debentures issued at a discount that do not require interest payments during the first five years of their terms.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "debentures issued at a discount that do not require interest payments during the first five years of their terms."

Transcription

1 On December 9, 2011, the U. S. Small Business Administration published proposed new regulations setting forth the proposed parameters of a new program, to be known as the Early Stage Small Business Investment Company program. The new program will be administered in conjunction with, and as a sub-category of, the existing SBIC Debenture program. Comments on the proposed new regulations must be submitted to the SBA by February 7, After the SBA has an opportunity to analyze the various comments, it will ultimately publish a set of final regulations that will govern the new program. The Early Stage SBIC program was conceived as a reaction to the sharp economic contraction of the past four years. Total venture capital financings in 2010 were 23% lower than in 2007, and less than one third of such financings went to early stage and start-up companies. Further, over two-thirds of the early stage and start-up financings went to businesses located in just three states, California, Massachusetts and New York. The net result was that less than ten percent of U. S. venture financing dollars in 2010 went to early stage and start-up businesses in forty-seven of the states.!!" From the current Debenture SBIC authorization ($3 billion), $200 million will be carved out each year for the next five years, starting in FY2012, and allocated to the Early Stage SBIC Program. Each Early Stage SBIC will need to be specially licensed, with new regulations applicable to licensing, capital requirements, capital impairment, leverage availability, distributions, non-sba borrowing and examination fees. No existing Debenture SBICs or newly licensed Debenture SBICs will be subject to these new regulations, nor will they be able to avail themselves of the discounted leverage available through the Early Stage SBIC program. An Early Stage SBIC must be organized as a limited partnership. It must invest at least 50% of its financing dollars in companies that qualify as early stage small businesses at the time of the SBIC s initial investment. It will have access to, at most, a single tier of Leverage, with a maximum of $50 million of Leverage. It will be entitled to draw Leverage through debentures that require quarterly interest payments throughout their terms and/or through

2 debentures issued at a discount that do not require interest payments during the first five years of their terms. Because early stage companies are viewed by the SBA as having inherently higher risk, a number of new regulations embody strategies to mitigate risk to the SBA. Chief among these are regulations providing that an Early Stage SBIC will not be permitted to make distributions of profits to its private investors without simultaneously prepaying one or more of its outstanding Debentures. Further, an Early Stage SBIC must maintain an interest reserve account containing a sufficient balance to cover interest and charges on its outstanding Debentures. #$%$! %%&% Each Early Stage SBIC must have at least $20 million of Regulatory Capital. Although applicable SBA regulations provide that minimum Regulatory Capital for ordinary Debenture SBICs is only $5 million, the SBA recently has been very reluctant to license ordinary Debenture SBICs with less than $15 million of Regulatory Capital, so the new $20 million minimum for Early Stage SBICs does not represent a huge departure from current practice. Although an Early Stage SBIC need not achieve private capital commitments totaling $20 million until the time of licensing, the SBA plans to rapidly process applications for Early Stage SBIC licenses, so the SBA warns that it may require evidence of fundraising progress from its Early Stage SBIC applicants at the time that they file their license applications. Again, this parallels current practice with respect to ordinary Debenture SBIC applicants. The licensing fee for an Early Stage SBIC will be $25,000, a $10,000 increase over the fee charged to applicants for ordinary Debenture licenses. The licensing fee will be nonrefundable. The factors used by the SBA to evaluate applicants for Early Stage SBIC licenses will be largely identical to the factors that are currently used to evaluate applicants for ordinary Debenture SBIC licenses. The SBA s licensing standards are grouped in four broad categories: management qualifications, the performance of the mangers prior investments, the applicant s proposed investment strategy and the applicant s proposed organizational structure and fund economics. The SBA does not plan on relaxing its licensing standards in connection with the Early Stage SBIC program; indeed, it has emphasized that Early Stage SBIC applicants will need to demonstrate superior qualifications in these key areas. Two new selection criteria have been added, to only apply to Early Stage SBIC license applicants. First, because of the cyclical nature of venture capital, the SBA believes that the vintage year in which a fund first draws its initial capital from its private investors is an important factor in terms of determining whether the fund is successful or not. The SBA points out that statistics show that a fund s vintage year has a major impact on the return expectations of a fund, and excessive concentration of Early Stage licensees in a single year could substantially increase the program risk. Therefore, in deference to these statistics, the SBA has indicated that it wants to avoid an excessive concentration of Early Stage SBICs licensed in any

