OverviewGray•Duffy assisted Grandpoint Bank in the preparation of transactional documentation for lease agreements between the bank’s borrowers and sub-borrowers. The transactions were then successfully concluded.
DiscussionGray•Duffy assisted Grandpoint Bank in reviewing lease documentation between the bank’s borrower, Alliance Funding Group and Alliance’s lessee, SR2020, Inc. The issues related to the maintenance of deposit accounts in favor of SR2020 and whether Alliance had a security interest in the same. The firm also prepared a separate tri-partite agreement of understanding by and between Grandpoint Bank, Alliance Funding Group and SR2020, Inc. for the purpose of documenting certain issues including the fact that Alliance agreed that an assignable security interest existed in a deposit account and that all parties agreed and acknowledged that Grandpoint could take certain steps in connection with the deposit account as more fully set forth in the proposed agreement.
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