Banking
May 6, 2020
COVID-19 exceptions in credit agreements (Part I of II)
It is still early in the post-COVID-19 credit cycle, but the pandemic is already working its way into credit documents, and may likely become a fixture in them going forward.
Sandra Lee Montgomery
Partner
Proskauer Rose LLP
Email: smontgomery@proskauer.com
Sandra is a partner in The Private Credit Group. She represents first- and second-lien senior lenders, mezzanine investors, and equity sponsors in senior debt, mezzanine and private equity financing arrangements, particularly those involving private sources of capital. Her areas of focus include acquisitions, recapitalization and other leveraged financings, cash flow and asset-based financings, debtor-in-possession and exit financings, cross-border financings, unitranche and mezzanine financings, restructurings and other innovative, first-in-kind transactions.
Bharat Moudgil
Associate
Proskauer Rose LLP
Email: bmoudgil@proskauer.com
Bharat is an associate in The Private Credit Group. He concentrates his practice on middle-market financing transactions, including senior, first and second-lien, secured and unsecured mezzanine, holdco, unitranche and other forms of private credit in connection with leveraged buyouts, acquisition financings, recapitalizations and refinancings, among other purposes. Bharat has experience representing a diverse group of lenders in transactions across a wide range of industries.
Szeman Lam
Associate
Proskauer Rose LLP
Szeman is an associate in The Private Credit Group. She has a broad transactional practice with an emphasis on finance transactions, including senior secured, second lien, mezzanine and split collateral, particularly those involving private sources of capital. Szeman has represented lenders in acquisition financings, refinancings and recapitalizations, among other types of deals.
The novel coronavirus has resulted in a seismic shift in the way businesses are run and the way we live on a day-to-day basis. It is still early in the post-COVID-19 credit cycle, but the pandemic is already working its way into credit documents, and may likely become a fixture in them going forward. This article analyzes certain material provisions tested by COVID-19 and other COVID-19-specific provisions which are starting to appear in loan agreements, and how priva...
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