3 particular year and most likely will limit the number of Early Stage SBICs that it will license in a single year. Secondly, the SBA is reserving the right to achieve geographic diversity of Early Stage SBICs, with an emphasis on licensing Early Stage applicants that will provide assistance to small businesses outside the traditional areas for private equity investment. This means that if several Early Stage SBICs have already been licensed in a particular geographic area, the SBA will be more likely to license an Early Stage applicant located in another geographic area. The proposed regulations also contain a provision stating that the SBA will not license a second Early Stage SBIC controlled by the same managers as an existing Early Stage SBIC if both funds would have SBA Leverage or Leverage commitments outstanding at the same time. Only after the first fund has fully repaid all of its Leverage and signifies that it will not seek any more Leverage will an Early Stage SBIC license be conferred on a subsequent fund. This restriction deserves close scrutiny, as it will undoubtedly adversely impact management teams intent on forming second Early Stage SBICs. Generally, the managers of an SBIC want to obtain a second SBIC license to coincide with the end of the investment period of the previous SBIC fund, and are likely to have a lot of Leverage outstanding in their previous fund. As a result of this regulation, Early Stage SBIC managers are going to have to pay careful attention to their cash management if they plan to apply for a subsequent Early Stage SBIC license. While applicants for ordinary Debenture SBICs can file license applications at any time, groups interested in obtaining Early Stage SBIC licenses will only be permitted to apply during certain specified periods of time, to be announced in the Federal Register. The system thus seems to envision that, perhaps once or twice a year, all Early Stage SBIC applicants will approach the SBA simultaneously, thus enabling the SBA to evaluate all of the applicants as a group, much as in the case of a beauty pageant, and select the strongest candidates. The SBA has indicated that it will stop licensing new Early Stage SBICs when the aggregate private capital of existing licensees is sufficient to utilize all of the available Leverage. The SBA plans to have a speedier, more compressed licensing process for Early Stage SBICs than for Debenture SBICs. Details about how this will be accomplished have not yet been disclosed and will be published in the Federal Register once available. Because the program announced by the SBA is only a five year program, starting with FY 2012 (which ends on September 30, 2012), the current expectation is that in its first year, the SBA will be especially proactive in processing Early Stage SBIC license applications. As noted above, the period to submit comments on the proposed regulations will expire on February 7, The SBA expects to quickly consider the comments and be in a position to publish the final regulations in late March. The initial application period for funds interested in Early Stage SBIC licenses will likely both start and conclude during April/May, 2012 so that the initial group of Early Stage SBICs will be in a position to be licensed by September 30, This very compressed 2012 timetable will require a fund that is interested in applying for one of the 2012 Early Stage SBIC licenses to begin work on its MAQ during the winter months of 2012 so that it will be in a position to file the MAQ during April, Further, interested funds

4 should also begin to conduct informal conversations with prospective investors during the winter months of 2012 so that their capital raise (of at least $20 million) can be concluded at the earliest possible date.! %%&% An Early Stage SBIC will only be entitled to a single tier of Leverage, with a cap of $50 million, and the SBA will stop licensing funds when the aggregate private capital of Early Stage licensees is sufficient to utilize the entire $1 billion allocated to the program. One might think that this means that in a single year, the SBA might only license four Early Stage SBICs, each entitled to $50 million of Leverage ($50 million x 4 = $200 million, which is the maximum annual allocation of Leverage to the Early Stage SBIC program). But this is not be necessarily accurate. The SBA has indicated that it may decide to commit Leverage to Early Stage SBICs in tranches spread over several years so that it will be in a position to license more SBICs in a single year than would be possible if the SBA were to provide a full one-tier commitment of Leverage to each new licensee at the time of licensing. The further ramification of this approach is that the SBA may end up licensing so many Early Stage SBICs within the first three years of the program (FY 2012, 2013 and 2014) that their collective private capital reaches $1 billion, and the SBA therefore would not plan to license any additional Early Stage SBICs in the final two years of the program (FY 2015 and 2016). Other Leverage restrictions include the following: (a) the maximum Leverage that an Early Stage SBIC can have outstanding at any time will be limited to 100% of its Leverageable Capital, with a cap of $50 million; and (b) the cumulative amount of Leverage drawn by an Early Stage SBIC cannot exceed the cumulative amount of private capital paid into the fund by its investors. Leverage can be taken down by Early Stage SBICs in two ways: either through issuance of a debenture requiring quarterly interest payments throughout its term or through issuance of a debenture that is issued at a discount and does not require interest payments during the first five years of its term. Both debentures will have 10 year maturities. Like current Debenture Leverage, the debentures issued by Early Stage SBICs could be prepaid in whole but not in part. '$%#$% An Early Stage SBIC must invest at least 50% of its financing dollars in early stage small businesses, a determination of whether a business is early stage being made at the time of the initial investment by the SBIC. Follow-on investments in such a business will count as early stage investments even if the business no longer qualifies as early stage at the time of the follow-on investments. A business is considered early stage if it has never yet achieved positive cash flow from operations in any full fiscal year.

5 The tricky aspect of the 50% investment requirement is in determining when to measure whether the Early Stage SBIC has achieved the 50% target. On each occasion that an Early Stage SBIC seeks a Leverage commitment or draw, the new regulations require the Early Stage SBIC to provide the SBA with a certification that it will provide at least 50% of the aggregate dollar amount of its financings to early stage companies. This is a prospective certification rather than a certification that the Early Stage SBIC currently complies with the early stage investment requirement. The new regulations, however, add as an event of default the failure of an Early Stage SBIC to meet the 50% investment requirement as soon as the total dollars invested to date by the fund are equal to or greater than Regulatory Capital. Inasmuch as each Early Stage SBIC presumably will plan to take down a full one tier of Leverage, this would mean that the measurement of compliance with the 50% investment requirement would first occur at the point that half of the fund s expected available capital (private capital plus Leverage) has been invested. Another new regulation would require SBA approval for an Early Stage SBIC to have, incur or refinance any third-party debt, even if it is unsecured. As SBA Leverage is treated equally in bankruptcy with third-party unsecured debt, the SBA wants to have control over how much third-party unsecured debt is incurred by an Early Stage SBIC. The SBA plans to more rigorously audit Early Stage SBICs than ordinary Debenture SBICs, paying particular attention to the value of the SBIC s unrealized investments. Therefore, the SBA plans to charge its Early Stage SBICs an audit fee that is 10% higher than the base fee charged ordinary Debenture SBICs. The higher fee will cease once all Leverage has been repaid and no further Leverage will be issued. Ordinary Debenture SBICs are permitted to repay to their investors up to 2% of contributed capital each year without SBA prior approval. Early Stage SBICs will not be permitted to repay any contributed capital unless they first secure SBIC written approval. Finally, the SBA has decided to adopt a new definition of the term Payment Date for Early Stage SBICs, namely each March 1, June 1, September 1 and December 1. This will mean that interest payments to the SBA by Early Stage SBICs will be due quarterly and that Early Stage SBICs will be able to prepay their Debentures as frequently as once every three months. &&% Due to the SBA s concern that Early Stage SBICs will be riskier than ordinary Debenture SBICs, the SBA has warned that it intends to act immediately to declare an event of default when an Early Stage SBIC falls into a condition of Capital Impairment, and if the default is not cured within the allotted time (which is frequently impossible to achieve), the SBA has warned

