Liability management exercises · defined & tracked

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Lexicon

Xerox risk

Blocker

The risk that a borrower moves value to an entity that is not a subsidiary at all, such as a joint venture, avoiding blockers drafted around unrestricted and non-guarantor subsidiaries.

Associated with Xerox (2026)

Discussed at ¶¶ 7.36–7.37 of Liability Management Exercises: Law and Practice.