Forum Selection In New York

Credit documents in lending transactions commonly contain a choice of forum provision setting forth the agreement of the parties to submit to the jurisdiction of the New York state courts and federal courts sitting in the County, City and State of New York.

Effective as of July 1, 2017, the Uniform Rules for the Supreme and County Courts in the State of New York (the "Rules") were amended to permit contracting parties to expressly consent to the specific designation of the Commercial Division of the New York Supreme Court (the "Commercial Division") as the exclusive or co-exclusive forum with the federal courts in New York state (subject to the jurisdictional and procedural requirements for assignment of a matter to the Commercial Division, as set forth in the Rules prior to this amendment). The Rules, as amended, provide sample clauses relating to forum selection in order to offer contracting parties model language by which to express their selection of the