The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language
By EsqSocial Corporation 14/05/21
To address the key issue in the litigation In re: Citibank August 11, 2020 Wire Transfers, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory that contains draft erroneous payment language to be incorporated into credit agreements that purports to protect administrative agents and contractually entitles administrative agents to claw-back erroneous payments in the future. Importantly, the LSTA language grants administrative agents sole...
By: Akin Gump Strauss Hauer & Feld LLP