Open access
THE ISSUE OF COVENANTS IN LMA FACILITY AGREEMENTS
Marcin LORENC1
Publication language: English
Journal article
Transformations No. 4 (119) 2023, Publication date: 29 December 2023
Keywords: covenants, facility agreement, commitments, security, financing, LMA, ESG, freedom of contract
Abstract The article describes the phenomenon of the problem of covenants in credit contracts and how they are perceived. The author focused on the possibility of trans-formation of covenants through the fundamentals of covenants, which is definitely freedom of contract. Covenants can transform all the time, of which ESG covenants are the best example. From the description of the subject, the author characterizes the phenomenon of the covenant problem under Polish law, although the word "covenant" does not have its legal definition in Polish legal acts. The author used the hermeneutic method and the method of analysis and synthesis in its analyses.
School of Law, Kozminski University, Warsaw, Poland
ORCID: 0009-0009-4849-8382
E-mail: marcin.piotr.lorenc@wp.pl