How to Avoid a Multi-Million Dollar Mistake

Avoid the kind of mistake that potentially cost Citibank millions of dollars. These erroneous payment clauses for a credit agreement are used in a syndicated loan transaction to require lenders to return errant payments made by an administrative agent.

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• Takeaway From One of the "Biggest Blunders in Banking History”: Get Payment Notices in Order
  Learn about what went wrong in the Citibank case. Knowing the severe ramifications of even a good-faith mistake, what can be taken away from this decision about how to prevent such mistakes from happening in the future?
• Repayment and Prepayment Provisions in Credit Agreements
  Get a full rundown of prepayment and repayment of loans under a credit facility, whether upon the occurrence of a scheduled payment date or a certain triggering event (such as receipt of excess cash flow or extraordinary receipts, issuance of debt or equity, or an asset sale), voluntarily by the borrower.
• Termination or Reduction of Commitments, Repayment Clauses (Credit Agreement)
  Start drafting with these clauses, which set forth the mechanics of repaying loans and terminating or reducing commitments. These clauses include practical guidance and drafting notes.

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