securities demand

securities demand
USA
Business jargon for a provision in bank loan fee letters for bank/bond deals that permits the arranger to demand that the borrower issue debt securities to refinance the outstanding bridge loan arranged by the arranger. The provision may:
• Include limits on the time period in which the arranger can make the demand (typically within the first year).
• Provide a grace period before the demand can be made (typically up to the first six months).
• Cap the interest rate on the debt securities (debt security) (so that the borrower does not have to issue debt securities at a higher interest rate).
• Provide for various types of debt instruments and structures that can be required by the arranger.
• For further information see Practice Note, Fee Letters Overview: Lending (www.practicallaw.com/5-381-0293).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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