6 that it is likely to exercise all available remedies, including accelerating the obligation of the Early Stage SBIC to repay all of its Leverage. The new regulations require an Early Stage SBIC to notify the SBA in writing when its Capital Impairment Percentage ( CIP ) reaches 50%, even if its maximum allowable CIP is higher. Presumably, Early Stage SBICs with CIPs of 50% or more will be placed on a special watch list and will be subjected to a higher level of scrutiny by the SBA. They also will be subjected to much more restrictive rules governing distributions, as discussed more fully below. The SBA will also reserve the right to require such an SBIC to engage a third party valuation expert acceptable to the SBA to perform independent valuations of one or more of the SBIC s investments. As discussed above, the failure of an Early Stage SBIC to hit its target of investing 50% of its financing dollars in early stage companies will be added to the list of events of default. This test will first be applied when the total dollars invested to date by the SBIC are equal or greater than its Regulatory Capital. Other new events of default are an improper distribution by the Early Stage SBIC (see discussion below) and the failure of the Early Stage SBIC to maintain its required interest reserve (once again, see discussion below). The new regulations would add several additional arrows to the SBA s default remedy quiver to help it maximize recoveries if an Early Stage SBIC has been transferred to a liquidation status. Once the SBA has honored its guarantee of Debentures issued to an Early Stage SBIC and paid the principal of the Debentures, it will be given various rights, including: (a) the right to prohibit the SBIC from making additional investments without SBA approval (except investments that the SBIC is already legally obligated to make), (b) the right to prohibit the SBIC from making distributions to any party other than to the SBA until all Leverage and other amounts due to the SBA have been repaid, (c) the right to require all of the capital commitments to the SBIC by its private investors to be funded at the earliest time permitted by the applicable Limited Partnership Agreement; (d) the right to review and adjust the management compensation paid by the SBIC to its General Partner or Investment Adviser/Manager, and (e) the right of the SBA or its designee to be appointed as receiver of the SBIC. (&)%*&$% Ordinary Debenture SBICs are able to distribute as much of their profits as they want to their private investors, so long as they have realized earnings available for distribution ( READ ), without seeking prior SBA approval and without simultaneously prepaying any of their outstanding Debentures. A different rule will apply to Early Stage SBICs. The SBA anticipates that the returns generated by the investments of Early Stage SBICs are apt to be irregular and unpredictable. Its fear is that an Early Stage SBIC might hit a couple of home runs in the early years and distribute all of the profits to its investors, only to experience a run of failures toward the end of the life of the SBIC. In such an event, there might not be enough money returned to the SBIC to repay all of the outstanding Leverage. To prevent such a situation from occurring, the SBA will require an Early Stage SBIC to start repaying its

7 Debentures, starting with the oldest outstanding Debenture, at the same time that it starts making profits distributions to its investors. The repayment mechanism is dauntingly complicated. The proposed new regulation provides that an Early Stage SBIC may only make distributions on a Payment Date, which as discussed above means on March 1, June 1, September 1 and December 1 of each year. Any prepayment of a Debenture by an Early Stage SBIC must include all interest and Charges 1 due and payable with respect to such Debenture. The proposed new regulation will apply to all distributions, whether of profits or returns of invested capital. Advance SBA approval will not be necessary for distributions that solely consist of profits; however, the SBIC will need to provide the SBA with written notification of such a planned distribution (including the computation of the amount proposed to be paid to the SBA) at least ten business days before making the distribution. Advance SBA approval will be necessary for distributions that would constitute, at least in part, a return of capital to the SBIC s investors. The calculation how much of a planned distribution must go to the SBA involves a multistep process: (1) Compute (a) the highest ratio ever attained of the Early Stage SBIC s outstanding Leverage (including the face value of any deferred interest Debentures that were issued at a discount) to its Leverageable Capital. The highest ratio may be different from the ratio existing at the time of the distribution. Thus an Early Stage SBIC which, at the point of maximum Leverage to Leverageable Capital, had $25 million of contributed private capital and $25 million of drawn Leverage would have a highest ratio of 1, while a different Early Stage SBIC which, at the point of maximum Leverage to Leverageable Capital, had $30 million of contributed private capital and $20 million of drawn Leverage would have a highest ratio of (2) Compute the Early Stage SBIC s capital impairment percentage ( CIP ). (3) If the CIP is under 50%, the SBA s share of the distribution would be equal to the highest ratio divided by the highest ratio + 1, multiplied times 100. Thus an Early Stage SBIC which, at the point of maximum Leverage to Leverageable Capital, had $25 million of contributed private capital and $25 million of drawn Leverage would have a highest ratio of 1, and the SBA s share of the distribution would be equal to (1 divided by 2) times 100, which equals 50%, while a different Early Stage SBIC which, at the point of maximum Leverage to Leverageable Capital, had $30 million of contributed private capital and $20 million of drawn Leverage would have a highest ratio of.6666, and the SBA s share of the distribution would be equal to (.6666 divided by ) times 100, which equals 40%.!"## $ % &#'()# #(*+)# #, & - &%. / & & / % #

