This week we cover LMF Case Study; LSTA Automates Credit Agreement; Shaiman Publishes Creditflux Column
On May 10th, the LSTA hosted a webinar to discuss the automation of the LSTA’s Form of Revolving Credit Facility (the “LSTA Revolver”) using OpenLaw’s open source markup language. LSTA’s Bridget Marsh and Tess Virmani were joined by Aaron Wright of Cardozo Law, Michael Rice of OpenLaw, and Douglas Landy of Milbank to discuss the pros and cons of automating the LSTA Revolver and different lessons learned during the exercise.
Certain revisions to the LSTA’s Form of Revolving Credit Facility which address this issue (for example, the conditions precedent have been expanded to reference this and a covenant has also been included which requires the borrower to deliver the certificate).
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.