David Turf Published on CFO com

Managing Director David Turf highlights the importance of keeping an "arm's length" when performing affiliate party transactions. Although a transaction can be difficult to assess under the arm’s length construct, it is extremely important especially when third-party lenders are involved. A company's lenders and debtholders have a vested interested in ensuring that affiliate transactions do not diminish the value of the debtor. To accomplish this, debtholders almost always incorporate a Transactions with Affiliates Covenant into credit agreements and bond indentures to protect against self-dealing.

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