id	sid	tid	token	lemma	pos
cblr-7159	1	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1	2	(	(	PUNCT
cblr-7159	1	3	do	do	AUX
cblr-7159	1	4	not	not	PART
cblr-7159	1	5	delete	delete	VERB
cblr-7159	1	6	)	)	PUNCT
cblr-7159	1	7	9/28/2020	9/28/2020	NUM
cblr-7159	1	8	6:35	6:35	NUM
cblr-7159	1	9	pm	pm	NOUN
cblr-7159	1	10	reconsidering	reconsider	VERB
cblr-7159	1	11	creditor	creditor	NOUN
cblr-7159	1	12	governance	governance	NOUN
cblr-7159	1	13	in	in	ADP
cblr-7159	1	14	a	a	DET
cblr-7159	1	15	time	time	NOUN
cblr-7159	1	16	of	of	ADP
cblr-7159	1	17	financial	financial	ADJ
cblr-7159	1	18	alchemy	alchemy	PROPN
cblr-7159	1	19	jeremy	jeremy	PROPN
cblr-7159	1	20	mcclane	mcclane	PROPN
cblr-7159	1	21	*	*	PROPN
cblr-7159	1	22	for	for	ADP
cblr-7159	1	23	many	many	ADJ
cblr-7159	1	24	years	year	NOUN
cblr-7159	1	25	corporate	corporate	ADJ
cblr-7159	1	26	lenders	lender	NOUN
cblr-7159	1	27	have	have	AUX
cblr-7159	1	28	been	be	AUX
cblr-7159	1	29	a	a	DET
cblr-7159	1	30	crucial	crucial	ADJ
cblr-7159	1	31	force	force	NOUN
cblr-7159	1	32	in	in	ADP
cblr-7159	1	33	the	the	DET
cblr-7159	1	34	boardroom	boardroom	NOUN
cblr-7159	1	35	,	,	PUNCT
cblr-7159	1	36	providing	provide	VERB
cblr-7159	1	37	a	a	DET
cblr-7159	1	38	check	check	NOUN
cblr-7159	1	39	on	on	ADP
cblr-7159	1	40	management	management	NOUN
cblr-7159	1	41	and	and	CCONJ
cblr-7159	1	42	contributing	contribute	VERB
cblr-7159	1	43	to	to	ADP
cblr-7159	1	44	firm	firm	ADJ
cblr-7159	1	45	governance	governance	NOUN
cblr-7159	1	46	.	.	PUNCT
cblr-7159	2	1	however	however	ADV
cblr-7159	2	2	,	,	PUNCT
cblr-7159	2	3	as	as	ADP
cblr-7159	2	4	this	this	DET
cblr-7159	2	5	article	article	NOUN
cblr-7159	2	6	documents	document	NOUN
cblr-7159	2	7	,	,	PUNCT
cblr-7159	2	8	lenders	lender	NOUN
cblr-7159	2	9	’	’	PART
cblr-7159	2	10	influence	influence	NOUN
cblr-7159	2	11	has	have	AUX
cblr-7159	2	12	receded	recede	VERB
cblr-7159	2	13	in	in	ADP
cblr-7159	2	14	recent	recent	ADJ
cblr-7159	2	15	years	year	NOUN
cblr-7159	2	16	for	for	ADP
cblr-7159	2	17	a	a	DET
cblr-7159	2	18	large	large	ADJ
cblr-7159	2	19	and	and	CCONJ
cblr-7159	2	20	important	important	ADJ
cblr-7159	2	21	class	class	NOUN
cblr-7159	2	22	of	of	ADP
cblr-7159	2	23	corporate	corporate	ADJ
cblr-7159	2	24	borrowers	borrower	NOUN
cblr-7159	2	25	.	.	PUNCT
cblr-7159	3	1	the	the	DET
cblr-7159	3	2	culprit	culprit	NOUN
cblr-7159	3	3	is	be	AUX
cblr-7159	3	4	a	a	DET
cblr-7159	3	5	familiar	familiar	ADJ
cblr-7159	3	6	one	one	NOUN
cblr-7159	3	7	in	in	ADP
cblr-7159	3	8	a	a	DET
cblr-7159	3	9	less	less	ADV
cblr-7159	3	10	familiar	familiar	ADJ
cblr-7159	3	11	guise	guise	NOUN
cblr-7159	3	12	:	:	PUNCT
cblr-7159	3	13	the	the	DET
cblr-7159	3	14	sale	sale	NOUN
cblr-7159	3	15	of	of	ADP
cblr-7159	3	16	loans	loan	NOUN
cblr-7159	3	17	by	by	ADP
cblr-7159	3	18	originating	originate	VERB
cblr-7159	3	19	banks	bank	NOUN
cblr-7159	3	20	for	for	ADP
cblr-7159	3	21	securitization	securitization	NOUN
cblr-7159	3	22	—	—	PUNCT
cblr-7159	3	23	like	like	ADP
cblr-7159	3	24	that	that	PRON
cblr-7159	3	25	which	which	PRON
cblr-7159	3	26	gained	gain	VERB
cblr-7159	3	27	notoriety	notoriety	NOUN
cblr-7159	3	28	with	with	ADP
cblr-7159	3	29	pre	pre	ADJ
cblr-7159	3	30	-	-	ADJ
cblr-7159	3	31	financial	financial	ADJ
cblr-7159	3	32	crisis	crisis	NOUN
cblr-7159	3	33	mortgage	mortgage	NOUN
cblr-7159	3	34	-	-	PUNCT
cblr-7159	3	35	backed	back	VERB
cblr-7159	3	36	securities	security	NOUN
cblr-7159	3	37	,	,	PUNCT
cblr-7159	3	38	but	but	CCONJ
cblr-7159	3	39	now	now	ADV
cblr-7159	3	40	are	be	AUX
cblr-7159	3	41	deployed	deploy	VERB
cblr-7159	3	42	in	in	ADP
cblr-7159	3	43	the	the	DET
cblr-7159	3	44	market	market	NOUN
cblr-7159	3	45	for	for	ADP
cblr-7159	3	46	corporate	corporate	ADJ
cblr-7159	3	47	loans	loan	NOUN
cblr-7159	3	48	.	.	PUNCT
cblr-7159	4	1	as	as	SCONJ
cblr-7159	4	2	this	this	DET
cblr-7159	4	3	article	article	NOUN
cblr-7159	4	4	points	point	VERB
cblr-7159	4	5	out	out	ADP
cblr-7159	4	6	,	,	PUNCT
cblr-7159	4	7	the	the	DET
cblr-7159	4	8	shift	shift	NOUN
cblr-7159	4	9	from	from	ADP
cblr-7159	4	10	relationship	relationship	NOUN
cblr-7159	4	11	lending	lending	NOUN
cblr-7159	4	12	to	to	PART
cblr-7159	4	13	armslength	armslength	VERB
cblr-7159	4	14	securitization	securitization	NOUN
cblr-7159	4	15	has	have	VERB
cblr-7159	4	16	the	the	DET
cblr-7159	4	17	potential	potential	NOUN
cblr-7159	4	18	to	to	PART
cblr-7159	4	19	intensify	intensify	VERB
cblr-7159	4	20	moral	moral	ADJ
cblr-7159	4	21	hazard	hazard	NOUN
cblr-7159	4	22	,	,	PUNCT
cblr-7159	4	23	leading	lead	VERB
cblr-7159	4	24	banks	bank	NOUN
cblr-7159	4	25	to	to	PART
cblr-7159	4	26	provide	provide	VERB
cblr-7159	4	27	less	less	ADJ
cblr-7159	4	28	monitoring	monitoring	NOUN
cblr-7159	4	29	for	for	ADP
cblr-7159	4	30	their	their	PRON
cblr-7159	4	31	highly	highly	ADV
cblr-7159	4	32	securitized	securitized	ADJ
cblr-7159	4	33	clients	client	NOUN
cblr-7159	4	34	.	.	PUNCT
cblr-7159	5	1	recent	recent	ADJ
cblr-7159	5	2	data	datum	NOUN
cblr-7159	5	3	supports	support	VERB
cblr-7159	5	4	this	this	DET
cblr-7159	5	5	narrative	narrative	NOUN
cblr-7159	5	6	of	of	ADP
cblr-7159	5	7	debt	debt	NOUN
cblr-7159	5	8	governance	governance	NOUN
cblr-7159	5	9	dereliction	dereliction	NOUN
cblr-7159	5	10	with	with	ADP
cblr-7159	5	11	potentially	potentially	ADV
cblr-7159	5	12	enormous	enormous	ADJ
cblr-7159	5	13	consequences	consequence	NOUN
cblr-7159	5	14	:	:	PUNCT
cblr-7159	5	15	it	it	PRON
cblr-7159	5	16	heralds	herald	VERB
cblr-7159	5	17	the	the	DET
cblr-7159	5	18	disappearance	disappearance	NOUN
cblr-7159	5	19	of	of	ADP
cblr-7159	5	20	an	an	DET
cblr-7159	5	21	important	important	ADJ
cblr-7159	5	22	source	source	NOUN
cblr-7159	5	23	of	of	ADP
cblr-7159	5	24	fiscal	fiscal	ADJ
cblr-7159	5	25	discipline	discipline	NOUN
cblr-7159	5	26	and	and	CCONJ
cblr-7159	5	27	governance	governance	NOUN
cblr-7159	5	28	at	at	ADP
cblr-7159	5	29	a	a	DET
cblr-7159	5	30	moment	moment	NOUN
cblr-7159	5	31	when	when	SCONJ
cblr-7159	5	32	u.s	u.s	PROPN
cblr-7159	5	33	.	.	PROPN
cblr-7159	5	34	corporations	corporation	NOUN
cblr-7159	5	35	carry	carry	VERB
cblr-7159	5	36	more	more	ADJ
cblr-7159	5	37	debt	debt	NOUN
cblr-7159	5	38	than	than	ADP
cblr-7159	5	39	at	at	ADP
cblr-7159	5	40	any	any	DET
cblr-7159	5	41	time	time	NOUN
cblr-7159	5	42	in	in	ADP
cblr-7159	5	43	history	history	NOUN
cblr-7159	5	44	(	(	PUNCT
cblr-7159	5	45	totaling	total	VERB
cblr-7159	5	46	half	half	NOUN
cblr-7159	5	47	of	of	ADP
cblr-7159	5	48	u.s	u.s	PROPN
cblr-7159	5	49	.	.	PROPN
cblr-7159	5	50	gross	gross	ADJ
cblr-7159	5	51	domestic	domestic	ADJ
cblr-7159	5	52	product	product	NOUN
cblr-7159	5	53	)	)	PUNCT
cblr-7159	5	54	,	,	PUNCT
cblr-7159	5	55	and	and	CCONJ
cblr-7159	5	56	an	an	DET
cblr-7159	5	57	economic	economic	ADJ
cblr-7159	5	58	crisis	crisis	NOUN
cblr-7159	5	59	*	*	PUNCT
cblr-7159	5	60	associate	associate	NOUN
cblr-7159	5	61	professor	professor	NOUN
cblr-7159	5	62	of	of	ADP
cblr-7159	5	63	law	law	NOUN
cblr-7159	5	64	,	,	PUNCT
cblr-7159	5	65	university	university	PROPN
cblr-7159	5	66	of	of	ADP
cblr-7159	5	67	illinois	illinois	PROPN
cblr-7159	5	68	college	college	PROPN
cblr-7159	5	69	of	of	ADP
cblr-7159	5	70	law	law	NOUN
cblr-7159	5	71	.	.	PUNCT
cblr-7159	6	1	the	the	DET
cblr-7159	6	2	author	author	NOUN
cblr-7159	6	3	would	would	AUX
cblr-7159	6	4	like	like	VERB
cblr-7159	6	5	to	to	PART
cblr-7159	6	6	thank	thank	VERB
cblr-7159	6	7	amitai	amitai	PROPN
cblr-7159	6	8	aviram	aviram	NOUN
cblr-7159	6	9	,	,	PUNCT
cblr-7159	6	10	adam	adam	PROPN
cblr-7159	6	11	badawi	badawi	PROPN
cblr-7159	6	12	,	,	PUNCT
cblr-7159	6	13	bill	bill	PROPN
cblr-7159	6	14	bratton	bratton	PROPN
cblr-7159	6	15	,	,	PUNCT
cblr-7159	6	16	albert	albert	PROPN
cblr-7159	6	17	choi	choi	PROPN
cblr-7159	6	18	,	,	PUNCT
cblr-7159	6	19	ofer	ofer	VERB
cblr-7159	6	20	eldar	eldar	PROPN
cblr-7159	6	21	,	,	PUNCT
cblr-7159	6	22	jill	jill	PROPN
cblr-7159	6	23	fisch	fisch	PROPN
cblr-7159	6	24	,	,	PUNCT
cblr-7159	6	25	gina	gina	PROPN
cblr-7159	6	26	-	-	PUNCT
cblr-7159	6	27	gail	gail	PROPN
cblr-7159	6	28	fletcher	fletcher	PROPN
cblr-7159	6	29	,	,	PUNCT
cblr-7159	6	30	merritt	merritt	PROPN
cblr-7159	6	31	fox	fox	PROPN
cblr-7159	6	32	,	,	PUNCT
cblr-7159	6	33	nadelle	nadelle	PROPN
cblr-7159	6	34	grossman	grossman	PROPN
cblr-7159	6	35	,	,	PUNCT
cblr-7159	6	36	claire	claire	PROPN
cblr-7159	6	37	hill	hill	PROPN
cblr-7159	6	38	,	,	PUNCT
cblr-7159	6	39	cathy	cathy	PROPN
cblr-7159	6	40	hwang	hwang	PROPN
cblr-7159	6	41	,	,	PUNCT
cblr-7159	6	42	matthew	matthew	PROPN
cblr-7159	6	43	jennejohn	jennejohn	PROPN
cblr-7159	6	44	,	,	PUNCT
cblr-7159	6	45	kristin	kristin	PROPN
cblr-7159	6	46	johnson	johnson	PROPN
cblr-7159	6	47	,	,	PUNCT
cblr-7159	6	48	anita	anita	PROPN
cblr-7159	6	49	krug	krug	PROPN
cblr-7159	6	50	,	,	PUNCT
cblr-7159	6	51	travis	travis	PROPN
cblr-7159	6	52	laster	laster	PROPN
cblr-7159	6	53	,	,	PUNCT
cblr-7159	6	54	robert	robert	PROPN
cblr-7159	6	55	lawless	lawless	PROPN
cblr-7159	6	56	,	,	PUNCT
cblr-7159	6	57	ann	ann	PROPN
cblr-7159	6	58	lipton	lipton	PROPN
cblr-7159	6	59	,	,	PUNCT
cblr-7159	6	60	joshua	joshua	PROPN
cblr-7159	6	61	macey	macey	PROPN
cblr-7159	6	62	,	,	PUNCT
cblr-7159	6	63	yaron	yaron	PROPN
cblr-7159	6	64	nili	nili	PROPN
cblr-7159	6	65	,	,	PUNCT
cblr-7159	6	66	jordan	jordan	PROPN
cblr-7159	6	67	nyland	nyland	PROPN
cblr-7159	6	68	,	,	PUNCT
cblr-7159	6	69	frank	frank	PROPN
cblr-7159	6	70	partnoy	partnoy	PROPN
cblr-7159	6	71	,	,	PUNCT
cblr-7159	6	72	elizabeth	elizabeth	PROPN
cblr-7159	6	73	pollman	pollman	PROPN
cblr-7159	6	74	,	,	PUNCT
cblr-7159	6	75	adam	adam	PROPN
cblr-7159	6	76	pritchard	pritchard	PROPN
cblr-7159	6	77	,	,	PUNCT
cblr-7159	6	78	brian	brian	PROPN
cblr-7159	6	79	quinn	quinn	PROPN
cblr-7159	6	80	,	,	PUNCT
cblr-7159	6	81	gabriel	gabriel	PROPN
cblr-7159	6	82	rauterberg	rauterberg	PROPN
cblr-7159	6	83	,	,	PUNCT
cblr-7159	6	84	michael	michael	PROPN
cblr-7159	6	85	sinkinson	sinkinson	PROPN
cblr-7159	6	86	,	,	PUNCT
cblr-7159	6	87	eric	eric	PROPN
cblr-7159	6	88	talley	talley	PROPN
cblr-7159	6	89	,	,	PUNCT
cblr-7159	6	90	robert	robert	PROPN
cblr-7159	6	91	thompson	thompson	PROPN
cblr-7159	6	92	,	,	PUNCT
cblr-7159	6	93	verity	verity	NOUN
cblr-7159	6	94	winship	winship	NOUN
cblr-7159	6	95	,	,	PUNCT
cblr-7159	6	96	and	and	CCONJ
cblr-7159	6	97	participants	participant	NOUN
cblr-7159	6	98	at	at	ADP
cblr-7159	6	99	the	the	DET
cblr-7159	6	100	2019	2019	NUM
cblr-7159	6	101	national	national	ADJ
cblr-7159	6	102	business	business	NOUN
cblr-7159	6	103	law	law	NOUN
cblr-7159	6	104	scholars	scholar	NOUN
cblr-7159	6	105	conference	conference	NOUN
cblr-7159	6	106	,	,	PUNCT
cblr-7159	6	107	and	and	CCONJ
cblr-7159	6	108	workshops	workshop	NOUN
cblr-7159	6	109	at	at	ADP
cblr-7159	6	110	the	the	DET
cblr-7159	6	111	university	university	PROPN
cblr-7159	6	112	of	of	ADP
cblr-7159	6	113	wisconsin	wisconsin	PROPN
cblr-7159	6	114	,	,	PUNCT
cblr-7159	6	115	the	the	DET
cblr-7159	6	116	university	university	NOUN
cblr-7159	6	117	of	of	ADP
cblr-7159	6	118	colorado	colorado	PROPN
cblr-7159	6	119	,	,	PUNCT
cblr-7159	6	120	indiana	indiana	PROPN
cblr-7159	6	121	university	university	PROPN
cblr-7159	6	122	and	and	CCONJ
cblr-7159	6	123	tulane	tulane	PROPN
cblr-7159	6	124	.	.	PUNCT
cblr-7159	7	1	thanks	thank	NOUN
cblr-7159	7	2	especially	especially	ADV
cblr-7159	7	3	to	to	ADP
cblr-7159	7	4	mackenzie	mackenzie	PROPN
cblr-7159	7	5	humble	humble	ADJ
cblr-7159	7	6	,	,	PUNCT
cblr-7159	7	7	dustin	dustin	PROPN
cblr-7159	7	8	graber	graber	PROPN
cblr-7159	7	9	and	and	CCONJ
cblr-7159	7	10	shengling	shengle	VERB
cblr-7159	7	11	zhu	zhu	PROPN
cblr-7159	7	12	of	of	ADP
cblr-7159	7	13	the	the	DET
cblr-7159	7	14	columbia	columbia	PROPN
cblr-7159	7	15	business	business	PROPN
cblr-7159	7	16	law	law	PROPN
cblr-7159	7	17	review	review	NOUN
cblr-7159	7	18	for	for	ADP
cblr-7159	7	19	excellent	excellent	ADJ
cblr-7159	7	20	editorial	editorial	ADJ
cblr-7159	7	21	work	work	NOUN
cblr-7159	7	22	.	.	PUNCT
cblr-7159	8	1	all	all	DET
cblr-7159	8	2	errors	error	NOUN
cblr-7159	8	3	are	be	AUX
cblr-7159	8	4	my	my	PRON
cblr-7159	8	5	own	own	ADJ
cblr-7159	8	6	.	.	PUNCT
cblr-7159	9	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	9	2	(	(	PUNCT
cblr-7159	9	3	do	do	AUX
cblr-7159	9	4	not	not	PART
cblr-7159	9	5	delete	delete	VERB
cblr-7159	9	6	)	)	PUNCT
cblr-7159	9	7	9/28/2020	9/28/2020	NUM
cblr-7159	9	8	6:35	6:35	NUM
cblr-7159	9	9	pm	pm	NOUN
cblr-7159	9	10	no	no	INTJ
cblr-7159	9	11	.	.	PUNCT
cblr-7159	10	1	1:192	1:192	X
cblr-7159	10	2	]	]	X
cblr-7159	10	3	reconsidering	reconsider	VERB
cblr-7159	10	4	creditor	creditor	NOUN
cblr-7159	10	5	governance	governance	NOUN
cblr-7159	10	6	193	193	NUM
cblr-7159	10	7	threatens	threaten	VERB
cblr-7159	10	8	to	to	PART
cblr-7159	10	9	expose	expose	VERB
cblr-7159	10	10	companies	company	NOUN
cblr-7159	10	11	whose	whose	DET
cblr-7159	10	12	debt	debt	NOUN
cblr-7159	10	13	has	have	AUX
cblr-7159	10	14	been	be	AUX
cblr-7159	10	15	poorly	poorly	ADV
cblr-7159	10	16	managed	manage	VERB
cblr-7159	10	17	.	.	PUNCT
cblr-7159	11	1	this	this	DET
cblr-7159	11	2	article	article	NOUN
cblr-7159	11	3	presents	present	VERB
cblr-7159	11	4	a	a	DET
cblr-7159	11	5	theoretical	theoretical	ADJ
cblr-7159	11	6	and	and	CCONJ
cblr-7159	11	7	empirical	empirical	ADJ
cblr-7159	11	8	examination	examination	NOUN
cblr-7159	11	9	of	of	ADP
cblr-7159	11	10	the	the	DET
cblr-7159	11	11	dramatic	dramatic	ADJ
cblr-7159	11	12	change	change	NOUN
cblr-7159	11	13	in	in	ADP
cblr-7159	11	14	creditor	creditor	NOUN
cblr-7159	11	15	corporate	corporate	ADJ
cblr-7159	11	16	governance	governance	NOUN
cblr-7159	11	17	and	and	CCONJ
cblr-7159	11	18	its	its	PRON
cblr-7159	11	19	implications	implication	NOUN
cblr-7159	11	20	.	.	PUNCT
cblr-7159	12	1	it	it	PRON
cblr-7159	12	2	shows	show	VERB
cblr-7159	12	3	how	how	SCONJ
cblr-7159	12	4	the	the	DET
cblr-7159	12	5	diminishment	diminishment	NOUN
cblr-7159	12	6	of	of	ADP
cblr-7159	12	7	lenders	lender	NOUN
cblr-7159	12	8	’	’	PART
cblr-7159	12	9	role	role	NOUN
cblr-7159	12	10	in	in	ADP
cblr-7159	12	11	governance	governance	NOUN
cblr-7159	12	12	is	be	AUX
cblr-7159	12	13	a	a	DET
cblr-7159	12	14	predictable	predictable	ADJ
cblr-7159	12	15	result	result	NOUN
cblr-7159	12	16	of	of	ADP
cblr-7159	12	17	a	a	DET
cblr-7159	12	18	confluence	confluence	NOUN
cblr-7159	12	19	of	of	ADP
cblr-7159	12	20	forces	force	NOUN
cblr-7159	12	21	in	in	ADP
cblr-7159	12	22	the	the	DET
cblr-7159	12	23	financial	financial	ADJ
cblr-7159	12	24	markets	market	NOUN
cblr-7159	12	25	,	,	PUNCT
cblr-7159	12	26	in	in	ADP
cblr-7159	12	27	particular	particular	ADJ
cblr-7159	12	28	,	,	PUNCT
cblr-7159	12	29	the	the	DET
cblr-7159	12	30	use	use	NOUN
cblr-7159	12	31	of	of	ADP
cblr-7159	12	32	structured	structured	ADJ
cblr-7159	12	33	finance	finance	NOUN
cblr-7159	12	34	to	to	PART
cblr-7159	12	35	securitize	securitize	VERB
cblr-7159	12	36	loans	loan	NOUN
cblr-7159	12	37	,	,	PUNCT
cblr-7159	12	38	which	which	PRON
cblr-7159	12	39	in	in	ADP
cblr-7159	12	40	turn	turn	NOUN
cblr-7159	12	41	has	have	AUX
cblr-7159	12	42	driven	drive	VERB
cblr-7159	12	43	a	a	DET
cblr-7159	12	44	lending	lending	NOUN
cblr-7159	12	45	market	market	NOUN
cblr-7159	12	46	with	with	ADP
cblr-7159	12	47	diminishing	diminish	VERB
cblr-7159	12	48	checks	check	NOUN
cblr-7159	12	49	on	on	ADP
cblr-7159	12	50	borrower	borrower	NOUN
cblr-7159	12	51	profligacy	profligacy	NOUN
cblr-7159	12	52	.	.	PUNCT
cblr-7159	13	1	it	it	PRON
cblr-7159	13	2	also	also	ADV
cblr-7159	13	3	shows	show	VERB
cblr-7159	13	4	how	how	SCONJ
cblr-7159	13	5	this	this	DET
cblr-7159	13	6	new	new	ADJ
cblr-7159	13	7	market	market	NOUN
cblr-7159	13	8	is	be	AUX
cblr-7159	13	9	weakening	weaken	VERB
cblr-7159	13	10	governance	governance	NOUN
cblr-7159	13	11	norms	norm	NOUN
cblr-7159	13	12	in	in	ADP
cblr-7159	13	13	ways	way	NOUN
cblr-7159	13	14	that	that	PRON
cblr-7159	13	15	are	be	AUX
cblr-7159	13	16	harmful	harmful	ADJ
cblr-7159	13	17	to	to	ADP
cblr-7159	13	18	borrowing	borrow	VERB
cblr-7159	13	19	companies	company	NOUN
cblr-7159	13	20	,	,	PUNCT
cblr-7159	13	21	lenders	lender	NOUN
cblr-7159	13	22	,	,	PUNCT
cblr-7159	13	23	and	and	CCONJ
cblr-7159	13	24	society	society	NOUN
cblr-7159	13	25	as	as	ADP
cblr-7159	13	26	a	a	DET
cblr-7159	13	27	whole	whole	NOUN
cblr-7159	13	28	.	.	PUNCT
cblr-7159	14	1	the	the	DET
cblr-7159	14	2	article	article	NOUN
cblr-7159	14	3	makes	make	VERB
cblr-7159	14	4	two	two	NUM
cblr-7159	14	5	contributions	contribution	NOUN
cblr-7159	14	6	to	to	ADP
cblr-7159	14	7	the	the	DET
cblr-7159	14	8	literature	literature	NOUN
cblr-7159	14	9	.	.	PUNCT
cblr-7159	15	1	first	first	ADV
cblr-7159	15	2	,	,	PUNCT
cblr-7159	15	3	it	it	PRON
cblr-7159	15	4	empirically	empirically	ADV
cblr-7159	15	5	documents	document	VERB
cblr-7159	15	6	the	the	DET
cblr-7159	15	7	decline	decline	NOUN
cblr-7159	15	8	of	of	ADP
cblr-7159	15	9	lenders	lender	NOUN
cblr-7159	15	10	’	’	PART
cblr-7159	15	11	corporate	corporate	ADJ
cblr-7159	15	12	governance	governance	NOUN
cblr-7159	15	13	interventions	intervention	NOUN
cblr-7159	15	14	,	,	PUNCT
cblr-7159	15	15	cataloging	catalog	VERB
cblr-7159	15	16	original	original	ADJ
cblr-7159	15	17	data	datum	NOUN
cblr-7159	15	18	on	on	ADP
cblr-7159	15	19	all	all	DET
cblr-7159	15	20	borrower	borrower	NOUN
cblr-7159	15	21	loan	loan	NOUN
cblr-7159	15	22	covenant	covenant	ADJ
cblr-7159	15	23	violations	violation	NOUN
cblr-7159	15	24	—	—	PUNCT
cblr-7159	15	25	a	a	DET
cblr-7159	15	26	primary	primary	ADJ
cblr-7159	15	27	mechanism	mechanism	NOUN
cblr-7159	15	28	by	by	ADP
cblr-7159	15	29	which	which	PRON
cblr-7159	15	30	lenders	lender	NOUN
cblr-7159	15	31	intervene	intervene	VERB
cblr-7159	15	32	in	in	ADP
cblr-7159	15	33	governance	governance	NOUN
cblr-7159	15	34	—	—	PUNCT
cblr-7159	15	35	from	from	ADP
cblr-7159	15	36	2008	2008	NUM
cblr-7159	15	37	through	through	ADP
cblr-7159	15	38	2018	2018	NUM
cblr-7159	15	39	.	.	PUNCT
cblr-7159	16	1	second	second	ADJ
cblr-7159	16	2	,	,	PUNCT
cblr-7159	16	3	although	although	SCONJ
cblr-7159	16	4	many	many	ADJ
cblr-7159	16	5	scholars	scholar	NOUN
cblr-7159	16	6	have	have	AUX
cblr-7159	16	7	written	write	VERB
cblr-7159	16	8	about	about	ADP
cblr-7159	16	9	lenders	lender	NOUN
cblr-7159	16	10	’	'	PUNCT
cblr-7159	16	11	role	role	NOUN
cblr-7159	16	12	in	in	ADP
cblr-7159	16	13	corporate	corporate	ADJ
cblr-7159	16	14	governance	governance	NOUN
cblr-7159	16	15	and	and	CCONJ
cblr-7159	16	16	securitization	securitization	NOUN
cblr-7159	16	17	separately	separately	ADV
cblr-7159	16	18	,	,	PUNCT
cblr-7159	16	19	this	this	DET
cblr-7159	16	20	article	article	NOUN
cblr-7159	16	21	brings	bring	VERB
cblr-7159	16	22	the	the	DET
cblr-7159	16	23	two	two	NUM
cblr-7159	16	24	together	together	ADV
cblr-7159	16	25	.	.	PUNCT
cblr-7159	17	1	it	it	PRON
cblr-7159	17	2	thereby	thereby	ADV
cblr-7159	17	3	adds	add	VERB
cblr-7159	17	4	a	a	DET
cblr-7159	17	5	missing	miss	VERB
cblr-7159	17	6	component	component	NOUN
cblr-7159	17	7	to	to	ADP
cblr-7159	17	8	an	an	DET
cblr-7159	17	9	important	important	ADJ
cblr-7159	17	10	literature	literature	NOUN
cblr-7159	17	11	by	by	ADP
cblr-7159	17	12	showing	show	VERB
cblr-7159	17	13	how	how	SCONJ
cblr-7159	17	14	corporate	corporate	ADJ
cblr-7159	17	15	governance	governance	NOUN
cblr-7159	17	16	and	and	CCONJ
cblr-7159	17	17	the	the	DET
cblr-7159	17	18	financial	financial	ADJ
cblr-7159	17	19	system	system	NOUN
cblr-7159	17	20	affect	affect	VERB
cblr-7159	17	21	each	each	DET
cblr-7159	17	22	other	other	ADJ
cblr-7159	17	23	,	,	PUNCT
cblr-7159	17	24	and	and	CCONJ
cblr-7159	17	25	proposing	propose	VERB
cblr-7159	17	26	solutions	solution	NOUN
cblr-7159	17	27	to	to	PART
cblr-7159	17	28	bolster	bolster	VERB
cblr-7159	17	29	both	both	PRON
cblr-7159	17	30	.	.	PUNCT
cblr-7159	18	1	i.	i.	PROPN
cblr-7159	18	2	introduction	introduction	NOUN
cblr-7159	18	3	......................................................................	......................................................................	PUNCT
cblr-7159	18	4	195	195	NUM
cblr-7159	18	5	ii	ii	NOUN
cblr-7159	18	6	.	.	PUNCT
cblr-7159	19	1	background	background	NOUN
cblr-7159	19	2	.....................................................................	.....................................................................	PUNCT
cblr-7159	20	1	202	202	NUM
cblr-7159	20	2	a.	a.	NOUN
cblr-7159	20	3	lenders	lender	NOUN
cblr-7159	20	4	’	’	PART
cblr-7159	20	5	role	role	NOUN
cblr-7159	20	6	in	in	ADP
cblr-7159	20	7	corporate	corporate	ADJ
cblr-7159	20	8	governance	governance	NOUN
cblr-7159	20	9	...............	...............	PUNCT
cblr-7159	21	1	203	203	NUM
cblr-7159	21	2	1	1	NUM
cblr-7159	21	3	.	.	PUNCT
cblr-7159	22	1	lenders	lender	NOUN
cblr-7159	22	2	and	and	CCONJ
cblr-7159	22	3	agency	agency	NOUN
cblr-7159	22	4	costs	cost	NOUN
cblr-7159	22	5	..............................	..............................	PUNCT
cblr-7159	22	6	204	204	NUM
cblr-7159	22	7	2	2	NUM
cblr-7159	22	8	.	.	PUNCT
cblr-7159	22	9	lenders	lender	NOUN
cblr-7159	22	10	and	and	CCONJ
cblr-7159	22	11	enhanced	enhance	VERB
cblr-7159	22	12	firm	firm	ADJ
cblr-7159	22	13	value	value	NOUN
cblr-7159	22	14	................	................	PUNCT
cblr-7159	22	15	207	207	NUM
cblr-7159	22	16	3	3	NUM
cblr-7159	22	17	.	.	PUNCT
cblr-7159	22	18	lenders	lender	NOUN
cblr-7159	22	19	and	and	CCONJ
cblr-7159	22	20	creditor	creditor	NOUN
cblr-7159	22	21	-	-	PUNCT
cblr-7159	22	22	shareholder	shareholder	NOUN
cblr-7159	22	23	conflict	conflict	NOUN
cblr-7159	22	24	...	...	PUNCT
cblr-7159	23	1	209	209	NUM
cblr-7159	23	2	b.	b.	NOUN
cblr-7159	23	3	corporate	corporate	ADJ
cblr-7159	23	4	debt	debt	NOUN
cblr-7159	23	5	and	and	CCONJ
cblr-7159	23	6	leveraged	leveraged	ADJ
cblr-7159	23	7	loans	loan	NOUN
cblr-7159	23	8	..................	..................	PUNCT
cblr-7159	23	9	211	211	NUM
cblr-7159	23	10	1	1	NUM
cblr-7159	23	11	.	.	PUNCT
cblr-7159	24	1	changes	change	NOUN
cblr-7159	24	2	in	in	ADP
cblr-7159	24	3	the	the	DET
cblr-7159	24	4	loan	loan	NOUN
cblr-7159	24	5	market	market	NOUN
cblr-7159	24	6	:	:	PUNCT
cblr-7159	24	7	from	from	ADP
cblr-7159	24	8	“	"	PUNCT
cblr-7159	24	9	originate	originate	VERB
cblr-7159	24	10	-	-	PUNCT
cblr-7159	24	11	to	to	ADP
cblr-7159	24	12	-	-	PUNCT
cblr-7159	24	13	hold	hold	VERB
cblr-7159	24	14	”	"	PUNCT
cblr-7159	24	15	to	to	ADP
cblr-7159	24	16	“	"	PUNCT
cblr-7159	24	17	originate	originate	VERB
cblr-7159	24	18	-	-	PUNCT
cblr-7159	24	19	todistribute	todistribute	NOUN
cblr-7159	24	20	”	"	PUNCT
cblr-7159	24	21	......................................................	......................................................	PUNCT
cblr-7159	24	22	212	212	NUM
cblr-7159	24	23	2	2	NUM
cblr-7159	24	24	.	.	PUNCT
cblr-7159	24	25	loan	loan	NOUN
cblr-7159	24	26	covenants	covenant	NOUN
cblr-7159	24	27	as	as	ADP
cblr-7159	24	28	levers	lever	NOUN
cblr-7159	24	29	of	of	ADP
cblr-7159	24	30	lender	lender	NOUN
cblr-7159	24	31	intervention	intervention	NOUN
cblr-7159	24	32	....................................................	....................................................	PUNCT
cblr-7159	24	33	216	216	NUM
cblr-7159	24	34	3	3	NUM
cblr-7159	24	35	.	.	PUNCT
cblr-7159	25	1	the	the	DET
cblr-7159	25	2	process	process	NOUN
cblr-7159	25	3	of	of	ADP
cblr-7159	25	4	lender	lender	NOUN
cblr-7159	25	5	intervention	intervention	NOUN
cblr-7159	25	6	:	:	PUNCT
cblr-7159	25	7	waiver	waiver	NOUN
cblr-7159	25	8	and	and	CCONJ
cblr-7159	25	9	renegotiation	renegotiation	NOUN
cblr-7159	25	10	..........................................	..........................................	PUNCT
cblr-7159	26	1	219	219	NUM
cblr-7159	26	2	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	26	3	(	(	PUNCT
cblr-7159	26	4	do	do	AUX
cblr-7159	26	5	not	not	PART
cblr-7159	26	6	delte	delte	VERB
cblr-7159	26	7	)	)	PUNCT
cblr-7159	26	8	9/28/2020	9/28/2020	NUM
cblr-7159	26	9	6:35	6:35	NUM
cblr-7159	26	10	pm	pm	NOUN
cblr-7159	26	11	194	194	NUM
cblr-7159	26	12	columbia	columbia	PROPN
cblr-7159	26	13	business	business	NOUN
cblr-7159	26	14	law	law	PROPN
cblr-7159	26	15	review	review	NOUN
cblr-7159	26	16	[	[	X
cblr-7159	26	17	vol	vol	NOUN
cblr-7159	26	18	.	.	PUNCT
cblr-7159	26	19	2020	2020	NUM
cblr-7159	27	1	4	4	NUM
