Market Trends 2020/21: Commitment Letters


This practice note discusses current market trends in publicly filed financing commitment letters from the second half of 2020 and first half of 2021 and examines some of the key provisions in commitment letters for various types of credit facilities, including syndication terms, call protection, terms regarding unrestricted subsidiaries, SunGard provisions, financial covenants, loan documentation principles, expense reimbursement, carve-outs from indemnity provisions, confidentiality provisions, and bifurcated governing law provisions.