- securities demand
USABusiness 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. www.practicallaw.com. 2010.
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