We've speculated a bit about the shift in debt-market power from sponsors and issuers to the buyers. While the former currently had the upper hand recently, the credit meltdown seems to have shifted that. We may be seeing the end of covenant-lite loans and other such sponsor-friendly arrangements. Specifically, we may see a return of financing outs, which were common before the recent malaise. Such provisions basically provide a fee if the issuer cannot raise a certain amount. The first notable deals to go without financing-out provisions were the SunGard and Neiman Marcus Group deals in 2005. Seems like a long, long time ago. If you're going to be buying debt in these conditions, you'll want protection. And these days, you'll be able to get it. Not that it will be enough to reflate the credit markets.  

For more:
- here's the Investment Dealers' Digest article (for FierceFinance readers)