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E-grāmata: LSTA's Complete Credit Agreement Guide, Second Edition

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  • Formāts: 704 pages
  • Izdošanas datums: 11-Nov-2016
  • Izdevniecība: McGraw-Hill Education
  • Valoda: eng
  • ISBN-13: 9781259644870
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LSTA's Complete Credit Agreement Guide, Second EditionPalielināt
  • Formāts: 704 pages
  • Izdošanas datums: 11-Nov-2016
  • Izdevniecība: McGraw-Hill Education
  • Valoda: eng
  • ISBN-13: 9781259644870
Citas grāmatas par šo tēmu:

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The definitive guide for navigating todays credit agreements

Todays syndicated loan market and underlying credit agreements are far more complex than ever.  Since the global financial crisis, the art of corporate loan syndications, loan trading, and investing in this asset class have changed dramatically.  Lenders are more diverse,  borrowers more demanding, and regulations more stringent.  Consequently, the credit agreement has evolved, incorporating many new provisions and a host of revisions to existing ones. 

The LSTAs Complete Credit Agreement Guide brings you up to speed on todays credit agreements and helps you navigate these complex instruments. This comprehensive guide has been fully updated to address seven years of major changewhich has all but transformed the loan market as we knew it. It provides everything you need to address these new developments, including what to look for in large sponsor-driven deals, the rise of covenant lite agreements for corporate borrowers seeking fewer covenant restrictions, Yankee Loans, other products resulting from globalization, and other product developments driven by the diversification of the investor class.

Youll benefit from the authors in-depth coverage of all the nuances of today's credit agreements, as well as their tips on how to protect your loan, manage defaults, and navigate cross-border deals.  This reliable guide covers:

o Commitments, Loans, and Letters of Credit o Interest and Fees o Amortization and Maturity o Conditions Precedent o Representations o Covenants o Guarantees and Security o Defaults and Enforcement o Interlender, Voting, and Agency issues o Defaulting Lenders o Assignments, Participations, and Disqualified Lender ListsBorrower Rights o Regulatory Developments

Structuring and managing credit agreements has always been a difficult process but now its more complicated than ever.  Whether you work for a company that borrows money in the syndicated loan market or for a bank, a hedge fund, pension fund, insurance company, or other financial institution, the LSTAs Complete Credit Agreement Guide puts you ahead of the curve of todays credit landscape. 
Preface xxi
1 The Credit Agreement 1(4)
2 Commitments, Loans, And Letters Of Credit 5(62)
2.1 Credit Variants
5(26)
2.1.1 Loans
5(4)
2.1.1.1 Revolving Credit versus Term Loans
6(1)
2.1.1.2 A and B Loan Tranches
7(1)
2.1.1.3 Competitive Bid Loans
