A number of European credit agreements have excluded from the protection of the greatest value the largest debt contracted in another currency or any additional debt contracted in other forms (e.g.B. bonds). Other credit agreements contained a de minimis threshold for incremental debt (below which lenders do not enjoy protection from the greatest inflow). While Sunset rules have become the norm in Europe, market investors have started to roll back some conditions in 2019. The majority of European credit agreements provided for protection of 100 basic bases with a 12-month sunset period, but six-month sunset periods became a common “flex” item in European agreements, which accounted for only 25% of European credit agreements in the first half of 2019, compared to 40% in 2018. . . .