8 (4) If the CIP is equal to or greater than 50%, the SBA s share of the distribution would be 100% until such time as the first to occur of the full repayment of all outstanding Debentures or a reduction of the CIP to below 50%. (5) The new regulations contain a true up provision designed to iron out distortions that might be created due to the timing of distributions. In order to implement this true up provision, (a) multiply the Early Stage SBIC s cumulative distributions to date, including any current proposed distribution, by the SBA s percentage share, as determined in (3) or (4) above; (b) subtract the sum of all prior distributions to SBA from this cumulative result. (6) The actual amount to be distributed to the SBA would be the smallest of the following three figures: (a) the amount calculated in (5) above; (b) the entire amount of the proposed distribution; and (c) the amount of all remaining outstanding Leverage. Significantly, as with current Debentures, the proposed regulations provide that an Early Stage SBIC will not be permitted to partially prepay a Debenture. Therefore, if the amount computed per the above formula results in an amount insufficient to prepay the full amount of its oldest outstanding Debenture, as well as all outstanding interest and charges, the SBIC will have to dedicate a larger amount of the distribution to the prepayment of the Debenture, and, if there is not enough money in the entire proposed distribution to prepay the entire oldest outstanding Debenture, the SBIC will have to defer making a distribution until such time as it has enough money to distribute to fully prepay the oldest outstanding Debenture. Probably a sensible course for most SBICs would be to take down numerous Debentures in low amounts, thus making it easier to prepay the full amount of one or more of them in connection with a proposed distribution. $%%(&" $% An Early Stage SBIC will be required to maintain funds in reserve sufficient to cover all expected interest and Charges for the first five years of the term of each of its outstanding standard Debentures which provide for quarterly interest payments. Because early stage companies are rarely cash flow positive, the reserve will ensure that sufficient funds will be available to make the quarterly interest payments. No reserve will be required for discounted debentures. The Limited Partnership Agreement of an Early Stage SBIC must establish the reserve, which may either consist of as-yet undrawn commitments from the Early Stage SBIC s investors and/or of restricted cash placed by the SBIC in a separate bank account. In either case, the reserve funds cannot be used for any purpose other than paying interest, Charges and any other amounts due to the SBA. As time passes and the Early Stage SBIC makes its payments of interest and Charges, the amount of the required reserve will decline, and at such time as a Debenture is prepaid, the reserve associated with that Debenture will be eliminated.

9 +&,&%$% As the Early Stage SBIC program is in its earliest stages, expect modifications and refinements of the proposed regulations as well as SBA interpretations of various provisions of the regulations. We plan to stay on top of the latest developments as they occur. If you have any questions about this program, please feel free to call or either of us at any time. R. Michael Haynes Christopher R. West Semmes, Bowen & Semmes Semmes, Bowen & Semmes

Small Business Investment Companies Early Stage SBICs. SUMMARY: This call for proposals ( Call ) invites experienced early stage fund managers to

Small Business Investment Companies Early Stage SBICs. SUMMARY: This call for proposals ( Call ) invites experienced early stage fund managers to This document is scheduled to be published in the Federal Register on 01/12/2015 and available online at http://federalregister.gov/a/2015-00247, and on FDsys.gov Billing Code: 8025-01 SMALL BUSINESS ADMINISTRATION

More information

Alan B. Roth Wildman, Harrold, Allen & Dixon 225 West Wacker Drive Suite 2600 Chicago, IL 60606 312-201-2000 www.sbiclaw.com roth@wildman.

Alan B. Roth Wildman, Harrold, Allen & Dixon 225 West Wacker Drive Suite 2600 Chicago, IL 60606 312-201-2000 www.sbiclaw.com roth@wildman. THE SBIC WORLD TODAY Alan B. Roth Wildman, Harrold, Allen & Dixon 225 West Wacker Drive Suite 2600 Chicago, IL 60606 312-201-2000 roth@wildman.com Table of Contents I. The SBIC World Today.. 3 II. What

More information

Appendix 16: Chart of Accounts for Small Business Investment Companies

Appendix 16: Chart of Accounts for Small Business Investment Companies Appendix 16: Chart of Accounts for Small Business Investment Companies 10 06 A A. Account Numbering System. This system provides for two-digit number designations for major categories under which accounts

More information

CAPITAL ONE INVESTING, LLC (An Indirect Wholly Owned Subsidiary of Capital One Financial Corporation) Period Ended June 30, 2015.

CAPITAL ONE INVESTING, LLC (An Indirect Wholly Owned Subsidiary of Capital One Financial Corporation) Period Ended June 30, 2015. S T A T E M E N T O F F I N A N C I A L C O N D I T I O N Period Ended June 30, 2015 (Unaudited) Contents Statement of Financial Condition (Unaudited)...1 Notes to Statement of Financial Condition...2

More information

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited) (unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included

More information

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements Statement of Financial Accounting Standards No. 7 Statement of Financial Accounting Standards No. 7 Consolidated Financial Statements 30 November 2004 Translated by Wei-heng Lin, Associate Professor (Chung

More information

Loan Disclosure Statement

Loan Disclosure Statement ab Loan Disclosure Statement Risk Factors You Should Consider Before Using Margin or Other Loans Secured by Your Securities Accounts This brochure is only a summary of certain risk factors you should consider

