This is the second in a two-part series on waterfalls in syndicated and private credit. This Legal Update examines how the waterfalls distribute value among competing creditor classes and security...
As the fund finance market continues to mature and transactions grow in complexity, valuation reports (or “valuations”) and fairness opinions have become increasingly relevant in the deal landscape. These third-party...
This Legal Update explores the considerations that a warehouse lender should bear in mind when deciding whether to provide borrowing base credit for participation interests and defining eligible participation interests....
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, its original promissory note (if any) must be delivered to...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan must be eligible to be sold and...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan’s obligor cannot be a governmental authority. Example...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan must be fully funded (or, for any...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan’s documentation cannot contain confidentiality restrictions that could...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be used for “personal, family or...
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be margin stock. Example of Eligibility...