8(1)
2.1.1.4 Swingline Loans
8(1)
2.1.2 Letters of Credit
9(18)
2.1.2.1 Application for Issuance
13(1)
2.1.2.2 Form of Letter of Credit
14(1)
2.1.2.3 Expiration Date
14(2)
2.1.2.4 Limitations on Amount
16(1)
2.1.2.5 Examination of Documents
16(1)
2.1.2.6 Borrower's Reimbursement Obligation
17(2)
2.1.2.7 Participations by Lenders
19(1)
2.1.2.8 Strict versus Substantial Compliance
20(2)
2.1.2.9 Indemnification
22(1)
2.1.2.10 Cash Collateral
23(4)
2.1.3 Synthetic Letters of Credit
27(2)
2.1.4 Bankers' Acceptances
29(2)
2.2 Commitments
31(12)
2.2.1 Several Liability
31(1)
2.2.2 Reducing Revolving Credit Commitments
32(2)
2.2.3 Terminating Commitments
34(1)
2.2.4 Increasing Commitments: Accordion Features and Incremental Facilities
35(6)
2.2.4.1 Accordion Feature
35(3)
2.2.4.2 Incremental Facilities
38(2)
2.2.4.3 Recent Developments
40(1)
2.2.5 "Termout" of Revolving Credit Commitments
41(1)
2.2.6 Loan Commitment Letters
42(1)
2.3 Multicurrency Facilities
43(6)
2.3.1 Ratable Committed Dollar/FX Loans
45(1)
2.3.2 Nonratable Committed Loans
46(1)
2.3.3 Local Currency Tranches
47(1)
2.3.4 Uncommitted FX Loans
48(1)
2.3.5 Multicurrency Competitive Bid Loans
48(1)
2.4 Second Lien and Unitranche Facilities
49(9)
2.4.1 General Observations
49(2)
2.4.2 Bankruptcy Issues
51(6)
2.4.2.1 Post-Petition Interest
51(1)
2.4.2.2 Debtor-in-Possession Financing and Use of Cash Collateral
52(1)
2.4.2.3 Automatic Stay
53(1)
2.4.2.4 Contest Rights
53(1)
2.4.2.5 Plan Confirmation
53(1)
2.4.2.6 Aggregate Effect
54(1)
2.4.2.7 Recent Bankruptcy Decisions
54(3)
2.4.3 Unitranche Facilities
57(1)
2.5 Minimums, Multiples, and Frequency
58(9)
2.6 Notices and Mechanics of Funding
59(2)
2.7 Amend and Extend
61(4)
2.8 Refinancing Facilities
65(1)
2.9 Cashless Settlement
66(1)
3 Interest And Fees 67(70)
3.1 Interest
67(25)
3.1.1 Base Rate Interest
68(2)
3.1.2 LIBOR Interest
70(11)
3.1.2.1 General Principles
70(5)
3.1.2.2 Interest Periods
75(2)
3.1.2.3 Reserve Requirements
77(2)
3.1.2.4 Why LIBOR?
79(1)
3.1.2.5 LIBOR Scandal and Recent Developments
80(1)
3.1.3 Competitive Bid Loans
81(2)
3.1.4 Other Pricing Options
83(1)
3.1.5 Applicable Margins
83(6)
3.1.5.1 General Principles
83(1)
3.1.5.2 Margins Based upon Credit Ratings
84(1)
3.1.5.3 Margins Based upon Financial Tests
85(4)
3.1.6 Interest Payment Dates
89(1)
3.1.7 PIK Interest and "Toggle" Loans
90(1)
3.1.8 Default Interest
91(1)
3.2 Fees
92(4)
3.2.1 Commitment Fees
92(1)
3.2.2 Facility Fees
93(1)
3.2.3 Utilization Fees
94(1)
3.2.4 Letter of Credit Fees
94(1)
3.2.5 Swingline Fronting Fees
95(1)
3.2.6 Upfront Fees
95(1)
3.2.7 Administrative Agency Fees
96(1)
3.3 Computation of Interest and Fees
96(2)
3.4 Accrual Conventions
98(1)
3.5 Business Day Conventions
99(1)
3.6 Lending Offices
100(2)
3.7 Yield Protection
102(30)
3.7.1 Increased Costs
103(4)
3.7.2 Capital Costs
107(3)
3.7.3 LIBOR Market Disruption
110(4)
3.7.3.1 Background
110(1)
3.7.3.2 Components of the Market Disruption Clause
111(2)
3.7.3.3 Historical Issues with the Market Disruption Clause
113(1)
3.7.4 Illegality
