Sponsors indulge in two very different fantasies when forming a successor fund. The first is to clone their predecessor Limited Partnership Agreement, change the date and the Roman numeral and be done with it. The second is to revise every longstanding, suboptimal provision and finally be governed under documents that say what they wished. Neither […]
Lenders may be left compromised when a deal termsheet does not make clear how much control sponsors have over the transfer of payments. Experienced lawyer Stephen Mostyn-Williams of Debt Explained highlights one alarming example.