The term “boilerplate” originates from the printing industry, where “boilerplate” referred to metal plates with standardized text used for newspapers and other publications. In legal documents and contracts, boilerplate...more
As a lending lawyer for more than a quarter century at this point, I have seen that deposit accounts and deposit account control agreements are a routine component of virtually every transaction. Deposit accounts are a source...more
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
When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more
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
When thinking, talking and writing about subscription credit facilities (a “Facility”), the fund in question usually has a diversified group of investors with a wide range of commitment sizes – those funds are commonly...more