114(3)
3.7.5 Breakfunding
117(5)
3.7.5.1 General Principles
118(1)
3.7.5.2 Breakfunding upon Initial Drawdowns
119(1)
3.7.5.3 Sell-Down Costs
120(1)
3.7.5.4 Compared to Prepayment Premiums
121(1)
3.7.6 Taxes
122(15)
3.7.6.1 Evidence of Payments
128(1)
3.7.6.2 Actions by Lenders to Minimize Taxes
129(1)
3.7.6.3 Refunds and Credits
129(2)
3.7.6.4 Exclusions
131(1)
3.8 Interest Savings Clauses
132(5)
4 Amortization And Maturity 137(40)
4.1 Payments Generally
137(4)
4.1.1 Immediately Available Funds
137(1)
4.1.2 Time of Payment
138(1)
4.1.3 Extensions for Nonbusiness Days
139(1)
4.1.4 Obligation to Repay Absolute
140(1)
4.2 Scheduled Repayment
141(1)
4.3 Advancing the Maturity Date
142(1)
4.4 364-Day Facilities
143(4)
4.5 Stripped Loan Facilities
147(2)
4.6 Voluntary Prepayments
149(2)
4.7 Mandatory Prepayments
151(20)
4.7.1 Revolving Clean Downs
152(1)
4.7.2 Borrowing Base
152(2)
4.7.3 Asset Sales
154(4)
4.7.4 Casualty Events
158(1)
4.7.5 Debt and Equity Issuances
159(3)
4.7.6 Excess Cash Flow/Cash Sweep
162(4)
4.7.7 Change of Control
166(3)
4.7.8 Currency Adjustments in Multicurrency Deals
169(2)
4.8 Allocation of Prepayments
171(1)
4.9 Cover for Letters of Credit
172(1)
4.10 Prepayment Opt Outs
172(1)
4.11 Prepayment Premiums
173(2)
4.12 Multiple Borrowers
175(2)
5 Conditions Precedent 177(48)
5.1 Effectiveness Conditions
177(40)
5.1.1 Signing versus Closing
178(1)
5.1.2 Execution; Lender Addenda; Fronting Letters
179(2)
5.1.3 Matters Relating to Organization and Authorization
181(2)
5.1.4 Opinions
183(7)
5.1.5 Government Approvals
190(1)
5.1.6 The MAC Condition
191(6)
5.1.7 Conditions That Relate to Perfection of Collateral
197(3)
5.1.8 Promissory Notes
200(3)
5.1.9 Special Conditions Applicable to Non-U.S. Borrowers
203(3)
5.1.10 Repayment of Other Debt
206(2)
5.1.11 Other Conditions
208(8)
5.1.11.1 Appraisals
209(1)
5.1.11.2 Solvency
210(1)
5.1.11.3 Environmental Due Diligence
211(2)
5.1.11.4 Insurance
213(1)
5.1.11.5 Patriot Act
214(1)
5.1.11.6 The Catchall
215(1)
5.1.12 Effectiveness
216(1)
5.2 Ongoing Conditions
217(3)
5.2.1 Representations
219(1)
5.2.2 Defaults
219(1)
5.3 SunGard Conditionality in Acquisition Financings
220(5)
6 Representations 225(72)
6.1 Legal Matters Representations
228(25)
6.1.1 Organization, Existence, Power, and Qualification to Do Business
229(4)
6.1.2 Due Authorization
233(2)
6.1.3 Due Execution
235(1)
6.1.4 Enforceability
236(1)
6.1.5 No Conflict
237(5)
6.1.6 Government Approvals
242(2)
6.1.7 Compliance with Law; Licenses
244(1)
6.1.8 Investment Company Act
245(1)
6.1.9 Anti-Corruption Regulations
245(2)
6.1.10 Office of Foreign Assets Control Regulations
247(2)
6.1.11 USA PATRIOT Act
249(1)
6.1.12 Margin Regulations
250(3)
6.2 Financial Condition Representations
253(14)
6.2.1 Financial Statements
253(2)
6.2.2 Material Adverse Change
255(1)
6.2.3 Litigation
255(2)
6.2.4 Projections
257(1)
6.2.5 Taxes
258(2)
6.2.6 Pension and Welfare Plans
260(4)
6.2.7 Solvency
264(3)
6.2.8 Material Agreements
267(1)
6.3 Representations and Disclosures Regarding the Business
