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Syndicated Loans & Management

Consultations and Consents for Waivers and Amendments


Changes to a project/loan are expected during the life of a transaction. As part of IFC's review of changes, we ensure that B Loan participants' rights are respected. The significance of each issue, as well as the characteristics that distinguish consultations from consents, are evaluated each time a borrower’s request for an amendment and/or waiver is sent to the B Loan participants.

The Participation Agreement contains contractual voting provisions which determine the appropriate involvement of participants when altering transaction documents. Each Participation Agreement sets forth the level of participants' involvement required in responding to borrower requests. These include consultations on non-financial covenant changes, and consent rights on more critical changes to the transaction documents, including changes to financial covenants and changes in money terms.
 

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