1/28/2024 0 Comments The loan arrangers maine![]() ![]() Strafford's live courses offer you a high quality andĬonvenient Continuing Legal Education and Continuing Sherry Billings ConocoPhillips Alaska Want to see more? The speakers were very knowledgeable and I liked that everyone spoke their minds. The materials were excellent and well organized. I liked that the speakers' explanations of the materials were easy to follow. Stern Partner Orrick Herrington & SutcliffeĪndrew Stutzman Partner Stradley Ronon Stevens & Young Customer Reviews Willa Cohen Bruckner Partner Alston & Bird Berman Adjunct Professor Northeastern University School of Law Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. Summers has worked on numerous subscription credit facilities for private equity and debt funds. He assists clients in understanding and evaluating existing debt capital structures for targets of acquisitions and has particular expertise negotiating commitment letters in connection with acquisition financings. ![]() Summers represents banks and commercial lenders in both syndicated credit facilities and high-yield bond financings related to leveraged buyouts and other acquisitions and provides ongoing counsel to agents and arrangers under those facilities. He also has represented various corporate clients on a wide range of financing transactions. He has extensive experience advising investment banking clients, debt funds and other lenders throughout the deal process, from the early stages through closing and funding. Summers focuses his practice on credit and capital markets transactions. Summers Partner Fried Frank Harris Shriver & Jacobson When is an intercreditor agreement necessary, and what are the issues to address?Īdam D.What are a NAV lender's remedies after an LTV default? How about a second lien lender?.How should the lender perfect its security interest in the NAV loan collateral?.What is the standard borrowing entity structure for a NAV loan?.How do valuation methodologies vary between a fund that invests directly in portfolio companies and one that invests in other funds?.The panel will review these and other questions: ![]() Intercreditor agreements in multiple lender transactions: key provisions.Borrowing entity structures and UCC perfection in NAV collateral.Adjustments to value during the loan term.Determining value for portfolio assets as opposed to "fund of funds" investments.LTV: central to NAV defaults and remedies.subscription facilities: when each is most useful in the fund lifecycle Listen as our authoritative panel discusses the nuances of NAV financing, including first/second lien and other structural variations and intercreditor issues to consider. Hybrid fund finance facilities combine financing of the investors' uncalled capital commitments with financing the fund's underlying assets. Other variations on standard NAV facilities have emerged. They should enter into an intercreditor agreement that provides who may declare defaults and exercise rights in the shared collateral, amend loan documents, or grant waivers, as well as provide for the distribution of payments and proceeds of collateral. Lenders have become more comfortable with second liens on loan collateral, and in some cases, lenders may have senior or subordinate positions in different assets of the borrower. If the borrower is a limited partnership, lenders will require that its general partner pledge its interest. Deposit or securities accounts will be subject to control agreements in favor of the lender. If an SPV holding company is formed, UCC financing statements will be filed against the holding company and borrowing entities. The NAV borrower structure can result in different approaches to perfection of the lender's security interest in the loan collateral. Determination of asset values and adjustments to values over time are thus critical aspects of NAV loan underwriting and documentation. ![]() Breaching the LTV threshold can trigger remedies, including mandatory prepayment of the facility or even foreclosure. The critical risk metric is the LTV ratio for NAV loans to remain out of default, LTV ratios need to remain below certain pre-agreed thresholds. NAV loans are loans supported by the value of interests a private equity fund holds in its portfolio companies or other funds. ![]()
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