267(14)
6.3.1 Capitalization
268(1)
6.3.2 Subsidiaries and Investments
269(2)
6.3.3 Real Property
271(1)
6.3.4 Existing Debt and Liens
272(1)
6.3.5 Title to Property
273(2)
6.3.6 Labor Matters
275(2)
6.3.7 Intellectual Property
277(1)
6.3.8 Environmental Matters
277(3)
6.3.9 No Burdensome Restrictions
280(1)
6.4 Representations by Foreign Borrowers
281(9)
6.4.1 Commercial Activity
281(1)
6.4.2 Pali Passu Ranking
282(4)
6.4.3 Legal Form
286(2)
6.4.4 Foreign Taxes
288(1)
6.4.5 Sovereign Borrowers
289(1)
6.5 Other Representations
290(6)
6.5.1 Completeness of Disclosures
290(2)
6.5.2 Status as Senior Debt
292(3)
6.5.3 Perfection and Priority of Security
295(1)
6.6 The Special Circumstances of Acquisition Financings
296(1)
7 Covenants 297(114)
7.1 Some General Principles
297(1)
7.2 Scope of Covenant Coverage
298(7)
7.2.1 Subsidiaries Generally
298(2)
7.2.2 Restricted and Unrestricted Subsidiaries
300(3)
7.2.3 Significant Subsidiaries and Immaterial Subsidiaries
303(2)
7.3 Covenant Definitions
305(7)
7.3.1 Definitions Generally; GAAP and IFRS
305(2)
7.3.2 Key Financial Definitions
307(5)
7.3.2.1 Debt
308(2)
7.3.2.2 EBITDA
310(2)
7.4 Financial Covenants
312(16)
7.4.1 Date-Specific versus Performance versus Hybrid Covenants; Annualized and Rolling Periods
312(2)
7.4.2 Phase-In and Pro Forma Treatment
314(1)
7.4.3 Date-Specific Financial Covenants
315(5)
7.4.3.1 Net Worth
316(2)
7.4.3.2 Net Worth Ratio
318(1)
7.4.3.3 Current Ratio/Working Capital
318(2)
7.4.4 Performance-Based Financial Covenants
320(6)
7.4.4.1 Interest Coverage Ratio
320(1)
7.4.4.2 Debt Service Coverage Ratio
321(1)
7.4.4.3 Fixed Charges Coverage Ratio
322(1)
7.4.4.4 Lease Payments
323(2)
7.4.4.5 Capital Expenditures
325(1)
7.4.5 Hybrid Financial Covenants
326(2)
7.4.5.1 Leverage Ratio
326(2)
7.5 Affirmative Covenants
328(27)
7.5.1 Disclosure Covenants
328(9)
7.5.1.1 Financial Statements
328(2)
7.5.1.2 Compliance Certificates
330(2)
7.5.1.3 Notices of Material Events
332(2)
7.5.1.4 Catchall Provisions
334(1)
7.5.1.5 Delivery
335(2)
7.5.2 Inspection Rights
337(1)
7.5.3 Insurance
338(4)
7.5.4 Miscellaneous "Who-Can-Object" Covenants
342(7)
7.5.4.1 Books and Records
343(1)
7.5.4.2 Properties
343(1)
7.5.4.3 Existence and Franchises
343(1)
7.5.4.4 Compliance with Law; Sanctions and Anticorruption Laws
344(2)
7.5.4.5 Payment of Taxes and Other Obligations
346(1)
7.5.4.6 Government Approvals
347(1)
7.5.4.7 Substantive Consolidation
348(1)
7.5.5 Use of Proceeds
349(1)
7.5.6 Interest Rate Protection
350(2)
7.5.7 Pari Passu Ranking
352(1)
7.5.8 Further Assurances
352(3)
7.6 Negative Covenants
355(50)
7.6.1 Lien Covenant
357(4)
7.6.1.1 Lender Liens
359(1)
7.6.1.2 Grandfathered Liens
359(1)
7.6.1.3 Permitted Encumbrances
360(1)
7.6.1.4 Purchase Money Liens
360(1)
7.6.1.5 Acquisition Liens
360(1)
7.6.1.6 Secured Debt Liens
360(1)
7.6.1.7 Non-guarantor Liens
361(1)
7.6.1.8 General Lien Basket
361(1)
7.6.2 Equal and Ratable Sharing Clause
361(7)
7.6.2.1 Documentation Issues
364(1)
7.6.2.2 Sharing Rights
365(1)
7.6.2.3 Voting Rights
366(1)
