A key feature of many modern credit agreements is an “incremental” or “accordion” provision, which can allow a borrower to increase the aggregate amount of financing available und...
In a typical “term loan B” (TLB) financing, the initial lenders expect to distribute the TLB paper to investors prior to funding. But what happens when that expectation cannot be met,...
On August 8, 2014, The Loan Syndications and Trading Association (“LSTA”) published in final form its latest iteration of the Model Credit Agreement Provisions (the “2014 MCAPs”),...
In a January 2010 memorandum titled “Acquisition Financing in 2010 - Trends from 2009”, we considered the state of acquisition finance in 2009 and drew some tentative conclusions abou...
The loan markets began 2009 in the shadow of the credit crunch that began in the summer of 2007 and escalated to a credit meltdown in the fall of 2008. The average secondary bid for insti...
On October 5, 2008, Lehman Commercial Paper Inc. (“LCPI”) filed a motion for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for...