More information

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015

Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which

More information

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS

Module 1: Corporate Finance and the Role of Venture Capital Financing TABLE OF CONTENTS 1.0 ALTERNATIVE SOURCES OF FINANCE Module 1: Corporate Finance and the Role of Venture Capital Financing Alternative Sources of Finance TABLE OF CONTENTS 1.1 Short-Term Debt (Short-Term Loans, Line of

More information

FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE FOR IMMEDIATE RELEASE: First Banks, Inc. Announces First Quarter 2014 Results

FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE FOR IMMEDIATE RELEASE: First Banks, Inc. Announces First Quarter 2014 Results FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE Contacts: Terrance M. McCarthy Lisa K. Vansickle President and Executive Vice President and Chief Executive Officer Chief Financial Officer First Banks,

More information

What is a BDC? Business Development Companies ( BDCs ) at a Glance. www.tcap.com NYSE:TCAP 2014 Triangle Capital Corporation

What is a BDC? Business Development Companies ( BDCs ) at a Glance. www.tcap.com NYSE:TCAP 2014 Triangle Capital Corporation What is a BDC? Business Development Companies ( BDCs ) at a Glance www.tcap.com NYSE:TCAP 2014 Triangle Capital Corporation What is a BDC? BDCs at a Glance This presentation is intended for investors who

More information

(Formerly CVTech Group Inc.)

(Formerly CVTech Group Inc.) (Formerly CVTech Group Inc.) Condensed Interim Consolidated Financial Statements For the three months ended, 2014 Consolidated Statement of Financial Position (in thousands of Canadian dollars) December

More information

EQUITY OFFICE ANNOUNCES FIRST QUARTER 2004 RESULTS

EQUITY OFFICE ANNOUNCES FIRST QUARTER 2004 RESULTS Two North Riverside Plaza, Suite 2100 Chicago, Illinois 60606 phone 312.466.3300 fax 312.454.0332 www.equityoffice.com Equity Office (Investors/Analysts): Diane Morefield 312.466.3286 Equity Office (Media):

More information

LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS

LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS LOAN SERVICING REQUEST GUIDELINES FOR THE COMMERCIAL LOAN SERVICING CENTERS FRESNO SERVICING CENTER 2719 N. AIR FRESNO DR., STE 107 FRESNO, CA 93727 (559) 487-5650 LITTLE ROCK SERVICING CENTER 2120 RIVERFRONT

More information

Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST

Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST Unaudited Condensed Interim Financial Statements of H&R FINANCE TRUST For the three months ended March 31, 2012 and 2011 H&R FINANCE TRUST Condensed Interim Statement of Financial Position (In thousands

More information

Facilitating debt raising

Facilitating debt raising REGULATORY GUIDE 213 Facilitating debt raising May 2012 About this guide This guide is for listed entities, their advisers and investors involved in offers of quoted corporate bonds or convertible notes.

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

MBA allows no more than two loans at a time. Consolidations of loans is allowed.

MBA allows no more than two loans at a time. Consolidations of loans is allowed. 403(B) LOAN RULES Ministers Benefit Association (MBA) has elected to make loans available to our members. Under the MBA 403(b) Retirement Plan (Plan), loans will be made available to all members having

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Description of the Small Business Investment Company Program Participation by Funds Using Debentures. Michael B. Staebler

Description of the Small Business Investment Company Program Participation by Funds Using Debentures. Michael B. Staebler Description of the Small Business Investment Company Program Participation by Funds Using Debentures Michael B. Staebler DESCRIPTION OF THE SMALL BUSINESS INVESTMENT COMPANY PROGRAM PARTICIPATION BY FUNDS

More information

SMALL BUSINESS INVESTMENT ACT OF 1958. This Act may be cited as the Small Business Investment Act of 1958.

SMALL BUSINESS INVESTMENT ACT OF 1958. This Act may be cited as the Small Business Investment Act of 1958. This compilation includes P.L. 110-246, enacted 6/18/08. SMALL BUSINESS INVESTMENT ACT OF 1958 (Public Law 85-699, as amended) Sec. 101. SHORT TITLE This Act may be cited as the Small Business Investment

More information

Often stock is split to lower the price per share so it is more accessible to investors. The stock split is not taxable.

Often stock is split to lower the price per share so it is more accessible to investors. The stock split is not taxable. Reading: Chapter 8 Chapter 8. Stock: Introduction 1. Rights of stockholders 2. Cash dividends 3. Stock dividends 4. The stock split 5. Stock repurchases and liquidations 6. Preferred stock 7. Analysis

More information

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June

More information

Accounting for Certain Loans or Debt Securities 21,131 NOTE

Accounting for Certain Loans or Debt Securities 21,131 NOTE Accounting for Certain Loans or Debt Securities 21,131 Section 10,880 Statement of Position 03-3 Accounting for Certain Loans or Debt Securities Acquired in a Transfer December 12, 2003 NOTE Statements

More information

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited)

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) Note September 30, 2015 December 31,

More information

Sydney Wyde Mortgage Fund ARSN 108 342 123

Sydney Wyde Mortgage Fund ARSN 108 342 123 Sydney Wyde Mortgage Fund ARSN 108 342 123 Benchmarks and Disclosure Principles Report for ASIC Regulatory Guide 45 as at 30 June 2015 The following report describes each of the benchmarks and disclosure

More information

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year

More information

Action: Notice of an application for an order pursuant to: (a) section 6(c) of the Investment

Action: Notice of an application for an order pursuant to: (a) section 6(c) of the Investment SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. IC-32163; File No. 812-14523] MainStay Funds Trust, et al.; Notice of Application June 27, 2016 Agency: Securities and Exchange Commission

