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Practical Law
Level 1
- Glossary of Loan Market Terms
A PDF glossary of syndicated loan market terms brought to you by Practical Law and the LSTA.
Level 2
- Practical Law – PIK Interest: Negotiation and Documentation Considerations
A Practice Note providing an overview of payment-in-kind (PIK) interest, with particular focus on PIK toggles. This Note looks at the different formulations and specific characteristics of PIK interest, highlights negotiation and documentation considerations for practitioners, and introduces the concept of synthetic PIK.
- Practical Law - Expert Q&A on Borrower and Lender Perspectives in H1 Private Credit *New*
An Expert Q&A with Jennifer Daly of Paul Hastings, LLP offering a thoughtful perspective for both borrowers and lenders in today’s private credit market. Borrowers are enjoying a borrower-friendly environment and are increasingly looking to secure flexibility to preserve cash flow, and to incorporate debt portability features into credit agreements. Private credit lenders face a highly competitive environment, where significant amounts of dry powder are creating a race for high-quality transactions, emphasizing the importance of a clear, predefined strategy. Lenders are also increasingly turning to club deals, and the strategic use of cooperation agreements to gain leverage in distressed situations is a hot topic.
Level 3
- Practical Law – What’s Market: Liability Management Transactions
An overview of liability management transactions, including drop-down financings and uptiering transactions. This Note includes information about the structures, the implicated loan agreement provisions, and loan agreement blocker language.
- Practical Law - What's Market: Crypto-Backed Credit Agreements *New*
A Practice Note that summarizes and compares key provisions from certain publicly available crypto-backed credit agreements from 2025. As the lending market adapts to the rise of bitcoin (BTC) and other digital assets, this Note examines the structure of loans in which cryptocurrency is pledged as collateral. It highlights the main areas of focus for lenders and borrowers, including mechanisms for collateral valuation, custody, and control. This Note summarizes different approaches to collateral eligibility, loan-to-value (LTV) monitoring, margin call triggers, and the roles of custodians and lending service providers (LSPs). It also explores how these agreements leverage the Uniform Commercial Code (UCC) to perfect a lender’s security interest in digital collateral, providing valuable insights for parties navigating this evolving area of finance.
- Practical Law - Fungibility of Incremental Term Loans: Calibrating Amortization Terms *New*
A Practice Note discussing the concept of fungibility of incremental term loans. It explains why achieving fungibility is important for creating a deeper and more liquid trading market, particularly in the term loan B market. It also highlights a common but often overlooked hurdle to true fungibility, calibrating amortization terms, and demonstrates how simplistic drafting of amortization provisions for incremental debt can lead to economic differences between the new and original loan tranches, even when the stated rates are identical. The Note further examines how prior voluntary or mandatory prepayment events can introduce additional complexities to the amortization profile, creating another potential barrier to fungibility.