The Advisory summarizes the key features of the two main types of LMTs that have been prevalent in our market -- the drop-down financing and the uptiering transaction – as well as some recent structures commonly referred to by market participants generically as “double dip” financings.  The Advisory now includes a discussion of the 2024 Serta and Mitel court decisions and their implications for non pro rata uptiering transactions.  The blackline version, against the document dated January 29, 2025, is attached as well (it will open as a zip file where both files are located).