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Surprise! Where Did My Collateral Go (Again)? The Chewy.com Story
April 1, 2019
By David W. Morse
By now, many lenders have heard of the steps taken by J. Crew to remove its valuable intellectual property from the collateral securing its term loans and asset-based credit facilities through a clever (although disputed) use of the transactions permitted under the negative covenants included in the credit agreements governing such credit facilities (the “baskets”).
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