199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1988 (ON)
Michael’s practice focuses on transactional matters in the securitization and asset-based lending/leasing areas and on the development or modernization of wholesale and retail (consumer) lending/leasing programs for vehicle/equipment lessors, financiers and OEMs. Michael advises domestic and foreign sellers and Canadian, US and other international financial institutions on domestic and cross-border securitization transactions and programs. Michael also works with both obligors and funders in domestic and cross-border loan/lease transactions. Michael regularly writes and speaks at conferences on securitizations, equipment and consumer leasing, and secured transactions. Some of his publications have been referred to in several court cases and in leading textbooks on Canadian secured transactions law. Michael has been an active participant in a number of industry associations and legal professional organizations, including the Canadian Finance & Leasing Association, the US Equipment Leasing and Finance Association, the American College of Commercial Finance Lawyers, and the Ontario Bar Association (primarily in his role as the longest-serving Chair of the Personal Property Security Law Committee). He also teaches secured transactions law at University of Toronto’s Faculty of Law.
On February 27, 2019, MBARC Credit Canada Inc. (“MBARC”), an indirect wholly-owned subsidiary of Daimler AG and a direct wholly-owned subsidiary of Mercedes-Benz Financial Services Canada Corporation (“MBFSC”), completed an offering of $522,930,000 of asset-backed notes collateralized by a pool of over 14,000 Canadian retail auto lease contracts and the related new and used vehicles. MBFSC, the Canadian financial services provider for the Daimler group, will service the 2019-A portfolio.
Mercedes-Benz Financial Services Canada Corporation (“MBFSC”), an indirect wholly-owned subsidiary of Daimler AG, established a platform to securitize from time to time its Canadian motor vehicle conditional sale contracts and installment sale contracts (“Receivables”) by forming Silver Arrow Canada LP, a limited partnership (the “Issuer”), and its sole general partner, Silver Arrow Canada GP Inc.
On October 12, 2016, MBARC Credit Canada Inc. (“MBARC”), an indirect wholly owned subsidiary of Daimler AG and a direct wholly owned subsidiary of Mercedes-Benz Financial Services Canada Corporation (“MBFSC”), completed an offering of $507,000,000 of asset-backed notes collateralized by a pool of over 15,000 Canadian retail auto lease contracts and the related new and used vehicles. MBFSC, the Canadian financial services provider for the Daimler group, will service the 2016-A portfolio.
