Merrick J. Benn
Profile
Merrick is a Partner of the firm and a member of its Capital Markets Practice
Group.
Merrick has wide-ranging experience in financial transactions with a practice
concentrated primarily on representing lenders and lessors in all aspects of
equipment finance with an emphasis on transportation assets including aircraft
(corporate and commercial), rail equipment and locomotives and vessels (barges
and tankers).
Areas of Practice
Capital Markets/
Equipment Financing
Contact Information
Baltimore Office
(410) 545-5822 (phone)
(443) 769-1522 (fax)
mbenn@wcsr.com
Merrick has more than 15 years of experience representing some of the most active
bank-affiliated and large, independent equipment financing companies in the US in
developing standard lease and syndication documentation, including the
implementation of titling trusts.
Merrick’s practice includes the handling of all aspects of equipment financing
transactions including substantial experience in structuring, documenting and
negotiation of single investor Lease Agreements (true/tax motivated, finance,
TRAC and synthetic), secured financings, progress payment financings,
syndications, leveraged financings, cross-border transactions, discounting,
inventory and receivables financings, asset backed securitizations, project finance
and other forms of structured finance.
In addition to transportation assets, Merrick has extensive experience with
manufacturing and construction equipment, computer hardware and software
licenses, mining equipment, trucks and other heavy equipment, medical equipment
and modular storage facilities.
Furthermore, Merrick’s experience comprises credit enhancements, including
guaranties, letters of credit, certificates of deposit, cash collateral, deposit accounts
and pledges of certificated and uncertificated securities.
Merrick’s clients often turn to him for counseling on the acquisition and disposition
of large loan and lease portfolios comprised of all asset classes.
Prior to joining Womble Carlyle, Merrick was a member of the Corporate/Finance
practice group at DLA Piper LLP (US), where he worked on both domestic and
international financing matters with an aggregate value in the billions of dollars.
Merrick was named a 2012 VIP (Very Important Professional) by the Daily Record,
which recognizes Maryland leaders under 40 for their professional
accomplishments and commitment in their community. He is a frequent lecturer on
the negotiation and documentation of equipment lease transactions.
Representative Experience in Equipment Financing

Represented GE Capital, as lessor, in both the origination and syndication
of a high profile vendor finance facility for tech equipment at a global
internet company valued at over $100mm. The transaction was put under a
Master Lease and was ultimately syndicated.

Represented Lessor in connection with the acquisition of a portfolio of
titled motor vehicles from a national financial services company which
were under a lease with a major national food distributor. This transaction
involved complicated fiscal agency/servicing provisions and titling issues.

Represented Lessor in connection with an Aircraft Lease to a subsidiary of
a global manufacturing company. The transaction involved the subsequent
sale and assignment of the aircraft to another related entity.

Represented purchaser in connection with their acquisition from a global
diversified financial services company of a portfolio of mixed collateral –
ranging from small vendor chattel paper to aircraft leases.

Represented non-bank financial services company in its successful
acquisition of a large portfolio of titling trusts and related beneficial interest
in assets under lease to Navistar Leasing Services Corporation.

Represented Lessor in the acquisition of a large portfolio of beneficial
interests in assets from a national financial services company that were
under lease to a truckload carrier.

Represented lessor under a direct true lease to a major European food
company and closed the transaction within 5 business days working under
very tight time restraints.

Acting as U.S. counsel to a diversified financing solution provider in Hong
Kong, reviewed, revised and negotiated program documents used in
connection with a cross border, multi-currency asset based lending
program.

Represented multi-national financing entity in connection with their
acquisition from an equipment finance company of a portfolio of mixed
collateral.

Successfully represented national bank M&T Bank in connection with their
acquisition from Philip Morris Capital of the beneficial interest of a trust
estate involving the leveraged lease of 50 locomotives.

Represented BB&T Equipment Finance Corporation in their origination of
a true lease covering over 25 barges, towing vessels and related equipment
for use in the Gulf of Mexico and Mississippi Delta. Subsequently
successfully represented client in their syndication of over 75% of the
transaction to 6 institutional investors generating substantial fee income for
our client at quarter end.
Professional Activities
Bar Associations: Maryland State Bar Association, Section on Business Law;
American Bar Association, Section on Business Law.
Admitted to bar 1998, Maryland.
Civic Activities
The Associated – Young Leadership Council; Baltimore Junior Association of
Commerce, Board Member and Legal Counsel; Equipment Leasing Association.
Speaker, Lease and Finance Accountants Conference, Washington D.C., September
2012
Speaker, National Business Aircraft Association, Scottsdale, AZ., February 2012
Presenter, International Chamber of Commerce, Hong Kong, 2010
Education
B.A., Political Science, 1995, magna cum laude with honors, Muhlenberg College,
Allentown, PA; Omicron Delta Kappa.
J.D., 1998, The Dickinson School of Law of the Pennsylvania State University;
Kauffman Securities Law Moot Court Team; Senior Editor and Business Manager,
The Dickinson Journal of Environmental Law and Policy; Corpus Juris Society.
Prior Legal Experience
Senior Associate, DLA Piper LLP (US), Baltimore, Maryland, 2004-2009;
Associate, Ober, Kaler, Grimes & Shriver, Baltimore, Maryland, 1998-2004.
Publications
Author, “The Case for Equipment Leasing: An Appealing Strategy for CostConscious Companies,” Focus on WMACCA E-Newsletter (February 12, 2010).
Author, “The Dilemma of Liquidated Damages,” LJN’s Equipment Leasing
Newsletter, Vol. 24, Number 5 (June 2005).
Co-author, “How to Structure Your Next Equipment Lease,” with Patrick K.
O’Hare, Health Lawyers Weekly, Vol. 2, Issue 36 (September 10, 2004).
Author, “Sometimes It’s Not What You Say But How You Say It,” The Lending &
Leasing Alert (Spring 1999).
Author, “Assessing the Validity of Late Fees in Commercial Contracts,” The Ober
View (Winter 1999).
Co-author, “Hitachi Forces Lessors to Rethink Form Syndication Documents,” with
Edward K. Gross, Leader’s Equipment Leasing (June 1999).
Comment, “Successor Liability Strictly Applied: Basic Tenets of Contract Law and
Alienability of Property Ignored in Keystone Landfill Decision,” Dickson Journal
of Environmental Law & Policy (Spring 1997).