging in such leases. The reader is advised to also review our web articles on Contracts ; Arbitration ; Guaranties.

Basic Areas of Concern:

1. Economic Terms: Clearly the most important terms are how much is the rent, how often is it payable, what is the term of the lease and how much is payable by the lessee in the event the lease terminates early because of casualty to the equipment. These terms are the ones most usually open to negotiation and an intelligent business person will have “shopped around” to test the market long before sitting down to work out these details. It has been our experience that the average “opening offer’ is usually twenty percent higher than what the lessor will agree upon. Do not forget that the right to terminate early is often accompanied by a significant penalty and that should be negotiated with vigor.

2. Delivery Risk: It is often the case that a lessor's standard form provides that, as between the lessee and the lessor, the risk of the equipment being properly delivered and in good condition on delivery is entirely that of the lessee. The lessee could find itself required to pay rent for defective equipment (since the lessor paid for the equipment). This can be particularly offensive when the lessor is affiliated with the manufacturer who is selling the equipment to the lessee. Ideally the lessor should not pay until the equipment has been inspected and accepted by the lessee.

3. Collateral: Many standard forms require that a lessee pay one or more months of rent in advance, which in effect acts as collateral throughout the life of the lease term. This prepaid rent in some cases may be used to pay the last month's rent. Lessees often enter into leases because they believe leases provide 100% financing, but in transactions where such collateral is required, this is self-evidently not the case. Indeed, the cost of collateral may tip the economic balance and make it more economic for a lessee to buy equipment than to lease it. Of course, the lessee should attempt to obtain interest on any such collateral.

4. End of Term Options: It is always in the lessee's interest to have both a renewal option and a purchase option at the end of the lease term (including at the end of a renewal term), even if the price is at fair market value as then determined. Preferably, of course, the lessee should negotiate a fixed rate renewal or fixed price purchase option so it can in effect have the benefit of these options at the lower of the fixed rate or market value.

One very common error made by lessees is to forget about modest-sized leases and neglect to renew or purchase the equipment at the end. Many of the standard lessor forms provide that when this occurs, there is an automatic extension of the lease for a period, often as long as one year, at a not very favorable rent unless the lessee affirmatively notifies the lessor in advance that the lessee wishes for the lease to end when it is scheduled to end. Thus, a simple failure to act by the lessee can result in incurring a substantial additional obligation. Either this automatic renewal should be negotiated out, or the lessee should use a tickler system to remind itself of the need to send the appropriate notice.

5. Return of Equipment: Every lessee is obligated to return equipment in good condition at the end of a lease if the lessee has not purchased the equipment. The other details of the return obligation can be quite economically burdensome, however. For example, many leases will require that the equipment be returned anywhere the lessor specifies, sometimes disassembled and boxed, sometimes reassembled. Many leases require the lessee to store the equipment at its expense for a period of time and pay for its maintenance and insurance during this period. Some leases will require that the equipment must be in the same condition as when delivered to the lessee – and will not allow for "ordinary wear and tear". These requirements can be quite expensive, and may economically compel the lessee to purchase the equipment at the end of the lease even if it does not want to do so. Of course, at the end of some "leases" there is a $1 purchase option, in which case the return provision is not terribly relevant.

6. Tax Indemnity: It is normal in most net leases that the lessee will indemnify the lessor and its assigns for property, use, sales and other miscellaneous taxes that may be imposed on the transaction. Except in very small leases, the lessee should investigate whether there is any unexpected tax of this sort that would not exist if the lessee had merely purchased the equipment and borrowed the money to pay for it. S ome states have taxes on rentals, or gross income taxes, that can make leasing quite burdensome, and might indicate purchasing is preferable to leasing. If the lessor is not based in the U.S., the lessee must be sure no withholding taxes will apply to the rent payments.

In addition, lessees will sometimes put into form leases indemnification to protect the lessor from loss of its tax depreciation deductions for the equipment. The short version of these clauses often takes the form of an "all events" indemnity, which says that the lessee protects the lessor from this risk in all events. To fine tune these indemnities can become quite complex and a small lease will not justify such detail and the accompanying negotiation. However, at a minimum the lessee should attempt to have the indemnity only apply if the actions, breaches or misrepresentations of the lessee cause the loss of depreciation deductions to the lessor.

