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<br /> 2017 Global High-Yield Bond Study<br /> Table of Contents<br /> Executive Summary ............................................. 4<br /> Overview and Methodology ............................... 9<br /> Glossary ............................................................... 11<br /> Categories of Analysis ...................................... 14<br /> High-Yield Bond Study<br /> Call Protection .................................................... 15<br /> Change of Control Portability .............................. 29<br /> Debt .....................................................................35<br /> Restricted Payments/Investments....................... 71<br /> Liens .................................................................. 103<br /> Affiliate Transactions ......................................... 113<br /> Asset Sales ....................................................... 119<br /> Merger Covenant .............................................<a title="Proskauer-2017-High-Yield-Bond-Study page 1" href="http://viewer.zmags.com/publication/195443a2?page=1"> 2017 Global High-Yield Bond Study</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 2" href="http://viewer.zmags.com/publication/195443a2?page=2"> Table of Contents Executive Summary ...........</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 3" href="http://viewer.zmags.com/publication/195443a2?page=3"> Contacts Any questions regarding this study shou</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 4" href="http://viewer.zmags.com/publication/195443a2?page=4"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 5" href="http://viewer.zmags.com/publication/195443a2?page=5"> Overview</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 6" href="http://viewer.zmags.com/publication/195443a2?page=6"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 7" href="http://viewer.zmags.com/publication/195443a2?page=7"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 8" href="http://viewer.zmags.com/publication/195443a2?page=8"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 9" href="http://viewer.zmags.com/publication/195443a2?page=9"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 10" href="http://viewer.zmags.com/publication/195443a2?page=10"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 11" href="http://viewer.zmags.com/publication/195443a2?page=11"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 12" href="http://viewer.zmags.com/publication/195443a2?page=12"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 13" href="http://viewer.zmags.com/publication/195443a2?page=13"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 14" href="http://viewer.zmags.com/publication/195443a2?page=14"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 15" href="http://viewer.zmags.com/publication/195443a2?page=15"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 16" href="http://viewer.zmags.com/publication/195443a2?page=16"> OverviewCall Protection Change of Control Portabi</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 17" href="http://viewer.zmags.com/publication/195443a2?page=17"> Call Protection</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 18" href="http://viewer.zmags.com/publication/195443a2?page=18"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 19" href="http://viewer.zmags.com/publication/195443a2?page=19"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 20" href="http://viewer.zmags.com/publication/195443a2?page=20"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 21" href="http://viewer.zmags.com/publication/195443a2?page=21"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 22" href="http://viewer.zmags.com/publication/195443a2?page=22"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 23" href="http://viewer.zmags.com/publication/195443a2?page=23"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 24" href="http://viewer.zmags.com/publication/195443a2?page=24"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 25" href="http://viewer.zmags.com/publication/195443a2?page=25"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 26" href="http://viewer.zmags.com/publication/195443a2?page=26"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 27" href="http://viewer.zmags.com/publication/195443a2?page=27"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 28" href="http://viewer.zmags.com/publication/195443a2?page=28"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 29" href="http://viewer.zmags.com/publication/195443a2?page=29"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 30" href="http://viewer.zmags.com/publication/195443a2?page=30"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 31" href="http://viewer.zmags.com/publication/195443a2?page=31"> Change of Control Portability</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 32" href="http://viewer.zmags.com/publication/195443a2?page=32"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 33" href="http://viewer.zmags.com/publication/195443a2?page=33"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 34" href="http://viewer.zmags.com/publication/195443a2?page=34"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 35" href="http://viewer.zmags.com/publication/195443a2?page=35"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 36" href="http://viewer.zmags.com/publication/195443a2?page=36"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 37" href="http://viewer.zmags.com/publication/195443a2?page=37"> Debt</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 38" href="http://viewer.zmags.com/publication/195443a2?page=38"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 39" href="http://viewer.zmags.com/publication/195443a2?page=39"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 