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ARTICLE · 18 AUGUST 2010

LSTA Publishes Revised Documents Effective August 6, 2010

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The Loan Syndications and Trading Association (LSTA) has released new forms of Purchase and Sale Agreement, Proceeds Letter, Distressed Trade Confirmation and Par/Near Par Trade Confirmation, effective for trades entered into on or after August 6, 2010.

United StatesCorporate/Commercial Law
Noah Heller
Noah Heller
John Semones
John Semones
Leah Silverman
Leah Silverman
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The Loan Syndications and Trading Association (LSTA) has released new forms of Purchase and Sale Agreement, Proceeds Letter, Distressed Trade Confirmation and Par/Near Par Trade Confirmation, effective for trades entered into on or after August 6, 2010.

None of these changes significantly alters the risk allocations between sellers and buyers; rather, these changes either establish drafting guidance or clean up the documents. Further, the much anticipated Buy-in/Sell-out (BISO) provisions have not yet been added to the Distressed Confirmation. Katten is actively engaged in the drafting of the BISO provisions and we will issue another Client Advisory summarizing these upon completion of the drafting process.

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