November 9, 2009
Intercreditor Terms: SIV Waterfalls Flow Backwards
By Jesse R. Morton
A waterfall clause nearly flowed backwards in the contorted case of Gordian Knot Ltd. and Sigma SIV, its securitization vehicle. With waterfalls at the core of finance, from private equity to securitization (recent examples including Neiman Marcus and Accuride), this would…
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