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Third party rights and the LMA suite of Debt Documents
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The author considers a number of third party rights and protections conferred by Loan Documents with importance in the market, including “Increased Costs” rights and indemnities granted to Receivers, Delegates and others. While “Increased Costs” rights simply give parties to the Debt Documents a right to claim losses suffered by others and are not actionable by third parties, indemnities are. Indemnities are unaffected by the “overriding” clause in Loan Market Association (LMA)-style Intercreditor Agreements. This is commercially important for lenders, security agents and receivers alike.
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