More information

FINANCIAL SUPPLEMENT December 31, 2015

FINANCIAL SUPPLEMENT December 31, 2015 FINANCIAL SUPPLEMENT December 31, 2015 Monster Worldwide, Inc. (together with its consolidated subsidiaries, the Company, Monster, we, our or us ) provides this supplement to assist investors in evaluating

More information

Monroe Capital Corporation BDC Announces Strong First Quarter Financial Results

Monroe Capital Corporation BDC Announces Strong First Quarter Financial Results Monroe Capital Corporation BDC Announces Strong First Quarter Financial Results CHICAGO, IL, May 10, 2016 -- Monroe Capital Corporation (Nasdaq: MRCC) ( Monroe ) today announced its financial results for

More information

Monroe Capital Corporation BDC Announces Strong Fourth Quarter Financial Results

Monroe Capital Corporation BDC Announces Strong Fourth Quarter Financial Results Monroe Capital Corporation BDC Announces Strong Fourth Quarter Financial Results CHICAGO, IL, March 4, 2016 -- Monroe Capital Corporation (Nasdaq: MRCC) ( Monroe ) today announced its financial results

More information

ARCH CAPITAL ADVISORS

ARCH CAPITAL ADVISORS ARCH CAPITAL ADVISORS TERM SHEET Mezzanine Debt This term sheet does not constitute an offer and is solely for discussion purposes. This term sheet shall not be construed as creating any obligations on

More information

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars)

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars) Interim Consolidated Condensed Financial Statements August 12, Management s Report The accompanying unaudited interim consolidated condensed financial statements of Holloway Lodging Corporation (the Company

More information

[SIGNATURE PAGE FOLLOWS]

[SIGNATURE PAGE FOLLOWS] [ ] TERM SHEET FOR SUBORDINATED VARIABLE PAYMENT DEBT (DEMAND DIVIDEND) THIS TERM SHEET outlines the principal terms of a proposed financing for [ ] (hereafter, the Company ), a [ ] corporation by [ ]

More information

How Do I Qualify for a loan?

How Do I Qualify for a loan? How Do I Qualify for a loan? Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. Before you approach your banker for a loan, it is

More information

Procedures and guidelines for listed companies facing delisting due to operations or financial conditions

Procedures and guidelines for listed companies facing delisting due to operations or financial conditions (Bor.Jor./Phor. 11-00) Procedures and guidelines for listed companies facing delisting due to operations or financial conditions In order to supervise listed companies compliance with the Exchange s rules,

More information

SSBCI PROGRAM PROFILE: LOAN GUARANTEE PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury

SSBCI PROGRAM PROFILE: LOAN GUARANTEE PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury SSBCI PROGRAM PROFILE: LOAN GUARANTEE PROGRAM May 17, 2011 (SSBCI) U.S. Department of the Treasury What is a Loan Guarantee Program? A Loan Guarantee Program enables small businesses to obtain term loans

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Controls and accounting policies

Controls and accounting policies Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

TUCKAMORE CAPITAL MANAGEMENT INC.

TUCKAMORE CAPITAL MANAGEMENT INC. Consolidated Interim Financial Statements of TUCKAMORE CAPITAL MANAGEMENT INC. Three and Six Months Ended June 30, 2013 and 2012 (Unaudited) These statements have not been reviewed by an independent firm

More information

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc.

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Introduction Basel II is an international framework on capital that applies to deposit taking institutions in many countries, including Canada.

More information

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan

BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT. Important information about. Your home loan BANK OF NEW ZEALAND FACILITY MASTER AGREEMENT Important information about Your home loan Contents PAGE 2 Introduction Agreeing a facility 3 Changes to facilities Insurance 4 Pre-conditions This document

More information

EQUITY SHARES 1. INTRODUCTION

EQUITY SHARES 1. INTRODUCTION EQUITY SHARES POLICY STATEMENT Small Business Venture Capital Act s. 1(1), 8, 10, 12, 28.3, 28.93 of the Act; s. 1(3.1), 1(3.2), 3(1) and 3.2 of the Regulations 1. INTRODUCTION 1.1 Purpose and Application

More information

Preparing Agricultural Financial Statements

Preparing Agricultural Financial Statements Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural environment. Accurate records

More information

Residential Loan Agreement. General Terms and Conditions

Residential Loan Agreement. General Terms and Conditions Residential Loan Agreement General Terms and Conditions Effective Date: 1 July 2014 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

Chapter 18 Working Capital Management

Chapter 18 Working Capital Management Chapter 18 Working Capital Management Slide Contents Learning Objectives Principles Used in This Chapter 1. Working Capital Management and the Risk- Return Tradeoff 2. Working Capital Policy 3. Operating

More information

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012 NATIONAL COMMUNITY INVESTMENT FUND YEARS ENDED DECEMBER 31, 2013 AND 2012 YEARS ENDED DECEMBER 31, 2013 AND 2012 CONTENTS Page Independent auditor s report 1-2 Consolidated financial statements: Statement

More information

DECISION on own funds of credit institutions. Subject matter Article 1

DECISION on own funds of credit institutions. Subject matter Article 1 Pursuant to Article 161, paragraph (1), item (1) of the Credit Institutions Act (Official Gazette 117/2008) and Article 43, paragraph (2), item (9) of the Act on the Croatian National Bank (Official Gazette

More information

INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS

INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS Press Release INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS New York February 12, 2015 Interactive Data Corporation today reported its financial results for the fourth quarter and

More information

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015 1.0 Purpose The purpose of this Debt Management Policy ( Policy ) is to establish parameters and provide guidance as to the issuance, management, continuing evaluation of and reporting on all debt obligations.

