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In the deal-by-deal waterfall, the bad performances of a single company do not leak over the performances of the other companies. To mitigate the effect of a deal-by-deal waterfall and to make it more attractive to LPs, private equity funds using an American waterfall may include a clawback clause in their LPAs. [5]
The United States Constitution and its amendments comprise hundreds of clauses which outline the functioning of the United States Federal Government, the political relationship between the states and the national government, and affect how the United States federal court system interprets the law. When a particular clause becomes an important ...
Clause two provides that the Constitution, federal laws made pursuant to it, and treaties made under its authority constitute the supreme law of the land. It provides that state courts are bound by the supreme law; in case of conflict between federal and state law, the federal law must be applied.
A waterfall is any point in a river or stream where water flows over a vertical drop or a series of steep drops.
Liquidation preferences are typically implemented by making them an attribute that attaches to preferred stock that investors purchase in exchange for their investment. . This means that the preference is senior to holders of common shares (and possibly other series of preferred stock), but junior to a company's debts and secured obligat
The Necessary and Proper Clause, also known as the Elastic Clause, [1] is a clause in Article I, Section 8 of the United States Constitution: The Congress shall have Power... To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government ...
For example, some substantive due process liberties may be protectable according to the original meaning of the Privileges or Immunities Clause of the Fourteenth Amendment. Most originalists believe that rights should be identified and protected by the majority legislatively or, if legislatures lack the power, by constitutional amendments.
President Andrew Jackson interpreted these clauses as expressly creating a separation of powers among the three branches of the federal government. [1] In contrast, Victoria F. Nourse has argued that the Vesting Clauses do not create the separation of powers, and it actually arises from the representation and appointment clauses elsewhere in ...