Harrison,
I hope this note finds you well. I am writing with respect to the ongoing side-letter negotiations between our client, Briarwood Family Office LLC ("BFO"), and Meridian Peak Capital Partners Fund IV, L.P. (and its general partner, Meridian Peak Capital Partners GP IV LLC), in connection with BFO's proposed $75 million commitment to Fund IV. Thank you for returning your second GP markup of the side letter on March 18 — we circulated that draft along with an internal open-points summary to BFO's team on March 22 for their consideration.
I wanted to let you know that BFO's investment committee met earlier this week, on March 25, and has requested additional time to complete a further internal diligence review before authorizing final terms on the remaining bracketed items in the side letter. Accordingly, BFO has asked us to temporarily pause active negotiation of the side letter pending completion of that review. I want to be clear that this pause relates solely to BFO's internal investment committee process and is not a reflection on the substance of the negotiations or any concern with the positions Meridian Peak has taken on the outstanding open points.
BFO expects its investment committee to reconvene in early April, and we will advise you and Elaine promptly once BFO has concluded its review and is in a position to resume negotiations on the remaining bracketed items. We very much appreciate Ashford Crane's and Meridian Peak's patience and continued engagement on this matter.
Please do not hesitate to reach out if you or Elaine have any questions in the interim — I am happy to connect by phone at your convenience.
Best regards,
Theresa Kim Lead Associate, Funds & Asset Management Calderwood & Harkness LLP 425 Lexington Avenue New York, NY 10017 T: (212) 555-4180 E: tkim@calderwoodharkness.com