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Erroneous payments in syndicated loans: the future of the “Revlon blockers”
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Even though the Second Circuit has restored a sense of calm by ordering the lenders to return mistaken payments to Citibank in the infamous Revlon case, the Revlon blocker is here to stay. This article will examine its various permutations and will propose suggestions on how parties may wish to fine tune their Revlon blockers in light of the Second Circuit’s emphasis on the role of constructive knowledge in dismissing the “discharge for value” defence.
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