7.6.2.4 Collateral Agent
367(1)
7.6.3 Negative Negative Pledge or Burdensome Agreements
368(2)
7.6.3.1 Grandfathered Restrictions
369(1)
7.6.3.2 Boilerplate Restrictions
369(1)
7.6.3.3 Secured Debt Restrictions
369(1)
7.6.3.4 Sale Restrictions
370(1)
7.6.4 Debt
370(4)
7.6.4.1 Lender Debt
371(1)
7.6.4.2 Grandfathered Debt
371(1)
7.6.4.3 Intercompany Debt
372(1)
7.6.4.4 Purchase Money Debt
372(1)
7.6.4.5 Acquisition Debt
372(1)
7.6.4.6 Subsidiary Debt
373(1)
7.6.4.7 Debt Basket and Ratio Debt Basket
373(1)
7.6.5 Disqualified Stock
374(2)
7.6.6 Fundamental Changes, Asset Sales, and Acquisitions
376(4)
7.6.6.1 Fundamental Changes
376(2)
7.6.6.2 Asset Sales
378(2)
7.6.6.3 Acquisitions
380(1)
7.6.7 Sale-Leasebacks
380(2)
7.6.8 Investments
382(4)
7.6.8.1 Grandfathered Investments
383(1)
7.6.8.2 Cash and Cash Equivalents
383(1)
7.6.8.3 Subsidiaries
384(1)
7.6.8.4 Guarantees
385(1)
7.6.8.5 Acquisition Investments
385(1)
7.6.8.6 Investment Basket
385(1)
7.6.9 Lines of Business
386(1)
7.6.10 Derivatives
387(1)
7.6.11 Guarantees or Contingent Liabilities
388(2)
7.6.12 Dividends and Equity Repurchases
390(3)
7.6.12.1 Stock Dividends
391(1)
7.6.12.2 Subsidiary Dividends
391(1)
7.6.12.3 Employee Stock Plans
391(1)
7.6.12.4 Preferred Dividends
392(1)
7.6.12.5 Dividend Baskets
392(1)
7.6.13 Tax-Sharing Payments and Permitted Tax Distributions
393(1)
7.6.14 Restrictions on Subsidiary Distributions
394(2)
7.6.14.1 Grandfathered Restrictions
395(1)
7.6.14.2 Permitted Debt Restrictions
395(1)
7.6.14.3 Legal Restrictions
395(1)
7.6.14.4 Sale Restrictions
395(1)
7.6.14.5 Limited Customary Restrictions
396(1)
7.6.15 Modification and Prepayment of Other Debt
396(2)
7.6.16 Affiliate Transactions
398(3)
7.6.17 Amendments to Organic Documents and Other Agreements
401(1)
7.6.18 Fiscal Periods and Accounting Changes
402(2)
7.6.19 Passive Holding Company
404(1)
7.7 Incorporation by Reference
405(1)
7.8 Covenant Lite
406(5)
8 Guarantees And Security 411(26)
8.1 Guarantees and Security Generally
411(1)
8.2 Guarantees
411(18)
8.2.1 Guarantees Generally
411(3)
8.2.2 Guarantee of Payment versus Guarantee of Collection
414(1)
8.2.3 Waivers
415(2)
8.2.4 Subrogation
417(2)
8.2.5 Reinstatement
419(1)
8.2.6 Insolvency of Borrower
420(1)
8.2.7 Continuing Guarantee
421(1)
8.2.8 Summary Procedure
421(1)
8.2.9 Guarantee Limitations and Rights of Contribution
422(4)
8.2.10 Subordination
426(1)
8.2.11 Limitations on Guarantee of Hedging Obligations
426(3)
8.3 Collateral Packages
429(3)
8.3.1 Conditions
429(1)
8.3.2 Representations
430(1)
8.3.3 Further Assurances Covenant
430(1)
8.3.4 Lien Covenant
430(1)
8.3.5 Defaults
431(1)
8.3.6 Voting
431(1)
8.3.7 Expenses
431(1)
8.3.8 Agent Authorizations
431(1)
8.4 Springing Liens
432(1)
8.5 Collateral Allocation Mechanism
433(2)
8.6 Deemed Dividends
435(2)
9 Defaults And Enforcement 437(46)
9.1 Events of Default
437(25)
9.1.1 Default in Payment
439(2)
9.1.2 Inaccuracy of Representations
441(3)
9.1.3 Breach of Covenants
444(2)
9.1.4 Cross-Default; Cross-Acceleration
446(4)
9.1.4.1 Why a Cross-Default?
446(1)
