Americas Core Credit: Webinar Replay - Covenants 101: Value Leakage (Oct. 29, 2021)
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Transfers to Non-Guarantors Restricted Subsidiaries vs. Transfers to Unrestricted Subsidiaries
This chapter discusses the distinction between transfers to non-guarantors restricted subsidiaries and transfers to unrestricted subsidiaries in credit agreements. It explores the risks and potential value leakage associated with both types of transfers, as well as the purpose and consequences of unrestricted subsidiaries. Examples of unrestricted subsidiary transfers are analyzed, including the impact they had on the subsidiaries involved.
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