By David Nelson

“Capital call” facilities (also known as “subscription line” facilities) are facilities made available to funds (often on a revolving credit basis and for general working capital purposes) which are secured against the uncalled capital commitments of the investors in the fund including:

(i) the right to make capital calls on investors in respect of their uncalled capital commitments, together with rights to enforce payments of them; and

(ii) the right to receive the proceeds of such capital calls. It will generally also include security over the bank account into which investors are required to deposit their capital contributions