7. Assignment by the Lessor: Virtually every lease will give the lessor the ability to assign the lease to others. These assignments are basically of two types - a collateral assignment to a lender or an outright assignment to a new lessor. In the case of the collateral assignment to a lender which occurs after the lease is entered into, the lessee need not be overly concerned because the lender will take subject to the lessee's rights under the lease. However, normally the lease will require the lessee to expressly acknowledge such a collateral assignment. This should always be subject to the lender acknowledging the quiet enjoyment rights of the lessee. If the lessee also indemnifies the lender to the same extent as the lessor, the lessee should attempt to avoid incurring any withholding tax risk if the lender is outside the U.S. and any prepayment premium or breakage risk in the event the transaction ends early.

In the case of an assignment to another lessor, however, the lessee would find itself doing business with a stranger. In many cases, this may not matter. However, if the lessor is obligated to perform any sort of services in connection with the lease, the lessee may want to assure that the original lessor remains responsible for doing this. In particular, if the lessor is holding advance rent or other collateral of the lessee, the lessee wants to be comfortable that it will get this back at the end of the lease (assuming the lessee has performed in full). Ideally, the lease would provide that the lessee must consent to any assignment to another lessor, but in smaller leases such a provision would rarely be agreed by the lessor.

8. Events of Defaults: Remedies: Although some people spend an inordinate amount of time negotiating grace periods and cure periods in events of default, in the real world lessors and lenders are loathe to quickly foreclose because of the cost of that process and the risk of lender liability. A more important issue may be the remedies. Although general applicable law (Article 2A of the Uniform Commercial Code) provides a set of remedies to lessors, most leases will contain their own set of remedies. The one that a lessee must watch out for is the ability of the lessor to collect all future rent either without discounting, and/or without an offset for the value of the equipment returned to the lessor. This will normally result in a double recovery for the lessor. The appropriate remedy would be to present value the remaining rents and subtract from this either the present value of the fair market rent for that equipment for the balance of the lease term, or the fair market sales value of the equipment.

9. Termination Value: In larger leases, the lessor will put into the lease a schedule of Termination Values , which the lessee must pay in the event of the destruction of the equipment, event of default by the lessee or any other early termination by lessee of the lease. Typically these sums are calculated by computer and may be difficult to verify. The goal is normally to return to the lessor its investment, plus a yield on that investment plus the present value of what the fair value of the equipment was expected to be at the scheduled end of the lease term, all calculated on an after-tax basis. As the lessee will not normally have access to the tax position of the lessor, the lessee can only guess at this calculation. However, it is common for lessor's to add in a "premium" to the Termination Value calculation, in effect giving the lessor a greater all-in, after-tax yield if the lease ends early than if it had gone to term as planned. Lessees should try to resist this.

Conclusion:

This writer once represented a very successful business man who made his living with leasing equipment, in this particular case tools and construction equipment. We often worked long hours on the various lease remedies and one of my personal goals in drafting is to make business contracts concise and clear. In my opinion, confusion leads to ambiguity in obligations which leads to foolish disputes. Clients almost always agree to that outlook but this client made a point relevant here. He insisted that the lease contain as many “thereofs,” “herewiths,” and “as described above in section 2.01,…” as we could put in to make it as complex and incomprehensible as possible. “Make them bored,” he told me, “Make them want to glance over it quickly since they’d rather be reading a phone book. Looking over these things is the worst job in the office given to someone who’d rather be eating razors. We don’t care if they look at it carefully now…we only care that we have the rights if we need them.”

He made a lot of money with that approach and as far as I know, never lost a case enforcing a lease.

Keep that in mind when the next small novel entitled, “Equipment Lease” arrives on your desk. Read it carefully, take the time, use the lawyer and the CPA…and you may be very happy you did when the time comes at the end of the lease!