9.1.4.2 What Debt Is Crossed?
447(1)
9.1.4.3 Meanings of "Cross-Default" and "Cross-Acceleration"
448(1)
9.1.4.4 Mandatory Prepayments
449(1)
9.1.5 Insolvency
450(3)
9.1.5.1 Voluntary
451(1)
9.1.5.2 Involuntary
452(1)
9.1.5.3 Admission
452(1)
9.1.6 Judgment Default
453(1)
9.1.7 ERISA Events
454(2)
9.1.8 Environmental Events
456(1)
9.1.9 Change of Control or Management
457(1)
9.1.10 Invalidity of Guarantees or Liens
458(2)
9.1.11 Foreign Borrowers
460(1)
9.1.12 Material Adverse Change
461(1)
9.1.13 Specialized Events of Default
462(1)
9.1.14 Significant Subsidiaries
462(1)
9.2 Remedies
462(7)
9.2.1 Stop Lending
463(1)
9.2.2 Terminate Commitments
464(1)
9.2.3 Accelerate
465(2)
9.2.4 Demand Cover for Letters of Credit
467(1)
9.2.5 Institute Suit
468(1)
9.2.6 Demand Payment from Guarantors
468(1)
9.2.7 Foreclose on Collateral
469(1)
9.3 Rescission
469(1)
9.4 Waterfalls
470(1)
9.5 Setoff
470(3)
9.6 Individual versus Collective Action
473(3)
9.7 Lender Liability Risks
476(7)
9.7.1 Breach of Contract
477(1)
9.7.2 Creditor Control
477(1)
9.7.3 Tortious Interference
478(1)
9.7.4 Environmental Liability
479(1)
9.7.5 RICO
479(1)
9.7.6 Securities Laws
480(1)
9.7.7 Wrongful Coercion
481(2)
10 Interlender, Voting, And Agency Issues; Defaulting Lenders 483(58)
10.1 Agency Issues
483(25)
10.1.1 Appointment
484(3)
10.1.2 Rights of Administrative Agent Individually
487(1)
10.1.3 No Fiduciary Duty
488(3)
10.1.4 Exculpation
491(4)
10.1.5 Reliance
495(2)
10.1.6 Delegation
497(1)
10.1.7 Filing Proofs of Claim
498(2)
10.1.8 Credit Bidding
500(1)
10.1.9 Successor Agents
501(5)
10.1.10 Collateral and Guaranty Matters
506(2)
10.1.11 Syndication and Other Agents
508(1)
10.2 Lender Indemnification
508(2)
10.3 Voting
510(10)
10.3.1 Basic Rule
511(1)
10.3.2 Multitranche Agreements
512(1)
10.3.3 Consents Requiring More Than a Majority
513(3)
10.3.3.1 Money Terms
513(2)
10.3.3.2 Pro Rata Provisions
515(1)
10.3.3.3 Voting
515(1)
10.3.3.4 Conditions
515(1)
10.3.4 Unanimous versus Affected Lender Consent
516(1)
10.3.5 Special Lender Consents
517(1)
10.3.6 Collateral Security
517(2)
10.3.7 Vote Splitting
519(1)
10.3.8 Lenders That Default
520(1)
10.4 Pro Rata Treatment
520(1)
10.5 Sharing of Setoffs and Other Claims
521(7)
10.6 The Clawback Clauses
528(3)
10.7 Access to the Loan Register
531(1)
10.8 Defaulting Lenders
532(9)
10.8.1 Defining a Defaulting Lender
533(3)
10.8.2 Disenfranchising Defaulting Lenders
536(1)
10.8.3 Mitigating Fronting Bank Exposure
537(1)
10.8.4 Forfeiture of Fees
538(1)
10.8.5 Application of Payments
539(1)
10.8.6 Removing Defaulting Lenders from the Syndicate
539(1)
10.8.7 Removing a Defaulting Administrative Agent
540(1)
11 Assignments And Participations 541(32)
11.1 Distinguishing Assignments and Participations
541(2)
11.2 Assignments
543(18)
11.2.1 The General Rule for Successors and Assigns
543(1)
11.2.2 Consent Rights over Lender Assignments
544(10)
11.2.2.1 Defaults
547(1)
11.2.2.2 Assignments to Lenders and Lender Affiliates
548(1)
11.2.2.3 Assignments to Borrower Affiliates
549(1)
11.2.2.4 Agent Consent Rights
550(1)
11.2.2.5 Issuing and Swingline Lender Consent Rights
551(1)
11.2.2.6 Unreasonably Withholding or Delaying Consent
551(1)
11.2.2.7 Absolute Consent Rights
552(1)
11.2.2.8 Consent During Primary Syndication
553(1)
11.2.2.9 Other Considerations
553(1)
11.2.3 Eligible Assignees and Disqualified Lenders
554(4)
11.2.4 Minimums
558(1)
11.2.5 Transfer Fees
559(1)
11.2.6 Loan Register
560(1)
11.3 Participations
561(6)
11.4 Loan Pledges
567(1)
11.5 Third Party Beneficiaries
568(1)