cblr-7159	27	2	.	.	PUNCT
cblr-7159	27	3	changes	change	NOUN
cblr-7159	27	4	in	in	ADP
cblr-7159	27	5	the	the	DET
cblr-7159	27	6	leveraged	leverage	VERB
cblr-7159	27	7	loan	loan	NOUN
cblr-7159	27	8	market	market	NOUN
cblr-7159	27	9	and	and	CCONJ
cblr-7159	27	10	the	the	DET
cblr-7159	27	11	erosion	erosion	NOUN
cblr-7159	27	12	of	of	ADP
cblr-7159	27	13	loan	loan	NOUN
cblr-7159	27	14	covenants	covenant	NOUN
cblr-7159	27	15	......................	......................	PUNCT
cblr-7159	27	16	221	221	NUM
cblr-7159	27	17	c.	c.	NOUN
cblr-7159	27	18	structured	structured	ADJ
cblr-7159	27	19	finance	finance	NOUN
cblr-7159	27	20	and	and	CCONJ
cblr-7159	27	21	non	non	ADJ
cblr-7159	27	22	-	-	ADJ
cblr-7159	27	23	bank	bank	ADJ
cblr-7159	27	24	lenders	lender	NOUN
cblr-7159	27	25	........	........	PUNCT
cblr-7159	28	1	225	225	NUM
cblr-7159	28	2	1	1	NUM
cblr-7159	28	3	.	.	PUNCT
cblr-7159	28	4	collateralized	collateralized	ADJ
cblr-7159	28	5	loan	loan	NOUN
cblr-7159	28	6	obligation	obligation	NOUN
cblr-7159	28	7	function	function	NOUN
cblr-7159	28	8	and	and	CCONJ
cblr-7159	28	9	form	form	NOUN
cblr-7159	28	10	...............................................................	...............................................................	PUNCT
cblr-7159	28	11	226	226	NUM
cblr-7159	28	12	2	2	NUM
cblr-7159	28	13	.	.	PUNCT
cblr-7159	28	14	from	from	ADP
cblr-7159	28	15	risky	risky	ADJ
cblr-7159	28	16	loans	loan	NOUN
cblr-7159	28	17	to	to	ADP
cblr-7159	28	18	safe	safe	ADJ
cblr-7159	28	19	securities	security	NOUN
cblr-7159	28	20	:	:	PUNCT
cblr-7159	28	21	the	the	DET
cblr-7159	28	22	alchemy	alchemy	NOUN
cblr-7159	28	23	of	of	ADP
cblr-7159	28	24	clos	clo	NOUN
cblr-7159	28	25	............................................	............................................	PUNCT
cblr-7159	29	1	227	227	NUM
cblr-7159	29	2	3	3	NUM
cblr-7159	29	3	.	.	PUNCT
cblr-7159	30	1	the	the	DET
cblr-7159	30	2	role	role	NOUN
cblr-7159	30	3	of	of	ADP
cblr-7159	30	4	lending	lend	VERB
cblr-7159	30	5	banks	bank	NOUN
cblr-7159	30	6	and	and	CCONJ
cblr-7159	30	7	non	non	ADJ
cblr-7159	30	8	-	-	ADJ
cblr-7159	30	9	bank	bank	ADJ
cblr-7159	30	10	institutions	institution	NOUN
cblr-7159	30	11	.....................................................	.....................................................	PUNCT
cblr-7159	31	1	229	229	NUM
cblr-7159	31	2	4	4	NUM
cblr-7159	31	3	.	.	PUNCT
cblr-7159	31	4	shadow	shadow	NOUN
cblr-7159	31	5	banks	bank	NOUN
cblr-7159	31	6	and	and	CCONJ
cblr-7159	31	7	changes	change	NOUN
cblr-7159	31	8	in	in	ADP
cblr-7159	31	9	creditor	creditor	NOUN
cblr-7159	31	10	incentives	incentive	NOUN
cblr-7159	31	11	.......................................................	.......................................................	PUNCT
cblr-7159	31	12	230	230	NUM
cblr-7159	31	13	d.	d.	NOUN
cblr-7159	31	14	securitization	securitization	NOUN
cblr-7159	31	15	and	and	CCONJ
cblr-7159	31	16	governance	governance	NOUN
cblr-7159	31	17	.............................	.............................	PUNCT
cblr-7159	32	1	232	232	NUM
cblr-7159	32	2	iii	iii	X
cblr-7159	32	3	.	.	PUNCT
cblr-7159	32	4	empirical	empirical	ADJ
cblr-7159	32	5	case	case	NOUN
cblr-7159	32	6	study	study	NOUN
cblr-7159	32	7	in	in	ADP
cblr-7159	32	8	non	non	ADJ
cblr-7159	32	9	-	-	NOUN
cblr-7159	32	10	governance	governance	NOUN
cblr-7159	32	11	:	:	PUNCT
cblr-7159	32	12	data	datum	NOUN
cblr-7159	32	13	and	and	CCONJ
cblr-7159	32	14	analysis	analysis	NOUN
cblr-7159	32	15	......................................................................	......................................................................	PUNCT
cblr-7159	32	16	235	235	NUM
cblr-7159	32	17	a.	a.	NOUN
cblr-7159	32	18	loan	loan	NOUN
cblr-7159	32	19	and	and	CCONJ
cblr-7159	32	20	covenant	covenant	ADJ
cblr-7159	32	21	violation	violation	NOUN
cblr-7159	32	22	data	datum	NOUN
cblr-7159	32	23	......................	......................	PUNCT
cblr-7159	32	24	237	237	NUM
cblr-7159	32	25	b.	b.	NOUN
cblr-7159	32	26	financial	financial	ADJ
cblr-7159	32	27	proxies	proxy	NOUN
cblr-7159	32	28	for	for	ADP
cblr-7159	32	29	lender	lender	NOUN
cblr-7159	32	30	intervention	intervention	NOUN
cblr-7159	32	31	...........	...........	PUNCT
cblr-7159	32	32	244	244	NUM
cblr-7159	32	33	1	1	NUM
cblr-7159	32	34	.	.	PUNCT
cblr-7159	32	35	financial	financial	ADJ
cblr-7159	32	36	conservatism	conservatism	NOUN
cblr-7159	32	37	..................................	..................................	PUNCT
cblr-7159	33	1	245	245	NUM
cblr-7159	33	2	2	2	NUM
cblr-7159	33	3	.	.	PUNCT
cblr-7159	33	4	investment	investment	NOUN
cblr-7159	33	5	conservatism	conservatism	NOUN
cblr-7159	33	6	...............................	...............................	PUNCT
cblr-7159	34	1	246	246	NUM
cblr-7159	34	2	3	3	X
cblr-7159	34	3	.	.	PUNCT
cblr-7159	34	4	operating	operate	VERB
cblr-7159	34	5	performance	performance	NOUN
cblr-7159	34	6	...................................	...................................	PUNCT
cblr-7159	34	7	248	248	NUM
cblr-7159	34	8	c.	c.	PROPN
cblr-7159	34	9	general	general	ADJ
cblr-7159	34	10	approach	approach	NOUN
cblr-7159	34	11	and	and	CCONJ
cblr-7159	34	12	controls	control	NOUN
cblr-7159	34	13	............................	............................	PUNCT
cblr-7159	34	14	248	248	NUM
cblr-7159	34	15	d.	d.	PROPN
cblr-7159	34	16	lender	lender	PROPN
cblr-7159	34	17	intervention	intervention	NOUN
cblr-7159	34	18	:	:	PUNCT
cblr-7159	34	19	institutional	institutional	ADJ
cblr-7159	34	20	loans	loan	NOUN
cblr-7159	34	21	and	and	CCONJ
cblr-7159	34	22	clo	clo	PROPN
cblr-7159	34	23	loans	loan	NOUN
cblr-7159	34	24	....................................................................	....................................................................	PUNCT
cblr-7159	34	25	252	252	NUM
cblr-7159	34	26	1	1	NUM
cblr-7159	34	27	.	.	PUNCT
cblr-7159	34	28	basic	basic	ADJ
cblr-7159	34	29	results	result	NOUN
cblr-7159	34	30	:	:	PUNCT
cblr-7159	34	31	raw	raw	ADJ
cblr-7159	34	32	data	datum	NOUN
cblr-7159	34	33	.................................	.................................	PUNCT
cblr-7159	35	1	255	255	NUM
cblr-7159	35	2	2	2	NUM
cblr-7159	35	3	.	.	PUNCT
cblr-7159	35	4	analysis	analysis	NOUN
cblr-7159	35	5	of	of	ADP
cblr-7159	35	6	data	datum	NOUN
cblr-7159	35	7	and	and	CCONJ
cblr-7159	35	8	results	result	NOUN
cblr-7159	35	9	..........................	..........................	PUNCT
cblr-7159	35	10	259	259	NUM
cblr-7159	35	11	e.	e.	PROPN
cblr-7159	35	12	ceo/	ceo/	PROPN
cblr-7159	35	13	officer	officer	NOUN
cblr-7159	35	14	turnover	turnover	NOUN
cblr-7159	35	15	..........................................	..........................................	PUNCT
cblr-7159	35	16	261	261	NUM
cblr-7159	35	17	f.	f.	NOUN
cblr-7159	35	18	robustness	robustness	NOUN
cblr-7159	35	19	checks	check	NOUN
cblr-7159	35	20	of	of	ADP
cblr-7159	35	21	the	the	DET
cblr-7159	35	22	main	main	ADJ
cblr-7159	35	23	results	result	NOUN
cblr-7159	35	24	...............	...............	PUNCT
cblr-7159	35	25	264	264	NUM
cblr-7159	35	26	1	1	NUM
cblr-7159	35	27	.	.	PUNCT
cblr-7159	35	28	comparisons	comparison	NOUN
cblr-7159	35	29	of	of	ADP
cblr-7159	35	30	the	the	DET
cblr-7159	35	31	loans	loan	NOUN
cblr-7159	35	32	...............................	...............................	PUNCT
cblr-7159	35	33	264	264	NUM
cblr-7159	35	34	2	2	NUM
cblr-7159	35	35	.	.	PUNCT
cblr-7159	36	1	non	non	ADJ
cblr-7159	36	2	-	-	ADJ
cblr-7159	36	3	bank	bank	ADJ
cblr-7159	36	4	loan	loan	NOUN
cblr-7159	36	5	concentration	concentration	NOUN
cblr-7159	36	6	.......................	.......................	PUNCT
cblr-7159	37	1	265	265	NUM
cblr-7159	37	2	g.	g.	NOUN
cblr-7159	37	3	the	the	DET
cblr-7159	37	4	relationship	relationship	NOUN
cblr-7159	37	5	between	between	ADP
cblr-7159	37	6	structured	structured	ADJ
cblr-7159	37	7	finance	finance	NOUN
cblr-7159	37	8	and	and	CCONJ
cblr-7159	37	9	corporate	corporate	ADJ
cblr-7159	37	10	non	non	NOUN
cblr-7159	37	11	-	-	NOUN
cblr-7159	37	12	governance	governance	NOUN
cblr-7159	37	13	.................................	.................................	PUNCT
cblr-7159	37	14	267	267	NUM
cblr-7159	37	15	iv	iv	NOUN
cblr-7159	37	16	.	.	PUNCT
cblr-7159	37	17	discussion	discussion	NOUN
cblr-7159	37	18	and	and	CCONJ
cblr-7159	37	19	proposals	proposal	NOUN
cblr-7159	37	20	..............................................	..............................................	PUNCT
cblr-7159	37	21	272	272	NUM
cblr-7159	37	22	a.	a.	NOUN
cblr-7159	37	23	agency	agency	NOUN
cblr-7159	37	24	costs	cost	NOUN
cblr-7159	37	25	and	and	CCONJ
cblr-7159	37	26	shifting	shift	VERB
cblr-7159	37	27	corporate	corporate	ADJ
cblr-7159	37	28	governance	governance	NOUN
cblr-7159	37	29	.............................................................................	.............................................................................	PUNCT
cblr-7159	37	30	273	273	NUM
cblr-7159	37	31	b.	b.	NOUN
cblr-7159	37	32	intertwined	intertwine	VERB
cblr-7159	37	33	corporate	corporate	ADJ
cblr-7159	37	34	governance	governance	NOUN
cblr-7159	37	35	and	and	CCONJ
cblr-7159	37	36	financial	financial	ADJ
cblr-7159	37	37	regulation	regulation	NOUN
cblr-7159	37	38	............................................................	............................................................	PUNCT
cblr-7159	37	39	277	277	NUM
cblr-7159	37	40	c.	c.	NOUN
cblr-7159	37	41	ways	way	NOUN
cblr-7159	37	42	to	to	PART
cblr-7159	37	43	address	address	VERB
cblr-7159	37	44	the	the	DET
cblr-7159	37	45	governance	governance	NOUN
cblr-7159	37	46	effect	effect	NOUN
cblr-7159	37	47	of	of	ADP
cblr-7159	37	48	securitization	securitization	NOUN
cblr-7159	37	49	......................................................	......................................................	PUNCT
cblr-7159	38	1	282	282	NUM
cblr-7159	38	2	v.	v.	ADP
cblr-7159	38	3	conclusion	conclusion	NOUN
cblr-7159	38	4	.......................................................................	.......................................................................	PUNCT
cblr-7159	39	1	286	286	NUM
cblr-7159	39	2	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	39	3	(	(	PUNCT
cblr-7159	39	4	do	do	AUX
cblr-7159	39	5	not	not	PART
cblr-7159	39	6	delete	delete	VERB
cblr-7159	39	7	)	)	PUNCT
cblr-7159	39	8	9/28/2020	9/28/2020	NUM
cblr-7159	39	9	6:35	6:35	NUM
cblr-7159	39	10	pm	pm	NOUN
cblr-7159	39	11	no	no	INTJ
cblr-7159	39	12	.	.	PUNCT
cblr-7159	40	1	1:192	1:192	X
cblr-7159	40	2	]	]	X
cblr-7159	40	3	reconsidering	reconsider	VERB
cblr-7159	40	4	creditor	creditor	NOUN
cblr-7159	40	5	governance	governance	NOUN
cblr-7159	40	6	195	195	NUM
cblr-7159	40	7	i.	i.	NOUN
cblr-7159	40	8	introduction	introduction	NOUN
cblr-7159	40	9	like	like	ADP
cblr-7159	40	10	many	many	ADJ
cblr-7159	40	11	humans	human	NOUN
cblr-7159	40	12	,	,	PUNCT
cblr-7159	40	13	corporate	corporate	ADJ
cblr-7159	40	14	entities	entity	NOUN
cblr-7159	40	15	rely	rely	VERB
cblr-7159	40	16	heavily	heavily	ADV
cblr-7159	40	17	on	on	ADP
cblr-7159	40	18	debt	debt	NOUN
cblr-7159	40	19	to	to	PART
cblr-7159	40	20	finance	finance	VERB
cblr-7159	40	21	their	their	PRON
cblr-7159	40	22	activities	activity	NOUN
cblr-7159	40	23	.	.	PUNCT
cblr-7159	41	1	and	and	CCONJ
cblr-7159	41	2	as	as	ADP
cblr-7159	41	3	with	with	ADP
cblr-7159	41	4	many	many	ADJ
cblr-7159	41	5	humans	human	NOUN
cblr-7159	41	6	,	,	PUNCT
cblr-7159	41	7	debt	debt	NOUN
cblr-7159	41	8	influences	influence	VERB
cblr-7159	41	9	what	what	PRON
cblr-7159	41	10	companies	company	NOUN
cblr-7159	41	11	are	be	AUX
cblr-7159	41	12	able	able	ADJ
cblr-7159	41	13	to	to	PART
cblr-7159	41	14	do	do	VERB
cblr-7159	41	15	.	.	PUNCT
cblr-7159	42	1	that	that	PRON
cblr-7159	42	2	corporate	corporate	ADJ
cblr-7159	42	3	lenders	lender	NOUN
cblr-7159	42	4	play	play	VERB
cblr-7159	42	5	a	a	DET
cblr-7159	42	6	critical	critical	ADJ
cblr-7159	42	7	role	role	NOUN
cblr-7159	42	8	in	in	ADP
cblr-7159	42	9	the	the	DET
cblr-7159	42	10	corporate	corporate	ADJ
cblr-7159	42	11	governance	governance	NOUN
cblr-7159	42	12	ecosystem	ecosystem	NOUN
cblr-7159	42	13	is	be	AUX
cblr-7159	42	14	well	well	ADV
cblr-7159	42	15	understood	understand	VERB
cblr-7159	42	16	by	by	ADP
cblr-7159	42	17	scholars	scholar	NOUN
cblr-7159	42	18	,	,	PUNCT
cblr-7159	42	19	who	who	PRON
cblr-7159	42	20	have	have	AUX
cblr-7159	42	21	long	long	ADV
cblr-7159	42	22	recognized	recognize	VERB
cblr-7159	42	23	the	the	DET
cblr-7159	42	24	enormous	enormous	ADJ
cblr-7159	42	25	power	power	NOUN
cblr-7159	42	26	wielded	wield	VERB
cblr-7159	42	27	by	by	ADP
cblr-7159	42	28	banks	bank	NOUN
cblr-7159	42	29	to	to	PART
cblr-7159	42	30	discipline	discipline	VERB
cblr-7159	42	31	company	company	NOUN
cblr-7159	42	32	managers	manager	NOUN
cblr-7159	42	33	and	and	CCONJ
cblr-7159	42	34	save	save	VERB
cblr-7159	42	35	firms	firm	NOUN
cblr-7159	42	36	from	from	ADP
cblr-7159	42	37	reckless	reckless	ADJ
cblr-7159	42	38	financial	financial	ADJ
cblr-7159	42	39	decisions.1	decisions.1	PROPN
cblr-7159	42	40	however	however	ADV
cblr-7159	42	41	,	,	PUNCT
cblr-7159	42	42	this	this	DET
cblr-7159	42	43	article	article	NOUN
cblr-7159	42	44	shows	show	VERB
cblr-7159	42	45	that	that	SCONJ
cblr-7159	42	46	recent	recent	ADJ
cblr-7159	42	47	trends	trend	NOUN
cblr-7159	42	48	are	be	AUX
cblr-7159	42	49	challenging	challenge	VERB
cblr-7159	42	50	the	the	DET
cblr-7159	42	51	long	long	ADV
cblr-7159	42	52	-	-	PUNCT
cblr-7159	42	53	standing	stand	VERB
cblr-7159	42	54	narrative	narrative	NOUN
cblr-7159	42	55	.	.	PUNCT
cblr-7159	43	1	for	for	ADP
cblr-7159	43	2	an	an	DET
cblr-7159	43	3	important	important	ADJ
cblr-7159	43	4	and	and	CCONJ
cblr-7159	43	5	growing	grow	VERB
cblr-7159	43	6	class	class	NOUN
cblr-7159	43	7	of	of	ADP
cblr-7159	43	8	leveraged	leveraged	ADJ
cblr-7159	43	9	corporations	corporation	NOUN
cblr-7159	43	10	,	,	PUNCT
cblr-7159	43	11	there	there	PRON
cblr-7159	43	12	is	be	VERB
cblr-7159	43	13	evidence	evidence	NOUN
cblr-7159	43	14	that	that	SCONJ
cblr-7159	43	15	lenders	lender	NOUN
cblr-7159	43	16	’	’	PART
cblr-7159	43	17	influence	influence	NOUN
cblr-7159	43	18	is	be	AUX
cblr-7159	43	19	becoming	become	VERB
cblr-7159	43	20	more	more	ADV
cblr-7159	43	21	tenuous	tenuous	ADJ
cblr-7159	43	22	than	than	SCONJ
cblr-7159	43	23	previously	previously	ADV
cblr-7159	43	24	assumed	assume	VERB
cblr-7159	43	25	.	.	PUNCT
cblr-7159	44	1	this	this	PRON
cblr-7159	44	2	is	be	AUX
cblr-7159	44	3	likely	likely	ADJ
cblr-7159	44	4	due	due	ADP
cblr-7159	44	5	to	to	ADP
cblr-7159	44	6	the	the	DET
cblr-7159	44	7	fact	fact	NOUN
cblr-7159	44	8	that	that	SCONJ
cblr-7159	44	9	lender	lender	NOUN
cblr-7159	44	10	-	-	PUNCT
cblr-7159	44	11	initiated	initiate	VERB
cblr-7159	44	12	governance	governance	NOUN
cblr-7159	44	13	,	,	PUNCT
cblr-7159	44	14	unlike	unlike	ADP
cblr-7159	44	15	many	many	ADJ
cblr-7159	44	16	other	other	ADJ
cblr-7159	44	17	corporate	corporate	ADJ
cblr-7159	44	18	managerial	managerial	ADJ
cblr-7159	44	19	restraints	restraint	NOUN
cblr-7159	44	20	,	,	PUNCT
cblr-7159	44	21	is	be	AUX
cblr-7159	44	22	driven	drive	VERB
cblr-7159	44	23	by	by	ADP
cblr-7159	44	24	contract	contract	NOUN
cblr-7159	44	25	and	and	CCONJ
cblr-7159	44	26	therefore	therefore	ADV
cblr-7159	44	27	its	its	PRON
cblr-7159	44	28	outcomes	outcome	NOUN
cblr-7159	44	29	are	be	AUX
cblr-7159	44	30	heavily	heavily	ADV
cblr-7159	44	31	determined	determine	VERB
cblr-7159	44	32	by	by	ADP
cblr-7159	44	33	bargaining	bargaining	NOUN
cblr-7159	44	34	dynamics	dynamic	NOUN
cblr-7159	44	35	between	between	ADP
cblr-7159	44	36	lenders	lender	NOUN
cblr-7159	44	37	and	and	CCONJ
cblr-7159	44	38	borrowers	borrower	NOUN
cblr-7159	44	39	.	.	PUNCT
cblr-7159	45	1	those	those	DET
cblr-7159	45	2	bargaining	bargaining	NOUN
cblr-7159	45	3	dynamics	dynamic	NOUN
cblr-7159	45	4	have	have	AUX
cblr-7159	45	5	dramatically	dramatically	ADV
cblr-7159	45	6	shifted	shift	VERB
cblr-7159	45	7	in	in	ADP
cblr-7159	45	8	borrowers	borrower	NOUN
cblr-7159	45	9	’	’	PART
cblr-7159	45	10	favor	favor	NOUN
cblr-7159	45	11	in	in	ADP
cblr-7159	45	12	recent	recent	ADJ
cblr-7159	45	13	years	year	NOUN
cblr-7159	45	14	as	as	SCONJ
cblr-7159	45	15	non	non	ADJ
cblr-7159	45	16	-	-	ADJ
cblr-7159	45	17	bank	bank	ADJ
cblr-7159	45	18	lenders	lender	NOUN
cblr-7159	45	19	have	have	AUX
cblr-7159	45	20	begun	begin	VERB
cblr-7159	45	21	to	to	PART
cblr-7159	45	22	compete	compete	VERB
cblr-7159	45	23	for	for	ADP
cblr-7159	45	24	leveraged	leveraged	ADJ
cblr-7159	45	25	borrowers	borrower	NOUN
cblr-7159	45	26	’	'	PUNCT
cblr-7159	45	27	business	business	NOUN
cblr-7159	45	28	,	,	PUNCT
cblr-7159	45	29	and	and	CCONJ
cblr-7159	45	30	securitizations	securitization	NOUN
cblr-7159	45	31	have	have	AUX
cblr-7159	45	32	spurred	spur	VERB
cblr-7159	45	33	demand	demand	NOUN
cblr-7159	45	34	for	for	ADP
cblr-7159	45	35	leveraged	leveraged	ADJ
cblr-7159	45	36	corporate	corporate	ADJ
cblr-7159	45	37	loans.2	loans.2	ADJ
cblr-7159	45	38	1	1	NUM
cblr-7159	45	39	see	see	NOUN
cblr-7159	45	40	e.g.	e.g.	ADV
cblr-7159	45	41	,	,	PUNCT
cblr-7159	45	42	douglas	douglas	PROPN
cblr-7159	45	43	g.	g.	PROPN
cblr-7159	45	44	baird	baird	PROPN
cblr-7159	45	45	&	&	CCONJ
cblr-7159	45	46	robert	robert	PROPN
cblr-7159	45	47	k.	k.	PROPN
cblr-7159	45	48	rasmussen	rasmussen	PROPN
cblr-7159	45	49	,	,	PUNCT
cblr-7159	45	50	private	private	ADJ
cblr-7159	45	51	debt	debt	NOUN
cblr-7159	45	52	and	and	CCONJ
cblr-7159	45	53	the	the	DET
cblr-7159	45	54	missing	miss	VERB
cblr-7159	45	55	lever	lever	NOUN
cblr-7159	45	56	of	of	ADP
cblr-7159	45	57	corporate	corporate	ADJ
cblr-7159	45	58	governance	governance	NOUN
cblr-7159	45	59	,	,	PUNCT
cblr-7159	45	60	154	154	NUM
cblr-7159	45	61	u.	u.	PROPN
cblr-7159	45	62	pa	pa	PROPN
cblr-7159	45	63	.	.	PROPN
cblr-7159	45	64	l.	l.	PROPN
cblr-7159	45	65	rev	rev	PROPN
cblr-7159	45	66	.	.	PROPN
cblr-7159	45	67	1209	1209	NUM
cblr-7159	45	68	,	,	PUNCT
cblr-7159	45	69	1216	1216	NUM
cblr-7159	45	70	–	–	PUNCT
cblr-7159	45	71	17	17	NUM
cblr-7159	45	72	(	(	PUNCT
cblr-7159	45	73	2006	2006	NUM
cblr-7159	45	74	)	)	PUNCT
cblr-7159	45	75	(	(	PUNCT
cblr-7159	45	76	describing	describe	VERB
cblr-7159	45	77	the	the	DET
cblr-7159	45	78	provisions	provision	NOUN
cblr-7159	45	79	in	in	ADP
cblr-7159	45	80	loan	loan	NOUN
cblr-7159	45	81	agreements	agreement	NOUN
cblr-7159	45	82	that	that	PRON
cblr-7159	45	83	give	give	VERB
cblr-7159	45	84	creditors	creditor	NOUN
cblr-7159	45	85	a	a	DET
cblr-7159	45	86	large	large	ADJ
cblr-7159	45	87	role	role	NOUN
cblr-7159	45	88	corporate	corporate	ADJ
cblr-7159	45	89	management	management	NOUN
cblr-7159	45	90	)	)	PUNCT
cblr-7159	45	91	;	;	PUNCT
cblr-7159	45	92	george	george	PROPN
cblr-7159	45	93	g.	g.	PROPN
cblr-7159	45	94	triantis	triantis	PROPN
cblr-7159	45	95	&	&	CCONJ
cblr-7159	45	96	ronald	ronald	PROPN
cblr-7159	45	97	j.	j.	PROPN
cblr-7159	45	98	daniels	daniels	PROPN
cblr-7159	45	99	,	,	PUNCT
cblr-7159	45	100	the	the	DET
cblr-7159	45	101	role	role	NOUN
cblr-7159	45	102	of	of	ADP
cblr-7159	45	103	debt	debt	NOUN
cblr-7159	45	104	in	in	ADP
cblr-7159	45	105	interactive	interactive	ADJ
cblr-7159	45	106	corporate	corporate	ADJ
cblr-7159	45	107	governance	governance	NOUN
cblr-7159	45	108	,	,	PUNCT
cblr-7159	45	109	83	83	NUM
cblr-7159	45	110	calif	calif	NOUN
cblr-7159	45	111	.	.	PUNCT
cblr-7159	46	1	l.	l.	PROPN
cblr-7159	46	2	rev	rev	PROPN
cblr-7159	46	3	.	.	PROPN
cblr-7159	46	4	1073	1073	NUM
cblr-7159	46	5	,	,	PUNCT
cblr-7159	46	6	1077–79	1077–79	ADV
cblr-7159	46	7	(	(	PUNCT
cblr-7159	46	8	1995	1995	NUM
cblr-7159	46	9	)	)	PUNCT
cblr-7159	46	10	(	(	PUNCT
cblr-7159	46	11	discussing	discuss	VERB
cblr-7159	46	12	the	the	DET
cblr-7159	46	13	role	role	NOUN
cblr-7159	46	14	that	that	PRON
cblr-7159	46	15	creditors	creditor	NOUN
cblr-7159	46	16	play	play	VERB
cblr-7159	46	17	in	in	ADP
cblr-7159	46	18	constraining	constrain	VERB
cblr-7159	46	19	agency	agency	NOUN
cblr-7159	46	20	costs	cost	NOUN
cblr-7159	46	21	,	,	PUNCT
cblr-7159	46	22	particularly	particularly	ADV
cblr-7159	46	23	with	with	ADP
cblr-7159	46	24	regard	regard	NOUN
cblr-7159	46	25	to	to	ADP
cblr-7159	46	26	managerial	managerial	ADJ
cblr-7159	46	27	slack	slack	NOUN
cblr-7159	46	28	)	)	PUNCT
cblr-7159	46	29	;	;	PUNCT
cblr-7159	46	30	frederick	frederick	PROPN
cblr-7159	46	31	tung	tung	PROPN
cblr-7159	46	32	,	,	PUNCT
cblr-7159	46	33	leverage	leverage	NOUN
cblr-7159	46	34	in	in	ADP
cblr-7159	46	35	the	the	DET
cblr-7159	46	36	board	board	NOUN
cblr-7159	46	37	room	room	NOUN
cblr-7159	46	38	:	:	PUNCT
cblr-7159	46	39	the	the	DET
cblr-7159	46	40	unsung	unsung	ADJ
cblr-7159	46	41	influence	influence	NOUN
cblr-7159	46	42	of	of	ADP
cblr-7159	46	43	private	private	ADJ
cblr-7159	46	44	lenders	lender	NOUN
cblr-7159	46	45	in	in	ADP
cblr-7159	46	46	corporate	corporate	ADJ
cblr-7159	46	47	governance	governance	NOUN
cblr-7159	46	48	,	,	PUNCT
cblr-7159	46	49	57	57	NUM
cblr-7159	46	50	ucla	ucla	NOUN
cblr-7159	46	51	l.	l.	PROPN
cblr-7159	46	52	rev	rev	VERB
cblr-7159	46	53	115	115	NUM
cblr-7159	46	54	,	,	PUNCT
cblr-7159	46	55	117	117	NUM
cblr-7159	46	56	(	(	PUNCT
cblr-7159	46	57	2009	2009	NUM
cblr-7159	46	58	)	)	PUNCT
cblr-7159	47	1	[	[	X
cblr-7159	47	2	hereinafter	hereinafter	NOUN
cblr-7159	47	3	tung	tung	NOUN
cblr-7159	47	4	,	,	PUNCT
cblr-7159	47	5	unsung	unsung	ADJ
cblr-7159	47	6	influence	influence	NOUN
cblr-7159	47	7	]	]	PUNCT
cblr-7159	47	8	(	(	PUNCT
cblr-7159	47	9	arguing	argue	VERB
cblr-7159	47	10	that	that	SCONJ
cblr-7159	47	11	“	"	PUNCT
cblr-7159	47	12	banks	bank	NOUN
cblr-7159	47	13	and	and	CCONJ
cblr-7159	47	14	other	other	ADJ
cblr-7159	47	15	private	private	ADJ
cblr-7159	47	16	lenders	lender	NOUN
cblr-7159	47	17	exercise	exercise	VERB
cblr-7159	47	18	influence	influence	NOUN
cblr-7159	47	19	over	over	ADP
cblr-7159	47	20	firm	firm	ADJ
cblr-7159	47	21	management	management	NOUN
cblr-7159	47	22	that	that	PRON
cblr-7159	47	23	is	be	AUX
cblr-7159	47	24	both	both	ADV
cblr-7159	47	25	routine	routine	ADJ
cblr-7159	47	26	and	and	CCONJ
cblr-7159	47	27	significant	significant	ADJ
cblr-7159	47	28	[	[	X
cblr-7159	47	29	,	,	PUNCT
cblr-7159	47	30	]	]	PUNCT
cblr-7159	47	31	”	"	PUNCT
cblr-7159	47	32	sometimes	sometimes	ADV
cblr-7159	47	33	even	even	ADV
cblr-7159	47	34	exceeding	exceed	VERB
cblr-7159	47	35	that	that	PRON
cblr-7159	47	36	of	of	ADP
cblr-7159	47	37	shareholders	shareholder	NOUN
cblr-7159	47	38	and	and	CCONJ
cblr-7159	47	39	the	the	DET
cblr-7159	47	40	board	board	NOUN
cblr-7159	47	41	of	of	ADP
cblr-7159	47	42	directors	director	NOUN
cblr-7159	47	43	)	)	PUNCT
cblr-7159	47	44	;	;	PUNCT
cblr-7159	47	45	joanna	joanna	PROPN
cblr-7159	47	46	m.	m.	NOUN
cblr-7159	47	47	shepherd	shepherd	PROPN
cblr-7159	47	48	et	et	PROPN
cblr-7159	47	49	al	al	PROPN
cblr-7159	47	50	.	.	PROPN
cblr-7159	47	51	,	,	PUNCT
cblr-7159	47	52	what	what	PRON
cblr-7159	47	53	else	else	ADV
cblr-7159	47	54	matters	matter	VERB
cblr-7159	47	55	for	for	ADP
cblr-7159	47	56	corporate	corporate	ADJ
cblr-7159	47	57	governance	governance	NOUN
cblr-7159	47	58	?	?	PUNCT
cblr-7159	47	59	:	:	PUNCT
cblr-7159	47	60	the	the	DET
cblr-7159	47	61	case	case	NOUN
cblr-7159	47	62	of	of	ADP
cblr-7159	47	63	bank	bank	NOUN
cblr-7159	47	64	monitoring	monitoring	NOUN
cblr-7159	47	65	,	,	PUNCT
cblr-7159	47	66	88	88	NUM
cblr-7159	47	67	b.u	b.u	PROPN
cblr-7159	47	68	.	.	PROPN
cblr-7159	47	69	l.	l.	PROPN
cblr-7159	47	70	rev	rev	PROPN
cblr-7159	47	71	.	.	PROPN
cblr-7159	47	72	991	991	NUM
cblr-7159	47	73	,	,	PUNCT
cblr-7159	47	74	994	994	NUM
cblr-7159	47	75	,	,	PUNCT
cblr-7159	47	76	1001–06	1001–06	NUM
cblr-7159	47	77	(	(	PUNCT
cblr-7159	47	78	2008	2008	NUM
cblr-7159	47	79	)	)	PUNCT
cblr-7159	48	1	[	[	X
cblr-7159	48	2	hereinafter	hereinafter	NOUN
cblr-7159	48	3	shepherd	shepherd	NOUN
cblr-7159	48	4	et	et	PROPN
cblr-7159	48	5	al	al	PROPN
cblr-7159	48	6	.	.	PROPN
cblr-7159	48	7	,	,	PUNCT
cblr-7159	48	8	what	what	PRON
cblr-7159	48	9	else	else	ADV
cblr-7159	48	10	matters	matter	VERB
cblr-7159	48	11	]	]	PUNCT
cblr-7159	48	12	(	(	PUNCT
cblr-7159	48	13	analyzing	analyze	VERB
cblr-7159	48	14	how	how	SCONJ
cblr-7159	48	15	banks	bank	NOUN
cblr-7159	48	16	monitor	monitor	VERB
