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OwnerPhilip V. Moyles, JR., Kenneth R. Pierceinventors
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Disclosed herein are means by which a company that is obligated to post collateral to secure contractually arising deductible reimbursement obligation may obtain such collateral from a third party without either using its own credit capacity or its own assets. A third party provider of collateral, the Collateral Provider, is paid a fee by a first party in exchange for posting collateral to secure the first party's contractual obligations to a second party. The collateral may either take the form of a letter of credit, or a trust that names the second party as a beneficiary. Through a contractual relationship, the letter of credit issuer or, as applicable, the trustee, assigns its subrogation rights to the Collateral Provider. Optionally and in addition to subrogation, if the credit documents permit, the contract may also require the first party to directly reimburse the Collateral Provider for the amount of the collateral in the event the second party utilizes the collateral provided by the Collateral Provider.
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to a second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to a second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A non-transitory computer-readable medium for implementing a transaction to provide collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, and in which a party providing the alternative collateral transaction vehicle obtains collateral from a lender, receives an assignment of the lender's right of subrogation, and provides collateral to the second party to satisfy the first party's collateral obligation, said computer-readable medium bearing a computer program containing instructions which, when implemented by a computer, cause the computer to execute the steps of:
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A method of implementing an alternative collateral transaction that provides collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, the method comprising the steps of:
A non-transitory computer-readable medium for implementing a transaction to provide collateral on behalf of a first party under a contractual obligation to provide collateral to an second party, wherein said contractual obligation gives rise to subrogation, using an alternative collateral transaction that provides maximum protection of the collateral provider's rights against the first party and does not violate or breach the first party's existing credit agreements, and in which a party providing the alternative collateral transaction vehicle provides collateral to the second party to satisfy the first party's collateral obligation, said computer-readable medium bearing a computer program containing instructions which, when implemented by a computer, cause the computer to execute the steps of:
Dependencies are inferred from the claim text.