Finance

Debt Incurrence (cont.) 46 Leveraged Finance Trends • Calculation • Growers on baskets: high water mark • Reclassification • Carry back and carry forward • RP debt / contribution debt • "No worse than" limb • Non-collateral debt / unsecured debt: FCCR vs TNL • Second lien debt: FCCR vs TNL • Refinancing debt / grandfathered debt / ordinary course exemptions / acquisition debt and acquired debt – capped? • ROFR • MFN • ICA Accession • Non-Guarantor Debt Cap

• 7th Annual Leveraged Finance Academy
• Agenda
• Slide Number 3
• What are Liability Management Transactions?
• Liability Management – What are the Options?
• Liability Management – What are the Options? (cont.)
• Liability Management – What are the Options? (cont.)
• Priming Transactions – Initial Considerations
• Drop-Down Transactions
• Drop-Down Transactions – Overview
• Drop-Down Transactions – Typical Transactions Overview
• Drop-Down Transactions – Step 1: Formation/Designation
• Drop-Down Transactions – Step 1: Formation/Designation (cont.)
• Drop-Down Transactions – Step 2 Sale/Transfer of Asset
• Drop-Down Transactions – Step 3: Incur Priority Debt
• Drop-Down Transactions – Case Studies
• J. Crew – Background
• J. Crew – J. Crew Blockers
• Intralot – Key Mechanics
• Intralot – Key Mechanics (cont.)
• Intralot – Implications and Responses
• Drop Down Transactions –Preventative Measures
• Drop-Down Transactions – Issue Spotting and Solutions
• Uptiering Transactions – Overview
• Uptiering Transactions – Overview
• Uptiering Transactions – Step 1: Amendments
• Uptiering Transactions – Step 2: Debt Exchange
• Uptiering Transactions – Step 3: Superpriority Debt
• Uptiering Transactions –Case Studies
• TriMark – Uptiering Structure
• Slide Number 32
• Boardriders – Uptiering Structure
• Boardriders – Mechanics
• Serta Simmons – Uptiering Structure
• A New Frontier? – Diebold's A&E Proposal
• A European Perspective – Keter's A&E Proposal
• Creditor Consents: Key English Law Considerations
• Lien Subordination – Conducting a Super-Priority Uptier Exchange (the credit agreement scenario)*
• Uptiering Transactions – Review and Drafting Recommendations
• Leveraged Finance Trends
• Challenging Market Conditions
• Document Terms: Current Themes
• Investor Pushback
• Debt Incurrence
• Debt Incurrence (cont.)
• EBITDA Adjustment
• RPs / Investments
• Change of Control
• All Lender Matters
• Scope of Security
• Public to Private Transactions – What You Need To Know
• Overview
• Mechanics – Offer Vs. Scheme
• Mechanics – Thresholds
• Offer Timetable Changes to the Takeover Code
• Contractual Offer Timetable: Old vs New Timetable
• Illustrative Timetable
• Illustrative Timetable (cont.)
• Timetable – Switching Between an Offer and a Scheme
• Timetable – Interlopers / Competitive Bids
• Timetable – Auction Process
• Rule Of Six
• Conditions to Offer
• Certain Funds – Cash Confirmation Overview
• Certain Funds – Cash Confirmation Letter
• Certain Funds – Certain Funds Period
• Certain Funds – Drawstops
• Certain Funds – Practical Considerations
• Disclosure of Financing Terms
• Syndication
• P2P - Key Market Trends from 2022 & What lies ahead in 2023?
• Direct Lending: Focal Points and Key Battlegrounds
• What will be covered today?
• Structuring and Operational Considerations
• CAR Facilities
• Certain Funds
• ROFO/ROFR
• Call Protection and Exits
• Transfers
• Our Team
• Our Team (1)
• Slide Number 83