Amendments & Waivers

Event well structured transactions seldom see their notes mature without need for an amendment or waiver of any type.

GCA personnel have deep personal relationships with virtually every active traditional private placement investor. Since 2008, GCA has played a leadership role in the private placement market. GCA sits on the national Advisory Board of the Private Placements Industry Forum; leads key Industry Panels at the annual Private Placement Conference; and manages the largest social media discussion group for traditional private placements.

GCA's investor relationships are brought to bear on behalf of clients should they need an amendment/waiver of their Note Purchase Agreement.

When an amendment/waiver need arises, clients have to consider whether to retain an advisor, or go it alone with investors.

• Unless an issuer has a small investor group and/or knows each of his investors extremely well, it is not recommended to "go it alone".
• Having a trusted intermediary insures lines of communication are maintained across the entire investor group while delivering a consistent message to all parties at all times.
• If a client decides to retain an advisor, should it be the original Placement Agent, or an independent expert as Advisor?
• Does the Placement Agent want the business? Amendments/waivers take time; use up relationship capital and provide lower fees for the Agent than new transactions.
• Will the Agent properly staff the advisory with senior personnel capable of handling delicate negotiations?
• Will the Agent bring unwanted "baggage"?, i.e. they were the ones, after all, who sold the notes originally.
• Investors may resent certain Agents who have a history of using heavy handed tactics to secure "circles" or approvals for waivers/amendments.

GCA provides clients with:

• An independent advisor, acknowledged as an industry leader, with extensive investor relationships.
• No transactional baggage that could interfere with the client's request being fairly considered;
• Experienced talent unencumbered by competing time demands or staffing constraints; and
• Advisors widely viewed as amongst the most seasoned professionals in the market.