Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
What's New in Private Equity Fund Deal Terms
There may be nothing new under the sun but there are a number of new wrinkles cropping up in the private equity fund universe which deserves some comment. Herewith a few from a fund term sheet I have recently been reviewing.
In the, “It's About Time,” department, the general partner/sponsor of a particular fund has offered to spread the management fee over the assets of the instant fund plus the successor fund if one is organized with commitments equal to or exceeding the commitments commanded by the instant fund. The idea is that, if no successor fund is organized, the management fee is calculated as a percentage of the capital commitments of the current fund; if, however, a large successor fund is organized, then the management fee is calculated as a percentage of the investments of the current fund and the successor fund, measured at cost and net of write offs and distributions. This is a clear concession to LPs, who are claiming that the management fees measured by commitments, once several funds are concurrently in existence, are well in excess of what the general partners should in the aggregate be charging.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.