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Reminder of NAV Decline Triggers

Investment Funds & Advisers Insights

Below are some of the thoughts and insights from members of the Shartsis Friese LLP Investment Funds & Advisers Group on current issues facing private fund managers, investment advisers and private investment funds. This page also serves as a convenient location to access the Investment Funds & Advisers Group’s historical client letters and new posts. Content on this page will touch on all aspects of our clients’ businesses in the investment fund and adviser industry. Any questions and comments you may have should be directed to one of the attorneys in the Investment Funds & Advisers Group: Jahan Raissi, Neil Koren, Jim Frolik, Christina Hamilton, David Suozzi, Anthony Caldwell, Joan Grant, Kat Miller, Emma L.G. Wolfe, or Rachel Sackett.

Reminder of NAV Decline Triggers

Given the recent market volatility, we thought we would remind you about NAV decline triggers in your agreements with counterparties. Most swap, securities lending and margin lending agreements (some of which may be in brokerage account agreements) include covenants that require your firm or its client or fund to notify the counterparty if certain events occur. One common covenant requires notice to the counterparty if the net asset value of the client or fund decreases more than a specified percentage during a given period (such as 10-15% during a given month) or below a specified amount. You should review those provisions carefully. You should also comply with other common covenants that require that you deliver information (such as monthly NAV estimates and your funds’ audited financial statements) by the specified deadlines.

If you have any questions, please contact one of the attorneys in the Investment Funds & Advisers Group at Shartsis Friese LLP: John Broadhurst, Carolyn Reiser, Neil Koren, Jim Frolik, Christina Hamilton, Joan Grant or David Suozzi.

Previous letters to our investment advisory clients and friends and discussions of other topics relevant to private fund managers, investment advisers and private investment funds can be found at our insights page: www.sflaw.com/blog/investment-funds-advisers-insights.