Prescriptions For Subscriptions

Author(s): John H. Kuhl, Amy H. Wells

Source: The Institutional Real Estate Letter - North America

3/1/2008

John Kuhl and Amy Wells co-authored an article about the many issues institutional investors should consider when negotiating opportunity fund subscription agreements.

Executive Summary:

  • Care should be taken in negotiation such agreements to avoid unanticipated obligations and exposure to unanticipated liabilities.
  • Some Sponsors make negotiated modifications directly to the subscription agreement to be signed by the investors, while some place all subscription agreement modifications in a side letter.

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