leveraged loans, which typically include a revolving line of credit and a term loan, the revolving lenders have the exclusive … right and ability to monitor and renegotiate the financial covenants in the governing credit agreements. Concentration is …

in term loans without financial covenants—so-called covenant-lite loans—borrowing firms' revolving lines of credit almost …

minimum interest rate on these otherwise floating rate loans. This contract design is consistent with theory that suggests … participated in floor-adjusted credit lines had noninterest expense rates 10-20 bps higher than did banks in purely floating rate … facilities. Demand for floors appears to originate from the supply of credit as borrowers seeking to extend loans between 2005 …

find that: bond finance dampens the overall response of firm credit to monetary policy shocks in economies with a high …