News & Analysis as of

Waterfall Provision

Latham & Watkins LLP

FMLC Proposes New Rule on Governing Law for Digital Assets

Latham & Watkins LLP on

Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction. There is at least a tentative consensus in English law that cryptocurrencies and other digital...more

Goodwin

Cash Management in Hotel Financing

Goodwin on

The financing of hotels and resorts requires balancing the borrower’s need for flexibility to successfully operate the hotel against the lender’s desire to prevent cash leakage should conditions related to the borrower’s...more

Goodwin

Half of private investment funds set hurdle rates at 8% but rates differ by asset class and strategy

Goodwin on

Private equity funds show the least variation, with 80% of PE funds setting hurdle rates at 8%. Real estate funds are almost as likely to set rates at 7% or 9% as 8%....more

Barnea Jaffa Lande & Co.

Distribution Waterfalls in Private Investment Funds

The number of private equity (PE) funds in Israel has increased in recent years. The Israeli market, which in the past focused more on venture capital funds (VCs), when it was a young market of startups, has matured....more

King & Spalding

Utilizing Structured Finance Techniques in Distressed Situations

King & Spalding on

Securitization, and structured finance generally, is a critical capital-raising tool for many companies. Utilizing one or more bankruptcy-remote special purpose entities to legally isolate the credit risk of quality,...more

Goodwin

TPC Bankruptcy and District Court Opinions Uphold Uptiering Transaction and Teach an Important Lesson on the Need for Express...

Goodwin on

A recent U.S. District Court for the District of Delaware opinion, In re TPC Grp. Inc., provided another instance of an uptiering transaction withstanding legal scrutiny and provides further support for the view that courts...more

Vicente LLP

Financing New Ventures: 10 Key Considerations to Structure an Equity Raise for a New Company

Vicente LLP on

Raising money for a company is challenging. It can be even more challenging if you haven’t been through the process before and don’t know what decisions you need to make. In this article, we will lay out ten different...more

Whitman Legal Solutions, LLC

Evaluating Real Estate Investments -- Waterfalls

In real estate and other financial investments, a waterfall is the distribution of cash out of the investment to investors and the sponsor or founder (which I will call the sponsor). It can be thought of how funds flow (like...more

Moore & Van Allen PLLC

Side-By-Side Comparison of Key Independent Sponsor and Searcher Terms

Moore & Van Allen PLLC on

There is often a blurring of the lines between independent sponsors and searchers engaged in a traditional search as participants in lower-middle market mergers and acquisitions transactions. The table below presents a...more

King & Spalding

Covered Funds Slightly Uncovered

King & Spalding on

The federal regulatory agencies charged with deriving and maintaining regulatory provisions pursuant to section 13 of the Bank Holding Company Act (commonly referred to as the Volcker Rule) have revised the “covered fund”...more

Vedder Price

LIBOR Benchmark Replacement – “it’s time to get off the SOFR” – an overview of the impact of LIBOR transition on aircraft...

Vedder Price on

It’s time to face up to the fact that financial market participants will soon no longer be able to rely on LIBOR. No one can claim that this comes as a surprise. In 2014, in response to concerns about the reliability and...more

Bass, Berry & Sims PLC

Nonrecourse Loan Pitfalls During the COVID-19 Pandemic

Bass, Berry & Sims PLC on

Real estate borrowers often prefer nonrecourse loans, which can eliminate or reduce the risk of having to satisfy a deficiency judgment if a project goes bad. However, most nonrecourse loans have carve-outs or exceptions to...more

A&O Shearman

Second Circuit Finds New Private Right Of Action Under Investment Company Act Of 1940

A&O Shearman on

Rejecting a widely-held consensus, on August 5, 2019, the United States Court of Appeals for the Second Circuit held that Section 47(b)(2) of the Investment Company Act (“ICA”) creates an implied private right of action for...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] Fund Negotiations—Bridging the GP/LP Gap

In this episode, demonstrating solutions in fund formation and negotiation, Akin Gump investment management lawyers Jim Deeken and Gechi Tesic perform a mock negotiation between a private equity firm and a pension fund...more

Locke Lord LLP

When Chapter 11 Plan Distributions are not Collateral: Enforcing Intercreditor Waterfall Provisions in Bankruptcy

Locke Lord LLP on

On June 19, 2019, Circuit Judge Stephanos Bibas (United States Court of Appeals for the Third Circuit) delivered an important opinion analyzing the enforceability of an intercreditor agreement relative to the distribution...more

Nelson Mullins Riley & Scarborough LLP

Poor Foresight on an Intercreditor Agreement Waterfall Provision

The United States Court of Appeals for the Third Circuit issued an opinion in Delaware Trust Company v. Morgan Stanley Capital Group, Inc., Wilmington Trust, N.A. (In re Energy Future Holdings Corp.) on June 19, 2019, in...more

Cadwalader, Wickersham & Taft LLP

Third Circuit Affirms Rulings That Distributions to TCEH First Lien Creditors Are Governed by the Bankruptcy Code Rather Than...

On June 19, 2019, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed a ruling of the United States District Court for the District of Delaware (the “District Court”) dismissing challenges...more

Foley & Lardner LLP

Beneficiary Provisions and Designations – Plan Now for More Simplicity Later

Foley & Lardner LLP on

Outside of death, beneficiary provisions and designations under qualified plans (see ERISA Section 3(8)) tend to receive little attention. Unfortunately, death may spotlight or uncover less desirable provisions and...more

18 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide