A staggered board (also known as a classified board) is a governing board of directors of an organization in which approximately one third of the members are elected each term. The directors are organized into different groups and each group falls within a specified class.There are typically three classes of members. Board members’ terms expire at...
Under unitranche financing, one lender provides the entire credit with a single set of documents. This can provide a number of benefits to the borrower as follows:
Simplifies the documentation and reduces the paperwork for borrowers because there is just one credit agreement and a single set of collateral documents.
Accelerates the acquisition process because buyers don't need to find and negotiate with two separate lenders for the senior and mezzanine debt. As well, since the loan documentation is much simpler, unitranche loans can be pulled together more quickly.
Saves the borrower money because only one agreement will need to be drafted and reviewed by a single legal team for the lender.
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