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How is the impairment of a lease accounted for?
An impairment is a permanent reduction in the carrying value of an asset below its fair value (US GAAP) or recoverable amount (IFRS), which occurs when it is probable that the less...
How is return on investment (ROI) measured?
Return on investment (ROI) is considered to be one of the most important analytical tools for evaluating a firm’s profitability, this relating some measure of earnings to some meas...
How is REF development finance structured?
The LMA REF Development Document is used for transactions in the United Kingdom and solely to acquire and develop property. It assumes that the obligors are incorporated in Englan...
How is REF development finance secured?
For LMA REF development financing, security is granted in favor of the Security Trustee for the Lenders and, if any, the Hedge Counterparties. A REF development transaction Securi...
How is real estate investment finance subordinated?
Real estate investment finance commonly uses structural subordination (senior/mezzanine structure), where each obligor is increasingly removed from the properties. A single-currenc...
How is profitability measured?
Profitability is the ability of a company to generate profit. Generally, the greater the firm’s ability to control costs in relation to its sales, the greater its returns. Any ra...
How is mezzanine debt subordinated?
While in the US market, mezzanine finance is typically provided by means of high-yield bonds, in Europe it is usually a senior loan facility secured on a second-ranking basis to th...
How is LMA leveraged finance structured?
LMA leverage documents anticipate in a capital structure comprising various layers of funding with increasing subordination as follows: Bridge financing advanced solely to complete...
Working capital, which is current assets in excess of current liabilities, measures a firm’s debt-paying ability and liquidity in absolute terms: Current Assets − Current Liabiliti...
How is leveraged finance tranched?
US leveraged credit agreements commonly contain a revolving credit facility, a senior secured first-lien amortizing Term Loan A (TLa), usually held by participant banks, and a seco...