cblr-7159	48	17	corporate	corporate	ADJ
cblr-7159	48	18	borrowers	borrower	NOUN
cblr-7159	48	19	and	and	CCONJ
cblr-7159	48	20	reviewing	review	VERB
cblr-7159	48	21	the	the	DET
cblr-7159	48	22	empirical	empirical	ADJ
cblr-7159	48	23	evidence	evidence	NOUN
cblr-7159	48	24	of	of	ADP
cblr-7159	48	25	bank	bank	NOUN
cblr-7159	48	26	monitoring	monitoring	NOUN
cblr-7159	48	27	activities	activity	NOUN
cblr-7159	48	28	)	)	PUNCT
cblr-7159	48	29	.	.	PUNCT
cblr-7159	49	1	2	2	NUM
cblr-7159	49	2	see	see	VERB
cblr-7159	49	3	frank	frank	PROPN
cblr-7159	49	4	martin	martin	PROPN
cblr-7159	49	5	-	-	PUNCT
cblr-7159	49	6	buck	buck	PROPN
cblr-7159	49	7	,	,	PUNCT
cblr-7159	49	8	fed	fed	PROPN
cblr-7159	49	9	.	.	PUNCT
cblr-7159	50	1	deposit	deposit	PROPN
cblr-7159	50	2	ins	ins	PROPN
cblr-7159	50	3	.	.	PUNCT
cblr-7159	50	4	corp	corp	PROPN
cblr-7159	50	5	.	.	PROPN
cblr-7159	50	6	,	,	PUNCT
cblr-7159	50	7	leveraged	leveraged	ADJ
cblr-7159	50	8	lending	lending	NOUN
cblr-7159	50	9	and	and	CCONJ
cblr-7159	50	10	corporate	corporate	ADJ
cblr-7159	50	11	borrowing	borrowing	NOUN
cblr-7159	50	12	:	:	PUNCT
cblr-7159	50	13	increased	increase	VERB
cblr-7159	50	14	reliance	reliance	NOUN
cblr-7159	50	15	on	on	ADP
cblr-7159	50	16	capital	capital	NOUN
cblr-7159	50	17	markets	market	NOUN
cblr-7159	50	18	,	,	PUNCT
cblr-7159	50	19	with	with	ADP
cblr-7159	50	20	important	important	ADJ
cblr-7159	50	21	bank	bank	NOUN
cblr-7159	50	22	links	link	NOUN
cblr-7159	50	23	,	,	PUNCT
cblr-7159	50	24	13	13	NUM
cblr-7159	50	25	fdic	fdic	PROPN
cblr-7159	50	26	q.	q.	PROPN
cblr-7159	50	27	41	41	NUM
cblr-7159	50	28	,	,	PUNCT
cblr-7159	50	29	41	41	NUM
cblr-7159	50	30	(	(	PUNCT
cblr-7159	50	31	2019	2019	NUM
cblr-7159	50	32	)	)	PUNCT
cblr-7159	50	33	(	(	PUNCT
cblr-7159	50	34	“	"	PUNCT
cblr-7159	50	35	the	the	DET
cblr-7159	50	36	migration	migration	NOUN
cblr-7159	50	37	of	of	ADP
cblr-7159	50	38	lending	lending	NOUN
cblr-7159	50	39	activity	activity	NOUN
cblr-7159	50	40	away	away	ADV
cblr-7159	50	41	from	from	ADP
cblr-7159	50	42	the	the	DET
cblr-7159	50	43	regulated	regulate	VERB
cblr-7159	50	44	banking	banking	NOUN
cblr-7159	50	45	sector	sector	NOUN
cblr-7159	50	46	has	have	AUX
cblr-7159	50	47	increased	increase	VERB
cblr-7159	50	48	competition	competition	NOUN
cblr-7159	50	49	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	50	50	(	(	PUNCT
cblr-7159	50	51	do	do	AUX
cblr-7159	50	52	not	not	PART
cblr-7159	50	53	delte	delte	VERB
cblr-7159	50	54	)	)	PUNCT
cblr-7159	50	55	9/28/2020	9/28/2020	PROPN
cblr-7159	50	56	6:35	6:35	NUM
cblr-7159	50	57	pm	pm	NOUN
cblr-7159	50	58	196	196	NUM
cblr-7159	50	59	columbia	columbia	PROPN
cblr-7159	50	60	business	business	NOUN
cblr-7159	50	61	law	law	PROPN
cblr-7159	50	62	review	review	NOUN
cblr-7159	51	1	[	[	X
cblr-7159	51	2	vol	vol	NOUN
cblr-7159	51	3	.	.	PUNCT
cblr-7159	51	4	2020	2020	NUM
cblr-7159	52	1	this	this	DET
cblr-7159	52	2	article	article	NOUN
cblr-7159	52	3	provides	provide	VERB
cblr-7159	52	4	theory	theory	NOUN
cblr-7159	52	5	and	and	CCONJ
cblr-7159	52	6	evidence	evidence	NOUN
cblr-7159	52	7	that	that	PRON
cblr-7159	52	8	suggests	suggest	VERB
cblr-7159	52	9	traditional	traditional	ADJ
cblr-7159	52	10	lending	lending	NOUN
cblr-7159	52	11	relationships	relationship	NOUN
cblr-7159	52	12	may	may	AUX
cblr-7159	52	13	no	no	ADV
cblr-7159	52	14	longer	long	ADV
cblr-7159	52	15	provide	provide	VERB
cblr-7159	52	16	the	the	DET
cblr-7159	52	17	incentives	incentive	NOUN
cblr-7159	52	18	or	or	CCONJ
cblr-7159	52	19	leverage	leverage	NOUN
cblr-7159	52	20	to	to	PART
cblr-7159	52	21	constrain	constrain	VERB
cblr-7159	52	22	certain	certain	ADJ
cblr-7159	52	23	corporate	corporate	ADJ
cblr-7159	52	24	borrowers	borrower	NOUN
cblr-7159	52	25	.	.	PUNCT
cblr-7159	53	1	banks	bank	NOUN
cblr-7159	53	2	that	that	PRON
cblr-7159	53	3	traditionally	traditionally	ADV
cblr-7159	53	4	held	hold	VERB
cblr-7159	53	5	long	long	ADJ
cblr-7159	53	6	-	-	PUNCT
cblr-7159	53	7	term	term	NOUN
cblr-7159	53	8	relationships	relationship	NOUN
cblr-7159	53	9	with	with	ADP
cblr-7159	53	10	corporate	corporate	ADJ
cblr-7159	53	11	borrowers	borrower	NOUN
cblr-7159	53	12	now	now	ADV
cblr-7159	53	13	sell	sell	VERB
cblr-7159	53	14	large	large	ADJ
cblr-7159	53	15	portions	portion	NOUN
cblr-7159	53	16	of	of	ADP
cblr-7159	53	17	the	the	DET
cblr-7159	53	18	loans	loan	NOUN
cblr-7159	53	19	they	they	PRON
cblr-7159	53	20	originate	originate	VERB
cblr-7159	53	21	to	to	ADP
cblr-7159	53	22	securitization	securitization	NOUN
cblr-7159	53	23	vehicles	vehicle	NOUN
cblr-7159	53	24	and	and	CCONJ
cblr-7159	53	25	other	other	ADJ
cblr-7159	53	26	non	non	ADJ
cblr-7159	53	27	-	-	ADJ
cblr-7159	53	28	bank	bank	ADJ
cblr-7159	53	29	institutional	institutional	ADJ
cblr-7159	53	30	investors	investor	NOUN
cblr-7159	53	31	.	.	PUNCT
cblr-7159	54	1	in	in	ADP
cblr-7159	54	2	theory	theory	NOUN
cblr-7159	54	3	,	,	PUNCT
cblr-7159	54	4	this	this	DET
cblr-7159	54	5	practice	practice	NOUN
cblr-7159	54	6	may	may	AUX
cblr-7159	54	7	be	be	AUX
cblr-7159	54	8	vulnerable	vulnerable	ADJ
cblr-7159	54	9	to	to	ADP
cblr-7159	54	10	the	the	DET
cblr-7159	54	11	same	same	ADJ
cblr-7159	54	12	problems	problem	NOUN
cblr-7159	54	13	that	that	PRON
cblr-7159	54	14	mortgage	mortgage	NOUN
cblr-7159	54	15	-	-	PUNCT
cblr-7159	54	16	backed	back	VERB
cblr-7159	54	17	securitization	securitization	NOUN
cblr-7159	54	18	faced	face	VERB
cblr-7159	54	19	before	before	ADP
cblr-7159	54	20	the	the	DET
cblr-7159	54	21	2008	2008	NUM
cblr-7159	54	22	financial	financial	ADJ
cblr-7159	54	23	crisis	crisis	NOUN
cblr-7159	54	24	:	:	PUNCT
cblr-7159	54	25	namely	namely	ADV
cblr-7159	54	26	,	,	PUNCT
cblr-7159	54	27	lender	lender	NOUN
cblr-7159	54	28	moral	moral	ADJ
cblr-7159	54	29	hazard	hazard	NOUN
cblr-7159	54	30	(	(	PUNCT
cblr-7159	54	31	a	a	DET
cblr-7159	54	32	lack	lack	NOUN
cblr-7159	54	33	of	of	ADP
cblr-7159	54	34	incentive	incentive	NOUN
cblr-7159	54	35	to	to	PART
cblr-7159	54	36	guard	guard	VERB
cblr-7159	54	37	against	against	ADP
cblr-7159	54	38	risks	risk	NOUN
cblr-7159	54	39	after	after	SCONJ
cblr-7159	54	40	the	the	DET
cblr-7159	54	41	consequences	consequence	NOUN
cblr-7159	54	42	have	have	AUX
cblr-7159	54	43	been	be	AUX
cblr-7159	54	44	distributed	distribute	VERB
cblr-7159	54	45	to	to	ADP
cblr-7159	54	46	others	other	NOUN
cblr-7159	54	47	)	)	PUNCT
cblr-7159	54	48	and	and	CCONJ
cblr-7159	54	49	adverse	adverse	ADJ
cblr-7159	54	50	selection	selection	NOUN
cblr-7159	54	51	(	(	PUNCT
cblr-7159	54	52	the	the	DET
cblr-7159	54	53	disproportionate	disproportionate	ADJ
cblr-7159	54	54	sale	sale	NOUN
cblr-7159	54	55	of	of	ADP
cblr-7159	54	56	risky	risky	ADJ
cblr-7159	54	57	loans	loan	NOUN
cblr-7159	54	58	to	to	ADP
cblr-7159	54	59	investors	investor	NOUN
cblr-7159	54	60	with	with	ADP
cblr-7159	54	61	less	less	ADJ
cblr-7159	54	62	information	information	NOUN
cblr-7159	54	63	about	about	ADP
cblr-7159	54	64	borrowers	borrower	NOUN
cblr-7159	54	65	)	)	PUNCT
cblr-7159	54	66	.	.	PUNCT
cblr-7159	55	1	however	however	ADV
cblr-7159	55	2	,	,	PUNCT
cblr-7159	55	3	as	as	SCONJ
cblr-7159	55	4	some	some	DET
cblr-7159	55	5	scholars	scholar	NOUN
cblr-7159	55	6	and	and	CCONJ
cblr-7159	55	7	industry	industry	NOUN
cblr-7159	55	8	watchers	watcher	NOUN
cblr-7159	55	9	have	have	AUX
cblr-7159	55	10	pointed	point	VERB
cblr-7159	55	11	out	out	ADP
cblr-7159	55	12	,	,	PUNCT
cblr-7159	55	13	there	there	PRON
cblr-7159	55	14	are	be	VERB
cblr-7159	55	15	reasons	reason	NOUN
cblr-7159	55	16	to	to	PART
cblr-7159	55	17	think	think	VERB
cblr-7159	55	18	that	that	SCONJ
cblr-7159	55	19	the	the	DET
cblr-7159	55	20	lessons	lesson	NOUN
cblr-7159	55	21	of	of	ADP
cblr-7159	55	22	2008	2008	NUM
cblr-7159	55	23	have	have	AUX
cblr-7159	55	24	been	be	AUX
cblr-7159	55	25	learned	learn	VERB
cblr-7159	55	26	and	and	CCONJ
cblr-7159	55	27	today	today	NOUN
cblr-7159	55	28	’s	’s	PART
cblr-7159	55	29	corporate	corporate	ADJ
cblr-7159	55	30	loan	loan	NOUN
cblr-7159	55	31	market	market	NOUN
cblr-7159	55	32	is	be	AUX
cblr-7159	55	33	not	not	PART
cblr-7159	55	34	subject	subject	ADJ
cblr-7159	55	35	to	to	ADP
cblr-7159	55	36	the	the	DET
cblr-7159	55	37	same	same	ADJ
cblr-7159	55	38	problems	problem	NOUN
cblr-7159	55	39	.	.	PUNCT
cblr-7159	56	1	this	this	DET
cblr-7159	56	2	article	article	NOUN
cblr-7159	56	3	assesses	assess	VERB
cblr-7159	56	4	the	the	DET
cblr-7159	56	5	competing	compete	VERB
cblr-7159	56	6	possibilities	possibility	NOUN
cblr-7159	56	7	and	and	CCONJ
cblr-7159	56	8	finds	find	VERB
cblr-7159	56	9	that	that	SCONJ
cblr-7159	56	10	,	,	PUNCT
cblr-7159	56	11	although	although	SCONJ
cblr-7159	56	12	many	many	ADJ
cblr-7159	56	13	leveraged	leveraged	ADJ
cblr-7159	56	14	borrowers	borrower	NOUN
cblr-7159	56	15	continue	continue	VERB
cblr-7159	56	16	to	to	PART
cblr-7159	56	17	show	show	VERB
cblr-7159	56	18	signs	sign	NOUN
cblr-7159	56	19	of	of	ADP
cblr-7159	56	20	lender	lender	NOUN
cblr-7159	56	21	monitoring	monitoring	NOUN
cblr-7159	56	22	,	,	PUNCT
cblr-7159	56	23	this	this	PRON
cblr-7159	56	24	stands	stand	VERB
cblr-7159	56	25	in	in	ADP
cblr-7159	56	26	stark	stark	ADJ
cblr-7159	56	27	contrast	contrast	NOUN
cblr-7159	56	28	to	to	ADP
cblr-7159	56	29	an	an	DET
cblr-7159	56	30	important	important	ADJ
cblr-7159	56	31	set	set	NOUN
cblr-7159	56	32	of	of	ADP
cblr-7159	56	33	companies	company	NOUN
cblr-7159	56	34	whose	whose	DET
cblr-7159	56	35	debt	debt	NOUN
cblr-7159	56	36	is	be	AUX
cblr-7159	56	37	primarily	primarily	ADV
cblr-7159	56	38	securitized	securitize	VERB
cblr-7159	56	39	that	that	PRON
cblr-7159	56	40	exhibit	exhibit	VERB
cblr-7159	56	41	few	few	ADJ
cblr-7159	56	42	,	,	PUNCT
cblr-7159	56	43	if	if	SCONJ
cblr-7159	56	44	any	any	PRON
cblr-7159	56	45	,	,	PUNCT
cblr-7159	56	46	indicia	indicia	NOUN
cblr-7159	56	47	of	of	ADP
cblr-7159	56	48	lender	lender	NOUN
cblr-7159	56	49	intervention	intervention	NOUN
cblr-7159	56	50	at	at	ADP
cblr-7159	56	51	critical	critical	ADJ
cblr-7159	56	52	moments	moment	NOUN
cblr-7159	56	53	when	when	SCONJ
cblr-7159	56	54	intervention	intervention	NOUN
cblr-7159	56	55	has	have	AUX
cblr-7159	56	56	historically	historically	ADV
cblr-7159	56	57	been	be	AUX
cblr-7159	56	58	apparent	apparent	ADJ
cblr-7159	56	59	.	.	PUNCT
cblr-7159	57	1	finally	finally	ADV
cblr-7159	57	2	,	,	PUNCT
cblr-7159	57	3	the	the	DET
cblr-7159	57	4	article	article	NOUN
cblr-7159	57	5	closes	close	VERB
cblr-7159	57	6	by	by	ADP
cblr-7159	57	7	discussing	discuss	VERB
cblr-7159	57	8	the	the	DET
cblr-7159	57	9	implications	implication	NOUN
cblr-7159	57	10	of	of	ADP
cblr-7159	57	11	weakening	weaken	VERB
cblr-7159	57	12	lender	lender	NOUN
cblr-7159	57	13	engagement	engagement	NOUN
cblr-7159	57	14	for	for	ADP
cblr-7159	57	15	policy	policy	NOUN
cblr-7159	57	16	and	and	CCONJ
cblr-7159	57	17	law	law	NOUN
cblr-7159	57	18	.	.	PUNCT
cblr-7159	58	1	to	to	PART
cblr-7159	58	2	understand	understand	VERB
cblr-7159	58	3	the	the	DET
cblr-7159	58	4	kind	kind	NOUN
cblr-7159	58	5	of	of	ADP
cblr-7159	58	6	influence	influence	NOUN
cblr-7159	58	7	lenders	lender	NOUN
cblr-7159	58	8	can	can	AUX
cblr-7159	58	9	exert	exert	VERB
cblr-7159	58	10	on	on	ADP
cblr-7159	58	11	corporate	corporate	ADJ
cblr-7159	58	12	borrowers	borrower	NOUN
cblr-7159	58	13	,	,	PUNCT
cblr-7159	58	14	consider	consider	VERB
cblr-7159	58	15	scott	scott	PROPN
cblr-7159	58	16	livengood	livengood	PROPN
cblr-7159	58	17	,	,	PUNCT
cblr-7159	58	18	the	the	DET
cblr-7159	58	19	ceo	ceo	NOUN
cblr-7159	58	20	of	of	ADP
cblr-7159	58	21	krispy	krispy	PROPN
cblr-7159	58	22	kreme	kreme	PROPN
cblr-7159	58	23	from	from	ADP
cblr-7159	58	24	1998–2005.3	1998–2005.3	NUM
cblr-7159	58	25	according	accord	VERB
cblr-7159	58	26	to	to	ADP
cblr-7159	58	27	some	some	PRON
cblr-7159	58	28	,	,	PUNCT
cblr-7159	58	29	livengood	livengood	NOUN
cblr-7159	58	30	for	for	ADP
cblr-7159	58	31	loans	loan	NOUN
cblr-7159	58	32	and	and	CCONJ
cblr-7159	58	33	facilitated	facilitate	VERB
cblr-7159	58	34	looser	loose	ADJ
cblr-7159	58	35	underwriting	underwriting	NOUN
cblr-7159	58	36	standards	standard	NOUN
cblr-7159	58	37	and	and	CCONJ
cblr-7159	58	38	risky	risky	ADJ
cblr-7159	58	39	lending	lending	NOUN
cblr-7159	58	40	practices	practice	NOUN
cblr-7159	58	41	.	.	PUNCT
cblr-7159	58	42	.	.	PUNCT
cblr-7159	58	43	.	.	PUNCT
cblr-7159	58	44	.	.	PUNCT
cblr-7159	58	45	”	"	PUNCT
cblr-7159	58	46	)	)	PUNCT
cblr-7159	58	47	.	.	PUNCT
cblr-7159	59	1	see	see	VERB
cblr-7159	59	2	also	also	ADV
cblr-7159	59	3	fin	fin	NOUN
cblr-7159	59	4	.	.	PUNCT
cblr-7159	60	1	stability	stability	PROPN
cblr-7159	60	2	bd	bd	PROPN
cblr-7159	60	3	.	.	PROPN
cblr-7159	60	4	,	,	PUNCT
cblr-7159	60	5	vulnerabilities	vulnerability	NOUN
cblr-7159	60	6	associated	associate	VERB
cblr-7159	60	7	with	with	ADP
cblr-7159	60	8	leveraged	leveraged	ADJ
cblr-7159	60	9	loans	loan	NOUN
cblr-7159	60	10	and	and	CCONJ
cblr-7159	60	11	collateralised	collateralised	ADJ
cblr-7159	60	12	loan	loan	NOUN
cblr-7159	60	13	obligations	obligation	NOUN
cblr-7159	60	14	8	8	NUM
cblr-7159	60	15	(	(	PUNCT
cblr-7159	60	16	2019	2019	NUM
cblr-7159	60	17	)	)	PUNCT
cblr-7159	61	1	[	[	X
cblr-7159	61	2	hereinafter	hereinafter	NOUN
cblr-7159	61	3	fin	fin	NOUN
cblr-7159	61	4	.	.	PUNCT
cblr-7159	62	1	stability	stability	PROPN
cblr-7159	62	2	bd	bd	PROPN
cblr-7159	62	3	.	.	PROPN
cblr-7159	62	4	,	,	PUNCT
cblr-7159	62	5	vulnerabilities	vulnerabilitie	VERB
cblr-7159	62	6	]	]	PUNCT
cblr-7159	62	7	(	(	PUNCT
cblr-7159	62	8	“	"	PUNCT
cblr-7159	62	9	the	the	DET
cblr-7159	62	10	growth	growth	NOUN
cblr-7159	62	11	of	of	ADP
cblr-7159	62	12	covenantlite	covenantlite	ADJ
cblr-7159	62	13	loans	loan	NOUN
cblr-7159	62	14	has	have	AUX
cblr-7159	62	15	been	be	AUX
cblr-7159	62	16	ascribed	ascribe	VERB
cblr-7159	62	17	to	to	ADP
cblr-7159	62	18	a	a	DET
cblr-7159	62	19	number	number	NOUN
cblr-7159	62	20	of	of	ADP
cblr-7159	62	21	developments	development	NOUN
cblr-7159	62	22	in	in	ADP
cblr-7159	62	23	the	the	DET
cblr-7159	62	24	market	market	NOUN
cblr-7159	62	25	.	.	PUNCT
cblr-7159	62	26	.	.	PUNCT
cblr-7159	62	27	.	.	PUNCT
cblr-7159	63	1	likely	likely	ADV
cblr-7159	63	2	driven	drive	VERB
cblr-7159	63	3	by	by	ADP
cblr-7159	63	4	high	high	ADJ
cblr-7159	63	5	availability	availability	NOUN
cblr-7159	63	6	of	of	ADP
cblr-7159	63	7	funding	funding	NOUN
cblr-7159	63	8	and	and	CCONJ
cblr-7159	63	9	competition	competition	NOUN
cblr-7159	63	10	for	for	ADP
cblr-7159	63	11	loan	loan	NOUN
cblr-7159	63	12	mandates	mandate	NOUN
cblr-7159	63	13	by	by	ADP
cblr-7159	63	14	arrangers	arranger	NOUN
cblr-7159	63	15	.	.	PUNCT
cblr-7159	63	16	”	"	PUNCT
cblr-7159	63	17	)	)	PUNCT
cblr-7159	63	18	.	.	PUNCT
cblr-7159	64	1	3	3	NUM
cblr-7159	64	2	mark	mark	PROPN
cblr-7159	64	3	maremont	maremont	PROPN
cblr-7159	64	4	&	&	CCONJ
cblr-7159	64	5	rick	rick	PROPN
cblr-7159	64	6	brooks	brooks	PROPN
cblr-7159	64	7	,	,	PUNCT
cblr-7159	64	8	once	once	ADV
cblr-7159	64	9	-	-	PUNCT
cblr-7159	64	10	hot	hot	ADJ
cblr-7159	64	11	krispy	krispy	NOUN
cblr-7159	64	12	kreme	kreme	NOUN
cblr-7159	64	13	ousts	oust	VERB
cblr-7159	64	14	its	its	PRON
cblr-7159	64	15	ceo	ceo	NOUN
cblr-7159	64	16	amid	amid	ADP
cblr-7159	64	17	accounting	accounting	NOUN
cblr-7159	64	18	woes	woe	NOUN
cblr-7159	64	19	,	,	PUNCT
cblr-7159	64	20	wall	wall	PROPN
cblr-7159	64	21	st	st	PROPN
cblr-7159	64	22	.	.	PROPN
cblr-7159	64	23	j.	j.	PROPN
cblr-7159	65	1	(	(	PUNCT
cblr-7159	65	2	jan	jan	PROPN
cblr-7159	65	3	.	.	PROPN
cblr-7159	65	4	19	19	NUM
cblr-7159	65	5	,	,	PUNCT
cblr-7159	65	6	2005	2005	NUM
cblr-7159	65	7	)	)	PUNCT
cblr-7159	65	8	,	,	PUNCT
cblr-7159	66	1	https://www.wsj.com/articles/sb110605594997928805#:~:text=the%20man%20who%20transformed%20krispy,woes%20and%20a%20federal%20probe	https://www.wsj.com/articles/sb110605594997928805#:~:text=the%20man%20who%20transformed%20krispy,woes%20and%20a%20federal%20probe	X
cblr-7159	67	1	[	[	X
cblr-7159	67	2	https://perma.cc/x8qu-rsf7	https://perma.cc/x8qu-rsf7	X
cblr-7159	67	3	]	]	X
cblr-7159	67	4	.	.	PUNCT
cblr-7159	68	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	68	2	(	(	PUNCT
cblr-7159	68	3	do	do	AUX
cblr-7159	68	4	not	not	PART
cblr-7159	68	5	delete	delete	VERB
cblr-7159	68	6	)	)	PUNCT
cblr-7159	68	7	9/28/2020	9/28/2020	NUM
cblr-7159	68	8	6:35	6:35	NUM
cblr-7159	68	9	pm	pm	NOUN
cblr-7159	68	10	no	no	INTJ
cblr-7159	68	11	.	.	PUNCT
cblr-7159	69	1	1:192	1:192	X
cblr-7159	69	2	]	]	X
cblr-7159	69	3	reconsidering	reconsider	VERB
cblr-7159	69	4	creditor	creditor	NOUN
cblr-7159	69	5	governance	governance	NOUN
cblr-7159	69	6	197	197	NUM
cblr-7159	69	7	was	be	AUX
cblr-7159	69	8	a	a	DET
cblr-7159	69	9	model	model	ADJ
cblr-7159	69	10	corporate	corporate	ADJ
cblr-7159	69	11	leader	leader	NOUN
cblr-7159	69	12	and	and	CCONJ
cblr-7159	69	13	successfully	successfully	ADV
cblr-7159	69	14	took	take	VERB
cblr-7159	69	15	his	his	PRON
cblr-7159	69	16	company	company	NOUN
cblr-7159	69	17	through	through	ADP
cblr-7159	69	18	a	a	DET
cblr-7159	69	19	period	period	NOUN
cblr-7159	69	20	of	of	ADP
cblr-7159	69	21	aggressive	aggressive	ADJ
cblr-7159	69	22	growth	growth	NOUN
cblr-7159	69	23	,	,	PUNCT
cblr-7159	69	24	expanding	expand	VERB
cblr-7159	69	25	from	from	ADP
cblr-7159	69	26	a	a	DET
cblr-7159	69	27	largely	largely	ADV
cblr-7159	69	28	regional	regional	ADJ
cblr-7159	69	29	chain	chain	NOUN
cblr-7159	69	30	of	of	ADP
cblr-7159	69	31	donut	donut	NOUN
cblr-7159	69	32	shops	shop	NOUN
cblr-7159	69	33	to	to	ADP
cblr-7159	69	34	a	a	DET
cblr-7159	69	35	nationwide	nationwide	ADJ
cblr-7159	69	36	phenomenon.4	phenomenon.4	NOUN
cblr-7159	69	37	apart	apart	ADV
cblr-7159	69	38	from	from	ADP
cblr-7159	69	39	his	his	PRON
cblr-7159	69	40	managerial	managerial	ADJ
cblr-7159	69	41	vision	vision	NOUN
cblr-7159	69	42	,	,	PUNCT
cblr-7159	69	43	livengood	livengood	PROPN
cblr-7159	69	44	’s	’s	PART
cblr-7159	69	45	loyalty	loyalty	NOUN
cblr-7159	69	46	to	to	ADP
cblr-7159	69	47	the	the	DET
cblr-7159	69	48	brand	brand	NOUN
cblr-7159	69	49	was	be	AUX
cblr-7159	69	50	unparalleled	unparalleled	ADJ
cblr-7159	69	51	.	.	PUNCT
cblr-7159	70	1	he	he	PRON
cblr-7159	70	2	even	even	ADV
cblr-7159	70	3	had	have	VERB
cblr-7159	70	4	his	his	PRON
cblr-7159	70	5	wedding	wedding	NOUN
cblr-7159	70	6	cake	cake	NOUN
cblr-7159	70	7	made	make	VERB
cblr-7159	70	8	entirely	entirely	ADV
cblr-7159	70	9	out	out	ADP
cblr-7159	70	10	of	of	ADP
cblr-7159	70	11	krispy	krispy	NOUN
cblr-7159	70	12	kreme	kreme	PROPN
cblr-7159	70	13	donuts.5	donuts.5	PROPN
cblr-7159	70	14	in	in	ADP
cblr-7159	70	15	the	the	DET
cblr-7159	70	16	last	last	ADJ
cblr-7159	70	17	months	month	NOUN
cblr-7159	70	18	of	of	ADP
cblr-7159	70	19	2004	2004	NUM
cblr-7159	70	20	,	,	PUNCT
cblr-7159	70	21	however	however	ADV
cblr-7159	70	22	,	,	PUNCT
cblr-7159	70	23	krispy	krispy	PROPN
cblr-7159	70	24	kreme	kreme	PROPN
cblr-7159	70	25	began	begin	VERB
cblr-7159	70	26	to	to	PART
cblr-7159	70	27	see	see	VERB
cblr-7159	70	28	disappointing	disappointing	ADJ
cblr-7159	70	29	results.6	results.6	PROPN
cblr-7159	70	30	a	a	DET
cblr-7159	70	31	low	low	ADJ
cblr-7159	70	32	-	-	PUNCT
cblr-7159	70	33	carb	carb	NOUN
cblr-7159	70	34	fad	fad	NOUN
cblr-7159	70	35	sweeping	sweep	VERB
cblr-7159	70	36	the	the	DET
cblr-7159	70	37	country	country	NOUN
cblr-7159	70	38	coupled	couple	VERB
cblr-7159	70	39	with	with	ADP
cblr-7159	70	40	overly	overly	ADV
cblr-7159	70	41	aggressive	aggressive	ADJ
cblr-7159	70	42	accounting	accounting	NOUN
cblr-7159	70	43	dampened	dampen	VERB
cblr-7159	70	44	the	the	DET
cblr-7159	70	45	company	company	NOUN
cblr-7159	70	46	’s	’s	PART
cblr-7159	70	47	fortunes	fortune	NOUN
cblr-7159	70	48	and	and	CCONJ
cblr-7159	70	49	its	its	PRON
cblr-7159	70	50	stock	stock	NOUN
cblr-7159	70	51	price	price	NOUN
cblr-7159	70	52	fell	fall	VERB
cblr-7159	70	53	,	,	PUNCT
cblr-7159	70	54	resulting	result	VERB
cblr-7159	70	55	in	in	ADP
cblr-7159	70	56	securities	security	NOUN
cblr-7159	70	57	litigation	litigation	NOUN
cblr-7159	70	58	and	and	CCONJ
cblr-7159	70	59	securities	security	NOUN
cblr-7159	70	60	and	and	CCONJ
cblr-7159	70	61	exchange	exchange	PROPN
cblr-7159	70	62	commission	commission	PROPN
cblr-7159	70	63	(	(	PUNCT
cblr-7159	70	64	“	"	PUNCT
cblr-7159	70	65	sec	sec	PROPN
cblr-7159	70	66	”	"	PUNCT
cblr-7159	70	67	)	)	PUNCT
cblr-7159	70	68	investigations7	investigations7	NOUN
cblr-7159	70	69	in	in	ADP
cblr-7159	70	70	short	short	ADJ
cblr-7159	70	71	order	order	NOUN
cblr-7159	70	72	,	,	PUNCT
cblr-7159	70	73	the	the	DET
cblr-7159	70	74	board	board	NOUN
cblr-7159	70	75	of	of	ADP
cblr-7159	70	76	directors	director	NOUN
cblr-7159	70	77	fired	fire	VERB
cblr-7159	70	78	livengood	livengood	NOUN
cblr-7159	70	79	and	and	CCONJ
cblr-7159	70	80	replaced	replace	VERB
cblr-7159	70	81	him	he	PRON
cblr-7159	70	82	with	with	ADP
cblr-7159	70	83	a	a	DET
cblr-7159	70	84	new	new	ADJ
cblr-7159	70	85	ceo	ceo	NOUN
cblr-7159	70	86	with	with	ADP
cblr-7159	70	87	a	a	DET
cblr-7159	70	88	history	history	NOUN
cblr-7159	70	89	at	at	ADP
cblr-7159	70	90	the	the	DET
cblr-7159	70	91	helm	helm	NOUN
cblr-7159	70	92	of	of	ADP
cblr-7159	70	93	enron	enron	PROPN
cblr-7159	70	94	,	,	PUNCT
cblr-7159	70	95	the	the	DET
cblr-7159	70	96	failed	fail	VERB
cblr-7159	70	97	energy	energy	NOUN
cblr-7159	70	98	business	business	NOUN
cblr-7159	70	99	famous	famous	ADJ
cblr-7159	70	100	for	for	ADP
cblr-7159	70	101	committing	commit	VERB
cblr-7159	70	102	one	one	NUM
cblr-7159	70	103	of	of	ADP
cblr-7159	70	104	the	the	DET
cblr-7159	70	105	largest	large	ADJ
cblr-7159	70	106	accounting	accounting	NOUN
cblr-7159	70	107	frauds	fraud	NOUN
cblr-7159	70	108	of	of	ADP
cblr-7159	70	109	the	the	DET
cblr-7159	70	110	21st	21st	ADJ
cblr-7159	70	111	century.8	century.8	PROPN
cblr-7159	70	112	as	as	ADV
cblr-7159	70	113	many	many	ADJ
cblr-7159	70	114	noted	note	VERB
cblr-7159	70	115	at	at	ADP
cblr-7159	70	116	the	the	DET
cblr-7159	70	117	time	time	NOUN
cblr-7159	70	118	,	,	PUNCT
cblr-7159	70	119	the	the	DET
cblr-7159	70	120	move	move	NOUN
cblr-7159	70	121	was	be	AUX
cblr-7159	70	122	hard	hard	ADJ
cblr-7159	70	123	to	to	PART
cblr-7159	70	124	square	square	VERB
cblr-7159	70	125	with	with	ADP
cblr-7159	70	126	the	the	DET
cblr-7159	70	127	prevailing	prevail	VERB
cblr-7159	70	128	understanding	understanding	NOUN
cblr-7159	70	129	that	that	SCONJ
cblr-7159	70	130	boards	board	NOUN
cblr-7159	70	131	generally	generally	ADV
cblr-7159	70	132	do	do	AUX
cblr-7159	70	133	n’t	not	PART
cblr-7159	70	134	fire	fire	VERB
cblr-7159	70	135	a	a	DET
cblr-7159	70	136	ceo	ceo	NOUN
cblr-7159	70	137	after	after	ADP
cblr-7159	70	138	a	a	DET
cblr-7159	70	139	few	few	ADJ
cblr-7159	70	140	months	month	NOUN
cblr-7159	70	141	of	of	ADP
cblr-7159	70	142	bad	bad	ADJ
cblr-7159	70	143	news	news	NOUN
cblr-7159	70	144	,	,	PUNCT
cblr-7159	70	145	especially	especially	ADV
cblr-7159	70	146	when	when	SCONJ
cblr-7159	70	147	the	the	DET
cblr-7159	70	148	ceo	ceo	NOUN
cblr-7159	70	149	had	have	AUX
cblr-7159	70	150	essentially	essentially	ADV
cblr-7159	70	151	hand	hand	NOUN
cblr-7159	70	152	-	-	PUNCT
cblr-7159	70	153	picked	pick	VERB
cblr-7159	70	154	the	the	DET
cblr-7159	70	155	board	board	NOUN
cblr-7159	70	156	members	member	NOUN
cblr-7159	70	157	himself.9	himself.9	PROPN
cblr-7159	70	158	but	but	CCONJ
cblr-7159	70	159	the	the	DET
cblr-7159	70	160	real	real	ADJ
cblr-7159	70	161	force	force	NOUN
cblr-7159	70	162	driving	drive	VERB
cblr-7159	70	163	livengood	livengood	PROPN
cblr-7159	70	164	’s	’s	PART
cblr-7159	70	165	ouster	ouster	NOUN
cblr-7159	70	166	was	be	AUX
cblr-7159	70	167	not	not	PART
cblr-7159	70	168	the	the	DET
cblr-7159	70	169	directors	director	NOUN
cblr-7159	70	170	or	or	CCONJ
cblr-7159	70	171	even	even	ADV
cblr-7159	70	172	the	the	DET
cblr-7159	70	173	shareholders	shareholder	NOUN
cblr-7159	70	174	who	who	PRON
cblr-7159	70	175	nominally	nominally	ADV
cblr-7159	70	176	own	own	VERB
cblr-7159	70	177	the	the	DET
cblr-7159	70	178	company	company	NOUN
cblr-7159	70	179	;	;	PUNCT
cblr-7159	70	180	rather	rather	ADV
cblr-7159	70	181	,	,	PUNCT
cblr-7159	70	182	the	the	DET
cblr-7159	70	183	company	company	NOUN
cblr-7159	70	184	’s	’s	PART
cblr-7159	70	185	lenders	lender	NOUN
cblr-7159	70	186	had	have	AUX
cblr-7159	70	187	forced	force	VERB