40" href="http://viewer.zmags.com/publication/195443a2?page=40"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 41" href="http://viewer.zmags.com/publication/195443a2?page=41"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 42" href="http://viewer.zmags.com/publication/195443a2?page=42"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 43" href="http://viewer.zmags.com/publication/195443a2?page=43"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 44" href="http://viewer.zmags.com/publication/195443a2?page=44"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 45" href="http://viewer.zmags.com/publication/195443a2?page=45"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 46" href="http://viewer.zmags.com/publication/195443a2?page=46"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 47" href="http://viewer.zmags.com/publication/195443a2?page=47"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 48" href="http://viewer.zmags.com/publication/195443a2?page=48"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 49" href="http://viewer.zmags.com/publication/195443a2?page=49"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 50" href="http://viewer.zmags.com/publication/195443a2?page=50"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 51" href="http://viewer.zmags.com/publication/195443a2?page=51"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 52" href="http://viewer.zmags.com/publication/195443a2?page=52"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 53" href="http://viewer.zmags.com/publication/195443a2?page=53"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 54" href="http://viewer.zmags.com/publication/195443a2?page=54"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 55" href="http://viewer.zmags.com/publication/195443a2?page=55"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 56" href="http://viewer.zmags.com/publication/195443a2?page=56"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 57" href="http://viewer.zmags.com/publication/195443a2?page=57"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 58" href="http://viewer.zmags.com/publication/195443a2?page=58"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 59" href="http://viewer.zmags.com/publication/195443a2?page=59"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 60" href="http://viewer.zmags.com/publication/195443a2?page=60"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 61" href="http://viewer.zmags.com/publication/195443a2?page=61"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 62" href="http://viewer.zmags.com/publication/195443a2?page=62"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 63" href="http://viewer.zmags.com/publication/195443a2?page=63"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 64" href="http://viewer.zmags.com/publication/195443a2?page=64"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 65" href="http://viewer.zmags.com/publication/195443a2?page=65"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 66" href="http://viewer.zmags.com/publication/195443a2?page=66"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 67" href="http://viewer.zmags.com/publication/195443a2?page=67"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 68" href="http://viewer.zmags.com/publication/195443a2?page=68"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 69" href="http://viewer.zmags.com/publication/195443a2?page=69"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 70" href="http://viewer.zmags.com/publication/195443a2?page=70"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 71" href="http://viewer.zmags.com/publication/195443a2?page=71"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 72" href="http://viewer.zmags.com/publication/195443a2?page=72"> Overview Call Protection Change of Control Porta</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 73" href="http://viewer.zmags.com/publication/195443a2?page=73"> Restricted Payments / Investments</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 74" href="http://viewer.zmags.com/publication/195443a2?page=74"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 75" href="http://viewer.zmags.com/publication/195443a2?page=75"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 76" href="http://viewer.zmags.com/publication/195443a2?page=76"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 77" href="http://viewer.zmags.com/publication/195443a2?page=77"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 78" href="http://viewer.zmags.com/publication/195443a2?page=78"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 79" href="http://viewer.zmags.com/publication/195443a2?page=79"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 80" href="http://viewer.zmags.com/publication/195443a2?page=80"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 81" href="http://viewer.zmags.com/publication/195443a2?page=81"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 82" href="http://viewer.zmags.com/publication/195443a2?page=82"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 83" href="http://viewer.zmags.com/publication/195443a2?page=83"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 84" href="http://viewer.zmags.com/publication/195443a2?page=84"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 85" href="http://viewer.zmags.com/publication/195443a2?page=85"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 86" href="http://viewer.zmags.com/publication/195443a2?page=86"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 87" href="http://viewer.zmags.com/publication/195443a2?page=87"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 88" href="http://viewer.zmags.com/publication/195443a2?page=88"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 89" href="http://viewer.zmags.com/publication/195443a2?page=89"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 