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David H. Field, QC is a partner in Gowlings’ Calgary office where he represents numerous domestic and foreign financial institutions in the areas of corporate finance including secured and unsecured corporate and commercial credits, asset securitizations, structured finance, derivatives, insolvency and borrower restructurings. In addition, he advises financial institutions on their internal and regulatory issues.
David has been an instructor in corporate and commercial banking for the Institute of Canadian Bankers and for the Alberta credit union system where he acts as counsel for the province’s co-operative financial institutions. As counsel to Alberta’s credit union system, David was involved in the Alberta government’s restructuring of that system and in the drafting of the current Credit Union Act (Alberta).
On July 13, 2010 David was appointed by the Alberta Government to the Board of the Credit Union Deposit Guarantee Corporation. A significant portion of David’s time is spent acting for financial institutions as a lender and/or syndication agent in (i) preparing offering letters/term sheets, (ii) negotiating and drafting bi-lateral and syndicated credit agreements, and (iii) taking borrower and loan party security. He has a particular expertise in taking security over oil and gas assets.
David has significant experience in acting for lenders or affiliates in respect of their secured interest rate, foreign exchange and commodity hedges with a particular emphasis on OTC derivatives. As a result, he has significant knowledge of the ISDA Master Agreements and their support annexes in respect of both domestic and foreign transactions and in respect of domestic and foreign counterparties. David was also part of a legal team that created a total return swap enabling Bank Act (Canada) loans to be assumed by non-bank financial institutions.
David played a significant role in the restructuring of the Canadian Pacific group of companies and, in particular, in addressing the credit facility structures for purposes of implementing the Plan of Arrangement that resulted in the new corporate structure of the Canadian Pacific businesses.
David has acted for and advised financial institutions on securitizations of trade receivables, mortgages, leases and credit cards. He was lead counsel on the securitization of the Canadian credit unions’ MasterCard credit card receivables, being one of a very few asset securitizations commenced in Western Canada.
David has authored papers for his clients in regard to oil and gas Bank Act (Canada) security, the Personal Property Security Act (Alberta), the Fair Trading Act (Alberta), asset securitization, the acquisition of Bank Act (Canada) loans by non banks and is an author of the article, "Why Credit Unions are Disadvantaged in Business Combinations: A Summary of Provincial Legislative Regimes Governing Business Combinations of Credit Unions", National Banking Law Review, Vol 27, Number 1, February 2008. |