cblr-7159	70	188	the	the	DET
cblr-7159	70	189	move.10	move.10	ADJ
cblr-7159	70	190	krispy	krispy	NOUN
cblr-7159	70	191	kreme	kreme	NOUN
cblr-7159	70	192	had	have	AUX
cblr-7159	70	193	violated	violate	VERB
cblr-7159	70	194	a	a	DET
cblr-7159	70	195	covenant	covenant	NOUN
cblr-7159	70	196	in	in	ADP
cblr-7159	70	197	a	a	DET
cblr-7159	70	198	loan	loan	NOUN
cblr-7159	70	199	4	4	NUM
cblr-7159	70	200	see	see	VERB
cblr-7159	70	201	andy	andy	PROPN
cblr-7159	70	202	serwer	serwer	PROPN
cblr-7159	70	203	,	,	PUNCT
cblr-7159	70	204	the	the	DET
cblr-7159	70	205	hole	hole	NOUN
cblr-7159	70	206	story	story	NOUN
cblr-7159	70	207	:	:	PUNCT
cblr-7159	70	208	how	how	SCONJ
cblr-7159	70	209	krispy	krispy	NOUN
cblr-7159	70	210	kreme	kreme	NOUN
cblr-7159	70	211	became	become	VERB
cblr-7159	70	212	the	the	DET
cblr-7159	70	213	hottest	hot	ADJ
cblr-7159	70	214	brand	brand	NOUN
cblr-7159	70	215	in	in	ADP
cblr-7159	70	216	america	america	PROPN
cblr-7159	70	217	,	,	PUNCT
cblr-7159	70	218	fortune	fortune	NOUN
cblr-7159	70	219	(	(	PUNCT
cblr-7159	70	220	july	july	PROPN
cblr-7159	70	221	7	7	NUM
cblr-7159	70	222	,	,	PUNCT
cblr-7159	70	223	2003	2003	NUM
cblr-7159	70	224	)	)	PUNCT
cblr-7159	70	225	,	,	PUNCT
cblr-7159	70	226	https://archive.fortune.com/magazines/fortune/fortune_archive/2003/07/07/345535/index.htm	https://archive.fortune.com/magazines/fortune/fortune_archive/2003/07/07/345535/index.htm	PROPN
cblr-7159	71	1	[	[	X
cblr-7159	71	2	https://perma.cc/z642-fgam	https://perma.cc/z642-fgam	X
cblr-7159	71	3	]	]	PUNCT
cblr-7159	71	4	.	.	PUNCT
cblr-7159	72	1	see	see	VERB
cblr-7159	72	2	also	also	ADV
cblr-7159	72	3	baird	baird	PROPN
cblr-7159	72	4	&	&	CCONJ
cblr-7159	72	5	rasmussen	rasmussen	PROPN
cblr-7159	72	6	,	,	PUNCT
cblr-7159	72	7	supra	supra	PROPN
cblr-7159	72	8	note	note	PROPN
cblr-7159	72	9	1	1	NUM
cblr-7159	72	10	,	,	PUNCT
cblr-7159	72	11	at	at	ADP
cblr-7159	72	12	1209–10	1209–10	NOUN
cblr-7159	72	13	(	(	PUNCT
cblr-7159	72	14	discussing	discuss	VERB
cblr-7159	72	15	the	the	DET
cblr-7159	72	16	krispy	krispy	NOUN
cblr-7159	72	17	kreme	kreme	PROPN
cblr-7159	72	18	case	case	NOUN
cblr-7159	72	19	)	)	PUNCT
cblr-7159	72	20	.	.	PUNCT
cblr-7159	73	1	5	5	NUM
cblr-7159	73	2	see	see	VERB
cblr-7159	73	3	maremount	maremount	PROPN
cblr-7159	73	4	&	&	CCONJ
cblr-7159	73	5	brooks	brooks	PROPN
cblr-7159	73	6	,	,	PUNCT
cblr-7159	73	7	supra	supra	PROPN
cblr-7159	73	8	note	note	NOUN
cblr-7159	73	9	3	3	NUM
cblr-7159	73	10	(	(	PUNCT
cblr-7159	73	11	“	"	PUNCT
cblr-7159	73	12	his	his	PRON
cblr-7159	73	13	2002	2002	NUM
cblr-7159	73	14	wedding	wedding	NOUN
cblr-7159	73	15	included	include	VERB
cblr-7159	73	16	a	a	DET
cblr-7159	73	17	cake	cake	NOUN
cblr-7159	73	18	made	make	VERB
cblr-7159	73	19	out	out	ADP
cblr-7159	73	20	of	of	ADP
cblr-7159	73	21	720	720	NUM
cblr-7159	73	22	doughnuts	doughnut	NOUN
cblr-7159	73	23	.	.	PUNCT
cblr-7159	73	24	”	"	PUNCT
cblr-7159	73	25	)	)	PUNCT
cblr-7159	73	26	.	.	PUNCT
cblr-7159	74	1	6	6	NUM
cblr-7159	74	2	see	see	VERB
cblr-7159	74	3	i	i	PRON
cblr-7159	74	4	d.	d.	PROPN
cblr-7159	74	5	7	7	NUM
cblr-7159	74	6	see	see	VERB
cblr-7159	74	7	i	i	PROPN
cblr-7159	74	8	d.	d.	PROPN
cblr-7159	74	9	(	(	PUNCT
cblr-7159	74	10	reporting	report	VERB
cblr-7159	74	11	that	that	SCONJ
cblr-7159	74	12	“	"	PUNCT
cblr-7159	74	13	[	[	PUNCT
cblr-7159	74	14	a]s	a]s	ADJ
cblr-7159	74	15	krispy	krispy	NOUN
cblr-7159	74	16	kreme	kreme	NOUN
cblr-7159	74	17	's	's	PART
cblr-7159	74	18	growth	growth	NOUN
cblr-7159	74	19	began	begin	VERB
cblr-7159	74	20	to	to	PART
cblr-7159	74	21	slow	slow	VERB
cblr-7159	74	22	[	[	X
cblr-7159	74	23	in	in	ADP
cblr-7159	74	24	early	early	ADJ
cblr-7159	74	25	2004	2004	NUM
cblr-7159	74	26	]	]	PUNCT
cblr-7159	74	27	,	,	PUNCT
cblr-7159	74	28	mr	mr	PROPN
cblr-7159	74	29	.	.	PROPN
cblr-7159	74	30	livengood	livengood	PROPN
cblr-7159	74	31	initially	initially	ADV
cblr-7159	74	32	blamed	blame	VERB
cblr-7159	74	33	the	the	DET
cblr-7159	74	34	popularity	popularity	NOUN
cblr-7159	74	35	of	of	ADP
cblr-7159	74	36	low	low	ADJ
cblr-7159	74	37	-	-	PUNCT
cblr-7159	74	38	carbohydrate	carbohydrate	NOUN
cblr-7159	74	39	diets	diet	NOUN
cblr-7159	74	40	[	[	X
cblr-7159	74	41	,	,	PUNCT
cblr-7159	74	42	]	]	PUNCT
cblr-7159	74	43	”	"	PUNCT
cblr-7159	74	44	but	but	CCONJ
cblr-7159	74	45	accounting	accounting	NOUN
cblr-7159	74	46	problems	problem	NOUN
cblr-7159	74	47	,	,	PUNCT
cblr-7159	74	48	aggressive	aggressive	ADJ
cblr-7159	74	49	expansion	expansion	NOUN
cblr-7159	74	50	and	and	CCONJ
cblr-7159	74	51	an	an	DET
cblr-7159	74	52	sec	sec	PROPN
cblr-7159	74	53	investigation	investigation	NOUN
cblr-7159	74	54	had	have	AUX
cblr-7159	74	55	also	also	ADV
cblr-7159	74	56	hampered	hamper	VERB
cblr-7159	74	57	the	the	DET
cblr-7159	74	58	company	company	NOUN
cblr-7159	74	59	)	)	PUNCT
cblr-7159	74	60	.	.	PUNCT
cblr-7159	74	61	8	8	NUM
cblr-7159	74	62	see	see	VERB
cblr-7159	74	63	press	press	NOUN
cblr-7159	74	64	release	release	NOUN
cblr-7159	74	65	,	,	PUNCT
cblr-7159	74	66	krispy	krispy	NOUN
cblr-7159	74	67	kreme	kreme	NOUN
cblr-7159	74	68	doughnuts	doughnut	NOUN
cblr-7159	74	69	,	,	PUNCT
cblr-7159	74	70	inc	inc	PROPN
cblr-7159	74	71	.	.	PROPN
cblr-7159	74	72	,	,	PUNCT
cblr-7159	74	73	krispy	krispy	PROPN
cblr-7159	74	74	kreme	kreme	PROPN
cblr-7159	74	75	announces	announce	VERB
cblr-7159	74	76	management	management	NOUN
cblr-7159	74	77	changes	change	NOUN
cblr-7159	74	78	(	(	PUNCT
cblr-7159	74	79	jan	jan	PROPN
cblr-7159	74	80	.	.	PROPN
cblr-7159	74	81	18	18	NUM
cblr-7159	74	82	,	,	PUNCT
cblr-7159	74	83	2005	2005	NUM
cblr-7159	74	84	)	)	PUNCT
cblr-7159	74	85	;	;	PUNCT
cblr-7159	74	86	see	see	VERB
cblr-7159	74	87	also	also	ADV
cblr-7159	74	88	baird	baird	PROPN
cblr-7159	74	89	&	&	CCONJ
cblr-7159	74	90	rasmussen	rasmussen	PROPN
cblr-7159	74	91	,	,	PUNCT
cblr-7159	74	92	supra	supra	PROPN
cblr-7159	74	93	note	note	PROPN
cblr-7159	74	94	1	1	NUM
cblr-7159	74	95	,	,	PUNCT
cblr-7159	74	96	at	at	ADP
cblr-7159	74	97	1210	1210	NUM
cblr-7159	74	98	.	.	PUNCT
cblr-7159	75	1	9	9	NUM
cblr-7159	75	2	see	see	VERB
cblr-7159	75	3	e.g.	e.g.	ADV
cblr-7159	75	4	,	,	PUNCT
cblr-7159	75	5	baird	baird	PROPN
cblr-7159	75	6	&	&	CCONJ
cblr-7159	75	7	rasmussen	rasmussen	PROPN
cblr-7159	75	8	,	,	PUNCT
cblr-7159	75	9	supra	supra	PROPN
cblr-7159	75	10	note	note	PROPN
cblr-7159	75	11	1	1	NUM
cblr-7159	75	12	,	,	PUNCT
cblr-7159	75	13	at	at	ADP
cblr-7159	75	14	1210	1210	NUM
cblr-7159	75	15	.	.	PUNCT
cblr-7159	76	1	10	10	NUM
cblr-7159	76	2	see	see	VERB
cblr-7159	76	3	i	i	PRON
cblr-7159	76	4	d.	d.	PROPN
cblr-7159	76	5	at	at	ADP
cblr-7159	76	6	1210–11	1210–11	NOUN
cblr-7159	76	7	(	(	PUNCT
cblr-7159	76	8	describing	describe	VERB
cblr-7159	76	9	creditors	creditor	NOUN
cblr-7159	76	10	’	'	PUNCT
cblr-7159	76	11	power	power	NOUN
cblr-7159	76	12	to	to	PART
cblr-7159	76	13	replace	replace	VERB
cblr-7159	76	14	a	a	DET
cblr-7159	76	15	ceo	ceo	NOUN
cblr-7159	76	16	and	and	CCONJ
cblr-7159	76	17	suggesting	suggest	VERB
cblr-7159	76	18	that	that	SCONJ
cblr-7159	76	19	only	only	ADV
cblr-7159	76	20	creditor	creditor	NOUN
cblr-7159	76	21	influence	influence	NOUN
cblr-7159	76	22	explains	explain	VERB
cblr-7159	76	23	livengood	livengood	PROPN
cblr-7159	76	24	’s	’s	PART
cblr-7159	76	25	firing	firing	NOUN
cblr-7159	76	26	)	)	PUNCT
cblr-7159	76	27	.	.	PUNCT
cblr-7159	77	1	see	see	VERB
cblr-7159	77	2	also	also	ADV
cblr-7159	77	3	maremount	maremount	PROPN
cblr-7159	77	4	&	&	CCONJ
cblr-7159	77	5	brooks	brooks	PROPN
cblr-7159	77	6	,	,	PUNCT
cblr-7159	77	7	supra	supra	PROPN
cblr-7159	77	8	note	note	NOUN
cblr-7159	77	9	3	3	NUM
cblr-7159	77	10	(	(	PUNCT
cblr-7159	77	11	“	"	PUNCT
cblr-7159	77	12	mr	mr	PROPN
cblr-7159	77	13	.	.	PROPN
cblr-7159	77	14	livengood	livengood	PROPN
cblr-7159	77	15	's	's	PART
cblr-7159	77	16	exit	exit	NOUN
cblr-7159	77	17	,	,	PUNCT
cblr-7159	77	18	decided	decide	VERB
cblr-7159	77	19	during	during	ADP
cblr-7159	77	20	a	a	DET
cblr-7159	77	21	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	77	22	(	(	PUNCT
cblr-7159	77	23	do	do	AUX
cblr-7159	77	24	not	not	PART
cblr-7159	77	25	delte	delte	VERB
cblr-7159	77	26	)	)	PUNCT
cblr-7159	77	27	9/28/2020	9/28/2020	NUM
cblr-7159	77	28	6:35	6:35	NUM
cblr-7159	77	29	pm	pm	NOUN
cblr-7159	77	30	198	198	NUM
cblr-7159	77	31	columbia	columbia	PROPN
cblr-7159	77	32	business	business	NOUN
cblr-7159	77	33	law	law	PROPN
cblr-7159	77	34	review	review	NOUN
cblr-7159	78	1	[	[	X
cblr-7159	78	2	vol	vol	NOUN
cblr-7159	78	3	.	.	PUNCT
cblr-7159	78	4	2020	2020	NUM
cblr-7159	78	5	agreement	agreement	NOUN
cblr-7159	78	6	when	when	SCONJ
cblr-7159	78	7	it	it	PRON
cblr-7159	78	8	failed	fail	VERB
cblr-7159	78	9	to	to	PART
cblr-7159	78	10	send	send	VERB
cblr-7159	78	11	a	a	DET
cblr-7159	78	12	quarterly	quarterly	ADJ
cblr-7159	78	13	report	report	NOUN
cblr-7159	78	14	—	—	PUNCT
cblr-7159	78	15	a	a	DET
cblr-7159	78	16	very	very	ADV
cblr-7159	78	17	small	small	ADJ
cblr-7159	78	18	technical	technical	ADJ
cblr-7159	78	19	violation	violation	NOUN
cblr-7159	78	20	,	,	PUNCT
cblr-7159	78	21	but	but	CCONJ
cblr-7159	78	22	enough	enough	ADJ
cblr-7159	78	23	to	to	PART
cblr-7159	78	24	give	give	VERB
cblr-7159	78	25	the	the	DET
cblr-7159	78	26	lender	lender	NOUN
cblr-7159	78	27	de	de	X
cblr-7159	78	28	facto	facto	X
cblr-7159	78	29	control	control	NOUN
cblr-7159	78	30	over	over	ADP
cblr-7159	78	31	numerous	numerous	ADJ
cblr-7159	78	32	important	important	ADJ
cblr-7159	78	33	corporate	corporate	ADJ
cblr-7159	78	34	decisions	decision	NOUN
cblr-7159	78	35	,	,	PUNCT
cblr-7159	78	36	including	include	VERB
cblr-7159	78	37	the	the	DET
cblr-7159	78	38	choice	choice	NOUN
cblr-7159	78	39	of	of	ADP
cblr-7159	78	40	ceo.11	ceo.11	NOUN
cblr-7159	78	41	the	the	DET
cblr-7159	78	42	krispy	krispy	PROPN
cblr-7159	78	43	kreme	kreme	PROPN
cblr-7159	78	44	example	example	NOUN
cblr-7159	78	45	illustrates	illustrate	VERB
cblr-7159	78	46	the	the	DET
cblr-7159	78	47	power	power	NOUN
cblr-7159	78	48	that	that	PRON
cblr-7159	78	49	lenders	lender	NOUN
cblr-7159	78	50	have	have	AUX
cblr-7159	78	51	historically	historically	ADV
cblr-7159	78	52	had	have	VERB
cblr-7159	78	53	in	in	ADP
cblr-7159	78	54	corporate	corporate	ADJ
cblr-7159	78	55	governance	governance	NOUN
cblr-7159	78	56	and	and	CCONJ
cblr-7159	78	57	for	for	ADP
cblr-7159	78	58	years	year	NOUN
cblr-7159	78	59	such	such	ADJ
cblr-7159	78	60	episodes	episode	NOUN
cblr-7159	78	61	have	have	AUX
cblr-7159	78	62	been	be	AUX
cblr-7159	78	63	routine	routine	ADJ
cblr-7159	78	64	,	,	PUNCT
cblr-7159	78	65	particularly	particularly	ADV
cblr-7159	78	66	when	when	SCONJ
cblr-7159	78	67	a	a	DET
cblr-7159	78	68	borrower	borrower	NOUN
cblr-7159	78	69	violates	violate	VERB
cblr-7159	78	70	or	or	CCONJ
cblr-7159	78	71	comes	come	VERB
cblr-7159	78	72	close	close	ADV
cblr-7159	78	73	to	to	ADP
cblr-7159	78	74	violating	violate	VERB
cblr-7159	78	75	a	a	DET
cblr-7159	78	76	loan	loan	NOUN
cblr-7159	78	77	covenant	covenant	NOUN
cblr-7159	78	78	.	.	PUNCT
cblr-7159	79	1	by	by	ADP
cblr-7159	79	2	virtue	virtue	NOUN
cblr-7159	79	3	of	of	ADP
cblr-7159	79	4	these	these	DET
cblr-7159	79	5	elaborate	elaborate	ADJ
cblr-7159	79	6	covenants	covenant	NOUN
cblr-7159	79	7	,	,	PUNCT
cblr-7159	79	8	lenders	lender	NOUN
cblr-7159	79	9	have	have	AUX
cblr-7159	79	10	had	have	VERB
cblr-7159	79	11	enormous	enormous	ADJ
cblr-7159	79	12	influence	influence	NOUN
cblr-7159	79	13	over	over	ADP
cblr-7159	79	14	corporate	corporate	ADJ
cblr-7159	79	15	decisions	decision	NOUN
cblr-7159	79	16	including	include	VERB
cblr-7159	79	17	the	the	DET
cblr-7159	79	18	choice	choice	NOUN
cblr-7159	79	19	of	of	ADP
cblr-7159	79	20	officers	officer	NOUN
cblr-7159	79	21	and	and	CCONJ
cblr-7159	79	22	board	board	NOUN
cblr-7159	79	23	members	member	NOUN
cblr-7159	79	24	,	,	PUNCT
cblr-7159	79	25	the	the	DET
cblr-7159	79	26	issuance	issuance	NOUN
cblr-7159	79	27	of	of	ADP
cblr-7159	79	28	dividends	dividend	NOUN
cblr-7159	79	29	to	to	ADP
cblr-7159	79	30	shareholders	shareholder	NOUN
cblr-7159	79	31	,	,	PUNCT
cblr-7159	79	32	and	and	CCONJ
cblr-7159	79	33	the	the	DET
cblr-7159	79	34	undertaking	undertaking	NOUN
cblr-7159	79	35	of	of	ADP
cblr-7159	79	36	major	major	ADJ
cblr-7159	79	37	transactions.12	transactions.12	NOUN
cblr-7159	79	38	however	however	ADV
cblr-7159	79	39	,	,	PUNCT
cblr-7159	79	40	as	as	SCONJ
cblr-7159	79	41	this	this	DET
cblr-7159	79	42	article	article	NOUN
cblr-7159	79	43	shows	show	VERB
cblr-7159	79	44	,	,	PUNCT
cblr-7159	79	45	there	there	PRON
cblr-7159	79	46	is	be	VERB
cblr-7159	79	47	evidence	evidence	NOUN
cblr-7159	79	48	that	that	SCONJ
cblr-7159	79	49	this	this	DET
cblr-7159	79	50	consequential	consequential	ADJ
cblr-7159	79	51	corporate	corporate	ADJ
cblr-7159	79	52	governance	governance	NOUN
cblr-7159	79	53	lever	lever	NOUN
cblr-7159	79	54	is	be	AUX
cblr-7159	79	55	waning	wane	VERB
cblr-7159	79	56	.	.	PUNCT
cblr-7159	80	1	as	as	SCONJ
cblr-7159	80	2	scholars	scholar	NOUN
cblr-7159	80	3	labor	labor	VERB
cblr-7159	80	4	to	to	PART
cblr-7159	80	5	understand	understand	VERB
cblr-7159	80	6	the	the	DET
cblr-7159	80	7	evolving	evolve	VERB
cblr-7159	80	8	impact	impact	NOUN
cblr-7159	80	9	of	of	ADP
cblr-7159	80	10	institutional	institutional	ADJ
cblr-7159	80	11	investors	investor	NOUN
cblr-7159	80	12	,	,	PUNCT
cblr-7159	80	13	hedge	hedge	NOUN
cblr-7159	80	14	funds	fund	NOUN
cblr-7159	80	15	,	,	PUNCT
cblr-7159	80	16	controlling	control	VERB
cblr-7159	80	17	shareholders	shareholder	NOUN
cblr-7159	80	18	and	and	CCONJ
cblr-7159	80	19	other	other	ADJ
cblr-7159	80	20	corporate	corporate	ADJ
cblr-7159	80	21	governance	governance	NOUN
cblr-7159	80	22	actors	actor	NOUN
cblr-7159	80	23	on	on	ADP
cblr-7159	80	24	the	the	DET
cblr-7159	80	25	value	value	NOUN
cblr-7159	80	26	of	of	ADP
cblr-7159	80	27	business	business	NOUN
cblr-7159	80	28	enterprises	enterprise	NOUN
cblr-7159	80	29	,	,	PUNCT
cblr-7159	80	30	changes	change	NOUN
cblr-7159	80	31	in	in	ADP
cblr-7159	80	32	the	the	DET
cblr-7159	80	33	role	role	NOUN
cblr-7159	80	34	of	of	ADP
cblr-7159	80	35	creditors	creditor	NOUN
cblr-7159	80	36	should	should	AUX
cblr-7159	80	37	not	not	PART
cblr-7159	80	38	be	be	AUX
cblr-7159	80	39	overlooked	overlook	VERB
cblr-7159	80	40	.	.	PUNCT
cblr-7159	81	1	scholars	scholar	NOUN
cblr-7159	81	2	have	have	AUX
cblr-7159	81	3	noted	note	VERB
cblr-7159	81	4	the	the	DET
cblr-7159	81	5	important	important	ADJ
cblr-7159	81	6	role	role	NOUN
cblr-7159	81	7	of	of	ADP
cblr-7159	81	8	creditors	creditor	NOUN
cblr-7159	81	9	in	in	ADP
cblr-7159	81	10	influencing	influence	VERB
cblr-7159	81	11	corporate	corporate	ADJ
cblr-7159	81	12	management	management	NOUN
cblr-7159	81	13	and	and	CCONJ
cblr-7159	81	14	constraining	constrain	VERB
cblr-7159	81	15	public	public	ADJ
cblr-7159	81	16	company	company	NOUN
cblr-7159	81	17	agency	agency	NOUN
cblr-7159	81	18	costs	cost	NOUN
cblr-7159	81	19	in	in	ADP
cblr-7159	81	20	theory,13	theory,13	NOUN
cblr-7159	81	21	and	and	CCONJ
cblr-7159	81	22	empirical	empirical	ADJ
cblr-7159	81	23	research	research	NOUN
cblr-7159	81	24	has	have	VERB
cblr-7159	81	25	monday	monday	PROPN
cblr-7159	81	26	night	night	PROPN
cblr-7159	81	27	board	board	PROPN
cblr-7159	81	28	meeting	meeting	NOUN
cblr-7159	81	29	that	that	PRON
cblr-7159	81	30	stretched	stretch	VERB
cblr-7159	81	31	past	past	ADP
cblr-7159	81	32	midnight	midnight	NOUN
cblr-7159	81	33	,	,	PUNCT
cblr-7159	81	34	came	come	VERB
cblr-7159	81	35	as	as	SCONJ
cblr-7159	81	36	the	the	DET
cblr-7159	81	37	company	company	NOUN
cblr-7159	81	38	negotiated	negotiate	VERB
cblr-7159	81	39	an	an	DET
cblr-7159	81	40	extension	extension	NOUN
cblr-7159	81	41	until	until	ADP
cblr-7159	81	42	jan	jan	PROPN
cblr-7159	81	43	.	.	PROPN
cblr-7159	81	44	24	24	NUM
cblr-7159	81	45	on	on	ADP
cblr-7159	81	46	a	a	DET
cblr-7159	81	47	$	$	SYM
cblr-7159	81	48	150	150	NUM
cblr-7159	81	49	million	million	NUM
cblr-7159	81	50	bank	bank	NOUN
cblr-7159	81	51	credit	credit	NOUN
cblr-7159	81	52	facility	facility	NOUN
cblr-7159	81	53	that	that	PRON
cblr-7159	81	54	has	have	AUX
cblr-7159	81	55	been	be	AUX
cblr-7159	81	56	in	in	ADP
cblr-7159	81	57	technical	technical	ADJ
cblr-7159	81	58	default	default	NOUN
cblr-7159	81	59	since	since	SCONJ
cblr-7159	81	60	friday	friday	PROPN
cblr-7159	81	61	.	.	PUNCT
cblr-7159	81	62	”	"	PUNCT
cblr-7159	81	63	)	)	PUNCT
cblr-7159	81	64	.	.	PUNCT
cblr-7159	82	1	11	11	NUM
cblr-7159	82	2	see	see	VERB
cblr-7159	82	3	baird	baird	PROPN
cblr-7159	82	4	&	&	CCONJ
cblr-7159	82	5	rasmussen	rasmussen	PROPN
cblr-7159	82	6	,	,	PUNCT
cblr-7159	82	7	supra	supra	PROPN
cblr-7159	82	8	note	note	PROPN
cblr-7159	82	9	1	1	NUM
cblr-7159	82	10	,	,	PUNCT
cblr-7159	82	11	at	at	ADP
cblr-7159	82	12	1210–11	1210–11	NOUN
cblr-7159	82	13	.	.	PUNCT
cblr-7159	83	1	12	12	NUM
cblr-7159	83	2	see	see	VERB
cblr-7159	83	3	i	i	PROPN
cblr-7159	83	4	d.	d.	PROPN
cblr-7159	83	5	at	at	ADP
cblr-7159	83	6	1211	1211	NUM
cblr-7159	83	7	(	(	PUNCT
cblr-7159	83	8	describing	describe	VERB
cblr-7159	83	9	how	how	SCONJ
cblr-7159	83	10	loans	loan	NOUN
cblr-7159	83	11	contain	contain	VERB
cblr-7159	83	12	“	"	PUNCT
cblr-7159	83	13	elaborate	elaborate	ADJ
cblr-7159	83	14	covenants	covenant	NOUN
cblr-7159	83	15	covering	cover	VERB
cblr-7159	83	16	everything	everything	PRON
cblr-7159	83	17	from	from	ADP
cblr-7159	83	18	minimum	minimum	ADJ
cblr-7159	83	19	cash	cash	NOUN
cblr-7159	83	20	receipts	receipt	NOUN
cblr-7159	83	21	to	to	ADP
cblr-7159	83	22	timely	timely	ADJ
cblr-7159	83	23	delivery	delivery	NOUN
cblr-7159	83	24	of	of	ADP
cblr-7159	83	25	audited	audit	VERB
cblr-7159	83	26	financial	financial	ADJ
cblr-7159	83	27	statements	statement	NOUN
cblr-7159	83	28	.	.	PUNCT
cblr-7159	84	1	when	when	SCONJ
cblr-7159	84	2	a	a	DET
cblr-7159	84	3	business	business	NOUN
cblr-7159	84	4	trips	trip	VERB
cblr-7159	84	5	one	one	NUM
cblr-7159	84	6	of	of	ADP
cblr-7159	84	7	the	the	DET
cblr-7159	84	8	wires	wire	NOUN
cblr-7159	84	9	in	in	ADP
cblr-7159	84	10	a	a	DET
cblr-7159	84	11	large	large	ADJ
cblr-7159	84	12	loan	loan	NOUN
cblr-7159	84	13	,	,	PUNCT
cblr-7159	84	14	the	the	DET
cblr-7159	84	15	lender	lender	NOUN
cblr-7159	84	16	is	be	AUX
cblr-7159	84	17	able	able	ADJ
cblr-7159	84	18	to	to	PART
cblr-7159	84	19	exercise	exercise	VERB
cblr-7159	84	20	de	de	X
cblr-7159	84	21	facto	facto	X
cblr-7159	84	22	control	control	NOUN
cblr-7159	84	23	rights	right	NOUN
cblr-7159	84	24	—	—	PUNCT
cblr-7159	84	25	such	such	ADJ
cblr-7159	84	26	as	as	ADP
cblr-7159	84	27	replacing	replace	VERB
cblr-7159	84	28	the	the	DET
cblr-7159	84	29	ceo	ceo	NOUN
cblr-7159	84	30	of	of	ADP
cblr-7159	84	31	a	a	DET
cblr-7159	84	32	company	company	NOUN
cblr-7159	84	33	—	—	PUNCT
cblr-7159	84	34	that	that	SCONJ
cblr-7159	84	35	shareholders	shareholder	NOUN
cblr-7159	84	36	of	of	ADP
cblr-7159	84	37	a	a	DET
cblr-7159	84	38	public	public	ADJ
cblr-7159	84	39	company	company	NOUN
cblr-7159	84	40	simply	simply	ADV
cblr-7159	84	41	do	do	AUX
cblr-7159	84	42	not	not	PART
cblr-7159	84	43	have	have	VERB
cblr-7159	84	44	”	"	PUNCT
cblr-7159	84	45	)	)	PUNCT
cblr-7159	84	46	.	.	PUNCT
cblr-7159	85	1	see	see	VERB
cblr-7159	85	2	also	also	ADV
cblr-7159	85	3	michael	michael	PROPN
cblr-7159	85	4	r.	r.	PROPN
cblr-7159	85	5	roberts	roberts	PROPN
cblr-7159	85	6	&	&	CCONJ
cblr-7159	85	7	amir	amir	PROPN
cblr-7159	85	8	sufi	sufi	PROPN
cblr-7159	85	9	,	,	PUNCT
cblr-7159	85	10	renegotiation	renegotiation	NOUN
cblr-7159	85	11	of	of	ADP
cblr-7159	85	12	financial	financial	ADJ
cblr-7159	85	13	contracts	contract	NOUN
cblr-7159	85	14	:	:	PUNCT
cblr-7159	85	15	evidence	evidence	NOUN
cblr-7159	85	16	from	from	ADP
cblr-7159	85	17	private	private	ADJ
cblr-7159	85	18	credit	credit	NOUN
cblr-7159	85	19	agreements	agreement	NOUN
cblr-7159	85	20	,	,	PUNCT
cblr-7159	85	21	93	93	NUM
cblr-7159	85	22	j.	j.	PROPN
cblr-7159	85	23	fin	fin	PROPN
cblr-7159	85	24	.	.	PUNCT
cblr-7159	85	25	econ	econ	PROPN
cblr-7159	85	26	.	.	PUNCT
cblr-7159	86	1	159	159	NUM
cblr-7159	86	2	,	,	PUNCT
cblr-7159	86	3	166	166	NUM
cblr-7159	86	4	(	(	PUNCT
cblr-7159	86	5	2009	2009	NUM
cblr-7159	86	6	)	)	PUNCT
cblr-7159	86	7	(	(	PUNCT
cblr-7159	86	8	“	"	PUNCT
cblr-7159	86	9	for	for	ADP
cblr-7159	86	10	example	example	NOUN
cblr-7159	86	11	,	,	PUNCT
cblr-7159	86	12	a	a	DET
cblr-7159	86	13	borrower	borrower	NOUN
cblr-7159	86	14	may	may	AUX
cblr-7159	86	15	wish	wish	VERB
cblr-7159	86	16	to	to	PART
cblr-7159	86	17	increase	increase	VERB
cblr-7159	86	18	their	their	PRON
cblr-7159	86	19	capital	capital	NOUN
cblr-7159	86	20	expenditures	expenditure	NOUN
cblr-7159	86	21	,	,	PUNCT
cblr-7159	86	22	undertake	undertake	VERB
cblr-7159	86	23	an	an	DET
cblr-7159	86	24	acquisition	acquisition	NOUN
cblr-7159	86	25	,	,	PUNCT
cblr-7159	86	26	alter	alter	VERB
cblr-7159	86	27	their	their	PRON
cblr-7159	86	28	financial	financial	ADJ
cblr-7159	86	29	policy	policy	NOUN
cblr-7159	86	30	,	,	PUNCT
cblr-7159	86	31	increase	increase	VERB
cblr-7159	86	32	dividends	dividend	NOUN
cblr-7159	86	33	,	,	PUNCT
cblr-7159	86	34	liquidate	liquidate	NOUN
cblr-7159	86	35	assets	asset	NOUN
cblr-7159	86	36	,	,	PUNCT
cblr-7159	86	37	transfer	transfer	VERB
cblr-7159	86	38	money	money	NOUN
cblr-7159	86	39	to	to	ADP
cblr-7159	86	40	subsidiaries	subsidiary	NOUN
cblr-7159	86	41	,	,	PUNCT
cblr-7159	86	42	change	change	VERB
cblr-7159	86	43	their	their	PRON
cblr-7159	86	44	financial	financial	ADJ
cblr-7159	86	45	reporting	reporting	NOUN
cblr-7159	86	46	procedure	procedure	NOUN
cblr-7159	86	47	,	,	PUNCT
cblr-7159	86	48	alter	alter	NOUN
cblr-7159	86	49	collateral	collateral	NOUN
cblr-7159	86	50	,	,	PUNCT
cblr-7159	86	51	consolidate	consolidate	ADJ
cblr-7159	86	52	assets	asset	NOUN
cblr-7159	86	53	,	,	PUNCT
cblr-7159	86	54	merge	merge	VERB
cblr-7159	86	55	with	with	ADP
cblr-7159	86	56	another	another	DET
cblr-7159	86	57	company	company	NOUN
cblr-7159	86	58	,	,	PUNCT
cblr-7159	86	59	change	change	VERB
cblr-7159	86	60	lines	line	NOUN
cblr-7159	86	61	of	of	ADP
cblr-7159	86	62	business	business	NOUN
cblr-7159	86	63	,	,	PUNCT
cblr-7159	86	64	or	or	CCONJ
cblr-7159	86	65	modify	modify	VERB
cblr-7159	86	66	their	their	PRON
cblr-7159	86	67	charter	charter	NOUN
cblr-7159	86	68	and	and	CCONJ
cblr-7159	86	69	bylaws	bylaw	NOUN
cblr-7159	86	70	.	.	PUNCT
cblr-7159	87	1	all	all	PRON
cblr-7159	87	2	of	of	ADP
cblr-7159	87	3	these	these	DET
cblr-7159	87	4	activities	activity	NOUN
cblr-7159	87	5	may	may	AUX
cblr-7159	87	6	be	be	AUX
cblr-7159	87	7	explicitly	explicitly	ADV
cblr-7159	87	8	restricted	restrict	VERB
cblr-7159	87	9	by	by	ADP
cblr-7159	87	10	credit	credit	NOUN
cblr-7159	87	11	agreements	agreement	NOUN
cblr-7159	87	12	.	.	PUNCT
cblr-7159	87	13	”	"	PUNCT
cblr-7159	88	1	(	(	PUNCT
cblr-7159	88	2	citation	citation	NOUN
cblr-7159	88	3	omitted	omit	VERB
cblr-7159	88	4	)	)	PUNCT
cblr-7159	88	5	)	)	PUNCT
cblr-7159	88	6	.	.	PUNCT
cblr-7159	89	1	13	13	NUM
cblr-7159	89	2	see	see	VERB
cblr-7159	89	3	,	,	PUNCT
cblr-7159	89	4	e.g.	e.g.	ADV
cblr-7159	89	5	,	,	PUNCT
cblr-7159	89	6	triantis	triantis	PROPN
cblr-7159	89	7	&	&	CCONJ
cblr-7159	89	8	daniels	daniels	PROPN
cblr-7159	89	9	,	,	PUNCT
cblr-7159	89	10	supra	supra	PROPN
cblr-7159	89	11	note	note	PROPN
cblr-7159	89	12	1	1	NUM
cblr-7159	89	13	,	,	PUNCT
cblr-7159	89	14	at	at	ADP
cblr-7159	89	15	1077–79	1077–79	ADV
cblr-7159	89	16	(	(	PUNCT
cblr-7159	89	17	discussing	discuss	VERB
cblr-7159	89	18	how	how	SCONJ
cblr-7159	89	19	lenders	lender	NOUN
cblr-7159	89	20	constrain	constrain	VERB
cblr-7159	89	21	managerial	managerial	ADJ
cblr-7159	89	22	agency	agency	NOUN
cblr-7159	89	23	costs	cost	NOUN
cblr-7159	89	24	)	)	PUNCT
cblr-7159	89	25	;	;	PUNCT
cblr-7159	89	26	baird	baird	PROPN
cblr-7159	89	27	&	&	CCONJ
cblr-7159	89	28	rasmussen	rasmussen	PROPN
cblr-7159	89	29	,	,	PUNCT
cblr-7159	89	30	supra	supra	PROPN
cblr-7159	89	31	note	note	PROPN
cblr-7159	89	32	1	1	NUM
cblr-7159	89	33	,	,	PUNCT
cblr-7159	89	34	at	at	ADP
cblr-7159	89	35	1211	1211	NUM
cblr-7159	89	36	,	,	PUNCT
cblr-7159	89	37	1216–17	1216–17	NUM
cblr-7159	89	38	(	(	PUNCT
cblr-7159	89	39	describing	describe	VERB
cblr-7159	89	40	the	the	DET
cblr-7159	89	41	“	"	PUNCT
cblr-7159	89	42	elaborate	elaborate	ADJ
cblr-7159	89	43	covenants	covenant	NOUN
cblr-7159	89	44	”	"	PUNCT
cblr-7159	89	45	in	in	ADP
cblr-7159	89	46	loan	loan	NOUN
cblr-7159	89	47	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	89	48	(	(	PUNCT
cblr-7159	89	49	do	do	AUX
cblr-7159	89	50	not	not	PART
cblr-7159	89	51	delete	delete	VERB
cblr-7159	89	52	)	)	PUNCT
cblr-7159	89	53	9/28/2020	9/28/2020	NUM
cblr-7159	89	54	6:35	6:35	NUM
cblr-7159	89	55	pm	pm	NOUN
cblr-7159	89	56	no	no	INTJ
cblr-7159	89	57	.	.	PUNCT
cblr-7159	90	1	1:192	1:192	X
cblr-7159	90	2	]	]	X
cblr-7159	90	3	reconsidering	reconsider	VERB
cblr-7159	90	4	creditor	creditor	NOUN
cblr-7159	90	5	governance	governance	NOUN
cblr-7159	90	6	199	199	NUM
cblr-7159	90	7	found	find	VERB
cblr-7159	90	8	that	that	SCONJ
cblr-7159	90	9	lender	lender	NOUN
cblr-7159	90	10	intervention	intervention	NOUN
cblr-7159	90	11	has	have	VERB
cblr-7159	90	12	a	a	DET
cblr-7159	90	13	significant	significant	ADJ
cblr-7159	90	14	impact	impact	NOUN
cblr-7159	90	15	on	on	ADP
cblr-7159	90	16	firm	firm	ADJ
cblr-7159	90	17	performance.14	performance.14	NOUN
cblr-7159	90	18	lenders	lender	NOUN
cblr-7159	90	19	are	be	AUX
cblr-7159	90	20	able	able	ADJ
cblr-7159	90	21	to	to	PART
cblr-7159	90	22	exert	exert	VERB
cblr-7159	90	23	their	their	PRON
cblr-7159	90	24	influence	influence	NOUN
cblr-7159	90	25	on	on	ADP
cblr-7159	90	26	borrowing	borrow	VERB
cblr-7159	90	27	companies	company	NOUN
cblr-7159	90	28	through	through	ADP
cblr-7159	90	29	contractual	contractual	ADJ
cblr-7159	90	30	provisions	provision	NOUN
cblr-7159	90	31	that	that	PRON
cblr-7159	90	32	allow	allow	VERB
cblr-7159	90	33	them	they	PRON
cblr-7159	90	34	to	to	PART
cblr-7159	90	35	monitor	monitor	VERB
cblr-7159	90	36	borrowers	borrower	NOUN
cblr-7159	90	37	,	,	PUNCT
cblr-7159	90	38	constrain	constrain	VERB
cblr-7159	90	39	borrowers	borrower	NOUN
cblr-7159	90	40	’	'	PUNCT
cblr-7159	90	41	actions	action	NOUN
cblr-7159	90	42	,	,	PUNCT
cblr-7159	90	43	and	and	CCONJ
cblr-7159	90	44	intervene	intervene	VERB
cblr-7159	90	45	when	when	SCONJ
cblr-7159	90	46	borrowers	borrower	NOUN
cblr-7159	90	47	show	show	VERB
cblr-7159	90	48	signs	sign	NOUN
cblr-7159	90	49	of	of	ADP
cblr-7159	90	50	trouble.15	trouble.15	NOUN
cblr-7159	90	51	unlike	unlike	ADP
cblr-7159	90	52	the	the	DET
cblr-7159	90	53	governance	governance	NOUN
cblr-7159	90	54	power	power	NOUN
cblr-7159	90	55	held	hold	VERB
cblr-7159	90	56	by	by	ADP
cblr-7159	90	57	shareholders	shareholder	NOUN
cblr-7159	90	58	and	and	CCONJ
cblr-7159	90	59	directors	director	NOUN
cblr-7159	90	60	,	,	PUNCT
cblr-7159	90	61	which	which	PRON
cblr-7159	90	62	are	be	AUX
cblr-7159	90	63	defined	define	VERB
cblr-7159	90	64	by	by	ADP
cblr-7159	90	65	the	the	DET
cblr-7159	90	66	relatively	relatively	ADV
cblr-7159	90	67	stable	stable	ADJ
cblr-7159	90	68	baseline	baseline	NOUN
cblr-7159	90	69	of	of	ADP
cblr-7159	90	70	state	state	NOUN
cblr-7159	90	71	corporate	corporate	ADJ
cblr-7159	90	72	law	law	NOUN
cblr-7159	90	73	and	and	CCONJ
cblr-7159	90	74	federal	federal	ADJ
cblr-7159	90	75	securities	security	NOUN
cblr-7159	90	76	law	law	NOUN
cblr-7159	90	77	,	,	PUNCT
cblr-7159	90	78	lenders	lender	NOUN
cblr-7159	90	79	’	’	PART
cblr-7159	90	80	corporate	corporate	ADJ
cblr-7159	90	81	governance	governance	NOUN
cblr-7159	90	82	influence	influence	NOUN
cblr-7159	90	83	flows	flow	VERB
cblr-7159	90	84	from	from	ADP
cblr-7159	90	85	contract	contract	NOUN
cblr-7159	90	86	and	and	CCONJ
cblr-7159	90	87	therefore	therefore	ADV
cblr-7159	90	88	is	be	AUX
cblr-7159	90	89	heavily	heavily	ADV
cblr-7159	90	90	impacted	impact	VERB
cblr-7159	90	91	by	by	ADP
cblr-7159	90	92	incentives	incentive	NOUN
cblr-7159	90	93	and	and	CCONJ
cblr-7159	90	94	relative	relative	ADJ
cblr-7159	90	95	bargaining	bargaining	NOUN
cblr-7159	90	96	power.16	power.16	PROPN
cblr-7159	90	97	this	this	DET
cblr-7159	90	98	reality	reality	NOUN
cblr-7159	90	99	cuts	cut	VERB
cblr-7159	90	100	two	two	NUM
cblr-7159	90	101	ways	way	NOUN
cblr-7159	90	102	.	.	PUNCT
cblr-7159	91	1	on	on	ADP
cblr-7159	91	2	the	the	DET
cblr-7159	91	3	one	one	NUM
cblr-7159	91	4	hand	hand	NOUN
cblr-7159	91	5	,	,	PUNCT
cblr-7159	91	6	this	this	PRON
cblr-7159	91	7	means	mean	VERB
cblr-7159	91	8	that	that	SCONJ
cblr-7159	91	9	lenders	lender	NOUN
cblr-7159	91	10	are	be	AUX
cblr-7159	91	11	able	able	ADJ
cblr-7159	91	12	to	to	PART
cblr-7159	91	13	secure	secure	VERB
cblr-7159	91	14	more	more	ADJ
cblr-7159	91	15	power	power	NOUN
cblr-7159	91	16	over	over	ADP
cblr-7159	91	17	a	a	DET
cblr-7159	91	18	firm	firm	NOUN
cblr-7159	91	19	’s	’s	PART
cblr-7159	91	20	management	management	NOUN
cblr-7159	91	21	than	than	ADP
cblr-7159	91	22	other	other	ADJ
cblr-7159	91	23	stakeholders	stakeholder	NOUN
cblr-7159	91	24	,	,	PUNCT
cblr-7159	91	25	such	such	ADJ
cblr-7159	91	26	as	as	ADP
cblr-7159	91	27	shareholders	shareholder	NOUN
cblr-7159	91	28	or	or	CCONJ
cblr-7159	91	29	directors	director	NOUN
cblr-7159	91	30	,	,	PUNCT
cblr-7159	91	31	particularly	particularly	ADV
cblr-7159	91	32	when	when	SCONJ
cblr-7159	91	33	firms	firm	NOUN
cblr-7159	91	34	are	be	AUX
cblr-7159	91	35	in	in	ADP
cblr-7159	91	36	financial	financial	ADJ
cblr-7159	91	37	distress.17	distress.17	NOUN
cblr-7159	91	38	on	on	ADP
cblr-7159	91	39	the	the	DET
cblr-7159	91	40	other	other	ADJ
cblr-7159	91	41	hand	hand	NOUN
cblr-7159	91	42	,	,	PUNCT
cblr-7159	91	43	it	it	PRON
cblr-7159	91	44	also	also	ADV
cblr-7159	91	45	means	mean	VERB
cblr-7159	91	46	that	that	SCONJ
cblr-7159	91	47	lenders	lender	NOUN
cblr-7159	91	48	’	’	PART
cblr-7159	91	49	power	power	NOUN
cblr-7159	91	50	and	and	CCONJ
cblr-7159	91	51	incentives	incentive	NOUN
cblr-7159	91	52	are	be	AUX
cblr-7159	91	53	driven	drive	VERB
cblr-7159	91	54	by	by	ADP
cblr-7159	91	55	market	market	NOUN
cblr-7159	91	56	forces	force	NOUN
cblr-7159	91	57	,	,	PUNCT
cblr-7159	91	58	and	and	CCONJ
cblr-7159	91	59	both	both	PRON
cblr-7159	91	60	may	may	AUX
cblr-7159	91	61	have	have	AUX
cblr-7159	91	62	waned	wane	VERB
cblr-7159	91	63	as	as	SCONJ
cblr-7159	91	64	lending	lending	NOUN
cblr-7159	91	65	practices	practice	NOUN
cblr-7159	91	66	have	have	AUX
cblr-7159	91	67	changed	change	VERB
cblr-7159	91	68	and	and	CCONJ
cblr-7159	91	69	competition	competition	NOUN
cblr-7159	91	70	has	have	AUX
cblr-7159	91	71	grown	grow	VERB
cblr-7159	91	72	more	more	ADJ
cblr-7159	91	73	intense.18	intense.18	VERB
cblr-7159	91	74	competition	competition	NOUN
cblr-7159	91	75	has	have	AUX
cblr-7159	91	76	risen	rise	VERB
cblr-7159	91	77	dramatically	dramatically	ADV
cblr-7159	91	78	in	in	ADP
cblr-7159	91	79	the	the	DET
cblr-7159	91	80	past	past	ADJ
cblr-7159	91	81	agreements	agreement	NOUN
cblr-7159	91	82	that	that	PRON
cblr-7159	91	83	give	give	VERB
cblr-7159	91	84	creditors	creditor	NOUN
cblr-7159	91	85	leverage	leverage	NOUN
cblr-7159	91	86	)	)	PUNCT
cblr-7159	91	87	;	;	PUNCT
cblr-7159	91	88	tung	tung	VERB
cblr-7159	91	89	,	,	PUNCT
cblr-7159	91	90	unsung	unsung	ADJ
cblr-7159	91	91	influence	influence	NOUN
cblr-7159	91	92	,	,	PUNCT
cblr-7159	91	93	supra	supra	PROPN
cblr-7159	91	94	note	note	NOUN
cblr-7159	91	95	1	1	NUM
cblr-7159	91	96	,	,	PUNCT
cblr-7159	91	97	at	at	ADP
cblr-7159	91	98	117	117	NUM
cblr-7159	91	99	(	(	PUNCT
cblr-7159	91	100	explaining	explain	VERB
cblr-7159	91	101	that	that	SCONJ
cblr-7159	91	102	banks	bank	NOUN
cblr-7159	91	103	exert	exert	VERB
cblr-7159	91	104	influence	influence	NOUN
cblr-7159	91	105	on	on	ADP
cblr-7159	91	106	corporations	corporation	NOUN
cblr-7159	91	107	that	that	PRON
cblr-7159	91	108	is	be	AUX
cblr-7159	91	109	as	as	ADP
cblr-7159	91	110	or	or	CCONJ
cblr-7159	91	111	more	more	ADV
cblr-7159	91	112	important	important	ADJ
cblr-7159	91	113	than	than	ADP
cblr-7159	91	114	that	that	PRON
cblr-7159	91	115	exercised	exercise	VERB
cblr-7159	91	116	by	by	ADP
cblr-7159	91	117	other	other	ADJ
cblr-7159	91	118	corporate	corporate	ADJ
cblr-7159	91	119	stakeholders	stakeholder	NOUN
cblr-7159	91	120	)	)	PUNCT
cblr-7159	91	121	.	.	PUNCT
cblr-7159	92	1	14	14	NUM
cblr-7159	92	2	see	see	VERB
cblr-7159	92	3	greg	greg	PROPN
cblr-7159	92	4	nini	nini	PROPN
cblr-7159	92	5	et	et	PROPN
cblr-7159	92	6	al	al	PROPN
cblr-7159	92	7	.	.	PROPN
cblr-7159	92	8	,	,	PUNCT
cblr-7159	92	9	creditor	creditor	NOUN
cblr-7159	92	10	control	control	NOUN
cblr-7159	92	11	rights	right	NOUN
cblr-7159	92	12	,	,	PUNCT
cblr-7159	92	13	corporate	corporate	ADJ
cblr-7159	92	14	governance	governance	NOUN
cblr-7159	92	15	,	,	PUNCT
cblr-7159	92	16	and	and	CCONJ
cblr-7159	92	17	firm	firm	ADJ
cblr-7159	92	18	value	value	NOUN
cblr-7159	92	19	,	,	PUNCT
cblr-7159	92	20	25	25	NUM
cblr-7159	92	21	rev	rev	X
cblr-7159	92	22	.	.	PROPN
cblr-7159	92	23	fin	fin	NOUN
cblr-7159	92	24	stud	stud	NOUN
cblr-7159	92	25	.	.	PUNCT
cblr-7159	93	1	1713	1713	NUM
cblr-7159	93	2	,	,	PUNCT
cblr-7159	93	3	1733–47	1733–47	NUM
cblr-7159	93	4	(	(	PUNCT
cblr-7159	93	5	2012	2012	NUM
cblr-7159	93	6	)	)	PUNCT
cblr-7159	94	1	[	[	X
cblr-7159	94	2	hereinafter	hereinafter	NOUN
cblr-7159	94	3	nini	nini	PROPN
cblr-7159	94	4	et	et	PROPN
cblr-7159	94	5	al	al	PROPN
cblr-7159	94	6	.	.	PROPN
cblr-7159	94	7	,	,	PUNCT
cblr-7159	94	8	creditor	creditor	NOUN
cblr-7159	94	9	control	control	NOUN
cblr-7159	94	10	rights	right	NOUN
cblr-7159	94	11	]	]	PUNCT
cblr-7159	94	12	(	(	PUNCT
cblr-7159	94	13	providing	provide	VERB
cblr-7159	94	14	empirical	empirical	ADJ
cblr-7159	94	15	evidence	evidence	NOUN
cblr-7159	94	16	that	that	SCONJ
cblr-7159	94	17	lenders	lender	NOUN
cblr-7159	94	18	intervene	intervene	VERB
cblr-7159	94	19	in	in	ADP
cblr-7159	94	20	borrowers	borrower	NOUN
cblr-7159	94	21	’	’	PART
cblr-7159	94	22	affairs	affair	NOUN
cblr-7159	94	23	at	at	ADP
cblr-7159	94	24	critical	critical	ADJ
cblr-7159	94	25	times	time	NOUN
cblr-7159	94	26	)	)	PUNCT
cblr-7159	94	27	.	.	PUNCT
cblr-7159	95	1	15	15	NUM
cblr-7159	95	2	see	see	VERB
cblr-7159	95	3	baird	baird	PROPN
cblr-7159	95	4	&	&	CCONJ
cblr-7159	95	5	rasmussen	rasmussen	PROPN
cblr-7159	95	6	,	,	PUNCT
cblr-7159	95	7	supra	supra	PROPN
cblr-7159	95	8	note	note	PROPN
cblr-7159	95	9	1	1	NUM
cblr-7159	95	10	,	,	PUNCT
cblr-7159	95	11	at	at	ADP
cblr-7159	95	12	1211	1211	NUM
cblr-7159	95	13	.	.	PUNCT
cblr-7159	96	1	16	16	NUM
cblr-7159	96	2	i	i	PRON
cblr-7159	96	3	recognize	recognize	VERB
cblr-7159	96	4	that	that	SCONJ
cblr-7159	96	5	the	the	DET
cblr-7159	96	6	ability	ability	NOUN
cblr-7159	96	7	of	of	ADP
cblr-7159	96	8	shareholders	shareholder	NOUN
cblr-7159	96	9	and	and	CCONJ
cblr-7159	96	10	other	other	ADJ
cblr-7159	96	11	company	company	NOUN
cblr-7159	96	12	stakeholders	stakeholder	NOUN
cblr-7159	96	13	to	to	PART
cblr-7159	96	14	influence	influence	VERB
cblr-7159	96	15	company	company	NOUN
cblr-7159	96	16	management	management	NOUN
cblr-7159	96	17	is	be	AUX
cblr-7159	96	18	also	also	ADV
cblr-7159	96	19	dependent	dependent	ADJ
cblr-7159	96	20	on	on	ADP
cblr-7159	96	21	bargaining	bargaining	NOUN
cblr-7159	96	22	power	power	NOUN
cblr-7159	96	23	to	to	ADP
cblr-7159	96	24	some	some	DET
cblr-7159	96	25	degree	degree	NOUN
cblr-7159	96	26	,	,	PUNCT
cblr-7159	96	27	and	and	CCONJ
cblr-7159	96	28	that	that	PRON
cblr-7159	96	29	state	state	NOUN
cblr-7159	96	30	corporate	corporate	ADJ
cblr-7159	96	31	law	law	NOUN
cblr-7159	96	32	allows	allow	VERB
cblr-7159	96	33	many	many	ADJ
cblr-7159	96	34	shareholder	shareholder	NOUN
cblr-7159	96	35	and	and	CCONJ
cblr-7159	96	36	director	director	NOUN
cblr-7159	96	37	rights	right	NOUN
cblr-7159	96	38	to	to	PART
cblr-7159	96	39	be	be	AUX
cblr-7159	96	40	tailored	tailor	VERB
cblr-7159	96	41	or	or	CCONJ
cblr-7159	96	42	curtailed	curtail	VERB
cblr-7159	96	43	.	.	PUNCT
cblr-7159	97	1	nonetheless	nonetheless	ADV
cblr-7159	97	2	,	,	PUNCT
cblr-7159	97	3	the	the	DET
cblr-7159	97	4	default	default	NOUN
cblr-7159	97	5	provisions	provision	NOUN
cblr-7159	97	6	of	of	ADP
cblr-7159	97	7	the	the	DET
cblr-7159	97	8	law	law	NOUN
cblr-7159	97	9	provide	provide	VERB
cblr-7159	97	10	a	a	DET
cblr-7159	97	11	starting	starting	NOUN
cblr-7159	97	12	point	point	NOUN
cblr-7159	97	13	,	,	PUNCT
cblr-7159	97	14	and	and	CCONJ
cblr-7159	97	15	in	in	ADP
cblr-7159	97	16	most	most	ADJ
cblr-7159	97	17	cases	case	NOUN
cblr-7159	97	18	,	,	PUNCT
cblr-7159	97	19	a	a	DET
cblr-7159	97	20	fallback	fallback	NOUN
cblr-7159	97	21	position	position	NOUN
cblr-7159	97	22	that	that	SCONJ
cblr-7159	97	23	these	these	DET
cblr-7159	97	24	stakeholders	stakeholder	NOUN
cblr-7159	97	25	have	have	VERB
cblr-7159	97	26	regardless	regardless	ADV
cblr-7159	97	27	of	of	ADP
cblr-7159	97	28	their	their	PRON
cblr-7159	97	29	bargaining	bargaining	NOUN
cblr-7159	97	30	power	power	NOUN
cblr-7159	97	31	.	.	PUNCT
cblr-7159	98	1	17	17	NUM
cblr-7159	98	2	see	see	VERB
cblr-7159	98	3	baird	baird	PROPN
cblr-7159	98	4	&	&	CCONJ
cblr-7159	98	5	rasmussen	rasmussen	PROPN
cblr-7159	98	6	,	,	PUNCT
cblr-7159	98	7	supra	supra	PROPN
cblr-7159	98	8	note	note	PROPN
cblr-7159	98	9	1	1	NUM
cblr-7159	98	10	,	,	PUNCT
cblr-7159	98	11	at	at	ADP
cblr-7159	98	12	1216–17	1216–17	NUM
cblr-7159	98	13	(	(	PUNCT
cblr-7159	98	14	noting	note	VERB
cblr-7159	98	15	that	that	SCONJ
cblr-7159	98	16	lenders	lender	NOUN
cblr-7159	98	17	can	can	AUX
cblr-7159	98	18	structure	structure	VERB
cblr-7159	98	19	their	their	PRON
cblr-7159	98	20	loan	loan	NOUN
cblr-7159	98	21	agreements	agreement	NOUN
cblr-7159	98	22	to	to	PART
cblr-7159	98	23	retain	retain	VERB
cblr-7159	98	24	broad	broad	ADJ
cblr-7159	98	25	powers	power	NOUN
cblr-7159	98	26	that	that	PRON
cblr-7159	98	27	are	be	AUX
cblr-7159	98	28	generally	generally	ADV
cblr-7159	98	29	reserved	reserve	VERB
cblr-7159	98	30	for	for	ADP
cblr-7159	98	31	shareholders	shareholder	NOUN
cblr-7159	98	32	,	,	PUNCT
cblr-7159	98	33	such	such	ADJ
cblr-7159	98	34	as	as	ADP
cblr-7159	98	35	cash	cash	NOUN
cblr-7159	98	36	flow	flow	NOUN
cblr-7159	98	37	and	and	CCONJ
cblr-7159	98	38	control	control	NOUN
cblr-7159	98	39	rights	right	NOUN
cblr-7159	98	40	)	)	PUNCT
cblr-7159	98	41	;	;	PUNCT
cblr-7159	98	42	see	see	VERB
cblr-7159	98	43	also	also	ADV
cblr-7159	98	44	tung	tung	VERB
cblr-7159	98	45	,	,	PUNCT
cblr-7159	98	46	unsung	unsung	ADJ
cblr-7159	98	47	influence	influence	NOUN
cblr-7159	98	48	,	,	PUNCT
cblr-7159	98	49	supra	supra	PROPN
cblr-7159	98	50	note	note	NOUN
cblr-7159	98	51	1	1	NUM
cblr-7159	98	52	,	,	PUNCT
cblr-7159	98	53	at	at	ADP
cblr-7159	98	54	117	117	NUM
cblr-7159	98	55	.	.	PUNCT
cblr-7159	98	56	18	18	NUM
cblr-7159	98	57	see	see	VERB
cblr-7159	98	58	,	,	PUNCT
cblr-7159	98	59	e.g.	e.g.	ADV
cblr-7159	98	60	,	,	PUNCT
cblr-7159	98	61	aaron	aaron	PROPN
cblr-7159	98	62	weinman	weinman	PROPN
cblr-7159	98	63	,	,	PUNCT
cblr-7159	98	64	us	us	PROPN
cblr-7159	98	65	investors	investor	NOUN
cblr-7159	98	66	sound	sound	VERB
cblr-7159	98	67	alarm	alarm	NOUN
cblr-7159	98	68	over	over	ADP
cblr-7159	98	69	projected	project	VERB
cblr-7159	98	70	add	add	NOUN
cblr-7159	98	71	-	-	PUNCT
cblr-7159	98	72	backs	back	NOUN
cblr-7159	98	73	,	,	PUNCT
cblr-7159	98	74	reuters	reuter	NOUN
cblr-7159	98	75	(	(	PUNCT
cblr-7159	98	76	may	may	PROPN
cblr-7159	98	77	9	9	NUM
cblr-7159	98	78	,	,	PUNCT
cblr-7159	98	79	2019	2019	NUM
cblr-7159	98	80	)	)	PUNCT
cblr-7159	98	81	,	,	PUNCT
cblr-7159	98	82	https://www.reuters.com/article/investors-addbacks/us-investors-sound-alarm-over-projected-add-backsidusl2n22l1mk	https://www.reuters.com/article/investors-addbacks/us-investors-sound-alarm-over-projected-add-backsidusl2n22l1mk	VERB
cblr-7159	99	1	[	[	X
cblr-7159	99	2	https://perma.cc/7zgh-9u89	https://perma.cc/7zgh-9u89	X
cblr-7159	99	3	]	]	X
cblr-7159	99	4	(	(	PUNCT
cblr-7159	99	5	“	"	PUNCT
cblr-7159	99	6	so	so	ADV
cblr-7159	99	7	long	long	ADV
cblr-7159	99	8	as	as	SCONJ
cblr-7159	99	9	investor	investor	NOUN
cblr-7159	99	10	demand	demand	NOUN
cblr-7159	99	11	is	be	AUX
cblr-7159	99	12	superior	superior	ADJ
cblr-7159	99	13	,	,	PUNCT
cblr-7159	99	14	these	these	DET
cblr-7159	99	15	looser	loose	ADJ
cblr-7159	99	16	borrowing	borrowing	NOUN
cblr-7159	99	17	terms	term	NOUN
cblr-7159	99	18	will	will	AUX
cblr-7159	99	19	persist	persist	VERB
cblr-7159	99	20	.	.	PUNCT
cblr-7159	99	21	.	.	PUNCT
cblr-7159	99	22	.	.	PUNCT
cblr-7159	99	23	.	.	PUNCT
cblr-7159	99	24	”	"	PUNCT
cblr-7159	99	25	)	)	PUNCT
cblr-7159	99	26	.	.	PUNCT
cblr-7159	100	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	100	2	(	(	PUNCT
cblr-7159	100	3	do	do	AUX
cblr-7159	100	4	not	not	PART
cblr-7159	100	5	delte	delte	VERB
cblr-7159	100	6	)	)	PUNCT
cblr-7159	101	1	9/28/2020	9/28/2020	PROPN
cblr-7159	101	2	6:35	6:35	NUM
cblr-7159	101	3	pm	pm	NOUN
cblr-7159	101	4	200	200	NUM
cblr-7159	101	5	columbia	columbia	PROPN
cblr-7159	101	6	business	business	NOUN
cblr-7159	101	7	law	law	NOUN
cblr-7159	101	8	review	review	NOUN
cblr-7159	101	9	[	[	X
cblr-7159	101	10	vol	vol	NOUN
cblr-7159	101	11	.	.	PUNCT
cblr-7159	101	12	2020	2020	NUM
cblr-7159	101	13	ten	ten	NUM
cblr-7159	101	14	years	year	NOUN
cblr-7159	101	15	in	in	ADP
cblr-7159	101	16	the	the	DET
cblr-7159	101	17	market	market	NOUN
cblr-7159	101	18	for	for	ADP
cblr-7159	101	19	leveraged	leveraged	ADJ
cblr-7159	101	20	loans	loan	NOUN
cblr-7159	101	21	—	—	PUNCT
cblr-7159	101	22	those	those	PRON
cblr-7159	101	23	made	make	VERB
cblr-7159	101	24	to	to	ADP
cblr-7159	101	25	companies	company	NOUN
cblr-7159	101	26	that	that	PRON
cblr-7159	101	27	already	already	ADV
cblr-7159	101	28	have	have	VERB
cblr-7159	101	29	significant	significant	ADJ
cblr-7159	101	30	levels	level	NOUN
cblr-7159	101	31	of	of	ADP
cblr-7159	101	32	debt	debt	NOUN
cblr-7159	101	33	,	,	PUNCT
cblr-7159	101	34	and	and	CCONJ
cblr-7159	101	35	therefore	therefore	ADV
cblr-7159	101	36	have	have	VERB
cblr-7159	101	37	credit	credit	NOUN
cblr-7159	101	38	ratings	rating	NOUN
cblr-7159	101	39	below	below	ADP
cblr-7159	101	40	investment	investment	NOUN
cblr-7159	101	41	grade.19	grade.19	NOUN
cblr-7159	101	42	as	as	ADP
cblr-7159	101	43	of	of	ADP
cblr-7159	101	44	2019	2019	NUM
cblr-7159	101	45	,	,	PUNCT
cblr-7159	101	46	approximately	approximately	ADV
cblr-7159	101	47	70	70	NUM
cblr-7159	101	48	%	%	NOUN
cblr-7159	101	49	of	of	ADP
cblr-7159	101	50	u.s	u.s	PROPN
cblr-7159	101	51	.	.	PROPN
cblr-7159	101	52	companies	company	NOUN
cblr-7159	101	53	fell	fall	VERB
cblr-7159	101	54	into	into	ADP
cblr-7159	101	55	this	this	DET
cblr-7159	101	56	category	category	NOUN
cblr-7159	101	57	,	,	PUNCT
cblr-7159	101	58	including	include	VERB
cblr-7159	101	59	well	well	ADV
cblr-7159	101	60	-	-	PUNCT
cblr-7159	101	61	known	know	VERB
cblr-7159	101	62	firms	firm	NOUN
cblr-7159	101	63	such	such	ADJ
cblr-7159	101	64	as	as	ADP
cblr-7159	101	65	burger	burger	NOUN
cblr-7159	101	66	king	king	NOUN
cblr-7159	101	67	,	,	PUNCT
cblr-7159	101	68	chrysler	chrysler	PROPN
cblr-7159	101	69	,	,	PUNCT
cblr-7159	101	70	dell	dell	NOUN
cblr-7159	101	71	,	,	PUNCT
cblr-7159	101	72	american	american	PROPN
cblr-7159	101	73	airlines	airlines	PROPN
cblr-7159	101	74	,	,	PUNCT
cblr-7159	101	75	and	and	CCONJ
cblr-7159	101	76	avis.20	avis.20	NOUN
cblr-7159	101	77	competition	competition	NOUN
cblr-7159	101	78	has	have	AUX
cblr-7159	101	79	increased	increase	VERB
cblr-7159	101	80	in	in	ADP
cblr-7159	101	81	tandem	tandem	NOUN
cblr-7159	101	82	with	with	ADP
cblr-7159	101	83	changes	change	NOUN
cblr-7159	101	84	in	in	ADP
cblr-7159	101	85	lending	lending	NOUN
cblr-7159	101	86	practices	practice	NOUN
cblr-7159	101	87	.	.	PUNCT
cblr-7159	102	1	fewer	few	ADJ
cblr-7159	102	2	loans	loan	NOUN
cblr-7159	102	3	are	be	AUX
cblr-7159	102	4	held	hold	VERB
cblr-7159	102	5	entirely	entirely	ADV
cblr-7159	102	6	by	by	ADP
cblr-7159	102	7	their	their	PRON
cblr-7159	102	8	originating	originating	NOUN
cblr-7159	102	9	relationship	relationship	NOUN
cblr-7159	102	10	banks	bank	NOUN
cblr-7159	102	11	—	—	PUNCT
cblr-7159	102	12	rather	rather	ADV
cblr-7159	102	13	,	,	PUNCT
cblr-7159	102	14	the	the	DET
cblr-7159	102	15	majority	majority	NOUN
cblr-7159	102	16	are	be	AUX
cblr-7159	102	17	now	now	ADV
cblr-7159	102	18	sold	sell	VERB
cblr-7159	102	19	to	to	ADP
cblr-7159	102	20	non	non	ADJ
cblr-7159	102	21	-	-	ADJ
cblr-7159	102	22	bank	bank	ADJ
cblr-7159	102	23	financial	financial	ADJ
cblr-7159	102	24	institutions	institution	NOUN
cblr-7159	102	25	:	:	PUNCT
cblr-7159	102	26	hedge	hedge	NOUN
cblr-7159	102	27	funds	fund	NOUN
cblr-7159	102	28	,	,	PUNCT
cblr-7159	102	29	mutual	mutual	ADJ
cblr-7159	102	30	funds	fund	NOUN
cblr-7159	102	31	,	,	PUNCT
cblr-7159	102	32	insurance	insurance	NOUN
cblr-7159	102	33	companies	company	NOUN
cblr-7159	102	34	and	and	CCONJ
cblr-7159	102	35	structured	structure	VERB
cblr-7159	102	36	finance	finance	NOUN
cblr-7159	102	37	vehicles	vehicle	NOUN
cblr-7159	102	38	.	.	PUNCT
cblr-7159	103	1	by	by	ADP
cblr-7159	103	2	the	the	DET
cblr-7159	103	3	end	end	NOUN
cblr-7159	103	4	of	of	ADP
cblr-7159	103	5	2019	2019	NUM
cblr-7159	103	6	,	,	PUNCT
cblr-7159	103	7	non	non	ADJ
cblr-7159	103	8	-	-	ADJ
cblr-7159	103	9	bank	bank	ADJ
cblr-7159	103	10	financial	financial	ADJ
cblr-7159	103	11	institutions	institution	NOUN
cblr-7159	103	12	accounted	account	VERB
cblr-7159	103	13	for	for	ADP
cblr-7159	103	14	more	more	ADJ
cblr-7159	103	15	than	than	ADP
cblr-7159	103	16	90	90	NUM
cblr-7159	103	17	%	%	NOUN
cblr-7159	103	18	of	of	ADP
cblr-7159	103	19	the	the	DET
cblr-7159	103	20	$	$	SYM
cblr-7159	103	21	1.2	1.2	NUM
cblr-7159	103	22	trillion	trillion	NUM
cblr-7159	103	23	leveraged	leveraged	ADJ
cblr-7159	103	24	loan	loan	NOUN
cblr-7159	103	25	market.21	market.21	NOUN
cblr-7159	103	26	between	between	ADP
cblr-7159	103	27	one	one	NUM
cblr-7159	103	28	-	-	PUNCT
cblr-7159	103	29	half	half	NOUN
cblr-7159	103	30	and	and	CCONJ
cblr-7159	103	31	two	two	NUM
cblr-7159	103	32	-	-	PUNCT
cblr-7159	103	33	thirds	third	NOUN
cblr-7159	103	34	of	of	ADP
cblr-7159	103	35	those	those	DET
cblr-7159	103	36	loans	loan	NOUN
cblr-7159	103	37	are	be	AUX
cblr-7159	103	38	securitized	securitize	VERB
cblr-7159	103	39	and	and	CCONJ
cblr-7159	103	40	sold	sell	VERB
cblr-7159	103	41	to	to	ADP
cblr-7159	103	42	investors	investor	NOUN
cblr-7159	103	43	as	as	ADP
cblr-7159	103	44	collateralized	collateralized	ADJ
cblr-7159	103	45	loan	loan	NOUN
cblr-7159	103	46	obligations	obligation	NOUN
cblr-7159	103	47	(	(	PUNCT
cblr-7159	103	48	“	"	PUNCT
cblr-7159	103	49	clos	clo	NOUN
cblr-7159	103	50	”	"	PUNCT
cblr-7159	103	51	)	)	PUNCT
cblr-7159	103	52	—	—	PUNCT
cblr-7159	103	53	structured	structure	VERB
cblr-7159	103	54	finance	finance	NOUN
cblr-7159	103	55	vehicles	vehicle	NOUN
cblr-7159	103	56	that	that	PRON
cblr-7159	103	57	hold	hold	VERB
cblr-7159	103	58	portfolios	portfolio	NOUN
cblr-7159	103	59	of	of	ADP
cblr-7159	103	60	leveraged	leveraged	ADJ
cblr-7159	103	61	debt.22	debt.22	NOUN
cblr-7159	103	62	one	one	PRON
cblr-7159	103	63	might	might	AUX
cblr-7159	103	64	predict	predict	VERB
cblr-7159	103	65	that	that	SCONJ
cblr-7159	103	66	non	non	ADJ
cblr-7159	103	67	-	-	ADJ
cblr-7159	103	68	bank	bank	ADJ
cblr-7159	103	69	financial	financial	ADJ
cblr-7159	103	70	institutions	institution	NOUN
cblr-7159	103	71	,	,	PUNCT
cblr-7159	103	72	and	and	CCONJ
cblr-7159	103	73	in	in	ADP
cblr-7159	103	74	particular	particular	ADJ
cblr-7159	103	75	clos	clo	NOUN
cblr-7159	103	76	,	,	PUNCT
cblr-7159	103	77	would	would	AUX
cblr-7159	103	78	have	have	VERB
cblr-7159	103	79	far	far	ADV
cblr-7159	103	80	less	less	ADJ
cblr-7159	103	81	incentives	incentive	NOUN
cblr-7159	103	82	than	than	SCONJ
cblr-7159	103	83	relational	relational	ADJ
cblr-7159	103	84	lenders	lender	NOUN
cblr-7159	103	85	to	to	PART
cblr-7159	103	86	monitor	monitor	VERB
cblr-7159	103	87	corporate	corporate	ADJ
cblr-7159	103	88	borrowers	borrower	NOUN
cblr-7159	103	89	or	or	CCONJ
cblr-7159	103	90	intervene	intervene	VERB
cblr-7159	103	91	when	when	SCONJ
cblr-7159	103	92	borrowers	borrower	NOUN
cblr-7159	103	93	run	run	VERB
cblr-7159	103	94	into	into	ADP
cblr-7159	103	95	trouble	trouble	NOUN
cblr-7159	103	96	because	because	SCONJ
cblr-7159	103	97	they	they	PRON
cblr-7159	103	98	hold	hold	VERB
cblr-7159	103	99	diversified	diversified	ADJ
cblr-7159	103	100	portfolios	portfolio	NOUN
cblr-7159	103	101	of	of	ADP
cblr-7159	103	102	debt	debt	NOUN
cblr-7159	103	103	,	,	PUNCT
cblr-7159	103	104	and	and	CCONJ
