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Borrowers Investment Management

Cadwalader, Wickersham & Taft LLP

Behind the Scenes August 2024 - Conditions Precedent: Borrower Deliverables

The credit agreement for a subscription credit facility will list several conditions precedent that are required prior to the credit agreement becoming effective and/or the first extension of credit occurring thereunder....more

Cadwalader, Wickersham & Taft LLP

Different Yet Similar August 2024 - Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities

The key component of any subscription credit facility is the underlying capital commitments that are pledged to secure the facility. Virtually every lender will require some level of over-collateralization – meaning, investor...more

Mayer Brown

NAV Credit Facilities: The Spectrum of Collateral Structures

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Executive Summary - Net Asset Value (“NAV”) credit facilities are a tool that borrowers may use to access financing based on the value of their underlying investment portfolio. The users of these facilities are generally...more

White & Case LLP

Creditor protections in liability management transactions

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Liability management transactions which may favour a subset of creditors over another are increasingly common in the US leveraged finance markets. 2024 may be seen as the year in which these US imports began to make a real...more

Cadwalader, Wickersham & Taft LLP

Controlling Cash March 2024 - Cash Control Event: Lender and Borrower Considerations

Our readers have been blessed with wonderful Fund Finance Friday articles dealing with the maintenance of collateral accounts in 'When Deposits Don’t Travel with Loans', control over collateral accounts in 'Control or Control...more

Cadwalader, Wickersham & Taft LLP

Welcome to 2024: CWT’s European Fund Finance Market Insights - 2024 European Fund Finance Market Predictions

The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw...more

Dechert LLP

Why Are We So Calm?

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This is just a short note, with little actual utility, but it’s about something that’s really bothering me.  Why are we so calm?  What has anesthetized us?...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 1: The Restricted Activities Rule

Lowenstein Sandler LLP on

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to address what it perceives as certain conflicts...more

Cadwalader, Wickersham & Taft LLP

New Season, New Playbook September 2023 - September Reflections

This past weekend officially marked the end of summer in the U.S. as vacations and Labor Day gatherings have come and gone, and the kids are now back in school. And while I anticipate that everyone’s in-office attendance will...more

Jones Day

Clintons Puts Its Cards on the Table: Part 26A Restructuring Plan Sanctioned

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On 24 August 2023, the English courts sanctioned a Part 26A Restructuring Plan for Esquire Retail Limited, trading as Clintons, with distinctive treatment of business rates....more

Dechert LLP

Welcome to the New Normal – Funny Times Revisited

Dechert LLP on

Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the...more

Cadwalader, Wickersham & Taft LLP

Lots to Talk About in London June 2023 - In the Discretion of the Holder

A search of the term “discretion” in virtually any credit agreement will yield numerous results. It is the word or words preceding that result that often is a point of much consternation. Many borrowers prefer the use of...more

Cadwalader, Wickersham & Taft LLP

Continuation Play June 2023 - FFF Sovereign Immunity Series – Part XI: Texas Toast

After leaving South Dakota and taking on a full tank of gas in Tennessee last week, today we have our biggest prize in our 50-state road trip of sovereign immunity: Texas. It’s our luck to be your driver for this leg of the...more

Cadwalader, Wickersham & Taft LLP

Going Upstream May 2023 - Upstream and Affiliate Guaranties in NAV Loans

Guaranties are a common feature in fund finance transactions. Particularly in NAV loans, upstream and affiliate (or “sideways”) guaranties are used. Below we discuss some of the context for the use of these types of...more

Dechert LLP

Fix the CRE CLO, Mr. Market:  Tear Down This Wall!

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CRE CLO technology is languishing in the toolbox.  A combination of high interest rates, a mispriced legacy book, an anxious investor base and no real need to refresh capital until borrowers start borrowing again is largely...more

Cadwalader, Wickersham & Taft LLP

Moving into May, April 2023 - A Lender’s Perspective on Special Purpose Entities, Alternative Investment Vehicles and Qualified...

In order for fund credit parties to maintain flexibility for investments and meet the changing requirements of investor requirements (tax, ERISA, etc.), they often need to establish multiple investment vehicles to accommodate...more

White & Case LLP

Private equity sponsors intensify focus on flexibility in portfolio company loan...

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As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents Given the sharp...more

Cadwalader, Wickersham & Taft LLP

Forbear and Move Forward April 2023 - Forbearance Agreements: Bringing the Deal Parties Together

During times of market disruption and economic uncertainty, the representations and covenants set forth in a credit agreement play an even more important role in the ongoing relationship among the loan parties and lenders....more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 4: Market on the Move with Bain Capital Credit's Mike Ewald

As private credit lenders move up market, Mike Ewald, partner at Bain Capital Credit, joins the Private Market Talks podcast to discuss how big the market might get, when – and if – the syndicated market comes back, and what...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 2: Driving Alpha with AB Private Credit Investors’ Brent Humphries

In this installment of Private Market Talks, Brent Humphries, President and Founding Member of AB Private Credit Investors, speaks with us from his home in Austin, Texas. Over the course of the episode, Brent shares his...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks Episode 1: Navigating Headwinds in Private Credit with KKR’s Dan Pietrzak

In the first episode of Private Market Talks, host Peter Antoszyk sits down with Dan Pietrzak, co-head of Private Credit at KKR. Peter and Dan talk about their journeys in private credit, the importance of culture in building...more

Cadwalader, Wickersham & Taft LLP

Fear Not March 2023 - A Note to My Younger Self: Living Through a Cycle ... FEAR NOT!

As I sit here with my more than abundant supply of grey hair, which costs a fortune by the way to color in NYC so that I camouflage my real age from prying eyes, this older, wiser self has been reflecting on what I would tell...more

McDermott Will & Emery

HPE Miami 2023 | Trends and Developments in Fund Finance: Oh My!

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During this session, Partner Anh Lee moderated a panel that provided key insights on current fund financing trends, including the latest in net asset value (NAV) facilities....more

Cadwalader, Wickersham & Taft LLP

Miami Musings February 2023 | Issue No. 211 - Fund Finance Symposium Panel Recap: Syndications Panel

The past year has seen a challenging environment for the balance sheet of many banks. The ability for a bank to sell and assign their commitments in fund finance facilities has therefore increased in importance. In the...more

Cadwalader, Wickersham & Taft LLP

Miami Musings February 2023 | Issue No. 211 - Fund Finance Symposium Panel Recap: Market Evolution & Industry Perspectives

The 2023 edition of the Fund Finance Association’s annual conference was again filled with interesting insights from a wide range of industry participants and leaders. The panel titled “Market Evolution & Industry...more

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