Thomas Caruso

Managing Associate

New York

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Thomas Caruso is an associate in Orrick’s New York office and a member of the firm’s Structured Finance Group. Tom’s practice focuses on securitization, public offerings and private placements, as well as the negotiation of documentation underlying derivative transactions.

Tom has experience with a wide variety of asset classes, including commercial mortgages, residential mortgages, student loans, auto loans and leases, tender option bonds and consumer loans.

Tom was a summer associate in the firm's New York office in 2016.

Posts by: Thomas Caruso

ACIC Releases Model Provision for Swap Breakage


On April 18, the American College of Investment Counsel (the “ACIC”) released a final version of its Model Form Make-Whole and Swap Breakage Indemnity Language (the “Model Provision”),[1] as well as a substantially similar Swap Indemnity Letter Form (the “Letter Form”).[2] These final versions of the Model Provision and the Letter Form revise the initial drafts, released for comment on May 20, 2018, which were prepared to replace the existing 2007 versions. The purpose of both the Model Provision and the Letter Form is to place noteholders purchasing non-U.S. dollar denominated notes and entering into a cash-flow hedge with a swap counterparty in a similar economic position as if they had purchased a U.S. dollar denominated note.[3] READ MORE