cblr-7159	103	105	clos	clo	NOUN
cblr-7159	103	106	have	have	AUX
cblr-7159	103	107	essentially	essentially	ADV
cblr-7159	103	108	repackaged	repackage	VERB
cblr-7159	103	109	the	the	DET
cblr-7159	103	110	risk	risk	NOUN
cblr-7159	103	111	of	of	ADP
cblr-7159	103	112	loans	loan	NOUN
cblr-7159	103	113	’	'	PUNCT
cblr-7159	103	114	default	default	NOUN
cblr-7159	103	115	and	and	CCONJ
cblr-7159	103	116	sold	sell	VERB
cblr-7159	103	117	it	it	PRON
cblr-7159	103	118	to	to	ADP
cblr-7159	103	119	investors	investor	NOUN
cblr-7159	103	120	in	in	ADP
cblr-7159	103	121	the	the	DET
cblr-7159	103	122	market.23	market.23	NOUN
cblr-7159	103	123	moreover	moreover	ADV
cblr-7159	103	124	,	,	PUNCT
cblr-7159	103	125	one	one	PRON
cblr-7159	103	126	might	might	AUX
cblr-7159	103	127	predict	predict	VERB
cblr-7159	103	128	that	that	SCONJ
cblr-7159	103	129	relational	relational	ADJ
cblr-7159	103	130	lenders	lender	NOUN
cblr-7159	103	131	may	may	AUX
cblr-7159	103	132	have	have	VERB
cblr-7159	103	133	less	less	ADJ
cblr-7159	103	134	ability	ability	NOUN
cblr-7159	103	135	or	or	CCONJ
cblr-7159	103	136	incentive	incentive	NOUN
cblr-7159	103	137	to	to	PART
cblr-7159	103	138	police	police	VERB
cblr-7159	103	139	borrowers	borrower	NOUN
cblr-7159	103	140	when	when	SCONJ
cblr-7159	103	141	they	they	PRON
cblr-7159	103	142	retain	retain	VERB
cblr-7159	103	143	only	only	ADV
cblr-7159	103	144	small	small	ADJ
cblr-7159	103	145	portions	portion	NOUN
cblr-7159	103	146	of	of	ADP
cblr-7159	103	147	a	a	DET
cblr-7159	103	148	borrower	borrower	NOUN
cblr-7159	103	149	’s	’s	PART
cblr-7159	103	150	debt	debt	NOUN
cblr-7159	103	151	,	,	PUNCT
cblr-7159	103	152	because	because	SCONJ
cblr-7159	103	153	the	the	DET
cblr-7159	103	154	risk	risk	NOUN
cblr-7159	103	155	they	they	PRON
cblr-7159	103	156	retain	retain	VERB
cblr-7159	103	157	on	on	ADP
cblr-7159	103	158	the	the	DET
cblr-7159	103	159	borrower	borrower	NOUN
cblr-7159	103	160	’s	’s	PART
cblr-7159	103	161	default	default	NOUN
cblr-7159	103	162	is	be	AUX
cblr-7159	103	163	small	small	ADJ
cblr-7159	103	164	.	.	PUNCT
cblr-7159	104	1	additionally	additionally	ADV
cblr-7159	104	2	,	,	PUNCT
cblr-7159	104	3	competition	competition	NOUN
cblr-7159	104	4	with	with	ADP
cblr-7159	104	5	other	other	ADJ
cblr-7159	104	6	lenders	lender	NOUN
cblr-7159	104	7	for	for	ADP
cblr-7159	104	8	the	the	DET
cblr-7159	104	9	borrower	borrower	NOUN
cblr-7159	104	10	’s	’s	PART
cblr-7159	104	11	business	business	NOUN
cblr-7159	104	12	may	may	AUX
cblr-7159	104	13	lead	lead	VERB
cblr-7159	104	14	relational	relational	ADJ
cblr-7159	104	15	lenders	lender	NOUN
cblr-7159	104	16	to	to	PART
cblr-7159	104	17	be	be	AUX
cblr-7159	104	18	more	more	ADV
cblr-7159	104	19	solicitous	solicitous	ADJ
cblr-7159	104	20	even	even	ADV
cblr-7159	104	21	if	if	SCONJ
cblr-7159	104	22	they	they	PRON
cblr-7159	104	23	technically	technically	ADV
cblr-7159	104	24	have	have	VERB
cblr-7159	104	25	power	power	NOUN
cblr-7159	104	26	to	to	PART
cblr-7159	104	27	influence	influence	VERB
cblr-7159	104	28	the	the	DET
cblr-7159	104	29	borrower	borrower	NOUN
cblr-7159	104	30	.	.	PUNCT
cblr-7159	105	1	19	19	NUM
cblr-7159	105	2	see	see	VERB
cblr-7159	105	3	discussion	discussion	NOUN
cblr-7159	105	4	infra	infra	NOUN
cblr-7159	105	5	section	section	NOUN
cblr-7159	105	6	ii.b	ii.b	NOUN
cblr-7159	105	7	.	.	PUNCT
cblr-7159	106	1	20	20	NUM
cblr-7159	106	2	see	see	VERB
cblr-7159	106	3	kenneth	kenneth	PROPN
cblr-7159	106	4	e.	e.	PROPN
cblr-7159	106	5	bentsen	bentsen	PROPN
cblr-7159	106	6	,	,	PUNCT
cblr-7159	106	7	jr	jr	PROPN
cblr-7159	106	8	.	.	PROPN
cblr-7159	106	9	,	,	PUNCT
cblr-7159	106	10	leveraged	leveraged	ADJ
cblr-7159	106	11	loans	loan	NOUN
cblr-7159	106	12	–	–	PUNCT
cblr-7159	106	13	a	a	DET
cblr-7159	106	14	small	small	ADJ
cblr-7159	106	15	but	but	CCONJ
cblr-7159	106	16	important	important	ADJ
cblr-7159	106	17	piece	piece	NOUN
cblr-7159	106	18	of	of	ADP
cblr-7159	106	19	the	the	DET
cblr-7159	106	20	us	us	PROPN
cblr-7159	106	21	financial	financial	ADJ
cblr-7159	106	22	system	system	NOUN
cblr-7159	106	23	,	,	PUNCT
cblr-7159	106	24	sec	sec	PROPN
cblr-7159	106	25	.	.	PROPN
cblr-7159	106	26	indus	indus	PROPN
cblr-7159	106	27	.	.	PUNCT
cblr-7159	106	28	&	&	CCONJ
cblr-7159	106	29	fin	fin	PROPN
cblr-7159	106	30	.	.	PUNCT
cblr-7159	107	1	mkts	mkts	NOUN
cblr-7159	107	2	.	.	PUNCT
cblr-7159	108	1	ass’n	ass’n	NOUN
cblr-7159	108	2	(	(	PUNCT
cblr-7159	108	3	apr	apr	NOUN
cblr-7159	108	4	.	.	PROPN
cblr-7159	108	5	9	9	NUM
cblr-7159	108	6	,	,	PUNCT
cblr-7159	108	7	2019	2019	NUM
cblr-7159	108	8	)	)	PUNCT
cblr-7159	108	9	,	,	PUNCT
cblr-7159	108	10	https://www.sifma.org/resources/news/leveraged-loans-asmall-but-important-piece-of-the-us-financial-system	https://www.sifma.org/resources/news/leveraged-loans-asmall-but-important-piece-of-the-us-financial-system	NOUN
cblr-7159	109	1	[	[	X
cblr-7159	109	2	https://perma.cc/7ugy-va3y	https://perma.cc/7ugy-va3y	X
cblr-7159	109	3	]	]	PUNCT
cblr-7159	109	4	.	.	PUNCT
cblr-7159	110	1	21	21	NUM
cblr-7159	110	2	see	see	VERB
cblr-7159	110	3	s&p	s&p	PROPN
cblr-7159	110	4	global	global	ADJ
cblr-7159	110	5	,	,	PUNCT
cblr-7159	110	6	six	six	NUM
cblr-7159	110	7	key	key	ADJ
cblr-7159	110	8	risks	risk	NOUN
cblr-7159	110	9	in	in	ADP
cblr-7159	110	10	leveraged	leveraged	ADJ
cblr-7159	110	11	lending	lending	NOUN
cblr-7159	110	12	for	for	ADP
cblr-7159	110	13	financial	financial	ADJ
cblr-7159	110	14	institutions	institution	NOUN
cblr-7159	110	15	2	2	NUM
cblr-7159	110	16	,	,	PUNCT
cblr-7159	110	17	4	4	NUM
cblr-7159	110	18	(	(	PUNCT
cblr-7159	110	19	2018	2018	NUM
cblr-7159	110	20	)	)	PUNCT
cblr-7159	110	21	,	,	PUNCT
cblr-7159	110	22	https://www.allnews.ch/sites/default/files/files/20181127_sp_six-key-risks-in-leveraged-lending-for-financial-institutions.pdf	https://www.allnews.ch/sites/default/files/files/20181127_sp_six-key-risks-in-leveraged-lending-for-financial-institutions.pdf	NOUN
cblr-7159	111	1	[	[	X
cblr-7159	111	2	https://perma.cc/u7wk-l2za	https://perma.cc/u7wk-l2za	PROPN
cblr-7159	111	3	]	]	PUNCT
cblr-7159	111	4	.	.	PUNCT
cblr-7159	112	1	22	22	NUM
cblr-7159	112	2	see	see	VERB
cblr-7159	112	3	i	i	PRON
cblr-7159	112	4	d.	d.	PROPN
cblr-7159	112	5	at	at	ADP
cblr-7159	112	6	4–5	4–5	PROPN
cblr-7159	112	7	.	.	PROPN
cblr-7159	112	8	23	23	NUM
cblr-7159	112	9	for	for	ADP
cblr-7159	112	10	further	further	ADJ
cblr-7159	112	11	description	description	NOUN
cblr-7159	112	12	of	of	ADP
cblr-7159	112	13	clos	clo	NOUN
cblr-7159	112	14	,	,	PUNCT
cblr-7159	112	15	see	see	VERB
cblr-7159	112	16	infra	infra	NOUN
cblr-7159	112	17	section	section	NOUN
cblr-7159	112	18	ii.c	ii.c	VERB
cblr-7159	112	19	.	.	PUNCT
cblr-7159	113	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	113	2	(	(	PUNCT
cblr-7159	113	3	do	do	AUX
cblr-7159	113	4	not	not	PART
cblr-7159	113	5	delete	delete	VERB
cblr-7159	113	6	)	)	PUNCT
cblr-7159	113	7	9/28/2020	9/28/2020	NUM
cblr-7159	113	8	6:35	6:35	NUM
cblr-7159	113	9	pm	pm	NOUN
cblr-7159	113	10	no	no	INTJ
cblr-7159	113	11	.	.	PUNCT
cblr-7159	114	1	1:192	1:192	X
cblr-7159	114	2	]	]	X
cblr-7159	114	3	reconsidering	reconsider	VERB
cblr-7159	114	4	creditor	creditor	NOUN
cblr-7159	114	5	governance	governance	NOUN
cblr-7159	114	6	201	201	NUM
cblr-7159	114	7	however	however	ADV
cblr-7159	114	8	,	,	PUNCT
cblr-7159	114	9	one	one	PRON
cblr-7159	114	10	might	might	AUX
cblr-7159	114	11	also	also	ADV
cblr-7159	114	12	reasonably	reasonably	ADV
cblr-7159	114	13	assume	assume	VERB
cblr-7159	114	14	that	that	SCONJ
cblr-7159	114	15	relational	relational	ADJ
cblr-7159	114	16	lenders	lender	NOUN
cblr-7159	114	17	continue	continue	VERB
cblr-7159	114	18	to	to	PART
cblr-7159	114	19	monitor	monitor	VERB
cblr-7159	114	20	and	and	CCONJ
cblr-7159	114	21	intervene	intervene	VERB
cblr-7159	114	22	because	because	SCONJ
cblr-7159	114	23	they	they	PRON
cblr-7159	114	24	value	value	VERB
cblr-7159	114	25	their	their	PRON
cblr-7159	114	26	ongoing	ongoing	ADJ
cblr-7159	114	27	relationships	relationship	NOUN
cblr-7159	114	28	with	with	ADP
cblr-7159	114	29	borrowers	borrower	NOUN
cblr-7159	114	30	.	.	PUNCT
cblr-7159	115	1	recent	recent	ADJ
cblr-7159	115	2	research	research	NOUN
cblr-7159	115	3	suggests	suggest	VERB
cblr-7159	115	4	that	that	SCONJ
cblr-7159	115	5	bank	bank	NOUN
cblr-7159	115	6	lenders	lender	NOUN
cblr-7159	115	7	continue	continue	VERB
cblr-7159	115	8	to	to	PART
cblr-7159	115	9	retain	retain	VERB
cblr-7159	115	10	a	a	DET
cblr-7159	115	11	significant	significant	ADJ
cblr-7159	115	12	interest	interest	NOUN
cblr-7159	115	13	in	in	ADP
cblr-7159	115	14	borrowers	borrower	NOUN
cblr-7159	115	15	’	’	PART
cblr-7159	115	16	loans	loan	NOUN
cblr-7159	115	17	even	even	ADV
cblr-7159	115	18	after	after	SCONJ
cblr-7159	115	19	the	the	DET
cblr-7159	115	20	majority	majority	NOUN
cblr-7159	115	21	of	of	ADP
cblr-7159	115	22	the	the	DET
cblr-7159	115	23	loans	loan	NOUN
cblr-7159	115	24	have	have	AUX
cblr-7159	115	25	been	be	AUX
cblr-7159	115	26	securitized	securitize	VERB
cblr-7159	115	27	or	or	CCONJ
cblr-7159	115	28	sold	sell	VERB
cblr-7159	115	29	to	to	ADP
cblr-7159	115	30	non	non	ADJ
cblr-7159	115	31	-	-	ADJ
cblr-7159	115	32	bank	bank	ADJ
cblr-7159	115	33	institutions.24	institutions.24	NOUN
cblr-7159	115	34	the	the	DET
cblr-7159	115	35	retained	retain	VERB
cblr-7159	115	36	portions	portion	NOUN
cblr-7159	115	37	of	of	ADP
cblr-7159	115	38	these	these	DET
cblr-7159	115	39	loans	loan	NOUN
cblr-7159	115	40	continue	continue	VERB
cblr-7159	115	41	to	to	PART
cblr-7159	115	42	be	be	AUX
cblr-7159	115	43	governed	govern	VERB
cblr-7159	115	44	by	by	ADP
cblr-7159	115	45	contracts	contract	NOUN
cblr-7159	115	46	that	that	PRON
cblr-7159	115	47	often	often	ADV
cblr-7159	115	48	retain	retain	VERB
cblr-7159	115	49	full	full	ADJ
cblr-7159	115	50	monitoring	monitoring	NOUN
cblr-7159	115	51	powers	power	NOUN
cblr-7159	115	52	,	,	PUNCT
cblr-7159	115	53	despite	despite	SCONJ
cblr-7159	115	54	the	the	DET
cblr-7159	115	55	trend	trend	NOUN
cblr-7159	115	56	toward	toward	ADP
cblr-7159	115	57	less	less	ADJ
cblr-7159	115	58	lender	lender	NOUN
cblr-7159	115	59	protection	protection	NOUN
cblr-7159	115	60	,	,	PUNCT
cblr-7159	115	61	typified	typify	VERB
cblr-7159	115	62	by	by	ADP
cblr-7159	115	63	so	so	ADV
cblr-7159	115	64	-	-	PUNCT
cblr-7159	115	65	called	call	VERB
cblr-7159	115	66	“	"	PUNCT
cblr-7159	115	67	cov	cov	NOUN
cblr-7159	115	68	-	-	PUNCT
cblr-7159	115	69	lite	lite	NOUN
cblr-7159	115	70	”	"	PUNCT
cblr-7159	115	71	loans.25	loans.25	NOUN
cblr-7159	115	72	moreover	moreover	ADV
cblr-7159	115	73	,	,	PUNCT
cblr-7159	115	74	non	non	ADJ
cblr-7159	115	75	-	-	ADJ
cblr-7159	115	76	bank	bank	ADJ
cblr-7159	115	77	lenders	lender	NOUN
cblr-7159	115	78	may	may	AUX
cblr-7159	115	79	take	take	VERB
cblr-7159	115	80	an	an	DET
cblr-7159	115	81	interest	interest	NOUN
cblr-7159	115	82	in	in	ADP
cblr-7159	115	83	borrower	borrower	NOUN
cblr-7159	115	84	behavior	behavior	NOUN
cblr-7159	115	85	even	even	ADV
cblr-7159	115	86	in	in	ADP
cblr-7159	115	87	the	the	DET
cblr-7159	115	88	absence	absence	NOUN
cblr-7159	115	89	of	of	ADP
cblr-7159	115	90	a	a	DET
cblr-7159	115	91	direct	direct	ADJ
cblr-7159	115	92	relationship	relationship	NOUN
cblr-7159	115	93	.	.	PUNCT
cblr-7159	116	1	this	this	DET
cblr-7159	116	2	article	article	NOUN
cblr-7159	116	3	investigates	investigate	VERB
cblr-7159	116	4	these	these	DET
cblr-7159	116	5	possibilities	possibility	NOUN
cblr-7159	116	6	.	.	PUNCT
cblr-7159	117	1	the	the	DET
cblr-7159	117	2	analysis	analysis	NOUN
cblr-7159	117	3	begins	begin	VERB
cblr-7159	117	4	by	by	ADP
cblr-7159	117	5	identifying	identify	VERB
cblr-7159	117	6	all	all	PRON
cblr-7159	117	7	of	of	ADP
cblr-7159	117	8	the	the	DET
cblr-7159	117	9	reported	report	VERB
cblr-7159	117	10	loan	loan	NOUN
cblr-7159	117	11	covenant	covenant	NOUN
cblr-7159	117	12	violations	violation	NOUN
cblr-7159	117	13	for	for	ADP
cblr-7159	117	14	public	public	ADJ
cblr-7159	117	15	borrowers	borrower	NOUN
cblr-7159	117	16	from	from	ADP
cblr-7159	117	17	2008	2008	NUM
cblr-7159	117	18	through	through	ADP
cblr-7159	117	19	2018	2018	NUM
cblr-7159	117	20	—	—	PUNCT
cblr-7159	117	21	instances	instance	NOUN
cblr-7159	117	22	in	in	ADP
cblr-7159	117	23	which	which	PRON
cblr-7159	117	24	,	,	PUNCT
cblr-7159	117	25	as	as	SCONJ
cblr-7159	117	26	the	the	DET
cblr-7159	117	27	krispy	krispy	PROPN
cblr-7159	117	28	kreme	kreme	PROPN
cblr-7159	117	29	example	example	NOUN
cblr-7159	117	30	illustrates	illustrate	VERB
cblr-7159	117	31	,	,	PUNCT
cblr-7159	117	32	corporate	corporate	ADJ
cblr-7159	117	33	lenders	lender	NOUN
cblr-7159	117	34	have	have	VERB
cblr-7159	117	35	the	the	DET
cblr-7159	117	36	most	most	ADJ
cblr-7159	117	37	power	power	NOUN
cblr-7159	117	38	and	and	CCONJ
cblr-7159	117	39	incentive	incentive	NOUN
cblr-7159	117	40	to	to	PART
cblr-7159	117	41	assert	assert	VERB
cblr-7159	117	42	themselves	themselves	PRON
cblr-7159	117	43	in	in	ADP
cblr-7159	117	44	corporate	corporate	ADJ
cblr-7159	117	45	management	management	NOUN
cblr-7159	117	46	.	.	PUNCT
cblr-7159	118	1	it	it	PRON
cblr-7159	118	2	shows	show	VERB
cblr-7159	118	3	that	that	SCONJ
cblr-7159	118	4	governance	governance	NOUN
cblr-7159	118	5	intervention	intervention	NOUN
cblr-7159	118	6	continues	continue	VERB
cblr-7159	118	7	to	to	PART
cblr-7159	118	8	occur	occur	VERB
cblr-7159	118	9	for	for	ADP
cblr-7159	118	10	many	many	ADJ
cblr-7159	118	11	borrowers	borrower	NOUN
cblr-7159	118	12	,	,	PUNCT
cblr-7159	118	13	but	but	CCONJ
cblr-7159	118	14	for	for	ADP
cblr-7159	118	15	companies	company	NOUN
cblr-7159	118	16	whose	whose	DET
cblr-7159	118	17	loans	loan	NOUN
cblr-7159	118	18	are	be	AUX
cblr-7159	118	19	primarily	primarily	ADV
cblr-7159	118	20	securitized	securitize	VERB
cblr-7159	118	21	,	,	PUNCT
cblr-7159	118	22	the	the	DET
cblr-7159	118	23	past	past	ADJ
cblr-7159	118	24	ten	ten	NUM
cblr-7159	118	25	years	year	NOUN
cblr-7159	118	26	have	have	AUX
cblr-7159	118	27	seen	see	VERB
cblr-7159	118	28	a	a	DET
cblr-7159	118	29	dramatic	dramatic	ADJ
cblr-7159	118	30	,	,	PUNCT
cblr-7159	118	31	but	but	CCONJ
cblr-7159	118	32	largely	largely	ADV
cblr-7159	118	33	unnoticed	unnoticed	ADJ
cblr-7159	118	34	,	,	PUNCT
cblr-7159	118	35	decline	decline	VERB
cblr-7159	118	36	in	in	ADP
cblr-7159	118	37	lenders	lender	NOUN
cblr-7159	118	38	’	’	PART
cblr-7159	118	39	influence	influence	NOUN
cblr-7159	118	40	.	.	PUNCT
cblr-7159	119	1	specifically	specifically	ADV
cblr-7159	119	2	,	,	PUNCT
cblr-7159	119	3	the	the	DET
cblr-7159	119	4	analysis	analysis	NOUN
cblr-7159	119	5	below	below	ADV
cblr-7159	119	6	provides	provide	VERB
cblr-7159	119	7	evidence	evidence	NOUN
cblr-7159	119	8	that	that	SCONJ
cblr-7159	119	9	relational	relational	ADJ
cblr-7159	119	10	lenders	lender	NOUN
cblr-7159	119	11	—	—	PUNCT
cblr-7159	119	12	banking	banking	NOUN
cblr-7159	119	13	institutions	institution	NOUN
cblr-7159	119	14	that	that	PRON
cblr-7159	119	15	have	have	VERB
cblr-7159	119	16	ongoing	ongoing	ADJ
cblr-7159	119	17	relationships	relationship	NOUN
cblr-7159	119	18	with	with	ADP
cblr-7159	119	19	their	their	PRON
cblr-7159	119	20	clients	client	NOUN
cblr-7159	119	21	—	—	PUNCT
cblr-7159	119	22	continue	continue	VERB
cblr-7159	119	23	to	to	PART
cblr-7159	119	24	intervene	intervene	VERB
cblr-7159	119	25	in	in	ADP
cblr-7159	119	26	many	many	ADJ
cblr-7159	119	27	borrowing	borrowing	NOUN
cblr-7159	119	28	firms	firm	NOUN
cblr-7159	119	29	’	'	PUNCT
cblr-7159	119	30	affairs	affair	NOUN
cblr-7159	119	31	when	when	SCONJ
cblr-7159	119	32	a	a	DET
cblr-7159	119	33	covenant	covenant	NOUN
cblr-7159	119	34	is	be	AUX
cblr-7159	119	35	violated	violate	VERB
cblr-7159	119	36	or	or	CCONJ
cblr-7159	119	37	waived	waive	VERB
cblr-7159	119	38	.	.	PUNCT
cblr-7159	120	1	on	on	ADP
cblr-7159	120	2	average	average	ADJ
cblr-7159	120	3	,	,	PUNCT
cblr-7159	120	4	those	those	DET
cblr-7159	120	5	interventions	intervention	NOUN
cblr-7159	120	6	result	result	VERB
cblr-7159	120	7	in	in	ADP
cblr-7159	120	8	more	more	ADV
cblr-7159	120	9	responsible	responsible	ADJ
cblr-7159	120	10	firm	firm	ADJ
cblr-7159	120	11	financial	financial	ADJ
cblr-7159	120	12	management	management	NOUN
cblr-7159	120	13	,	,	PUNCT
cblr-7159	120	14	as	as	SCONJ
cblr-7159	120	15	measured	measure	VERB
cblr-7159	120	16	by	by	ADP
cblr-7159	120	17	a	a	DET
cblr-7159	120	18	number	number	NOUN
cblr-7159	120	19	of	of	ADP
cblr-7159	120	20	financial	financial	ADJ
cblr-7159	120	21	metrics.26	metrics.26	ADJ
cblr-7159	120	22	firms	firm	NOUN
cblr-7159	120	23	that	that	PRON
cblr-7159	120	24	violate	violate	VERB
cblr-7159	120	25	covenants	covenant	NOUN
cblr-7159	120	26	are	be	AUX
cblr-7159	120	27	also	also	ADV
cblr-7159	120	28	more	more	ADV
cblr-7159	120	29	likely	likely	ADJ
cblr-7159	120	30	to	to	PART
cblr-7159	120	31	see	see	VERB
cblr-7159	120	32	their	their	PRON
cblr-7159	120	33	ceo	ceo	NOUN
cblr-7159	120	34	suddenly	suddenly	ADV
cblr-7159	120	35	depart	depart	ADJ
cblr-7159	120	36	after	after	ADP
cblr-7159	120	37	the	the	DET
cblr-7159	120	38	violation	violation	NOUN
cblr-7159	120	39	,	,	PUNCT
cblr-7159	120	40	suggesting	suggest	VERB
cblr-7159	120	41	that	that	SCONJ
cblr-7159	120	42	lenders	lender	NOUN
cblr-7159	120	43	are	be	AUX
cblr-7159	120	44	not	not	PART
cblr-7159	120	45	shy	shy	ADJ
cblr-7159	120	46	about	about	ADP
cblr-7159	120	47	exerting	exert	VERB
cblr-7159	120	48	their	their	PRON
cblr-7159	120	49	influence	influence	NOUN
cblr-7159	120	50	to	to	PART
cblr-7159	120	51	shakeup	shakeup	VERB
cblr-7159	120	52	a	a	DET
cblr-7159	120	53	company	company	NOUN
cblr-7159	120	54	’s	’s	PART
cblr-7159	120	55	management	management	NOUN
cblr-7159	120	56	team.27	team.27	PROPN
cblr-7159	120	57	24	24	NUM
cblr-7159	120	58	see	see	VERB
cblr-7159	120	59	mitchell	mitchell	PROPN
cblr-7159	120	60	berlin	berlin	PROPN
cblr-7159	120	61	et	et	PROPN
cblr-7159	120	62	al	al	PROPN
cblr-7159	120	63	.	.	PROPN
cblr-7159	120	64	,	,	PUNCT
cblr-7159	120	65	concentration	concentration	NOUN
cblr-7159	120	66	of	of	ADP
cblr-7159	120	67	control	control	NOUN
cblr-7159	120	68	rights	right	NOUN
cblr-7159	120	69	in	in	ADP
cblr-7159	120	70	leveraged	leveraged	ADJ
cblr-7159	120	71	loan	loan	NOUN
cblr-7159	120	72	syndicates	syndicate	NOUN
cblr-7159	120	73	,	,	PUNCT
cblr-7159	120	74	j.	j.	PROPN
cblr-7159	120	75	fin	fin	PROPN
cblr-7159	120	76	econ	econ	PROPN
cblr-7159	120	77	.	.	PUNCT
cblr-7159	121	1	(	(	PUNCT
cblr-7159	121	2	forthcoming	forthcoming	ADJ
cblr-7159	121	3	2020	2020	NUM
cblr-7159	121	4	)	)	PUNCT
cblr-7159	121	5	(	(	PUNCT
cblr-7159	121	6	manuscript	manuscript	NOUN
cblr-7159	121	7	at	at	ADP
cblr-7159	121	8	2–3	2–3	NUM
cblr-7159	121	9	)	)	PUNCT
cblr-7159	121	10	,	,	PUNCT
cblr-7159	121	11	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2960757	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2960757	PROPN
cblr-7159	121	12	[	[	X
cblr-7159	121	13	https://perma.cc/j2yc-sdqy	https://perma.cc/j2yc-sdqy	X
cblr-7159	121	14	]	]	PUNCT
cblr-7159	121	15	.	.	PUNCT
cblr-7159	122	1	25	25	NUM
cblr-7159	122	2	see	see	VERB
cblr-7159	122	3	i	i	PRON
cblr-7159	122	4	d.	d.	PROPN
cblr-7159	122	5	26	26	NUM
cblr-7159	122	6	see	see	VERB
cblr-7159	122	7	discussion	discussion	NOUN
cblr-7159	122	8	infra	infra	NOUN
cblr-7159	122	9	part	part	PROPN
cblr-7159	122	10	iii	iii	PROPN
cblr-7159	122	11	.	.	PROPN
cblr-7159	122	12	27	27	NUM
cblr-7159	122	13	see	see	VERB
cblr-7159	122	14	discussion	discussion	NOUN
cblr-7159	122	15	infra	infra	NOUN
cblr-7159	122	16	part	part	PROPN
cblr-7159	122	17	iii	iii	NOUN
cblr-7159	122	18	.	.	PROPN
cblr-7159	123	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	123	2	(	(	PUNCT
cblr-7159	123	3	do	do	AUX
cblr-7159	123	4	not	not	PART
cblr-7159	123	5	delte	delte	VERB
cblr-7159	123	6	)	)	PUNCT
cblr-7159	123	7	9/28/2020	9/28/2020	NUM
cblr-7159	123	8	6:35	6:35	NUM
cblr-7159	123	9	pm	pm	NOUN
cblr-7159	123	10	202	202	NUM
cblr-7159	123	11	columbia	columbia	PROPN
cblr-7159	123	12	business	business	NOUN
cblr-7159	123	13	law	law	PROPN
cblr-7159	123	14	review	review	NOUN
cblr-7159	123	15	[	[	X
cblr-7159	123	16	vol	vol	NOUN
cblr-7159	123	17	.	.	PUNCT
cblr-7159	123	18	2020	2020	NUM
cblr-7159	124	1	this	this	DET
cblr-7159	124	2	article	article	NOUN
cblr-7159	124	3	shows	show	VERB
cblr-7159	124	4	a	a	DET
cblr-7159	124	5	contrasting	contrast	VERB
cblr-7159	124	6	picture	picture	NOUN
cblr-7159	124	7	for	for	ADP
cblr-7159	124	8	leveraged	leveraged	ADJ
cblr-7159	124	9	loan	loan	NOUN
cblr-7159	124	10	borrowers	borrower	NOUN
cblr-7159	124	11	whose	whose	DET
cblr-7159	124	12	debt	debt	NOUN
cblr-7159	124	13	is	be	AUX
cblr-7159	124	14	primarily	primarily	ADV
cblr-7159	124	15	securitized	securitize	VERB
cblr-7159	124	16	.	.	PUNCT
cblr-7159	125	1	in	in	ADP
cblr-7159	125	2	particular	particular	ADJ
cblr-7159	125	3	,	,	PUNCT
cblr-7159	125	4	the	the	DET
cblr-7159	125	5	data	datum	NOUN
cblr-7159	125	6	shows	show	VERB
cblr-7159	125	7	that	that	SCONJ
cblr-7159	125	8	corporate	corporate	ADJ
cblr-7159	125	9	borrowers	borrower	NOUN
cblr-7159	125	10	whose	whose	DET
cblr-7159	125	11	loans	loan	NOUN
cblr-7159	125	12	are	be	AUX
cblr-7159	125	13	primarily	primarily	ADV
cblr-7159	125	14	packaged	package	VERB
cblr-7159	125	15	into	into	ADP
cblr-7159	125	16	clos	clo	NOUN
cblr-7159	125	17	tend	tend	VERB
cblr-7159	125	18	to	to	PART
cblr-7159	125	19	see	see	VERB
cblr-7159	125	20	far	far	ADV
cblr-7159	125	21	lower	low	ADJ
cblr-7159	125	22	levels	level	NOUN
cblr-7159	125	23	of	of	ADP
cblr-7159	125	24	beneficial	beneficial	ADJ
cblr-7159	125	25	creditor	creditor	NOUN
cblr-7159	125	26	intervention	intervention	NOUN
cblr-7159	125	27	even	even	ADV
cblr-7159	125	28	after	after	ADP
cblr-7159	125	29	a	a	DET
cblr-7159	125	30	covenant	covenant	ADJ
cblr-7159	125	31	violation	violation	NOUN
cblr-7159	125	32	.	.	PUNCT
cblr-7159	126	1	the	the	DET
cblr-7159	126	2	same	same	ADJ
cblr-7159	126	3	financial	financial	ADJ
cblr-7159	126	4	metrics	metric	NOUN
cblr-7159	126	5	that	that	PRON
cblr-7159	126	6	improve	improve	VERB
cblr-7159	126	7	for	for	ADP
cblr-7159	126	8	relational	relational	ADJ
cblr-7159	126	9	lending	lending	NOUN
cblr-7159	126	10	covenant	covenant	NOUN
cblr-7159	126	11	violators	violator	NOUN
cblr-7159	126	12	either	either	CCONJ
cblr-7159	126	13	fail	fail	VERB
cblr-7159	126	14	to	to	PART
cblr-7159	126	15	improve	improve	VERB
cblr-7159	126	16	or	or	CCONJ
cblr-7159	126	17	languish	languish	VERB
cblr-7159	126	18	for	for	ADP
cblr-7159	126	19	covenant	covenant	ADJ
cblr-7159	126	20	violators	violator	NOUN
cblr-7159	126	21	whose	whose	DET
cblr-7159	126	22	loans	loan	NOUN
cblr-7159	126	23	are	be	AUX
cblr-7159	126	24	packaged	package	VERB
cblr-7159	126	25	into	into	ADP
cblr-7159	126	26	clos	clo	NOUN
cblr-7159	126	27	.	.	PUNCT
cblr-7159	127	1	there	there	PRON
cblr-7159	127	2	is	be	VERB
cblr-7159	127	3	also	also	ADV
cblr-7159	127	4	evidence	evidence	NOUN
cblr-7159	127	5	that	that	SCONJ
cblr-7159	127	6	securitized	securitized	ADJ
cblr-7159	127	7	borrowers	borrower	NOUN
cblr-7159	127	8	experience	experience	VERB
cblr-7159	127	9	less	less	ADJ
cblr-7159	127	10	lender	lender	NOUN
cblr-7159	127	11	intervention	intervention	NOUN
cblr-7159	127	12	to	to	PART
cblr-7159	127	13	change	change	VERB
cblr-7159	127	14	a	a	DET
cblr-7159	127	15	company	company	NOUN
cblr-7159	127	16	’s	’s	PART
cblr-7159	127	17	ceo	ceo	PROPN
cblr-7159	127	18	,	,	PUNCT
cblr-7159	127	19	cfo	cfo	PROPN
cblr-7159	127	20	,	,	PUNCT
cblr-7159	127	21	or	or	CCONJ
cblr-7159	127	22	president	president	NOUN
cblr-7159	127	23	,	,	PUNCT
cblr-7159	127	24	in	in	ADP
cblr-7159	127	25	contrast	contrast	NOUN
cblr-7159	127	26	to	to	ADP
cblr-7159	127	27	other	other	ADJ
cblr-7159	127	28	borrowers	borrower	NOUN
cblr-7159	127	29	for	for	ADP
cblr-7159	127	30	whom	whom	PRON
cblr-7159	127	31	lenders	lender	NOUN
cblr-7159	127	32	’	’	PART
cblr-7159	127	33	influence	influence	NOUN
cblr-7159	127	34	in	in	ADP
cblr-7159	127	35	replacing	replace	VERB
cblr-7159	127	36	high	high	ADJ
cblr-7159	127	37	level	level	NOUN
cblr-7159	127	38	managers	manager	NOUN
cblr-7159	127	39	remains	remain	VERB
cblr-7159	127	40	evident	evident	ADJ
cblr-7159	127	41	.	.	PUNCT
