QUALIFICATION REQUIREMENTS AND PROCEDURES FOR MEMBERSHIP

Qualification Requirements

General Requirements. Membership in the College shall be limited to those practicing lawyers, jurists and academics licensed to practice law in the United States, Canada or Mexico and in good standing in the highest courts of their jurisdictions of Bar membership:

• whose principal practice is in the field of commercial finance law or who are serving in the judiciary or in an academic position at a law school accredited by the American Bar Association or like national organization in their jurisdiction;
• who have achieved preeminence in the field of commercial finance law; and
• who have made repeated and substantial contributions to the promotion of learning and scholarship in commercial finance law through teaching, lecturing or published writings.

For purposes hereof, “commercial finance law” means the law of personal property secured transactions, including, without limitation, the representation of lenders, financial intermediaries, investment bankers and other financial institutions in personal property securedcredit transactions, asset securitizations, structured financings, equipment leasing, factoring, project financings, workoutsand insolvencies.

Years of Practice. All nominees for membership must have been engaged in the practice or teaching of law or as a member of the judiciary, or any combination thereof, for at least fifteen (15) years prior to being considered for membership.

Commercial Finance Experience. In addition, all nominees for membership must have substantial experience in commercialfinance law for a period of atleast ten (10) of the nominee’s fifteen (15) or more years of practice.

Organizational Representation. The fact that the College has one or more Fellows from an organization shall not preclude the election of one or more additional persons from the same organization, and candidates for membership shall beconsidered without regard to the number of existing Fellows from the candidate’s organization.

Character Requirements. High ethical and moral standards and excellent character are indispensable attributes of any individual who is admitted to membership as a Fellow in the American College of Commercial Finance Lawyers, Inc. No individual shall be admitted to fellowship who lacks these qualities.

No Discrimination. No person otherwise qualified shall be excluded from consideration for fellowship or denied fellowship in the American College of Commercial Finance Lawyers, Inc. because of that individual’s race, sex, religion, sexual orientation or national origin.

Procedures for Membership

Nomination by the Fellows Nominating Committee. The Fellows Nominating Committee, as appointed by the President as provided in the bylaws of the College, may nominate a candidate for election to the College by the Board of Regents by acting upon a written proposal from a Fellow. All nominations of the Nominating Committee shall be made by means of a writtenreport to the President setting forth the name, affiliation and qualification of each person nominated.

Proposals for Nomination. Any Fellow may propose the nomination ofan eligible lawyer who is not a partner, business associate or relative of the proposer. All proposals for nomination should be supported by a second in writing by at least one other Fellow, together with detailed letters of qualification from the proposer and seconder on behalf of the lawyer proposed. Letters of qualification from other Fellows are encouraged. The proposal, together with copies of allsupporting letters of qualification, shall be filed with the Chair of the Fellows Nominating Committee or with the President of the College, who will promptly forward the proposal to the Chair of the Fellows Nominating Committee.

Conflicts of Interest. No member of the Fellows Nominating Committee shall participate in the Fellows Nominating Committee’sconsideration for proposal of a lawyer who is a partner, business associate or relative of that Fellows Nominating Committee member, or whose nomination was proposed or seconded by such committee member.

Confidentiality. All discussions, proceedings, letters and reports incident to proposals and nominations to the College shall be held in strictest confidence by the Fellows Nominating Committee and the Board of Regents, but a person who has been proposed or nominated for membership may be informed that he or she is under consideration for membership.