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Assignment Of Leases And Rents

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What is an assignment of leases and rents.

The assignment of leases and rents, also known as the assignment of leases rents and profits, is a legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. This document is usually attached to a mortgage loan agreement.

Assignment of leases and rents allows lenders to a degree of financial protection in case a loan default occurs. This document is an agreement made between a borrower and a lender of mortgage loans. It often details an exact amount the lender will be entitled to if a default happens.

Common Sections in Assignments Of Leases And Rents

Below is a list of common sections included in Assignments Of Leases And Rents. These sections are linked to the below sample agreement for you to explore.

Assignment Of Leases And Rents Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.9 10 d368735dex109.htm ASSIGNMENT OF LEASES AND RENTS , Viewed October 4, 2021, View Source on SEC .

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Loi Laing is a seasoned contract lawyer with a meticulous eye for detail and a passion for delivering excellence. Currently a legal consultant for KPMG, most recently she has also worked in San Francisco for Silicon Valley startups. Holding a Juris Doctorate from Florida State University College of Law, Loi has also studied law at Oxford University and the University of the West Indies. Throughout her career, Loi has a proven track record in meticulously reviewing and drafting contracts across various legal domains. She possesses a robust legal foundation that spans commercial business, tech, entertainment, and real estate law.

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What is a collateral assignment?

Rather than obtain funding of leases at lease origination , lessors often assign the lease payments and the leased assets to finance the leases after lease inception .  By back-leveraging , a lease funder makes a nonrecourse loan to the lease originator after inception of the lease that is secured by the collateral assignment of the leased asset to the funder and the lease payments as the means to service the debt .  As a collateral assignment, the lessor incurs a direct obligation to the lease funder for the loan while remaining the owner of the leased asset.  Since a collateral assignment usually requires lessee consent, lessors obtain the right to back- leverage leases at lease origination.

Back-Leveraging = Collateral Assignment after Lease Inception

Although the lessor retains ownership of the leased asset, a collaterally- assigned lease must be managed with the consent and approval of the assignees .  Moreover, a collateral assignment generally allows funders to share in and exercise rights of the lessor under the lease in their own name, which makes it necessary for the lessor to negotiate shared rights with the funders.  Shared rights , which are the rights of the lessor – as assignor – and the assignee that each exercises in its own name, typically include the right to receive notices and other documents from the lessee, to inspect the property interest , to enforce lessee compliance with certain covenants , to call upon the lessee for the payment of indemnities, and to seek recovery under the lessee’s liability insurance coverage.  Once the funding is repaid in full, the funder relinquishes the collateral assignment and the lessor again has full control over the asset.

In addition to shared rights and the terms of lessee consent, lease assignment provisions normally stipulate the level of assistance a lessee is to provide to a lessor, such as indemnification and insurance.  Moreover, the lease agreement will typically also contain a provision expressly providing to lessees the right to quiet enjoyment , which is the right of tenants and landlords to the continued undisturbed use and enjoyment of real property to be honored by the assignee should the real estate be collaterally-assigned.

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Best Practices: Obtaining Assignment of Leases and Landlord Waivers under SOP 50 10 5(J)

• May 16, 2018
• Michelle Sergent Kaas

SOP 50 10 5(J), Subpart B, Chapter 4 provides the following:

• When a substantial portion of the loan proceeds are to be used for leasehold improvements or a substantial portion of the collateral consists of leasehold improvements, fixtures, machinery, or equipment that is attached to leased real estate, the Lender should obtain:
• A term including renewal options that equals or exceeds the term of the loan; and
• A requirement that the lessor provide a 60-day written notice of default to the Lender with option to cure the default; and
• A Landlord’s Waiver. The Landlord’s Waiver gives the Lender access to the leased premises and facilitates the liquidation of the collateral on the borrower’s premises and should be obtained for all SBA loans with tangible personal property as collateral.

