August 11, 2021 - Many articles have been written already about the important decision of Judge Furman of the SDNY in In re Citibank August 11, 2020 Wire Transfers (a.k.a. “Revlon”). That decision raised a number of issues for the loan market, and the LSTA assisted the market in addressing those issues by drafting a new erroneous payment provision (“EPP”) for credit agreements to limit the risk of a Revlon type situation—where an agent bank mistakenly pays lenders and cannot recoup those funds—happening again.  In this article, LSTA’s Bridget Marsh reviews the LSTA draft form of EPP.

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Market Advisory on FIRPTA

The LSTA published a Market Advisory which discusses the implications of The Foreign Investment in Real Property Tax Act (“FIRPTA”).