Private Credit

Covenant-Lite in European Private Credit: Terms and Risks Covenant-lite loans remove ongoing quarterly maintenance tests and rely on incurrence covenants […]

Covenant-Lite Loans: Risks, Protections, and Best Practices A covenant-lite loan is a credit facility without ongoing financial maintenance tests. Instead

ESG-Linked Loan Ratchets: KPIs, Pricing, and Best Practices An ESG-linked loan is a standard credit facility whose margin moves based

ESG Margin Ratchets: Design, Pricing, Execution An ESG margin ratchet is a clause that moves a loan’s margin up or

ESG Margin Ratchets: How They Work and Why They Matter An ESG margin ratchet is a loan pricing feature that

ESG-Linked Margin Ratchets in Private Credit: A Guide ESG-linked margin ratchets tie a borrower’s interest margin to performance on environmental,

Intercreditor Agreements: Priority, Control, and Protections An intercreditor agreement is a contract that sets who gets paid first, who controls

Intercreditor Agreements: U.S. vs Europe – Key Terms An intercreditor agreement is a contract among creditor groups that sets who

Intercreditor Terms in European Private Credit An intercreditor agreement decides who gets paid first, who controls enforcement, and how cash

Intercreditor Agreements and AALs: A Practical Guide An intercreditor agreement is a contract among creditor groups that sets who gets