Obtaining an assignment of lease and a sufficient landlord waiver that meets SBA requirements can be a difficult task.  The borrower loses bargaining power once a lease is signed, as the landlord has little incentive to negotiate.  If possible, the borrower and/or the lender should negotiate the landlord waiver when the borrower is negotiating the lease.  This will allow the parties an even playing field upon which to negotiate.  Should the parties not come to an agreement, then the borrower can look elsewhere for an acceptable lease.

The lender and the landlord have two competing interests when it comes to assignment of leases and landlord waivers.  The lender needs to protect its collateral, to obtain access to the premises and to have time to remove its collateral upon default and/or termination of the lease.  The landlord, on the other hand, needs to remove the collateral as soon as possible in order to obtain a new tenant who will start paying rent.  Striking a balance between these competing interests is often challenging and time consuming.

If a landlord will not allow a blanket assignment of lease, then try to obtain a provision allowing an assignment upon certain criteria and/or approval of the landlord.  The landlord will more likely allow this if he has the power to approve the assignment.  If the landlord does not provide the lender with an opportunity to cure a borrower default under the lease, then propose language allowing the lender to cure the default within the same cure periods as set forth in the lease.  If the lender is subject to the same time periods as the borrower/ tenant, the landlord may be more likely to allow the lender the opportunity to cure the default.  If the landlord will not allow the lender 60 days to remove the collateral, then the lender can propose the payment of rent during this time period.  If the landlord is getting paid rent during this period, he may be more likely to give the lender the time it needs to remove the collateral.

The SBA has acknowledged the difficulties of obtaining assignment of leases and landlord waivers in the new SOP.  SOP 50 10 5(J), Subpart B, Chapter 4 now provides that “[i]f the Lender is unable to obtain the assignment of lease or landlord’s waiver Lender must document its file with the attempt to obtain the assignment and the landlord’s reason(s) for not providing it.”  Should you encounter a difficult landlord, make your best attempts to obtain the assignment of lease and sufficient landlord waiver.  If you are not able to obtain everything requested from the landlord, then follow prudent lending practices and document your file accordingly.

For more information on assignment of leases and landlord waivers, contact Michelle Sergent Kaas at [email protected] or at 267.470.1167.

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Dominic is an arbitration specialist with particular experience of acting in disputes involving Russian and CIS parties, in London and other European seats.

