Podcast: Credit Funds: Pro Rata Sharing Provisions – Key Points for Lenders
Subscription credit facilities usually require the ability to make, receive, and enforce capital calls on a pro rata basis, whether directly or indirectly through a cascading pledge structure, on 100% of the pool of capital...more
This CLE webinar will explore the evolution of erroneous payment provisions in credit agreements as a result of the infamous Revlon case. The panel will review provisions developed by market participants, including language...more
The past 12 months have seen three major rights issues by Swedish corporates, each raising approximately SEK 10 billion in new equity. White & Case advised on all of them. In recent talks with other corporates considering the...more
At a high level, the top-down approach is a simple two-step method to calculate the FRAND rate owed to a particular SEP licensor. First, the appropriate aggregate royalty for a given standard (that is, a reasonable price for...more
For 40 years, the majority of federal courts have followed the holding of Lynn’s Food Stores, Inc. v. U.S., 679 F.2d 1350 (11th Cir. 1982), that FLSA claims may be settled only through approval by the U.S. Department of Labor...more
A business court in Massachusetts has weighed in on two key issues affecting allocation of insurance coverage for long-tail liabilities in Massachusetts. Specifically, in Crosby Valve LLC et al. v. OneBeacon America Insurance...more
Private Equity: Offshore Investments and Phantom Income - Private equity funds pool capital for investment in privately-held businesses. Increasingly, PE funds are looking to global investment markets and foreign...more
Takeaways - Loan agreement provisions allowing borrowers to repurchase their loans to take advantage of steep debt discounts and restructure their debt became popular in the wake of the financial crisis. The meaning of some...more
The U.S. leveraged loan market has grown exponentially since the end of the Great Recession. From 2010 to 2020, loan volumes have risen from approximately $500 billion to nearly $1.2 trillion. This ballooning loan volume can...more
In our April 2020 Insurance Update we begin with a recap of some of the COVID-19 business interruption claims filed against insurers.... There were some important decisions over the past month from state high courts....more
Tiny deals can bring large complications. Mannix v. PlasmaNet, Inc. involved appraisal rights in a merger where the merger consideration, after adjustments, amounted to $114,000, to be split amongst 19,307,715 shares, or...more
All Sums or Pro Rata: Did You Get the Coverage You Bought? In recent decades, liabilities stemming from long-term bodily injury or property damage—as from exposure to asbestos or contamination of the environment—have...more
Indemnity Clauses and Anti-Indemnity Legislation - I. Purpose and Enforceability of Indemnity Clauses - Indemnification is an equitable doctrine that attempts to shift the burden of a judgment from one party...more
The Effect of the Financial Crisis on Middle Market Loan Terms Part 1. Loan Buybacks - In addition to providing an object lesson in the dangers of lax lending standards, the global financial crisis of 2008 gave...more