Interim Operating Covenants: Hot Takes

Freshfields’ Ethan Klingsberg, Simpson Thacher’s Alan Klein and Kirkland & Ellis’ Daniel Wolf get into the nitty gritty of “interim operating covenants,” including:

• Exceptions to MAE and ordinary course covenants (eg. Cooper Tire)
• Ordinary in the face of the extraordinary (eg. MAPS Hotels, others)
• Not to be unreasonably withheld consent
• Specific drafting implications (eg. MAPS Hotels)
• How we are working this out in real time and in the real world