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The role of “administrative parties” in distressed and default scenarios
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In this article, we consider the roles and duties of what are often described as “administrative parties” (namely, facility agents, bond/note trustees and security agents/trustees) in various distressed and default scenarios (including liability management exercises, enforcements and comprehensive financial restructurings). We focus on the intersection between the roles of such agents and trustees in the transaction, their contractual obligations and any applicable statutory, common law or equitable duties.
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