Americas Core Credit: Illusory Protections in Credit Agreements (Jan. 7, 2022)
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Illusory Protections in Credit Agreements: Material IP Transfer
This chapter discusses the dilution of certain provisions in credit agreements, specifically focusing on Material IP Transfer Prohibitions and how they have been bypassed through triangulation and permitted investments. It uses the case of J.K.R.U. to illustrate the risks involved in transferring assets to unrestricted subsidiaries, where lenders lose their claims on the transferred assets.
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