More information

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation Amended and Restated Final Agreement of the Parties PARTIES Lender Manager Master Servicer School ELIGIBILITY Eligible Assets Eligible Schools TRANSACTION Transaction Term Survival Program Size Funding

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Chase Issuance Trust. Chase Bank USA, National Association

Chase Issuance Trust. Chase Bank USA, National Association Prospectus dated August 8, 2011 Chase Issuance Trust Issuing Entity Chase Bank USA, National Association Sponsor, Depositor, Originator, Administrator and Servicer The issuing entity You should consider

More information

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report Financial Statements Year Ended June 30, 2014 Contents Independent Auditors Report...1

More information

Quarterly Report. For the three month period ended. April 30, 2015

Quarterly Report. For the three month period ended. April 30, 2015 Quarterly Report For the three month period ended April 30, 2015 The attached unaudited interim condensed consolidated financial statements have been prepared by Management of International Datacasting

More information

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,

More information

Most venture-backed companies do not have

Most venture-backed companies do not have Structuring Stock Options and Severance Payments after Section 409A: Practical Advice for Venture-backed Companies BY A. WILLIAM CAPORIZZO AND KIMBERLY B. WETHLY WITH SPECIAL THANKS TO EDWARD YOUNG Most

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

TITLE II Small Business Investment Division of the Small Business Administration

TITLE II Small Business Investment Division of the Small Business Administration This compilation includes P.L. 112-239, enacted 1/3/13. SMALL BUSINESS INVESTMENT ACT TABLE OF CONTENTS Sec. 101 Short title. Sec. 102 Statement of policy. 15 USC 661. Sec. 103 Definitions. 15 USC 662.

More information

Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Subject Description Notes Structure

Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Subject Description Notes Structure 1(11) Key Investment Terms of Tekes Venture Capital Model Limited Partners Agreement (the model LPA) Disclaimer The Key Investment Terms set forth herein is are a summary of the key terms of the Tekes.vc

More information

Return on Equity has three ratio components. The three ratios that make up Return on Equity are:

Return on Equity has three ratio components. The three ratios that make up Return on Equity are: Evaluating Financial Performance Chapter 1 Return on Equity Why Use Ratios? It has been said that you must measure what you expect to manage and accomplish. Without measurement, you have no reference to

More information

Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results

Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results News Release Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results San Francisco, The Federal Home Loan Bank of San Francisco today announced that its net income for the second

More information

DEBT MANAGEMENT POLICY

DEBT MANAGEMENT POLICY DEBT MANAGEMENT POLICY This policy sets forth the principles that will govern the use of debt to finance University capital projects and assigns responsibilities for the management of University debt.

More information

Title: Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)

Title: Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) FASB STAFF POSITION No. APB 14-1 Title: Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) Date Posted: May 9, 2008 Introduction

More information

CHAPTER 6. Accounting and the Time Value of Money. 2. Use of tables. 13, 14 8 1. a. Unknown future amount. 7, 19 1, 5, 13 2, 3, 4, 7

CHAPTER 6. Accounting and the Time Value of Money. 2. Use of tables. 13, 14 8 1. a. Unknown future amount. 7, 19 1, 5, 13 2, 3, 4, 7 CHAPTER 6 Accounting and the Time Value of Money ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems 1. Present value concepts. 1, 2, 3, 4, 5, 9, 17 2. Use of

More information

SBA Small Business Investment Company Program

SBA Small Business Investment Company Program SBA Small Business Investment Company Program Robert Jay Dilger Senior Specialist in American National Government Oscar R. Gonzales Analyst in Economic Development Policy June 23, 2011 Congressional Research

More information

003.02 Act means Intergovernmental Risk Management Act.

003.02 Act means Intergovernmental Risk Management Act. Title 210 - NEBRASKA DEPARTMENT OF INSURANCE Chapter 85 - GROUP HEALTH, DENTAL, ACCIDENT, AND LIFE INSURANCE UNDER THE INTERGOVERNMENTAL RISK MANAGEMENT ACT 001. Authority. This rule is promulgated pursuant

More information

SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury

SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM May 17, 2011 (SSBCI) U.S. Department of the Treasury What is a Collateral Support Program? A Collateral Support Program is designed to enable financing

More information

THE STOCK MARKET GAME GLOSSARY

THE STOCK MARKET GAME GLOSSARY THE STOCK MARKET GAME GLOSSARY Accounting: A method of recording a company s financial activity and arranging the information in reports that make the information understandable. Accounts payable: The

More information

June 2008 Supplement to Characteristics and Risks of Standardized Options

June 2008 Supplement to Characteristics and Risks of Standardized Options June 2008 Supplement to Characteristics and Risks of Standardized Options This supplement supersedes and replaces the April 2008 Supplement to the booklet entitled Characteristics and Risks of Standardized

More information

Pivot Technology Solutions, Inc.

