The role of commercial banks in public finance transactions has been evolving rapidly in the past several years and our banking attorneys have assisted our commercial banking clients in developing and applying the techniques by which such banks are able to provide capital and liquidity to the municipal markets.
Our expertise in traditional credit enhancement products, in the form of letters of credit, liquidity facilities, and financial guaranty insurance policies, nevertheless informs our representation of commercial banking clients in current public finance transactions regardless of structure, and our banking attorneys have an aggregate of decades of experience with these types of transactions.
Our attorneys have represented leading domestic and international banks, bond insurers, and public pension funds, in hundreds of transactions involving the credit enhancement of billions of dollars of tax-exempt bonds. We are also closely involved in representing commercial banks as direct purchasers of municipal obligations. We have the expertise to advise clients, whether commercial banks, public pension funds, public agency obligors or conduit borrowers such as private hospitals, schools and universities, on the uses, legal aspects and financing documentation of a variety of credit enhancement and other commercial bank products.
We also assist our public issuer and investment banking clients in structuring transactions to take advantage of innovative techniques offered by commercial banks, and have developed techniques combining a variety of products to address structural, timing, pricing and rating agency concerns. Hawkins regularly advises clients as to the legal status of credit enhancement products, direct loans, and direct purchases under federal and state securities laws, and as to applicable disclosure standards.
We are called upon by our clients to analyze complex security structures involving tax revenue, user fees, real estate security, lock box arrangements, and perfection of security interests in deposit accounts, securities and other personal property under Article 9 of the Uniform Commercial Code, for transactions providing financing to public agencies including states, counties, cities, special districts and other local agencies, private schools, cultural institutions and hospitals and other nonprofit corporations, and certain for-profit corporations that are able to take advantage of tax-exempt financing.
We also represent our clients in the ongoing administration and maintenance of credit facilities, including the extension, amendment, substitution and termination of credit facilities.