How CACs Became Boilerplate, or, The Politics of Contract Change

Anna Gelpern & Mitu Gulati
In 1997, a developing country defied convention. It issued New York law bonds that let 75% of the bondholders change key financial terms. Until then, standard form New York law contracts required unanimous consent. But no one seemed to notice the innovation, and just about no one followed suit. In 2003, another developing country issued New York law bonds with a 75% amendment threshold. The world of international finance erupted in applause and criticism. Major...
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