Credit Roundtable White Paper

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On December 17, 2007, the Credit Roundtable, an investor group comprised of fixed income investors, issued a white paper that proposes certain model protective

covenants to be included in investment grade deals and addresses certain perceived problems associated with current disclosure. The white paper suggests the following “model” covenants to be included in investment grade indentures to protect bond investors against substantial credit deterioration through voluntary actions of the issuer:

Change of Control

Step-Up Coupons

Limitations on Liens and Priority Debt

Reporting Obligations

Voting by Series

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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