A Practice Note that examines recent trends and key negotiation points in the US loan market, highlighting a shift towards targeted flexibility in loan terms for specific borrower needs. This Note explores the evolving dynamics between borrowers, sponsors, and lenders across both the broadly syndicated and private credit markets. It analyzes the most actively negotiated provisions in loan agreements, including delayed draw term loans, payment-in-kind (PIK) interest, and liability management transactions (LMT). This Note also addresses significant regulatory developments affecting the market, such as the rescission of the leveraged lending guidance (LLG) and New York’s adoption of the 2022 amendments to the Uniform Commercial Code (UCC), which introduce a new framework for commercial transactions involving certain digital assets.