Cascading pledges are frequently used in subscription finance to avoid legal impediments, avoid tax implications and mitigate prohibited transaction risk under the Employee Retirement Income Security Act of 1974, as amended...more
EXECUTIVE SUMMARY -
Cash control provisions are critical features of any subscription credit facility, safeguarding lenders’ primary repayment sources while also potentially impacting the Fund’s cash management operations....more
EXECUTIVE SUMMARY -
In the evolving landscape of the subscription credit facility market, the introduction of fraud allegations by an investor against a fund as a new exclusion event marks a pivotal shift....more