11.6 Are Loans Covered by the Securities Laws?
569(4)
12 The Boilerplate 573(38)
12.1 Notice Provisions
573(5)
12.1.1 Notices Generally
573(2)
12.1.2 Electronic Notices
575(3)
12.2 No Deemed Waivers
578(1)
12.3 Cumulative Remedies
579(1)
12.4 Colorado River Clause
580(1)
12.5 Expenses
581(3)
12.6 Borrower Indemnification; Consequential Damages
584(4)
12.7 Governing Law
588(3)
12.8 Enforcement Provisions
591(9)
12.8.1 Jurisdiction; Process Agents
591(3)
12.8.2 Venue and Forum Non Conveniens
594(1)
12.8.3 Waiver of Sovereign Immunity
595(2)
12.8.4 Waiver of Jury Trial
597(1)
12.8.5 Judgment Currency
598(2)
12.9 Severability; Counterparts; Integration; Captions
600(4)
12.9.1 Severability
600(1)
12.9.2 Counterparts; Effectiveness
601(1)
12.9.3 Integration
602(2)
12.9.4 Captions
604(1)
12.10 Electronic Execution
604(3)
12.11 Survival
607(2)
12.12 USA PATRIOT Act
609(2)
13 Borrower Rights 611(36)
13.1 The Right That Lenders Make Loans
611(2)
13.2 The Right That Lenders Mitigate Costs
613(2)
13.3 The "Yank-a-Bank" Provision
615(3)
13.4 Documentation from Lenders
618(1)
13.5 Implied Covenant of Good Faith and Fair Dealing; No Implied Fiduciary Duties
619(2)
13.6 The Right to Designate Additional Borrowers
621(1)
13.7 Equity Cure Rights
622(3)
13.8 Confidentiality
625(12)
13.8.1 The Confidentiality Clause
626(9)
13.8.1.1 Disclosure to Regulators
629(1)
13.8.1.2 Disclosure Required by Law or Subpoena
630(1)
13.8.1.3 Disclosure to Other Agreement Parties
630(1)
13.8.1.4 Exercise of Remedies
630(1)
13.8.1.5 Under Confidentiality Agreement
631(2)
13.8.1.6 With Consent of Borrower
633(1)
13.8.1.7 Information Already Public
633(1)
13.8.1.8 Confidential Tax Treatment
633(2)
13.8.2 Remedies
635(1)
13.8.3 Use Restrictions
635(1)
13.8.4 Destruction of Records
636(1)
13.9 Loan Buybacks
637(7)
13.9.1 Documentary Impediments
637(1)
13.9.2 Overcoming Documentary Issues
637(5)
13.9.3 Buyback Methodologies
642(2)
13.9.4 Effect upon Amortization
644(1)
13.10 Amend-and-Extend and Refinancing Facilities
644(3)
14 Regulatory Developments 647(6)
14.1 2013 Leveraged Lending Guidance
648(2)
14.2 Agency FAQs
650(1)
14.3 Impact of the Guidance
651(2)
Appendix I Table of Authorities 653(6)
Appendix II LSTA Model Credit Agreement Provisions 659(50)
Appendix III LSTA Form of Contractual Recognition Provision 709(6)
Index 715
Jerome McCluskey is a partner in the New York office of Milbank, Tweed, Hadley, & McCloy. He focuses on representation of banks and other financial institutions in senior lending transactions.

Michael J. Bellucci is a partner in the New York office of Milbank, Tweed, Hadley, & McCloy; his practice centers on bank financing and other financing matters.
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