Funds in Europe are increasingly calling on their traditional subscription finance lenders for the purpose of providing credit lines to management and executives of the fund. In one form or another, these facilities have existed in the market for some time, but an increase in the size, number and lenders willing to make these facilities available is leading to an increased focus on their (often quite technical) requirements.
Global Legal Insights: Fund Finance 2020, commonly known as the "Pink Book," was published by Global Legal Group Ltd. (GLG) this week. This is the fourth edition of the guide, which includes 25 product-oriented chapters together with 19 jurisdictional updates. Many of the world’s preeminent fund finance law firms contributed chapters, and I am extremely appreciative of their continuing support of, and contributions to, the book.
We are nearing the end of this series of articles (and making good progress through the clauses of particular interest in the fund finance market, which we are examining). This week we turn our attention to the Events of Default contained in an LMA-based subscription/capital call facility.