Pivot Technology Solutions, Inc. Interim Condensed Consolidated Financial Statements Pivot Technology Solutions, Inc. For the Three Months Ended (Unaudited) (Expressed in Thousands of U.S. Dollars) INTERIM CONDENSED CONSOLIDATED STATEMENTS

More information

BROADWAY FINANCIAL CORPORATION

BROADWAY FINANCIAL CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest

More information

CHAPTER 11 Solutions STOCKHOLDERS EQUITY

CHAPTER 11 Solutions STOCKHOLDERS EQUITY CHAPTER 11 Solutions STOCKHOLDERS EQUITY Chapter 11, SE 1. 1. c 4. 2. a 5. 3. b 6. d e a Chapter 11, SE 2. 1. Advantage 4. 2. Disadvantage 5. 3. Advantage 6. Advantage Disadvantage Advantage Chapter 11,

More information

0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC. Correction To:0175/00014529

0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC. Correction To:0175/00014529 Correction To:0175/00014529 0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC Corrected Consolidated Half Year Financial Report 9th February 2016 Global Digital Services PLC

More information

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Index Measuring Impairment Example 1: Present Value of Expected Future Cash Flows Method (Unsecured Loan)... - 1

More information

International Bank for Reconstruction and Development. General Conditions for Loans

International Bank for Reconstruction and Development. General Conditions for Loans International Bank for Reconstruction and Development General Conditions for Loans Dated March 12, 2012 Table of Contents ARTICLE I Introductory Provisions... 1 Section 1.01. Application of General Conditions...

More information

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement Protective Life Corporation Post Office Box 2606 Birmingham, AL 35202 205-268-1000 FOR IMMEDIATE RELEASE Protective Reports First Quarter of 2011 Results and Announces Completion of Coinsurance Agreement

More information

Lord Abbett Family of Funds and Lord, Abbett & Co. LLC; Notice of Application. AGENCY: Securities and Exchange Commission ( Commission ).

Lord Abbett Family of Funds and Lord, Abbett & Co. LLC; Notice of Application. AGENCY: Securities and Exchange Commission ( Commission ). This document is scheduled to be published in the Federal Register on 07/07/2016 and available online at http://federalregister.gov/a/2016-16038, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION

More information

NEED TO KNOW. IFRS 9 Financial Instruments Impairment of Financial Assets

NEED TO KNOW. IFRS 9 Financial Instruments Impairment of Financial Assets NEED TO KNOW IFRS 9 Financial Instruments Impairment of Financial Assets 2 IFRS 9 FINANCIAL INSTRUMENTS IMPAIRMENT OF FINANCIAL ASSETS IFRS 9 FINANCIAL INSTRUMENTS IMPAIRMENT OF FINANCIAL ASSETS 3 TABLE

More information

Financial ratio analysis

Financial ratio analysis Financial ratio analysis A reading prepared by Pamela Peterson Drake O U T L I N E 1. Introduction 2. Liquidity ratios 3. Profitability ratios and activity ratios 4. Financial leverage ratios 5. Shareholder

More information

18,343 18,308 3 Accumulated other comprehensive income (and other reserves)

18,343 18,308 3 Accumulated other comprehensive income (and other reserves) The information in this report is prepared quarterly based on the ADI financial records. The financial records are not audited for the Quarters ended 30 September, 31 December and 31 March. The report

More information

Government Properties Income Trust Announces Third Quarter 2015 Results

Government Properties Income Trust Announces Third Quarter 2015 Results FOR IMMEDIATE RELEASE Contact: Olivia Snyder, Investor Relations Analyst (617) 219-1410 Government Properties Income Trust Announces Third Quarter 2015 Results Normalized FFO of $0.59 Per Share for the

More information

What is an ESOP? ESOPs are defined contribution pension plans that invest primarily in the stock of the plan sponsor

What is an ESOP? ESOPs are defined contribution pension plans that invest primarily in the stock of the plan sponsor Employee Stock Ownership Plans May 2013 http://aicpa.org/ebpaqc ebpaqc@aicpa.org Topix Primer Series The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has developed this primer to provide Center

More information

Debt Management Policy

Debt Management Policy Debt Management Policy Introduction One of the keys to sound financial management is the development of a debt policy. This need is recognized by bond rating agencies, and development of a debt policy

More information

COMPREHENSIVE LOAN MODIFICATION PROGRAM

COMPREHENSIVE LOAN MODIFICATION PROGRAM I. Definitions. COMPREHENSIVE LOAN MODIFICATION PROGRAM a) Residential mortgage loan shall mean any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or

More information

Income dividend distributions and distribution yields

Income dividend distributions and distribution yields Income dividend distributions and distribution yields Why do they vary from period to period and fund to fund? JULY 2015 Investors often rely on income dividend distributions from mutual funds to satisfy

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

Uniserve Communications Corporation

Uniserve Communications Corporation Consolidated financial statements of Uniserve Communications Corporation Nine months ended (Unaudited) NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim Consolidated

More information

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES

SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

Small Business Lending Fund Community Development Financial Institution Loan Funds Equity Equivalent Capital. Summary of Terms

Small Business Lending Fund Community Development Financial Institution Loan Funds Equity Equivalent Capital. Summary of Terms Small Business Lending Fund Community Development Financial Institution Loan Funds Equity Equivalent Capital Summary of Terms Issuer: The term Issuer means a community development financial institution

More information

High-yield bonds: an introduction to material covenants and terms

High-yield bonds: an introduction to material covenants and terms Key points The European high-yield bond market has seen significant issuances over the past two years (both in terms of number of issuances and volumes) and has seen numerous debut issuers. A driver of

More information

G5INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS

G5INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS G5INTERNATIONAL STANDARD ON 570 GOING CONCERN (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA... 1 Going

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

(unaudited expressed in Canadian Dollars)

(unaudited expressed in Canadian Dollars) Condensed Consolidated Interim Financial Statements of CARGOJET INC. For the three month periods ended (unaudited expressed in Canadian Dollars) This page intentionally left blank Condensed Consolidated

More information

G Employee Benefits Alert

G Employee Benefits Alert G Employee Benefits Alert August 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 (the Act ) ushers in the most significant

More information