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Portfolio lenders that want to make their portfolio loans conduit-ready often do not focus on the special-purpose entity provisions that are required of a borrower in conduit loans.
Because of the inherent flexibility in forming and operating a special-purpose entity, there are several other ownership considerations to address in its formation.
If the owner of a special-purpose entity goes into bankruptcy on unrelated debt, the lenders hope the separate entity will remain separate and not become part of the bankruptcy court's jurisdiction.
The financing includes the issuance of warrants to purchase Interpublic common stock, as well as the issuance of notes by the special-purpose entity that is providing the liquidity facility.
In addition, if a special-purpose entity has been formed to hold the 1% interest (e.
This month's column discusses recent consensuses reached by the Financial Accounting Standards Board emerging issues task force (EITF) concerning consolidation of special-purpose entity lessors by lessees and the accounting for discontinued operations of a business segment subsequently retained.