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• Counsel to a Chinese contractor in an SCC arbitration relating to the construction of a steel rolling mill in Russia.
• Party-appointed arbitrator in an ICC claim relating to the construction of a power plant in Russia
• Chair of an SCC tribunal hearing a claim under a contract for the supply of goods from the US to Russia
• Counsel to a Russian private equity fund in an LCIA arbitration against the seller of shares in a Russian logistics business, involving claims for misrepresentation and for breach of warranty.
• Party-appointed arbitrator in an SCC arbitration relating to a construction project in Kazakhstan
• Chair of an ICC tribunal hearing a dispute between a CIS purchaser and a Brazilian supplier of agricultural goods.
• Counsel to a Russian real estate developer in an SCC arbitration against its joint venture partner to enforce a put option agreement.
• Counsel to a Russian real estate developer in an LCIA arbitration against its joint venture partner.
• Counsel to a Russian state-owned energy company in a SCC arbitration against foreign investors.
• LCIA-appointed sole arbitrator in a claim under a joint venture agreement between two CIS Parties.
• Counsel to a Russian oil field services company in relation to a potential LCIA arbitration claim arising out of an M&A transaction and in relation to a potential SCC claim arising under a equipment leasing agreement.
• Chairman of an ad hoc UNCITRAL tribunal hearing a claim by an investor from one CIS country against another CIS country under the Energy Charter Treaty and a bilateral investment treaty.
• Counsel to a Russian real estate developer in a potential LCIA claim against a co-investor under a shareholders agreement.
• LCIA-appointed co-arbitrator in a construction-related dispute between a Russian owner and a European contractor.
• Counsel to a Russian mining company in a potential dispute under Swiss Rules against a foreign contractor.
• Counsel to a Russian financial institution in two sets of LCIA proceedings against its former clients relating to trading losses.
• LCIA-appointed arbitrator in a claim for a debt under a loan agreement against a CIS company.
• Counsel to a Russian bank in an LCIA claim for recovery of a debt due under a loan agreement.
• Counsel to a US engineering company in three MKAS arbitrations brought by Russian purchasers of equipment.
• Counsel to a Russian financial institution in an LCIA arbitration claim against a Russian company for the recovery of a debt, and in a related LCIA claim relating to a set-off of the same debt, involving satellite proceedings in the Cyprus and English courts.
• Counsel to a Russian trustee of assets owned beneficially by two Russian businessmen, in a potential LCIA dispute with one of the beneficiaries.
• Counsel to a the Russian majority shareholder of a telecommunications company in an ad hoc arbitration claim against its European co-majority shareholder under a shareholders agreement.
• Counsel to a Russian retailer in an LCIA claim against the sellers under a share purchase agreement, involving satellite litigation in the Netherlands.
• Counsel to the Russian shareholders of an oil company against their European co-shareholders in a potential SCC arbitration and related English litigation.
• Counsel to a Russian real estate developer in various disputes relating to the collapse of a construction site in Moscow, including a potential LCIA arbitration.
• Counsel to a European reinsurance company in a dispute relating to breakdown of machinery owned by a Russian power company.
• Counsel to a European leaser of equipment in two sets of MKAS arbitration proceedings against Russian lessees of the equipment.
• Counsel to the Russian developer of a hotel in Moscow in LCIA proceedings and satellite proceedings in Cyprus.
• Counsel to a European bank in Russian litigation for the recovery of a debt.
• Counsel to a European engineering company in potential ICC proceedings for recovery of a debt against a Middle-Eastern buyer, including satellite litigation in Germany.
• Counsel to the Russian subsidiary of a European manufacturer in relation to claims for the invalidation of contracts concluded by a former general director, and in relation to corporate governance issues in Russia.
• Expert witness on English law issues in MKAS arbitration proceedings and in subsequent related Russian litigation.
• Counsel to a US oil company in a dispute with an West African country, involving mediation under ICC Rules.
• Counsel to a European energy company in an ICC arbitration against a Middle-Eastern contractor relating to the construction of offshore gas platforms.
• Counsel to a European contractor in three separate ad hoc arbitrations against a Middle-Eastern State-owned entity relating to delay and disruption in the construction of a petrochemical complex.
• Counsel to a oil company in a dispute with a West African Government relating to a production sharing agreement.
• Counsel to a Central European state agency in two connected ad hoc arbitrations against a European bank relating to representations and warranties given in a share sale agreement.
• Counsel to a European cement manufacturer defending an ICC claim brought by a quarry operator.
• Counsel to an English rail company in an ad hoc arbitration against a foreign joint venture partner relating to revenue sharing arrangements.
• Counsel to a French construction company in an arbitration against a Central European state agency relating to the construction of motorway tunnels.
• Counsel to a French manufacturer in an ICC claim against a European licensee of technology.
• Legal 500 2021: "Dominic Pellew is a great tactician."
• Chambers 2021: Ranked in International Arbitration: Commercial Arbitration (UK Wide)
• Chambers 2021: "He is a great strategist and has a lot of expertise." "His experience with and understanding of different cultures is very evident and is of invaluable assistance in times of stress."
• Best Lawyers , 2010-2021: Leading lawyer in arbitration & mediation, international arbitration and litigation.
• Pravo-300, 2019-2021: Leading lawyer in international arbitration in Russia.
• Chambers Global and Chambers Europe , 2009-2021: Recommended lawyer in dispute resolution in Russia (experts based abroad).
• Best Lawyers , 2016: Moscow International Arbitration "Lawyer of the Year".

