Finance Law and Banking Law

In leveraged and asset-based lending, the unitranche structure offers a sophisticated approach to allocating risk and return among lenders within a single credit facility. How do first out and last out arrangements work in practice, and what critical provisions should lenders negotiate to protect their interests? This analysis examines the mechanics, economic features, and key considerations that inform participation decisions in these increasingly popular financing structures.

Representations and warranties insurance (“RWI”) for mergers and acquisitions (“M&A”) is more accessible than ever due to increasing democratization in the market.

You have found a business you want to buy. The seller has an existing SBA loan with a solid interest rate, and the idea of simply stepping into their shoes — taking over the loan along with the business — sounds...

Payment-in-kind (PIK) interest allows fund borrowers to defer cash interest payments by converting them into additional principal obligations, offering a powerful liquidity management tool for private equity and real estate investment funds. This analysis examines the strategic considerations, tax implications, and regulatory guardrails that both borrowers and lenders must evaluate when implementing PIK interest provisions in subscription and NAV facilities. From leverage covenant compliance to interest rat

The rated note fund market has experienced explosive growth, with 2025 issuance volumes reaching all-time records as insurance companies and regulated investors seek capital-efficient exposure to private credit strategies. This comprehensive analysis examines how RNFs elegantly solve regulatory capital challenges by converting LP equity interests into rated debt instruments, the structural mechanics of vertical versus horizontal capital structures, and the evolving regulatory landscape including NAIC's prin

Valuations and fairness opinions have become essential tools in fund finance transactions as deals grow more complex. This analysis explores how these independent third-party assessments help fund sponsors, limited partners, and lenders navigate conflicts of interest, satisfy fiduciary duties, and establish transparent pricing in continuation vehicles, NAV lending, and affiliated asset transfers.

In leveraged and asset-based lending, the unitranche structure offers a sophisticated approach to allocating risk and return among lenders within a single credit facility. How do first out and last out arrangements work in practice, and what critical provisions should lenders negotiate to protect their interests? This analysis examines the mechanics, economic features, and key considerations that inform participation decisions in these increasingly popular financing structures.

U.S. CLO and asset-based loan markets demonstrated remarkable resilience through a turbulent first half of 2026, absorbing tariff shocks, credit downgrades, and geopolitical tensions while maintaining robust issuance levels. With a large pool of deals ready for refinancing, improving spreads, and favorable regulatory developments, the market is positioned for a potentially record-breaking second half as investor appetite remains strong and new financing structures continue to evolve.

The rated note fund market has experienced explosive growth, with 2025 issuance volumes reaching all-time records as insurance companies and regulated investors seek capital-efficient exposure to private credit strategies. This comprehensive analysis examines how RNFs elegantly solve regulatory capital challenges by converting LP equity interests into rated debt instruments, the structural mechanics of vertical versus horizontal capital structures, and the evolving regulatory landscape including NAIC's prin

Explore the latest developments in sustainable energy and infrastructure, from attorney insights and DOE financing myths to M&A activity in solar, EV charging, and clean energy sectors. Discover how legal expertise, strategic investments, and regulatory updates are shaping the future of renewable energy markets.

Space related assets are becoming investable for infrastructure investors, but not uniformly and not on conventional terms.

As commercial air travel surges past pre-pandemic levels with 1.1 billion passengers in FY2024, US airports face unprecedented demand for modernization. Major transformations at LaGuardia, JFK, and LAX demonstrate how public-private partnerships are delivering multi-billion dollar terminal redevelopments, automated transit systems, and consolidated facilities. With Washington Dulles seeking complete terminal replacement and new airports like Chicago's South Suburban project in procurement, the private secto