As Serta and other liability management cases take their twists and turns through the courts, see, e.g., In re Serta Simmons Bedding, LLC, No. Surprisingly, some loan market participants continue to think that the term “open market purchases” included in many syndicated credit agreements today is intended to require the borrower to buy all the loans of a particular tranche on a pro rata basis, or at least make the offer to all lenders of the associated class. Filardi, Senior Vice President & Associate General Counsel, Lending and Private Banking, Flagstar Bank Regent, American College of Commercial Finance Lawyers Co-Chair, American Bar Association Asset-Based Lending Committee ‘Open Market Purchase’ Provisions Leave Everything Openīy Linda W.
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