90" href="http://viewer.zmags.com/publication/195443a2?page=90"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 91" href="http://viewer.zmags.com/publication/195443a2?page=91"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 92" href="http://viewer.zmags.com/publication/195443a2?page=92"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 93" href="http://viewer.zmags.com/publication/195443a2?page=93"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 94" href="http://viewer.zmags.com/publication/195443a2?page=94"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 95" href="http://viewer.zmags.com/publication/195443a2?page=95"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 96" href="http://viewer.zmags.com/publication/195443a2?page=96"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 97" href="http://viewer.zmags.com/publication/195443a2?page=97"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 98" href="http://viewer.zmags.com/publication/195443a2?page=98"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 99" href="http://viewer.zmags.com/publication/195443a2?page=99"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 100" href="http://viewer.zmags.com/publication/195443a2?page=100"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 101" href="http://viewer.zmags.com/publication/195443a2?page=101"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 102" href="http://viewer.zmags.com/publication/195443a2?page=102"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 103" href="http://viewer.zmags.com/publication/195443a2?page=103"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 104" href="http://viewer.zmags.com/publication/195443a2?page=104"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 105" href="http://viewer.zmags.com/publication/195443a2?page=105"> Liens</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 106" href="http://viewer.zmags.com/publication/195443a2?page=106"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 107" href="http://viewer.zmags.com/publication/195443a2?page=107"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 108" href="http://viewer.zmags.com/publication/195443a2?page=108"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 109" href="http://viewer.zmags.com/publication/195443a2?page=109"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 110" href="http://viewer.zmags.com/publication/195443a2?page=110"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 111" href="http://viewer.zmags.com/publication/195443a2?page=111"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 112" href="http://viewer.zmags.com/publication/195443a2?page=112"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 113" href="http://viewer.zmags.com/publication/195443a2?page=113"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 114" href="http://viewer.zmags.com/publication/195443a2?page=114"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 115" href="http://viewer.zmags.com/publication/195443a2?page=115"> Af´Čüliate Transactions</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 116" href="http://viewer.zmags.com/publication/195443a2?page=116"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 117" href="http://viewer.zmags.com/publication/195443a2?page=117"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 118" href="http://viewer.zmags.com/publication/195443a2?page=118"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 119" href="http://viewer.zmags.com/publication/195443a2?page=119"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 120" href="http://viewer.zmags.com/publication/195443a2?page=120"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 121" href="http://viewer.zmags.com/publication/195443a2?page=121"> Asset Sales</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 122" href="http://viewer.zmags.com/publication/195443a2?page=122"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 123" href="http://viewer.zmags.com/publication/195443a2?page=123"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 124" href="http://viewer.zmags.com/publication/195443a2?page=124"> 100% 5-Year 90% Average (360-365 </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 125" href="http://viewer.zmags.com/publication/195443a2?page=125"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 126" href="http://viewer.zmags.com/publication/195443a2?page=126"> 100% 90% 5-Year Average (360-365 80% Days) =</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 127" href="http://viewer.zmags.com/publication/195443a2?page=127"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 128" href="http://viewer.zmags.com/publication/195443a2?page=128"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 129" href="http://viewer.zmags.com/publication/195443a2?page=129"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 130" href="http://viewer.zmags.com/publication/195443a2?page=130"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 131" href="http://viewer.zmags.com/publication/195443a2?page=131"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 132" href="http://viewer.zmags.com/publication/195443a2?page=132"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 133" href="http://viewer.zmags.com/publication/195443a2?page=133"> Merger Covenant</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 134" href="http://viewer.zmags.com/publication/195443a2?page=134"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 135" href="http://viewer.zmags.com/publication/195443a2?page=135"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 136" href="http://viewer.zmags.com/publication/195443a2?page=136"> Merger Covenant Overview Call Protection Change </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 137" href="http://viewer.zmags.com/publication/195443a2?page=137"> Merger Covenant Overview Call Protection Change </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 138" href="http://viewer.zmags.com/publication/195443a2?page=138"> Merger Covenant Overview Call Protection Change </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 139" href="http://viewer.zmags.com/publication/195443a2?page=139"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 140" href="http://viewer.zmags.com/publication/195443a2?page=140"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 141" href="http://viewer.zmags.com/publication/195443a2?page=141"> Registration Rights</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 142" href="http://viewer.zmags.com/publication/195443a2?page=142"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 143" href="http://viewer.zmags.com/publication/195443a2?page=143"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 144" href="http://viewer.zmags.com/publication/195443a2?page=144"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 145" href="http://viewer.zmags.com/publication/195443a2?page=145"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 146" href="http://viewer.zmags.com/publication/195443a2?page=146"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 147" href="http://viewer.zmags.com/publication/195443a2?page=147"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 148" href="http://viewer.zmags.com/publication/195443a2?page=148"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 149" href="http://viewer.zmags.com/publication/195443a2?page=149"> Covenant Suspension / Fall Away</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 150" href="http://viewer.zmags.com/publication/195443a2?page=150"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 151" href="http://viewer.zmags.com/publication/195443a2?page=151"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 152" href="http://viewer.zmags.com/publication/195443a2?page=152"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 153" href="http://viewer.zmags.com/publication/195443a2?page=153"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 154" href="http://viewer.zmags.com/publication/195443a2?page=154"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 155" href="http://viewer.zmags.com/publication/195443a2?page=155"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 156" href="http://viewer.zmags.com/publication/195443a2?page=156"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 157" href="http://viewer.zmags.com/publication/195443a2?page=157"> Collateral</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 158" href="http://viewer.zmags.com/publication/195443a2?page=158"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 159" href="http://viewer.zmags.com/publication/195443a2?page=159"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 160" href="http://viewer.zmags.com/publication/195443a2?page=160"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 161" href="http://viewer.zmags.com/publication/195443a2?page=161"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 162" href="http://viewer.zmags.com/publication/195443a2?page=162"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 163" href="http://viewer.zmags.com/publication/195443a2?page=163"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 164" href="http://viewer.zmags.com/publication/195443a2?page=164"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 165" href="http://viewer.zmags.com/publication/195443a2?page=165"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 166" href="http://viewer.zmags.com/publication/195443a2?page=166"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 167" href="http://viewer.zmags.com/publication/195443a2?page=167"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 168" href="http://viewer.zmags.com/publication/195443a2?page=168"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 169" href="http://viewer.zmags.com/publication/195443a2?page=169"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 170" href="http://viewer.zmags.com/publication/195443a2?page=170"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 171" href="http://viewer.zmags.com/publication/195443a2?page=171"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 172" href="http://viewer.zmags.com/publication/195443a2?page=172"> </a> <a title="Proskauer-2017-High-Yield-Bond-Study page 173" href="http://viewer.zmags.com/publication/195443a2?page=173"> Events of Default</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 174" href="http://viewer.zmags.com/publication/195443a2?page=174"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 175" href="http://viewer.zmags.com/publication/195443a2?page=175"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 176" href="http://viewer.zmags.com/publication/195443a2?page=176"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 177" href="http://viewer.zmags.com/publication/195443a2?page=177"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 178" href="http://viewer.zmags.com/publication/195443a2?page=178"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 179" href="http://viewer.zmags.com/publication/195443a2?page=179"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 180" href="http://viewer.zmags.com/publication/195443a2?page=180"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 181" href="http://viewer.zmags.com/publication/195443a2?page=181"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 182" href="http://viewer.zmags.com/publication/195443a2?page=182"> Overview Call Protection Change of Control Portab</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 183" href="http://viewer.zmags.com/publication/195443a2?page=183"> Thank You A very special thanks to the following</a> <a title="Proskauer-2017-High-Yield-Bond-Study page 184" href="http://viewer.zmags.com/publication/195443a2?page=184"> Beijing Suite 5102, 51/F Beijing Yintai Centre To</a>