Extract to table

Facility borrowings used for investment purposes must therefore be repaid within 180 days, typically through corresponding capital calls to LPs

Upon the occurrence of a Key Person Event, the investment period is automatically suspended, and the GP is required to notify the LPs

This raises several structural questions that must be resolved before the Facility can be finalized

Fund-Level Leverage Limit The draft LPA includes an investment restriction (in the "Investment Restrictions" section, the specific section number of which has not yet been finalized) providing that subscription facility borrowings outstanding at any time shall not exceed 25% of the aggregate uncalled capital commitments of the Fund's limited partners

The resolution is straightforward — the LPA bridge limit is an internal governance constraint on the Fund's use of Facility proceeds for investment purposes, and the Fund must comply with the LPA bridge limit regardless of the Facility's longer contractual tenor

Second, the lender must have the ability to contact LPs directly in an enforcement scenario