Glossary

Also known as “specified representations language” and “SunGard conditionality”, SunGard provisions are used to limit the closing conditions in an acquisition financing deal and to increase deal certainty.  These provisions are sought after by sellers and private equity sponsor buyers, are prevalent in large-sponsored transactions, and are becoming more common in middle-market sponsored deals as well.

Superpriority liens have priority senior to all current or future liens on the same asset or property (other than those subject to ultrapriority liens) and thus entitle creditors with superpriority status to receive payment before all junior creditors. 

Swingline Loans are short-term loans (generally not more than a week in tenor) extended under a Sub-Limit within a larger, syndicated revolving credit facility; and are generally available to the Borrower on shorter notice.