cblr-7159	128	1	these	these	DET
cblr-7159	128	2	findings	finding	NOUN
cblr-7159	128	3	suggest	suggest	VERB
cblr-7159	128	4	an	an	DET
cblr-7159	128	5	echo	echo	NOUN
cblr-7159	128	6	of	of	ADP
cblr-7159	128	7	the	the	DET
cblr-7159	128	8	moral	moral	ADJ
cblr-7159	128	9	hazard	hazard	NOUN
cblr-7159	128	10	problem	problem	NOUN
cblr-7159	128	11	that	that	PRON
cblr-7159	128	12	beset	beset	VERB
cblr-7159	128	13	securitization	securitization	NOUN
cblr-7159	128	14	markets	market	NOUN
cblr-7159	128	15	leading	lead	VERB
cblr-7159	128	16	up	up	ADP
cblr-7159	128	17	to	to	ADP
cblr-7159	128	18	2008	2008	NUM
cblr-7159	128	19	.	.	PUNCT
cblr-7159	129	1	this	this	PRON
cblr-7159	129	2	,	,	PUNCT
cblr-7159	129	3	coupled	couple	VERB
cblr-7159	129	4	with	with	ADP
cblr-7159	129	5	a	a	DET
cblr-7159	129	6	possible	possible	ADJ
cblr-7159	129	7	loss	loss	NOUN
cblr-7159	129	8	of	of	ADP
cblr-7159	129	9	bargaining	bargaining	NOUN
cblr-7159	129	10	power	power	NOUN
cblr-7159	129	11	at	at	ADP
cblr-7159	129	12	a	a	DET
cblr-7159	129	13	time	time	NOUN
cblr-7159	129	14	of	of	ADP
cblr-7159	129	15	intense	intense	ADJ
cblr-7159	129	16	competition	competition	NOUN
cblr-7159	129	17	for	for	ADP
cblr-7159	129	18	loans	loan	NOUN
cblr-7159	129	19	,	,	PUNCT
cblr-7159	129	20	results	result	NOUN
cblr-7159	129	21	in	in	ADP
cblr-7159	129	22	creditors	creditor	NOUN
cblr-7159	129	23	who	who	PRON
cblr-7159	129	24	are	be	AUX
cblr-7159	129	25	unable	unable	ADJ
cblr-7159	129	26	or	or	CCONJ
cblr-7159	129	27	unwilling	unwilling	ADJ
cblr-7159	129	28	to	to	PART
cblr-7159	129	29	fulfill	fulfill	VERB
cblr-7159	129	30	the	the	DET
cblr-7159	129	31	role	role	NOUN
cblr-7159	129	32	they	they	PRON
cblr-7159	129	33	are	be	AUX
cblr-7159	129	34	presumed	presume	VERB
cblr-7159	129	35	to	to	PART
cblr-7159	129	36	play	play	VERB
cblr-7159	129	37	in	in	ADP
cblr-7159	129	38	the	the	DET
cblr-7159	129	39	governance	governance	NOUN
cblr-7159	129	40	of	of	ADP
cblr-7159	129	41	a	a	DET
cblr-7159	129	42	large	large	ADJ
cblr-7159	129	43	and	and	CCONJ
cblr-7159	129	44	growing	grow	VERB
cblr-7159	129	45	number	number	NOUN
cblr-7159	129	46	of	of	ADP
cblr-7159	129	47	corporate	corporate	ADJ
cblr-7159	129	48	borrowers	borrower	NOUN
cblr-7159	129	49	.	.	PUNCT
cblr-7159	130	1	the	the	DET
cblr-7159	130	2	rest	rest	NOUN
cblr-7159	130	3	of	of	ADP
cblr-7159	130	4	this	this	DET
cblr-7159	130	5	article	article	NOUN
cblr-7159	130	6	proceeds	proceed	VERB
cblr-7159	130	7	as	as	SCONJ
cblr-7159	130	8	follows	follow	VERB
cblr-7159	130	9	.	.	PUNCT
cblr-7159	131	1	part	part	NOUN
cblr-7159	131	2	i	i	PRON
cblr-7159	131	3	describes	describe	VERB
cblr-7159	131	4	leveraged	leveraged	ADJ
cblr-7159	131	5	loans	loan	NOUN
cblr-7159	131	6	,	,	PUNCT
cblr-7159	131	7	loan	loan	NOUN
cblr-7159	131	8	covenants	covenant	NOUN
cblr-7159	131	9	,	,	PUNCT
cblr-7159	131	10	non	non	ADJ
cblr-7159	131	11	-	-	ADJ
cblr-7159	131	12	bank	bank	ADJ
cblr-7159	131	13	lenders	lender	NOUN
cblr-7159	131	14	and	and	CCONJ
cblr-7159	131	15	clos	clo	NOUN
cblr-7159	131	16	.	.	PUNCT
cblr-7159	132	1	it	it	PRON
cblr-7159	132	2	also	also	ADV
cblr-7159	132	3	describes	describe	VERB
cblr-7159	132	4	the	the	DET
cblr-7159	132	5	literature	literature	NOUN
cblr-7159	132	6	that	that	PRON
cblr-7159	132	7	has	have	AUX
cblr-7159	132	8	studied	study	VERB
cblr-7159	132	9	lender	lender	NOUN
cblr-7159	132	10	corporate	corporate	ADJ
cblr-7159	132	11	governance	governance	NOUN
cblr-7159	132	12	in	in	ADP
cblr-7159	132	13	the	the	DET
cblr-7159	132	14	past	past	NOUN
cblr-7159	132	15	,	,	PUNCT
cblr-7159	132	16	and	and	CCONJ
cblr-7159	132	17	develops	develop	VERB
cblr-7159	132	18	hypotheses	hypothesis	NOUN
cblr-7159	132	19	based	base	VERB
cblr-7159	132	20	on	on	ADP
cblr-7159	132	21	prior	prior	ADJ
cblr-7159	132	22	research	research	NOUN
cblr-7159	132	23	.	.	PUNCT
cblr-7159	133	1	part	part	NOUN
cblr-7159	133	2	ii	ii	PROPN
cblr-7159	133	3	describes	describe	VERB
cblr-7159	133	4	the	the	DET
cblr-7159	133	5	data	datum	NOUN
cblr-7159	133	6	and	and	CCONJ
cblr-7159	133	7	presents	present	VERB
cblr-7159	133	8	the	the	DET
cblr-7159	133	9	results	result	NOUN
cblr-7159	133	10	of	of	ADP
cblr-7159	133	11	the	the	DET
cblr-7159	133	12	empirical	empirical	ADJ
cblr-7159	133	13	analysis	analysis	NOUN
cblr-7159	133	14	.	.	PUNCT
cblr-7159	134	1	part	part	NOUN
cblr-7159	134	2	iii	iii	NOUN
cblr-7159	134	3	discusses	discuss	VERB
cblr-7159	134	4	several	several	ADJ
cblr-7159	134	5	proposals	proposal	NOUN
cblr-7159	134	6	for	for	ADP
cblr-7159	134	7	addressing	address	VERB
cblr-7159	134	8	the	the	DET
cblr-7159	134	9	issues	issue	NOUN
cblr-7159	134	10	raised	raise	VERB
cblr-7159	134	11	in	in	ADP
cblr-7159	134	12	the	the	DET
cblr-7159	134	13	article	article	NOUN
cblr-7159	134	14	.	.	PUNCT
cblr-7159	135	1	ii	ii	PROPN
cblr-7159	135	2	.	.	PUNCT
cblr-7159	136	1	background	background	NOUN
cblr-7159	136	2	over	over	ADP
cblr-7159	136	3	the	the	DET
cblr-7159	136	4	past	past	ADJ
cblr-7159	136	5	decade	decade	NOUN
cblr-7159	136	6	,	,	PUNCT
cblr-7159	136	7	a	a	DET
cblr-7159	136	8	transformation	transformation	NOUN
cblr-7159	136	9	has	have	AUX
cblr-7159	136	10	occurred	occur	VERB
cblr-7159	136	11	in	in	ADP
cblr-7159	136	12	the	the	DET
cblr-7159	136	13	corporate	corporate	ADJ
cblr-7159	136	14	lending	lending	NOUN
cblr-7159	136	15	market	market	NOUN
cblr-7159	136	16	.	.	PUNCT
cblr-7159	137	1	while	while	SCONJ
cblr-7159	137	2	this	this	DET
cblr-7159	137	3	market	market	NOUN
cblr-7159	137	4	used	use	VERB
cblr-7159	137	5	to	to	PART
cblr-7159	137	6	be	be	AUX
cblr-7159	137	7	dominated	dominate	VERB
cblr-7159	137	8	by	by	ADP
cblr-7159	137	9	banks	bank	NOUN
cblr-7159	137	10	cultivating	cultivate	VERB
cblr-7159	137	11	important	important	ADJ
cblr-7159	137	12	relationships	relationship	NOUN
cblr-7159	137	13	with	with	ADP
cblr-7159	137	14	corporate	corporate	ADJ
cblr-7159	137	15	borrowers	borrower	NOUN
cblr-7159	137	16	,	,	PUNCT
cblr-7159	137	17	today	today	NOUN
cblr-7159	137	18	it	it	PRON
cblr-7159	137	19	has	have	AUX
cblr-7159	137	20	become	become	VERB
cblr-7159	137	21	a	a	DET
cblr-7159	137	22	market	market	NOUN
cblr-7159	137	23	dominated	dominate	VERB
cblr-7159	137	24	by	by	ADP
cblr-7159	137	25	relatively	relatively	ADV
cblr-7159	137	26	remote	remote	ADJ
cblr-7159	137	27	sources	source	NOUN
cblr-7159	137	28	of	of	ADP
cblr-7159	137	29	capital	capital	NOUN
cblr-7159	137	30	which	which	PRON
cblr-7159	137	31	borrowers	borrower	NOUN
cblr-7159	137	32	have	have	VERB
cblr-7159	137	33	few	few	ADJ
cblr-7159	137	34	or	or	CCONJ
cblr-7159	137	35	no	no	PRON
cblr-7159	137	36	direct	direct	ADJ
cblr-7159	137	37	ties	tie	NOUN
cblr-7159	137	38	to	to	ADP
cblr-7159	137	39	.	.	PUNCT
cblr-7159	138	1	background	background	NOUN
cblr-7159	138	2	information	information	NOUN
cblr-7159	138	3	on	on	ADP
cblr-7159	138	4	this	this	DET
cblr-7159	138	5	market	market	NOUN
cblr-7159	138	6	,	,	PUNCT
cblr-7159	138	7	and	and	CCONJ
cblr-7159	138	8	on	on	ADP
cblr-7159	138	9	lenders	lender	NOUN
cblr-7159	138	10	’	’	PART
cblr-7159	138	11	role	role	NOUN
cblr-7159	138	12	in	in	ADP
cblr-7159	138	13	corporate	corporate	ADJ
cblr-7159	138	14	governance	governance	NOUN
cblr-7159	138	15	,	,	PUNCT
cblr-7159	138	16	is	be	AUX
cblr-7159	138	17	important	important	ADJ
cblr-7159	138	18	for	for	ADP
cblr-7159	138	19	understanding	understand	VERB
cblr-7159	138	20	these	these	DET
cblr-7159	138	21	changes	change	NOUN
cblr-7159	138	22	.	.	PUNCT
cblr-7159	139	1	this	this	DET
cblr-7159	139	2	part	part	NOUN
cblr-7159	139	3	begins	begin	VERB
cblr-7159	139	4	with	with	ADP
cblr-7159	139	5	a	a	DET
cblr-7159	139	6	summary	summary	NOUN
cblr-7159	139	7	of	of	ADP
cblr-7159	139	8	the	the	DET
cblr-7159	139	9	issues	issue	NOUN
cblr-7159	139	10	surrounding	surround	VERB
cblr-7159	139	11	lender	lender	NOUN
cblr-7159	139	12	intervention	intervention	NOUN
cblr-7159	139	13	in	in	ADP
cblr-7159	139	14	corporate	corporate	ADJ
cblr-7159	139	15	governance	governance	NOUN
cblr-7159	139	16	,	,	PUNCT
cblr-7159	139	17	gives	give	VERB
cblr-7159	139	18	background	background	NOUN
cblr-7159	139	19	on	on	ADP
cblr-7159	139	20	the	the	DET
cblr-7159	139	21	market	market	NOUN
cblr-7159	139	22	for	for	ADP
cblr-7159	139	23	corporate	corporate	ADJ
cblr-7159	139	24	loans	loan	NOUN
cblr-7159	139	25	,	,	PUNCT
cblr-7159	139	26	and	and	CCONJ
cblr-7159	139	27	discusses	discuss	VERB
cblr-7159	139	28	how	how	SCONJ
cblr-7159	139	29	non	non	ADJ
cblr-7159	139	30	-	-	ADJ
cblr-7159	139	31	bank	bank	ADJ
cblr-7159	139	32	lending	lending	NOUN
cblr-7159	139	33	,	,	PUNCT
cblr-7159	139	34	and	and	CCONJ
cblr-7159	139	35	in	in	ADP
cblr-7159	139	36	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	139	37	(	(	PUNCT
cblr-7159	139	38	do	do	AUX
cblr-7159	139	39	not	not	PART
cblr-7159	139	40	delete	delete	VERB
cblr-7159	139	41	)	)	PUNCT
cblr-7159	139	42	9/28/2020	9/28/2020	NUM
cblr-7159	139	43	6:35	6:35	NUM
cblr-7159	139	44	pm	pm	NOUN
cblr-7159	139	45	no	no	INTJ
cblr-7159	139	46	.	.	PUNCT
cblr-7159	140	1	1:192	1:192	X
cblr-7159	140	2	]	]	X
cblr-7159	140	3	reconsidering	reconsider	VERB
cblr-7159	140	4	creditor	creditor	NOUN
cblr-7159	140	5	governance	governance	NOUN
cblr-7159	140	6	203	203	NUM
cblr-7159	140	7	particular	particular	ADJ
cblr-7159	140	8	,	,	PUNCT
cblr-7159	140	9	the	the	DET
cblr-7159	140	10	financial	financial	ADJ
cblr-7159	140	11	alchemy	alchemy	NOUN
cblr-7159	140	12	of	of	ADP
cblr-7159	140	13	clos	clo	NOUN
cblr-7159	140	14	,	,	PUNCT
cblr-7159	140	15	affects	affect	VERB
cblr-7159	140	16	both	both	DET
cblr-7159	140	17	lending	lending	NOUN
cblr-7159	140	18	and	and	CCONJ
cblr-7159	140	19	governance	governance	NOUN
cblr-7159	140	20	.	.	PUNCT
cblr-7159	141	1	a.	a.	NOUN
cblr-7159	141	2	lenders	lender	NOUN
cblr-7159	141	3	’	’	PART
cblr-7159	141	4	role	role	NOUN
cblr-7159	141	5	in	in	ADP
cblr-7159	141	6	corporate	corporate	ADJ
cblr-7159	141	7	governance	governance	NOUN
cblr-7159	141	8	corporations	corporation	NOUN
cblr-7159	141	9	rely	rely	VERB
cblr-7159	141	10	on	on	ADP
cblr-7159	141	11	debt	debt	NOUN
cblr-7159	141	12	to	to	PART
cblr-7159	141	13	finance	finance	VERB
cblr-7159	141	14	their	their	PRON
cblr-7159	141	15	activities.28	activities.28	NOUN
cblr-7159	141	16	broadly	broadly	ADV
cblr-7159	141	17	speaking	speak	VERB
cblr-7159	141	18	,	,	PUNCT
cblr-7159	141	19	corporate	corporate	ADJ
cblr-7159	141	20	debt	debt	NOUN
cblr-7159	141	21	takes	take	VERB
cblr-7159	141	22	one	one	NUM
cblr-7159	141	23	of	of	ADP
cblr-7159	141	24	two	two	NUM
cblr-7159	141	25	forms	form	NOUN
cblr-7159	141	26	:	:	PUNCT
cblr-7159	141	27	bank	bank	NOUN
cblr-7159	141	28	loans	loan	NOUN
cblr-7159	141	29	memorialized	memorialize	VERB
cblr-7159	141	30	in	in	ADP
cblr-7159	141	31	contracts	contract	NOUN
cblr-7159	141	32	between	between	ADP
cblr-7159	141	33	lenders	lender	NOUN
cblr-7159	141	34	and	and	CCONJ
cblr-7159	141	35	corporate	corporate	ADJ
cblr-7159	141	36	borrowers	borrower	NOUN
cblr-7159	141	37	,	,	PUNCT
cblr-7159	141	38	and	and	CCONJ
cblr-7159	141	39	debt	debt	NOUN
cblr-7159	141	40	securities	security	NOUN
cblr-7159	141	41	such	such	ADJ
cblr-7159	141	42	as	as	ADP
cblr-7159	141	43	bonds	bond	NOUN
cblr-7159	141	44	that	that	PRON
cblr-7159	141	45	can	can	AUX
cblr-7159	141	46	be	be	AUX
cblr-7159	141	47	traded	trade	VERB
cblr-7159	141	48	among	among	ADP
cblr-7159	141	49	investors.29	investors.29	PROPN
cblr-7159	141	50	bonds	bond	NOUN
cblr-7159	141	51	,	,	PUNCT
cblr-7159	141	52	like	like	ADP
cblr-7159	141	53	other	other	ADJ
cblr-7159	141	54	kinds	kind	NOUN
cblr-7159	141	55	of	of	ADP
cblr-7159	141	56	securities	security	NOUN
cblr-7159	141	57	,	,	PUNCT
cblr-7159	141	58	are	be	AUX
cblr-7159	141	59	relatively	relatively	ADV
cblr-7159	141	60	impersonal	impersonal	ADJ
cblr-7159	141	61	;	;	PUNCT
cblr-7159	141	62	investors	investor	NOUN
cblr-7159	141	63	have	have	VERB
cblr-7159	141	64	little	little	ADJ
cblr-7159	141	65	direct	direct	ADJ
cblr-7159	141	66	relationship	relationship	NOUN
cblr-7159	141	67	with	with	ADP
cblr-7159	141	68	borrowers	borrower	NOUN
cblr-7159	141	69	and	and	CCONJ
cblr-7159	141	70	can	can	AUX
cblr-7159	141	71	usually	usually	ADV
cblr-7159	141	72	only	only	ADV
cblr-7159	141	73	affect	affect	VERB
cblr-7159	141	74	the	the	DET
cblr-7159	141	75	borrower	borrower	NOUN
cblr-7159	141	76	as	as	ADP
cblr-7159	141	77	part	part	NOUN
cblr-7159	141	78	of	of	ADP
cblr-7159	141	79	large	large	ADJ
cblr-7159	141	80	group	group	NOUN
cblr-7159	141	81	,	,	PUNCT
cblr-7159	141	82	or	or	CCONJ
cblr-7159	141	83	if	if	SCONJ
cblr-7159	141	84	they	they	PRON
cblr-7159	141	85	hold	hold	VERB
cblr-7159	141	86	a	a	DET
cblr-7159	141	87	high	high	ADJ
cblr-7159	141	88	percentage	percentage	NOUN
cblr-7159	141	89	of	of	ADP
cblr-7159	141	90	the	the	DET
cblr-7159	141	91	face	face	NOUN
cblr-7159	141	92	value	value	NOUN
cblr-7159	141	93	of	of	ADP
cblr-7159	141	94	the	the	DET
cblr-7159	141	95	bonds.30	bonds.30	NOUN
cblr-7159	141	96	loans	loan	NOUN
cblr-7159	141	97	(	(	PUNCT
cblr-7159	141	98	at	at	ADP
cblr-7159	141	99	least	least	ADJ
cblr-7159	141	100	historically	historically	ADV
cblr-7159	141	101	speaking	speak	VERB
cblr-7159	141	102	)	)	PUNCT
cblr-7159	141	103	tend	tend	VERB
cblr-7159	141	104	to	to	PART
cblr-7159	141	105	be	be	AUX
cblr-7159	141	106	different	different	ADJ
cblr-7159	141	107	in	in	ADP
cblr-7159	141	108	that	that	SCONJ
cblr-7159	141	109	lenders	lender	NOUN
cblr-7159	141	110	maintain	maintain	VERB
cblr-7159	141	111	an	an	DET
cblr-7159	141	112	ongoing	ongoing	ADJ
cblr-7159	141	113	contractual	contractual	ADJ
cblr-7159	141	114	relationship	relationship	NOUN
cblr-7159	141	115	with	with	ADP
cblr-7159	141	116	the	the	DET
cblr-7159	141	117	lender.31	lender.31	NOUN
cblr-7159	141	118	lenders	lender	NOUN
cblr-7159	141	119	often	often	ADV
cblr-7159	141	120	include	include	VERB
cblr-7159	141	121	covenants	covenant	NOUN
cblr-7159	141	122	in	in	ADP
cblr-7159	141	123	their	their	PRON
cblr-7159	141	124	contracts	contract	NOUN
cblr-7159	141	125	that	that	PRON
cblr-7159	141	126	allow	allow	VERB
cblr-7159	141	127	them	they	PRON
cblr-7159	141	128	to	to	PART
cblr-7159	141	129	monitor	monitor	VERB
cblr-7159	141	130	borrowers	borrower	NOUN
cblr-7159	141	131	by	by	ADP
cblr-7159	141	132	,	,	PUNCT
cblr-7159	141	133	for	for	ADP
cblr-7159	141	134	example	example	NOUN
cblr-7159	141	135	,	,	PUNCT
cblr-7159	141	136	requiring	require	VERB
cblr-7159	141	137	periodic	periodic	ADJ
cblr-7159	141	138	reports	report	NOUN
cblr-7159	141	139	,	,	PUNCT
cblr-7159	141	140	and	and	CCONJ
cblr-7159	141	141	setting	set	VERB
cblr-7159	141	142	limits	limit	NOUN
cblr-7159	141	143	on	on	ADP
cblr-7159	141	144	how	how	SCONJ
cblr-7159	141	145	much	much	ADJ
cblr-7159	141	146	future	future	ADJ
cblr-7159	141	147	debt	debt	NOUN
cblr-7159	141	148	a	a	DET
cblr-7159	141	149	company	company	NOUN
cblr-7159	141	150	can	can	AUX
cblr-7159	141	151	take	take	VERB
cblr-7159	141	152	on	on	ADP
cblr-7159	141	153	before	before	ADP
cblr-7159	141	154	effectively	effectively	ADV
cblr-7159	141	155	being	be	AUX
cblr-7159	141	156	required	require	VERB
cblr-7159	141	157	to	to	PART
cblr-7159	141	158	get	get	VERB
cblr-7159	141	159	permission	permission	NOUN
cblr-7159	141	160	from	from	ADP
cblr-7159	141	161	the	the	DET
cblr-7159	141	162	lender.32	lender.32	NOUN
cblr-7159	141	163	loans	loan	NOUN
cblr-7159	141	164	also	also	ADV
cblr-7159	141	165	frequently	frequently	ADV
cblr-7159	141	166	restrict	restrict	VERB
cblr-7159	141	167	borrower	borrower	NOUN
cblr-7159	141	168	behavior	behavior	NOUN
cblr-7159	141	169	by	by	ADP
cblr-7159	141	170	requiring	require	VERB
cblr-7159	141	171	the	the	DET
cblr-7159	141	172	lender	lender	NOUN
cblr-7159	141	173	’s	’s	PART
cblr-7159	141	174	permission	permission	NOUN
cblr-7159	141	175	to	to	PART
cblr-7159	141	176	acquire	acquire	VERB
cblr-7159	141	177	large	large	ADJ
cblr-7159	141	178	28	28	NUM
cblr-7159	141	179	see	see	VERB
cblr-7159	141	180	mayra	mayra	PROPN
cblr-7159	141	181	rodriguez	rodriguez	PROPN
cblr-7159	141	182	valladares	valladares	PROPN
cblr-7159	141	183	,	,	PUNCT
cblr-7159	141	184	u.s	u.s	PROPN
cblr-7159	141	185	.	.	PROPN
cblr-7159	141	186	corporate	corporate	ADJ
cblr-7159	141	187	debt	debt	NOUN
cblr-7159	141	188	continues	continue	VERB
cblr-7159	141	189	to	to	PART
cblr-7159	141	190	rise	rise	VERB
cblr-7159	141	191	as	as	SCONJ
cblr-7159	141	192	do	do	AUX
cblr-7159	141	193	problem	problem	VERB
cblr-7159	141	194	leveraged	leveraged	ADJ
cblr-7159	141	195	loans	loan	NOUN
cblr-7159	141	196	,	,	PUNCT
cblr-7159	141	197	forbes	forbes	X
cblr-7159	141	198	(	(	PUNCT
cblr-7159	141	199	july	july	PROPN
cblr-7159	141	200	25	25	NUM
cblr-7159	141	201	,	,	PUNCT
cblr-7159	141	202	2019	2019	NUM
cblr-7159	141	203	)	)	PUNCT
cblr-7159	141	204	,	,	PUNCT
cblr-7159	141	205	https://www.forbes.com/sites/mayrarodriguezvalladares/2019/07/25/u-scorporate-debt-continues-to-rise-as-do-problem-leveraged-loans	https://www.forbes.com/sites/mayrarodriguezvalladares/2019/07/25/u-scorporate-debt-continues-to-rise-as-do-problem-leveraged-loans	PROPN
cblr-7159	142	1	[	[	X
cblr-7159	142	2	https://perma.cc/xrl3-wvta	https://perma.cc/xrl3-wvta	PROPN
cblr-7159	142	3	]	]	X
cblr-7159	142	4	(	(	PUNCT
cblr-7159	142	5	stating	state	VERB
cblr-7159	142	6	that	that	SCONJ
cblr-7159	142	7	“	"	PUNCT
cblr-7159	142	8	total	total	VERB
cblr-7159	142	9	us	us	PROPN
cblr-7159	142	10	corporate	corporate	ADJ
cblr-7159	142	11	debt	debt	NOUN
cblr-7159	142	12	is	be	AUX
cblr-7159	142	13	$	$	SYM
cblr-7159	142	14	15.5	15.5	NUM
cblr-7159	142	15	trillion	trillion	NUM
cblr-7159	142	16	,	,	PUNCT
cblr-7159	142	17	74	74	NUM
cblr-7159	142	18	%	%	NOUN
cblr-7159	142	19	of	of	ADP
cblr-7159	142	20	us	us	PROPN
cblr-7159	142	21	gdp	gdp	NOUN
cblr-7159	142	22	”	"	PUNCT
cblr-7159	142	23	)	)	PUNCT
cblr-7159	142	24	.	.	PUNCT
cblr-7159	143	1	29	29	NUM
cblr-7159	143	2	see	see	VERB
cblr-7159	143	3	william	william	PROPN
cblr-7159	143	4	w.	w.	PROPN
cblr-7159	143	5	bratton	bratton	PROPN
cblr-7159	143	6	,	,	PUNCT
cblr-7159	143	7	bond	bond	NOUN
cblr-7159	143	8	covenants	covenant	NOUN
cblr-7159	143	9	and	and	CCONJ
cblr-7159	143	10	creditor	creditor	NOUN
cblr-7159	143	11	protection	protection	NOUN
cblr-7159	143	12	:	:	PUNCT
cblr-7159	143	13	economics	economic	NOUN
cblr-7159	143	14	and	and	CCONJ
cblr-7159	143	15	law	law	NOUN
cblr-7159	143	16	,	,	PUNCT
cblr-7159	143	17	theory	theory	NOUN
cblr-7159	143	18	and	and	CCONJ
cblr-7159	143	19	practice	practice	NOUN
cblr-7159	143	20	,	,	PUNCT
cblr-7159	143	21	substance	substance	NOUN
cblr-7159	143	22	and	and	CCONJ
cblr-7159	143	23	process	process	VERB
cblr-7159	143	24	7	7	NUM
cblr-7159	143	25	eur	eur	NOUN
cblr-7159	143	26	.	.	PUNCT
cblr-7159	144	1	bus	bus	NOUN
cblr-7159	144	2	.	.	PUNCT
cblr-7159	145	1	org	org	PROPN
cblr-7159	145	2	.	.	PUNCT
cblr-7159	146	1	l.	l.	PROPN
cblr-7159	146	2	rev	rev	PROPN
cblr-7159	146	3	.	.	PROPN
cblr-7159	146	4	39	39	NUM
cblr-7159	146	5	,	,	PUNCT
cblr-7159	146	6	68	68	NUM
cblr-7159	146	7	(	(	PUNCT
cblr-7159	146	8	2006	2006	NUM
cblr-7159	146	9	)	)	PUNCT
cblr-7159	146	10	(	(	PUNCT
cblr-7159	146	11	explaining	explain	VERB
cblr-7159	146	12	the	the	DET
cblr-7159	146	13	uses	use	NOUN
cblr-7159	146	14	of	of	ADP
cblr-7159	146	15	corporate	corporate	ADJ
cblr-7159	146	16	bonds	bond	NOUN
cblr-7159	146	17	and	and	CCONJ
cblr-7159	146	18	loans	loan	NOUN
cblr-7159	146	19	and	and	CCONJ
cblr-7159	146	20	stating	state	VERB
cblr-7159	146	21	that	that	SCONJ
cblr-7159	146	22	“	"	PUNCT
cblr-7159	146	23	[	[	X
cblr-7159	146	24	d]ebt	d]ebt	NOUN
cblr-7159	146	25	contracts	contract	NOUN
cblr-7159	146	26	,	,	PUNCT
cblr-7159	146	27	both	both	CCONJ
cblr-7159	146	28	public	public	ADJ
cblr-7159	146	29	and	and	CCONJ
cblr-7159	146	30	private	private	ADJ
cblr-7159	146	31	,	,	PUNCT
cblr-7159	146	32	typically	typically	ADV
cblr-7159	146	33	permit	permit	VERB
cblr-7159	146	34	covenants	covenant	NOUN
cblr-7159	146	35	to	to	PART
cblr-7159	146	36	be	be	AUX
cblr-7159	146	37	amended	amend	VERB
cblr-7159	146	38	or	or	CCONJ
cblr-7159	146	39	waived	waive	VERB
cblr-7159	146	40	by	by	ADP
cblr-7159	146	41	a	a	DET
cblr-7159	146	42	majority	majority	NOUN
cblr-7159	146	43	(	(	PUNCT
cblr-7159	146	44	simple	simple	ADJ
cblr-7159	146	45	or	or	CCONJ
cblr-7159	146	46	twothirds	twothird	NOUN
cblr-7159	146	47	of	of	ADP
cblr-7159	146	48	principal	principal	ADJ
cblr-7159	146	49	amount	amount	NOUN
cblr-7159	146	50	)	)	PUNCT
cblr-7159	146	51	of	of	ADP
cblr-7159	146	52	the	the	DET
cblr-7159	146	53	holders	holder	NOUN
cblr-7159	146	54	thereunder	thereunder	NOUN
cblr-7159	146	55	.	.	PUNCT
cblr-7159	147	1	given	give	VERB
cblr-7159	147	2	a	a	DET
cblr-7159	147	3	large	large	ADJ
cblr-7159	147	4	number	number	NOUN
cblr-7159	147	5	of	of	ADP
cblr-7159	147	6	holders	holder	NOUN
cblr-7159	147	7	,	,	PUNCT
cblr-7159	147	8	this	this	PRON
cblr-7159	147	9	means	mean	VERB
cblr-7159	147	10	a	a	DET
cblr-7159	147	11	formal	formal	ADJ
cblr-7159	147	12	proxy	proxy	NOUN
cblr-7159	147	13	solicitation	solicitation	NOUN
cblr-7159	147	14	,	,	PUNCT
cblr-7159	147	15	usually	usually	ADV
cblr-7159	147	16	made	make	VERB
cblr-7159	147	17	on	on	ADP
cblr-7159	147	18	a	a	DET
cblr-7159	147	19	takeit	takeit	ADJ
cblr-7159	147	20	-	-	PUNCT
cblr-7159	147	21	or	or	CCONJ
cblr-7159	147	22	-	-	PUNCT
cblr-7159	147	23	leave	leave	VERB
cblr-7159	147	24	-	-	PUNCT
cblr-7159	147	25	it	it	PRON
cblr-7159	147	26	basis	basis	NOUN
cblr-7159	147	27	without	without	ADP
cblr-7159	147	28	negotiation	negotiation	NOUN
cblr-7159	147	29	.	.	PUNCT
cblr-7159	148	1	such	such	ADJ
cblr-7159	148	2	dispersed	disperse	VERB
cblr-7159	148	3	bondholders	bondholder	NOUN
cblr-7159	148	4	,	,	PUNCT
cblr-7159	148	5	like	like	ADP
cblr-7159	148	6	shareholders	shareholder	NOUN
cblr-7159	148	7	,	,	PUNCT
cblr-7159	148	8	can	can	AUX
cblr-7159	148	9	suffer	suffer	VERB
cblr-7159	148	10	the	the	DET
cblr-7159	148	11	classic	classic	ADJ
cblr-7159	148	12	collective	collective	ADJ
cblr-7159	148	13	action	action	NOUN
cblr-7159	148	14	problem	problem	NOUN
cblr-7159	148	15	”	"	PUNCT
cblr-7159	148	16	(	(	PUNCT
cblr-7159	148	17	footnote	footnote	NOUN
cblr-7159	148	18	omitted	omit	VERB
cblr-7159	148	19	)	)	PUNCT
cblr-7159	148	20	)	)	PUNCT
cblr-7159	148	21	.	.	PUNCT
cblr-7159	149	1	30	30	NUM
cblr-7159	149	2	see	see	VERB
cblr-7159	149	3	i	i	PRON
cblr-7159	149	4	d.	d.	PROPN
cblr-7159	149	5	at	at	ADP
cblr-7159	149	6	44	44	NUM
cblr-7159	149	7	.	.	PUNCT
cblr-7159	149	8	31	31	NUM
cblr-7159	150	1	i	i	PRON
cblr-7159	150	2	d.	d.	PROPN
cblr-7159	150	3	32	32	NUM
cblr-7159	151	1	i	i	PRON
cblr-7159	151	2	d.	d.	NOUN
cblr-7159	151	3	at	at	ADP
cblr-7159	151	4	49–58	49–58	PROPN
cblr-7159	151	5	.	.	PUNCT
cblr-7159	152	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	152	2	(	(	PUNCT
cblr-7159	152	3	do	do	AUX
cblr-7159	152	4	not	not	PART
cblr-7159	152	5	delte	delte	VERB
cblr-7159	152	6	)	)	PUNCT
cblr-7159	152	7	9/28/2020	9/28/2020	NUM
cblr-7159	152	8	6:35	6:35	NUM
cblr-7159	152	9	pm	pm	NOUN
cblr-7159	152	10	204	204	NUM
cblr-7159	152	11	columbia	columbia	PROPN
cblr-7159	152	12	business	business	NOUN
cblr-7159	152	13	law	law	PROPN
cblr-7159	152	14	review	review	NOUN
cblr-7159	152	15	[	[	X
cblr-7159	152	16	vol	vol	NOUN
cblr-7159	152	17	.	.	PUNCT
cblr-7159	152	18	2020	2020	NUM
cblr-7159	152	19	stakes	stake	NOUN
cblr-7159	152	20	in	in	ADP
cblr-7159	152	21	other	other	ADJ
cblr-7159	152	22	companies	company	NOUN
cblr-7159	152	23	,	,	PUNCT
cblr-7159	152	24	or	or	CCONJ
cblr-7159	152	25	to	to	PART
cblr-7159	152	26	make	make	VERB
cblr-7159	152	27	large	large	ADJ
cblr-7159	152	28	capital	capital	NOUN
cblr-7159	152	29	expenditures.33	expenditures.33	ADJ
cblr-7159	152	30	while	while	SCONJ
cblr-7159	152	31	these	these	DET
cblr-7159	152	32	provisions	provision	NOUN
cblr-7159	152	33	themselves	themselves	PRON
cblr-7159	152	34	constrain	constrain	VERB
cblr-7159	152	35	corporate	corporate	ADJ
cblr-7159	152	36	borrowers	borrower	NOUN
cblr-7159	152	37	’	'	PUNCT
cblr-7159	152	38	behavior	behavior	NOUN
cblr-7159	152	39	,	,	PUNCT
cblr-7159	152	40	lenders	lender	NOUN
cblr-7159	152	41	have	have	VERB
cblr-7159	152	42	an	an	DET
cblr-7159	152	43	additional	additional	ADJ
