The Pendulum Swing in Leveraged Finance Loan Terms: The Role of Designation.

An acceleration in the global volume of leveraged finance debt with weak creditor protections poses systemic risks. Documentary standards have collapsed. Lawyer behaviour in the European leveraged buyout market has contributed to transaction documents becoming overwhelmingly one-sided in favour of private equity sponsors. and uncertain in their meaning. The lawyer designation model is key to understanding this phenomena. [ABSTRACT FROM AUTHOR]