In this report, Global Covenants by Reorg discusses the rise of the cooperation agreement as a defense against liability management in 2024. The report includes a framework for assessing the utility and limits of the cooperation agreement as a shield against lender-on-lender violence, as well as a list of more than ten cooperation agreements that have been executed in 2024.  Shan Qureshi and Julian Bulaon of Reorg wrote this article.