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On November 15, 2017, audit, tax and consulting firm PwC published a thought leadership piece titled: “Sub-line facilities: end of the road?” (the “Article”). While the subscription credit facility (“Subscription Facility”) market has become accustomed to seeing inflammatory headlines in the financial press in recent years, it is somewhat unsettling to see a thought leadership piece from the likes of PwC bear such an ominous title. PwC is an experienced, global, preeminent financial institution with countless touch points with the private equity industry. The Article’s title suggests that PwC’s audit or tax practices might have recent experiences or observations that support such a dire headline. Reading the article, however, that does not at all appear to be the case.