Publications

• Dec 2015: "The Effect of the EU Russia-related Sanctions on Arbitrators and Arbitral Institutions", Les Cahiers de l'Arbitrage 2015 No.3
• Nov 2012: "Pismennaya stadiya razbiratel’stva v mezhdunarodnom arbitrazhe – nekotorye osobennosti protsedury angliiskovo tipa” ("The written phase of proceedings in international arbitration – some peculiarities of English-style procedure”), essays in honour of the 80th anniversary of MKAS, Statut, Moscow
• Sep 2011: "The arbitrability of statutory shareholder claims under English law following the decision of the Court of Appeal in Fulham Football Club: a step forward or backwards for arbitration?”, paper given at ABA Conference on Resolution of CIS-Related Business Disputes, Moscow
• Nov 2008: "Enforcement of International Arbitral Awards in Russia – Still a Mixed Picture" (co-written with Boris Karabelnikov) ICC Bulletin Vol 19 No.1 2008
• Oct 2007: "Section 17 of the English Arbitration Act – Too Favourable for Claimants?" (co-written with Fredrik Sjovall) DIAC Journal Vol 2
• Jan 2006: Commentary on a decision by the French Cour de cassation allowing enforcement of an award in France – Mezhdunarodny kommercheskiy arbitrazh (International Commercial Arbitration), 2006:1
• Dec 2005: Commentary on a decision of the Russian Higher Arbitrazh Court allowing enforcement of an award in Russia – Stockholm International Arbitration Review 2005:1
• Feb 2005: "Enforcement of the NOGA arbitral awards in France" – International Arbitration Law Review 2005:1
• 2003: Commentary on a decision of the Russian Higher Arbitrazh Court refusing enforcement of an award in Russia, Stockholm International Arbitration Review, 2003:2
• Jul 2002: "La caution judicatum solvi dans l’arbitrage international” ("Security for Costs in International Arbitration”), Le Juriste.

Speaking appearances

• Feb 2015: "The Effect of the Current EU Sanctions on Russia-related Contracts", C5 conference on international dispute resolution involving Russian/CIS parties, London
• Nov 2014: "Anti-Suit Injunctions", SCC seminar on International Dispute Resolution, Stockholm
• May 2014: "Some Observations on the Current Proposed Reforms to Russian Arbitration Law", Russian Arbitration Day, Moscow
• April 2014: "Arbitration under LCIA Rules", Forum on International Dispute Resolution, Almaty 
• Feb 2014: "Should English arbitrators apply Russian mandatory rules?”, C5 conference on dispute resolution involving Russian/CIS parties, London
• Feb 2013: "Interim Remedies in the English Courts – a Reason for Choosing a London Seat?”, C5 conference on dispute resolution involving Russian/CIS parties, London;
• Dec 2012: Managing Investment Disputes”, AIPN conference, London
• Nov 2011: "Remedies in International Arbitration”, SCC conference, Ekaterinburg
• Nov 2011: "How Enforceable are Foreign (European) Awards in Russia?”, Kiev
• May 2011: "Conflicts of Interest in Investment Arbitration” ILO conference, Moscow
• Apr 2010: "Treatment of Foreign Investors in Russia, Kazakhstan and Azerbaijan" – University of Kiel conference series, Kiel
• Nov 2009: "ICSID – Pros and Cons for the State and Investors", Russian Academy of Sciences, Moscow
• Jun 2009: "Vidimye polnomochiya v angliyskom prave" ("Ostensible Authority in English Law") – ILC, Moscow Chamber of Commerce and CIArb conference in Moscow
• Sep 2009: "The Role of Factual and Expert Witnesses in International Arbitration: Does the System Work?" – presentation to the Moscow Young Arbitrators' Group
• Mar 2009: "Asset Protection through Interim Measures" – British Embassy, Moscow
• Mar 2009: "Managing Joint Ventures with Local Entities – How to Minimise Risks" – ACI Summit on Anti-Corruption, Moscow
• 2006-2007: Course on English commercial law taught to business school students at INSEEC, Paris
• 2005-2007: Class on International Arbitration procedure taught at the Ecole de Formation du Barreau (EFB), Paris

Prior and Present Employment

• Partner – Dentons (2014)
• Partner – Baker Botts, London (2011-2013)
• Partner –  Lovells, Moscow (2007-2010)
• Associate – Herbert Smith (London, Moscow, Paris) (1995-2006)
• Trainee – Herbert Smith, London (1993-1995).

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