cblr-7159	152	44	potent	potent	ADJ
cblr-7159	152	45	lever	lever	NOUN
cblr-7159	152	46	.	.	PUNCT
cblr-7159	153	1	when	when	SCONJ
cblr-7159	153	2	a	a	DET
cblr-7159	153	3	borrower	borrower	NOUN
cblr-7159	153	4	violates	violate	VERB
cblr-7159	153	5	one	one	NUM
cblr-7159	153	6	of	of	ADP
cblr-7159	153	7	these	these	DET
cblr-7159	153	8	covenants	covenant	NOUN
cblr-7159	153	9	,	,	PUNCT
cblr-7159	153	10	for	for	ADP
cblr-7159	153	11	example	example	NOUN
cblr-7159	153	12	,	,	PUNCT
cblr-7159	153	13	by	by	ADP
cblr-7159	153	14	allowing	allow	VERB
cblr-7159	153	15	its	its	PRON
cblr-7159	153	16	debt	debt	NOUN
cblr-7159	153	17	-	-	PUNCT
cblr-7159	153	18	to	to	ADP
cblr-7159	153	19	-	-	PUNCT
cblr-7159	153	20	equity	equity	NOUN
cblr-7159	153	21	ratio	ratio	NOUN
cblr-7159	153	22	to	to	PART
cblr-7159	153	23	exceed	exceed	VERB
cblr-7159	153	24	the	the	DET
cblr-7159	153	25	limit	limit	NOUN
cblr-7159	153	26	set	set	VERB
cblr-7159	153	27	in	in	ADP
cblr-7159	153	28	the	the	DET
cblr-7159	153	29	loan	loan	NOUN
cblr-7159	153	30	contract	contract	NOUN
cblr-7159	153	31	,	,	PUNCT
cblr-7159	153	32	the	the	DET
cblr-7159	153	33	lender	lender	NOUN
cblr-7159	153	34	acquires	acquire	VERB
cblr-7159	153	35	the	the	DET
cblr-7159	153	36	right	right	NOUN
cblr-7159	153	37	to	to	PART
cblr-7159	153	38	accelerate	accelerate	VERB
cblr-7159	153	39	repayment	repayment	NOUN
cblr-7159	153	40	(	(	PUNCT
cblr-7159	153	41	i.e.	i.e.	X
cblr-7159	153	42	,	,	PUNCT
cblr-7159	153	43	ask	ask	VERB
cblr-7159	153	44	for	for	ADP
cblr-7159	153	45	immediate	immediate	ADJ
cblr-7159	153	46	payment	payment	NOUN
cblr-7159	153	47	of	of	ADP
cblr-7159	153	48	the	the	DET
cblr-7159	153	49	loan	loan	NOUN
cblr-7159	153	50	’s	’s	PART
cblr-7159	153	51	principal	principal	NOUN
cblr-7159	153	52	and	and	CCONJ
cblr-7159	153	53	interest).34	interest).34	PROPN
cblr-7159	153	54	lenders	lender	NOUN
cblr-7159	153	55	rarely	rarely	ADV
cblr-7159	153	56	invoke	invoke	VERB
cblr-7159	153	57	this	this	PRON
cblr-7159	153	58	right	right	ADV
cblr-7159	153	59	in	in	ADP
cblr-7159	153	60	reality	reality	NOUN
cblr-7159	153	61	,	,	PUNCT
cblr-7159	153	62	as	as	SCONJ
cblr-7159	153	63	borrowers	borrower	NOUN
cblr-7159	153	64	could	could	AUX
cblr-7159	153	65	seldom	seldom	ADV
cblr-7159	153	66	actually	actually	ADV
cblr-7159	153	67	repay	repay	VERB
cblr-7159	153	68	on	on	ADP
cblr-7159	153	69	such	such	DET
cblr-7159	153	70	an	an	DET
cblr-7159	153	71	accelerated	accelerated	ADJ
cblr-7159	153	72	basis	basis	NOUN
cblr-7159	153	73	and	and	CCONJ
cblr-7159	153	74	may	may	AUX
cblr-7159	153	75	risk	risk	VERB
cblr-7159	153	76	ending	end	VERB
cblr-7159	153	77	up	up	ADP
cblr-7159	153	78	in	in	ADP
cblr-7159	153	79	bankruptcy	bankruptcy	NOUN
cblr-7159	153	80	if	if	SCONJ
cblr-7159	153	81	they	they	PRON
cblr-7159	153	82	attempted	attempt	VERB
cblr-7159	153	83	to	to	PART
cblr-7159	153	84	do	do	VERB
cblr-7159	153	85	so.35	so.35	NOUN
cblr-7159	153	86	bankruptcy	bankruptcy	NOUN
cblr-7159	153	87	is	be	AUX
cblr-7159	153	88	an	an	DET
cblr-7159	153	89	undesirable	undesirable	ADJ
cblr-7159	153	90	outcome	outcome	NOUN
cblr-7159	153	91	for	for	ADP
cblr-7159	153	92	the	the	DET
cblr-7159	153	93	lender	lender	NOUN
cblr-7159	153	94	as	as	ADV
cblr-7159	153	95	well	well	ADV
cblr-7159	153	96	as	as	ADP
cblr-7159	153	97	the	the	DET
cblr-7159	153	98	borrower	borrower	NOUN
cblr-7159	153	99	,	,	PUNCT
cblr-7159	153	100	because	because	SCONJ
cblr-7159	153	101	it	it	PRON
cblr-7159	153	102	can	can	AUX
cblr-7159	153	103	tie	tie	VERB
cblr-7159	153	104	up	up	ADP
cblr-7159	153	105	company	company	NOUN
cblr-7159	153	106	assets	asset	NOUN
cblr-7159	153	107	,	,	PUNCT
cblr-7159	153	108	hinder	hinder	VERB
cblr-7159	153	109	the	the	DET
cblr-7159	153	110	company	company	NOUN
cblr-7159	153	111	’s	’s	PART
cblr-7159	153	112	operations	operation	NOUN
cblr-7159	153	113	,	,	PUNCT
cblr-7159	153	114	and	and	CCONJ
cblr-7159	153	115	result	result	VERB
cblr-7159	153	116	in	in	ADP
cblr-7159	153	117	the	the	DET
cblr-7159	153	118	lender	lender	NOUN
cblr-7159	153	119	sacrificing	sacrifice	VERB
cblr-7159	153	120	a	a	DET
cblr-7159	153	121	portion	portion	NOUN
cblr-7159	153	122	of	of	ADP
cblr-7159	153	123	its	its	PRON
cblr-7159	153	124	claim	claim	NOUN
cblr-7159	153	125	.	.	PUNCT
cblr-7159	154	1	instead	instead	ADV
cblr-7159	154	2	,	,	PUNCT
cblr-7159	154	3	lenders	lender	NOUN
cblr-7159	154	4	typically	typically	ADV
cblr-7159	154	5	waive	waive	VERB
cblr-7159	154	6	these	these	DET
cblr-7159	154	7	covenant	covenant	ADJ
cblr-7159	154	8	violations	violation	NOUN
cblr-7159	154	9	and	and	CCONJ
cblr-7159	154	10	renegotiate	renegotiate	VERB
cblr-7159	154	11	the	the	DET
cblr-7159	154	12	loan	loan	NOUN
cblr-7159	154	13	agreement	agreement	NOUN
cblr-7159	154	14	in	in	ADP
cblr-7159	154	15	exchange	exchange	NOUN
cblr-7159	154	16	for	for	ADP
cblr-7159	154	17	remedial	remedial	ADJ
cblr-7159	154	18	action	action	NOUN
cblr-7159	154	19	by	by	ADP
cblr-7159	154	20	the	the	DET
cblr-7159	154	21	borrower	borrower	NOUN
cblr-7159	154	22	according	accord	VERB
cblr-7159	154	23	to	to	ADP
cblr-7159	154	24	the	the	DET
cblr-7159	154	25	lender	lender	NOUN
cblr-7159	154	26	’s	’s	PART
cblr-7159	154	27	wishes.36	wishes.36	PROPN
cblr-7159	154	28	lenders	lender	NOUN
cblr-7159	154	29	’	’	PART
cblr-7159	154	30	waiver	waiver	NOUN
cblr-7159	154	31	and	and	CCONJ
cblr-7159	154	32	renegotiation	renegotiation	NOUN
cblr-7159	154	33	gives	give	VERB
cblr-7159	154	34	them	they	PRON
cblr-7159	154	35	substantial	substantial	ADJ
cblr-7159	154	36	influence	influence	NOUN
cblr-7159	154	37	in	in	ADP
cblr-7159	154	38	corporate	corporate	ADJ
cblr-7159	154	39	governance.37	governance.37	PROPN
cblr-7159	154	40	this	this	DET
cblr-7159	154	41	governance	governance	NOUN
cblr-7159	154	42	influence	influence	NOUN
cblr-7159	154	43	has	have	AUX
cblr-7159	154	44	been	be	AUX
cblr-7159	154	45	both	both	PRON
cblr-7159	154	46	theorized	theorize	VERB
cblr-7159	154	47	by	by	ADP
cblr-7159	154	48	scholars,38	scholars,38	NOUN
cblr-7159	154	49	and	and	CCONJ
cblr-7159	154	50	documented	document	VERB
cblr-7159	154	51	in	in	ADP
cblr-7159	154	52	quantitative	quantitative	ADJ
cblr-7159	154	53	empirical	empirical	ADJ
cblr-7159	154	54	studies,39	studies,39	NOUN
cblr-7159	154	55	as	as	SCONJ
cblr-7159	154	56	further	far	ADV
cblr-7159	154	57	explained	explain	VERB
cblr-7159	154	58	below	below	ADV
cblr-7159	154	59	.	.	PUNCT
cblr-7159	155	1	1	1	X
cblr-7159	155	2	.	.	X
cblr-7159	155	3	lenders	lender	NOUN
cblr-7159	155	4	and	and	CCONJ
cblr-7159	155	5	agency	agency	NOUN
cblr-7159	155	6	costs	cost	NOUN
cblr-7159	155	7	scholars	scholar	NOUN
cblr-7159	155	8	have	have	AUX
cblr-7159	155	9	found	find	VERB
cblr-7159	155	10	that	that	SCONJ
cblr-7159	155	11	lenders	lender	NOUN
cblr-7159	155	12	fulfill	fulfill	VERB
cblr-7159	155	13	an	an	DET
cblr-7159	155	14	important	important	ADJ
cblr-7159	155	15	role	role	NOUN
cblr-7159	155	16	in	in	ADP
cblr-7159	155	17	the	the	DET
cblr-7159	155	18	corporate	corporate	ADJ
cblr-7159	155	19	governance	governance	NOUN
cblr-7159	155	20	ecosystem	ecosystem	NOUN
cblr-7159	155	21	by	by	ADP
cblr-7159	155	22	influencing	influence	VERB
cblr-7159	155	23	agency	agency	NOUN
cblr-7159	155	24	costs	cost	NOUN
cblr-7159	155	25	,	,	PUNCT
cblr-7159	155	26	a	a	DET
cblr-7159	155	27	primary	primary	ADJ
cblr-7159	155	28	focus	focus	NOUN
cblr-7159	155	29	of	of	ADP
cblr-7159	155	30	corporate	corporate	ADJ
cblr-7159	155	31	law.40	law.40	NOUN
cblr-7159	155	32	agency	agency	NOUN
cblr-7159	155	33	costs	cost	NOUN
cblr-7159	155	34	arise	arise	VERB
cblr-7159	155	35	33	33	NUM
cblr-7159	155	36	i	i	PROPN
cblr-7159	155	37	d.	d.	PROPN
cblr-7159	155	38	at	at	ADP
cblr-7159	155	39	54–57	54–57	NUM
cblr-7159	155	40	.	.	PUNCT
cblr-7159	156	1	34	34	NUM
cblr-7159	157	1	i	i	PRON
cblr-7159	157	2	d.	d.	PROPN
cblr-7159	157	3	at	at	ADP
cblr-7159	157	4	54	54	NUM
cblr-7159	157	5	,	,	PUNCT
cblr-7159	157	6	57–58	57–58	PROPN
cblr-7159	157	7	.	.	PUNCT
cblr-7159	157	8	35	35	NUM
cblr-7159	158	1	i	i	PRON
cblr-7159	158	2	d.	d.	PROPN
cblr-7159	158	3	at	at	ADP
cblr-7159	158	4	54	54	NUM
cblr-7159	158	5	.	.	PUNCT
cblr-7159	159	1	36	36	NUM
cblr-7159	159	2	see	see	VERB
cblr-7159	159	3	nini	nini	PROPN
cblr-7159	159	4	et	et	PROPN
cblr-7159	159	5	al	al	PROPN
cblr-7159	159	6	.	.	PROPN
cblr-7159	159	7	,	,	PUNCT
cblr-7159	159	8	creditor	creditor	NOUN
cblr-7159	159	9	control	control	NOUN
cblr-7159	159	10	rights	right	NOUN
cblr-7159	159	11	,	,	PUNCT
cblr-7159	159	12	supra	supra	PROPN
cblr-7159	159	13	note	note	NOUN
cblr-7159	159	14	14	14	NUM
cblr-7159	159	15	,	,	PUNCT
cblr-7159	159	16	at	at	ADP
cblr-7159	159	17	1715	1715	NUM
cblr-7159	159	18	.	.	PUNCT
cblr-7159	160	1	37	37	NUM
cblr-7159	161	1	i	i	PRON
cblr-7159	161	2	d.	d.	PROPN
cblr-7159	161	3	see	see	VERB
cblr-7159	161	4	also	also	ADV
cblr-7159	161	5	baird	baird	PROPN
cblr-7159	161	6	&	&	CCONJ
cblr-7159	161	7	rasmussen	rasmussen	PROPN
cblr-7159	161	8	,	,	PUNCT
cblr-7159	161	9	supra	supra	PROPN
cblr-7159	161	10	note	note	PROPN
cblr-7159	161	11	1	1	NUM
cblr-7159	161	12	,	,	PUNCT
cblr-7159	161	13	at	at	ADP
cblr-7159	161	14	1210–11	1210–11	NOUN
cblr-7159	161	15	.	.	PUNCT
cblr-7159	162	1	38	38	NUM
cblr-7159	162	2	see	see	VERB
cblr-7159	162	3	,	,	PUNCT
cblr-7159	162	4	e.g.	e.g.	ADV
cblr-7159	162	5	,	,	PUNCT
cblr-7159	162	6	triantis	triantis	PROPN
cblr-7159	162	7	&	&	CCONJ
cblr-7159	162	8	daniels	daniels	PROPN
cblr-7159	162	9	,	,	PUNCT
cblr-7159	162	10	supra	supra	PROPN
cblr-7159	162	11	note	note	PROPN
cblr-7159	162	12	1	1	NUM
cblr-7159	162	13	,	,	PUNCT
cblr-7159	162	14	at	at	ADP
cblr-7159	162	15	1082–90	1082–90	NUM
cblr-7159	162	16	;	;	PUNCT
cblr-7159	162	17	baird	baird	PROPN
cblr-7159	162	18	&	&	CCONJ
cblr-7159	162	19	rasmussen	rasmussen	PROPN
cblr-7159	162	20	,	,	PUNCT
cblr-7159	162	21	supra	supra	PROPN
cblr-7159	162	22	note	note	PROPN
cblr-7159	162	23	1	1	NUM
cblr-7159	162	24	,	,	PUNCT
cblr-7159	162	25	at	at	ADP
cblr-7159	162	26	1216–17	1216–17	NUM
cblr-7159	162	27	.	.	PUNCT
cblr-7159	163	1	39	39	NUM
cblr-7159	163	2	see	see	VERB
cblr-7159	163	3	nini	nini	PROPN
cblr-7159	163	4	et	et	PROPN
cblr-7159	163	5	al	al	PROPN
cblr-7159	163	6	.	.	PROPN
cblr-7159	163	7	,	,	PUNCT
cblr-7159	163	8	creditor	creditor	NOUN
cblr-7159	163	9	control	control	NOUN
cblr-7159	163	10	rights	right	NOUN
cblr-7159	163	11	,	,	PUNCT
cblr-7159	163	12	supra	supra	PROPN
cblr-7159	163	13	note	note	NOUN
cblr-7159	163	14	14	14	NUM
cblr-7159	163	15	,	,	PUNCT
cblr-7159	163	16	at	at	ADP
cblr-7159	163	17	1715–17	1715–17	NUM
cblr-7159	163	18	,	,	PUNCT
cblr-7159	163	19	1720–46	1720–46	NUM
cblr-7159	163	20	;	;	PUNCT
cblr-7159	163	21	shepherd	shepherd	NOUN
cblr-7159	163	22	et	et	PROPN
cblr-7159	163	23	al	al	PROPN
cblr-7159	163	24	.	.	PROPN
cblr-7159	163	25	,	,	PUNCT
cblr-7159	163	26	what	what	PRON
cblr-7159	163	27	else	else	ADV
cblr-7159	163	28	matters	matter	VERB
cblr-7159	163	29	,	,	PUNCT
cblr-7159	163	30	supra	supra	PROPN
cblr-7159	163	31	note	note	NOUN
cblr-7159	163	32	1	1	NUM
cblr-7159	163	33	,	,	PUNCT
cblr-7159	163	34	at	at	ADP
cblr-7159	163	35	994–96	994–96	NUM
cblr-7159	163	36	,	,	PUNCT
cblr-7159	163	37	1013	1013	NUM
cblr-7159	163	38	–	–	PUNCT
cblr-7159	163	39	20	20	NUM
cblr-7159	163	40	,	,	PUNCT
cblr-7159	163	41	1027–39	1027–39	NOUN
cblr-7159	163	42	.	.	PUNCT
cblr-7159	164	1	40	40	NUM
cblr-7159	164	2	see	see	VERB
cblr-7159	164	3	triantis	triantis	PROPN
cblr-7159	164	4	&	&	CCONJ
cblr-7159	164	5	daniels	daniels	PROPN
cblr-7159	164	6	,	,	PUNCT
cblr-7159	164	7	supra	supra	PROPN
cblr-7159	164	8	note	note	PROPN
cblr-7159	164	9	1	1	NUM
cblr-7159	164	10	,	,	PUNCT
cblr-7159	164	11	at	at	ADP
cblr-7159	164	12	1074	1074	NUM
cblr-7159	164	13	,	,	PUNCT
cblr-7159	164	14	1082	1082	NUM
cblr-7159	164	15	;	;	PUNCT
cblr-7159	164	16	see	see	VERB
cblr-7159	164	17	also	also	ADV
cblr-7159	164	18	michael	michael	PROPN
cblr-7159	164	19	c.	c.	PROPN
cblr-7159	164	20	jensen	jensen	PROPN
cblr-7159	164	21	&	&	CCONJ
cblr-7159	164	22	william	william	PROPN
cblr-7159	164	23	h.	h.	PROPN
cblr-7159	164	24	meckling	meckling	PROPN
cblr-7159	164	25	,	,	PUNCT
cblr-7159	164	26	theory	theory	NOUN
cblr-7159	164	27	of	of	ADP
cblr-7159	164	28	the	the	DET
cblr-7159	164	29	firm	firm	NOUN
cblr-7159	164	30	:	:	PUNCT
cblr-7159	164	31	managerial	managerial	ADJ
cblr-7159	164	32	behavior	behavior	NOUN
cblr-7159	164	33	,	,	PUNCT
cblr-7159	164	34	agency	agency	NOUN
cblr-7159	164	35	costs	cost	NOUN
cblr-7159	164	36	and	and	CCONJ
cblr-7159	164	37	ownership	ownership	NOUN
cblr-7159	164	38	structure	structure	NOUN
cblr-7159	164	39	,	,	PUNCT
cblr-7159	164	40	3	3	NUM
cblr-7159	164	41	j.	j.	PROPN
cblr-7159	164	42	fin	fin	PROPN
cblr-7159	164	43	.	.	PUNCT
cblr-7159	165	1	econ	econ	PROPN
cblr-7159	165	2	.	.	PUNCT
cblr-7159	166	1	305	305	NUM
cblr-7159	166	2	,	,	PUNCT
cblr-7159	166	3	308–09	308–09	NUM
cblr-7159	166	4	(	(	PUNCT
cblr-7159	166	5	1976	1976	NUM
cblr-7159	166	6	)	)	PUNCT
cblr-7159	166	7	.	.	PUNCT
cblr-7159	167	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	167	2	(	(	PUNCT
cblr-7159	167	3	do	do	AUX
cblr-7159	167	4	not	not	PART
cblr-7159	167	5	delete	delete	VERB
cblr-7159	167	6	)	)	PUNCT
cblr-7159	167	7	9/28/2020	9/28/2020	NUM
cblr-7159	167	8	6:35	6:35	NUM
cblr-7159	167	9	pm	pm	NOUN
cblr-7159	167	10	no	no	INTJ
cblr-7159	167	11	.	.	PUNCT
cblr-7159	168	1	1:192	1:192	X
cblr-7159	168	2	]	]	X
cblr-7159	168	3	reconsidering	reconsider	VERB
cblr-7159	168	4	creditor	creditor	NOUN
cblr-7159	168	5	governance	governance	NOUN
cblr-7159	168	6	205	205	NUM
cblr-7159	168	7	from	from	ADP
cblr-7159	168	8	the	the	DET
cblr-7159	168	9	separation	separation	NOUN
cblr-7159	168	10	of	of	ADP
cblr-7159	168	11	ownership	ownership	NOUN
cblr-7159	168	12	and	and	CCONJ
cblr-7159	168	13	control	control	NOUN
cblr-7159	168	14	—	—	PUNCT
cblr-7159	168	15	that	that	ADV
cblr-7159	168	16	is	is	ADV
cblr-7159	168	17	,	,	PUNCT
cblr-7159	168	18	when	when	SCONJ
cblr-7159	168	19	the	the	DET
cblr-7159	168	20	interests	interest	NOUN
cblr-7159	168	21	of	of	ADP
cblr-7159	168	22	shareholder	shareholder	NOUN
cblr-7159	168	23	-	-	PUNCT
cblr-7159	168	24	owners	owner	NOUN
cblr-7159	168	25	diverge	diverge	VERB
cblr-7159	168	26	from	from	ADP
cblr-7159	168	27	the	the	DET
cblr-7159	168	28	interests	interest	NOUN
cblr-7159	168	29	of	of	ADP
cblr-7159	168	30	corporate	corporate	ADJ
cblr-7159	168	31	manager	manager	NOUN
cblr-7159	168	32	-	-	PUNCT
cblr-7159	168	33	agents.41	agents.41	NOUN
cblr-7159	168	34	shareholders	shareholder	NOUN
cblr-7159	168	35	,	,	PUNCT
cblr-7159	168	36	who	who	PRON
cblr-7159	168	37	generally	generally	ADV
cblr-7159	168	38	delegate	delegate	VERB
cblr-7159	168	39	the	the	DET
cblr-7159	168	40	responsibility	responsibility	NOUN
cblr-7159	168	41	of	of	ADP
cblr-7159	168	42	managing	manage	VERB
cblr-7159	168	43	the	the	DET
cblr-7159	168	44	firm	firm	NOUN
cblr-7159	168	45	to	to	ADP
cblr-7159	168	46	others	other	NOUN
cblr-7159	168	47	,	,	PUNCT
cblr-7159	168	48	might	might	AUX
cblr-7159	168	49	worry	worry	VERB
cblr-7159	168	50	that	that	SCONJ
cblr-7159	168	51	the	the	DET
cblr-7159	168	52	managers	manager	NOUN
cblr-7159	168	53	will	will	AUX
cblr-7159	168	54	serve	serve	VERB
cblr-7159	168	55	their	their	PRON
cblr-7159	168	56	own	own	ADJ
cblr-7159	168	57	interests	interest	NOUN
cblr-7159	168	58	at	at	ADP
cblr-7159	168	59	the	the	DET
cblr-7159	168	60	expense	expense	NOUN
cblr-7159	168	61	of	of	ADP
cblr-7159	168	62	firm	firm	ADJ
cblr-7159	168	63	value.42	value.42	NOUN
cblr-7159	168	64	this	this	PRON
cblr-7159	168	65	may	may	AUX
cblr-7159	168	66	happen	happen	VERB
cblr-7159	168	67	for	for	ADP
cblr-7159	168	68	a	a	DET
cblr-7159	168	69	number	number	NOUN
cblr-7159	168	70	of	of	ADP
cblr-7159	168	71	reasons	reason	NOUN
cblr-7159	168	72	:	:	PUNCT
cblr-7159	168	73	management	management	NOUN
cblr-7159	168	74	’s	’s	PART
cblr-7159	168	75	desire	desire	NOUN
cblr-7159	168	76	to	to	PART
cblr-7159	168	77	entrench	entrench	VERB
cblr-7159	168	78	itself	itself	PRON
cblr-7159	168	79	,	,	PUNCT
cblr-7159	168	80	a	a	DET
cblr-7159	168	81	pursuit	pursuit	NOUN
cblr-7159	168	82	of	of	ADP
cblr-7159	168	83	excessive	excessive	ADJ
cblr-7159	168	84	compensation,43	compensation,43	ADJ
cblr-7159	168	85	overconsumption	overconsumption	NOUN
cblr-7159	168	86	of	of	ADP
cblr-7159	168	87	corporate	corporate	ADJ
cblr-7159	168	88	perquisites	perquisite	NOUN
cblr-7159	168	89	,	,	PUNCT
cblr-7159	168	90	a	a	DET
cblr-7159	168	91	bias	bias	NOUN
cblr-7159	168	92	towards	towards	ADP
cblr-7159	168	93	empire	empire	NOUN
cblr-7159	168	94	building,44	building,44	ADV
cblr-7159	168	95	or	or	CCONJ
cblr-7159	168	96	simple	simple	ADJ
cblr-7159	168	97	incompetence	incompetence	NOUN
cblr-7159	168	98	.	.	PUNCT
cblr-7159	169	1	remedying	remedy	VERB
cblr-7159	169	2	these	these	DET
cblr-7159	169	3	agency	agency	NOUN
cblr-7159	169	4	costs	cost	NOUN
cblr-7159	169	5	is	be	AUX
cblr-7159	169	6	often	often	ADV
cblr-7159	169	7	seen	see	VERB
cblr-7159	169	8	as	as	ADP
cblr-7159	169	9	the	the	DET
cblr-7159	169	10	goal	goal	NOUN
cblr-7159	169	11	of	of	ADP
cblr-7159	169	12	corporate	corporate	ADJ
cblr-7159	169	13	governance.45	governance.45	NOUN
cblr-7159	169	14	the	the	DET
cblr-7159	169	15	mechanisms	mechanism	NOUN
cblr-7159	169	16	for	for	ADP
cblr-7159	169	17	doing	do	VERB
cblr-7159	169	18	so	so	ADV
cblr-7159	169	19	41	41	NUM
cblr-7159	169	20	the	the	DET
cblr-7159	169	21	separation	separation	NOUN
cblr-7159	169	22	of	of	ADP
cblr-7159	169	23	ownership	ownership	NOUN
cblr-7159	169	24	and	and	CCONJ
cblr-7159	169	25	control	control	NOUN
cblr-7159	169	26	was	be	AUX
cblr-7159	169	27	famously	famously	ADV
cblr-7159	169	28	observed	observe	VERB
cblr-7159	169	29	by	by	ADP
cblr-7159	169	30	berle	berle	NOUN
cblr-7159	169	31	and	and	CCONJ
cblr-7159	169	32	means	mean	NOUN
cblr-7159	169	33	.	.	PUNCT
cblr-7159	170	1	see	see	VERB
cblr-7159	170	2	generally	generally	ADV
cblr-7159	170	3	adolf	adolf	PROPN
cblr-7159	170	4	a.	a.	NOUN
cblr-7159	170	5	berle	berle	PROPN
cblr-7159	170	6	,	,	PUNCT
cblr-7159	170	7	jr	jr	PROPN
cblr-7159	170	8	.	.	PROPN
cblr-7159	170	9	&	&	CCONJ
cblr-7159	170	10	gardiner	gardiner	PROPN
cblr-7159	170	11	c.	c.	PROPN
cblr-7159	170	12	means	mean	VERB
cblr-7159	170	13	,	,	PUNCT
cblr-7159	170	14	the	the	DET
cblr-7159	170	15	modern	modern	ADJ
cblr-7159	170	16	corporation	corporation	NOUN
cblr-7159	170	17	and	and	CCONJ
cblr-7159	170	18	private	private	ADJ
cblr-7159	170	19	property	property	NOUN
cblr-7159	170	20	(	(	PUNCT
cblr-7159	170	21	1932	1932	NUM
cblr-7159	170	22	)	)	PUNCT
cblr-7159	170	23	.	.	PUNCT
cblr-7159	171	1	the	the	DET
cblr-7159	171	2	basic	basic	ADJ
cblr-7159	171	3	agency	agency	NOUN
cblr-7159	171	4	cost	cost	NOUN
cblr-7159	171	5	problem	problem	NOUN
cblr-7159	171	6	has	have	AUX
cblr-7159	171	7	been	be	AUX
cblr-7159	171	8	the	the	DET
cblr-7159	171	9	subject	subject	NOUN
cblr-7159	171	10	of	of	ADP
cblr-7159	171	11	a	a	DET
cblr-7159	171	12	large	large	ADJ
cblr-7159	171	13	body	body	NOUN
cblr-7159	171	14	of	of	ADP
cblr-7159	171	15	scholarship	scholarship	NOUN
cblr-7159	171	16	ever	ever	ADV
cblr-7159	171	17	since	since	ADV
cblr-7159	171	18	.	.	PUNCT
cblr-7159	172	1	see	see	VERB
cblr-7159	172	2	,	,	PUNCT
cblr-7159	172	3	e.g.	e.g.	ADV
cblr-7159	172	4	,	,	PUNCT
cblr-7159	172	5	jensen	jensen	PROPN
cblr-7159	172	6	&	&	CCONJ
cblr-7159	172	7	meckling	meckling	PROPN
cblr-7159	172	8	,	,	PUNCT
cblr-7159	172	9	supra	supra	PROPN
cblr-7159	172	10	note	note	PROPN
cblr-7159	172	11	40	40	NUM
cblr-7159	172	12	,	,	PUNCT
cblr-7159	172	13	at	at	ADP
cblr-7159	172	14	308	308	NUM
cblr-7159	172	15	;	;	PUNCT
cblr-7159	172	16	eugene	eugene	PROPN
cblr-7159	172	17	f.	f.	PROPN
cblr-7159	172	18	fama	fama	PROPN
cblr-7159	172	19	&	&	CCONJ
cblr-7159	172	20	michael	michael	PROPN
cblr-7159	172	21	c.	c.	PROPN
cblr-7159	172	22	jensen	jensen	PROPN
cblr-7159	172	23	,	,	PUNCT
cblr-7159	172	24	separation	separation	NOUN
cblr-7159	172	25	of	of	ADP
cblr-7159	172	26	ownership	ownership	NOUN
cblr-7159	172	27	and	and	CCONJ
cblr-7159	172	28	control	control	NOUN
cblr-7159	172	29	,	,	PUNCT
cblr-7159	172	30	26	26	NUM
cblr-7159	172	31	j.	j.	PROPN
cblr-7159	172	32	l.	l.	PROPN
cblr-7159	172	33	&	&	CCONJ
cblr-7159	172	34	econ	econ	PROPN
cblr-7159	172	35	.	.	PROPN
cblr-7159	173	1	301	301	NUM
cblr-7159	173	2	,	,	PUNCT
cblr-7159	173	3	301–02	301–02	NUM
cblr-7159	173	4	(	(	PUNCT
cblr-7159	173	5	1983	1983	NUM
cblr-7159	173	6	)	)	PUNCT
cblr-7159	173	7	(	(	PUNCT
cblr-7159	173	8	exploring	explore	VERB
cblr-7159	173	9	agency	agency	NOUN
cblr-7159	173	10	costs	cost	NOUN
cblr-7159	173	11	in	in	ADP
cblr-7159	173	12	corporate	corporate	ADJ
cblr-7159	173	13	entities	entity	NOUN
cblr-7159	173	14	)	)	PUNCT
cblr-7159	173	15	;	;	PUNCT
cblr-7159	173	16	zohar	zohar	PROPN
cblr-7159	173	17	goshen	goshen	PROPN
cblr-7159	173	18	&	&	CCONJ
cblr-7159	173	19	richard	richard	PROPN
cblr-7159	173	20	squire	squire	PROPN
cblr-7159	173	21	,	,	PUNCT
cblr-7159	173	22	principal	principal	ADJ
cblr-7159	173	23	costs	cost	NOUN
cblr-7159	173	24	:	:	PUNCT
cblr-7159	173	25	a	a	DET
cblr-7159	173	26	new	new	ADJ
cblr-7159	173	27	theory	theory	NOUN
cblr-7159	173	28	for	for	ADP
cblr-7159	173	29	corporate	corporate	ADJ
cblr-7159	173	30	law	law	NOUN
cblr-7159	173	31	and	and	CCONJ
cblr-7159	173	32	governance	governance	NOUN
cblr-7159	173	33	,	,	PUNCT
cblr-7159	173	34	117	117	NUM
cblr-7159	173	35	colum	colum	NOUN
cblr-7159	173	36	.	.	PUNCT
cblr-7159	174	1	l.	l.	PROPN
cblr-7159	174	2	rev	rev	PROPN
cblr-7159	174	3	.	.	PROPN
cblr-7159	174	4	767	767	NUM
cblr-7159	174	5	,	,	PUNCT
cblr-7159	174	6	767	767	NUM
cblr-7159	174	7	(	(	PUNCT
cblr-7159	174	8	2017	2017	NUM
cblr-7159	174	9	)	)	PUNCT
cblr-7159	174	10	(	(	PUNCT
cblr-7159	174	11	“	"	PUNCT
cblr-7159	174	12	for	for	ADP
cblr-7159	174	13	the	the	DET
cblr-7159	174	14	last	last	ADJ
cblr-7159	174	15	forty	forty	NUM
cblr-7159	174	16	years	year	NOUN
cblr-7159	174	17	,	,	PUNCT
cblr-7159	174	18	the	the	DET
cblr-7159	174	19	problem	problem	NOUN
cblr-7159	174	20	of	of	ADP
cblr-7159	174	21	agency	agency	NOUN
cblr-7159	174	22	costs	cost	NOUN
cblr-7159	174	23	has	have	AUX
cblr-7159	174	24	dominated	dominate	VERB
cblr-7159	174	25	the	the	DET
cblr-7159	174	26	study	study	NOUN
cblr-7159	174	27	of	of	ADP
cblr-7159	174	28	corporate	corporate	ADJ
cblr-7159	174	29	law	law	NOUN
cblr-7159	174	30	and	and	CCONJ
cblr-7159	174	31	governance	governance	NOUN
cblr-7159	174	32	.	.	PUNCT
cblr-7159	174	33	”	"	PUNCT
cblr-7159	174	34	)	)	PUNCT
cblr-7159	175	1	;	;	PUNCT
cblr-7159	175	2	leo	leo	PROPN
cblr-7159	175	3	e.	e.	PROPN
cblr-7159	175	4	strine	strine	PROPN
cblr-7159	175	5	jr	jr	PROPN
cblr-7159	175	6	.	.	PROPN
cblr-7159	175	7	,	,	PUNCT
cblr-7159	175	8	toward	toward	ADP
cblr-7159	175	9	common	common	ADJ
cblr-7159	175	10	sense	sense	NOUN
cblr-7159	175	11	and	and	CCONJ
cblr-7159	175	12	common	common	ADJ
cblr-7159	175	13	ground	ground	NOUN
cblr-7159	175	14	?	?	PUNCT
cblr-7159	176	1	reflections	reflection	NOUN
cblr-7159	176	2	on	on	ADP
cblr-7159	176	3	the	the	DET
cblr-7159	176	4	shared	share	VERB
cblr-7159	176	5	interests	interest	NOUN
cblr-7159	176	6	of	of	ADP
cblr-7159	176	7	managers	manager	NOUN
cblr-7159	176	8	and	and	CCONJ
cblr-7159	176	9	labor	labor	NOUN
cblr-7159	176	10	in	in	ADP
cblr-7159	176	11	a	a	DET
cblr-7159	176	12	more	more	ADV
cblr-7159	176	13	rational	rational	ADJ
cblr-7159	176	14	system	system	NOUN
cblr-7159	176	15	of	of	ADP
cblr-7159	176	16	corporate	corporate	ADJ
cblr-7159	176	17	governance	governance	NOUN
cblr-7159	176	18	,	,	PUNCT
cblr-7159	176	19	33	33	NUM
cblr-7159	176	20	j.	j.	PROPN
cblr-7159	176	21	corp	corp	PROPN
cblr-7159	176	22	.	.	PROPN
cblr-7159	176	23	l.	l.	PROPN
cblr-7159	176	24	1	1	NUM
cblr-7159	176	25	,	,	PUNCT
cblr-7159	176	26	6	6	NUM
cblr-7159	176	27	(	(	PUNCT
cblr-7159	176	28	2007	2007	NUM
cblr-7159	176	29	)	)	PUNCT
cblr-7159	176	30	(	(	PUNCT
cblr-7159	176	31	describing	describe	VERB
cblr-7159	176	32	corporate	corporate	ADJ
cblr-7159	176	33	law	law	NOUN
cblr-7159	176	34	scholars	scholar	NOUN
cblr-7159	176	35	as	as	ADP
cblr-7159	176	36	“	"	PUNCT
cblr-7159	176	37	fetishiz[ing	fetishiz[ing	NOUN
cblr-7159	176	38	]	]	PUNCT
cblr-7159	176	39	the	the	DET
cblr-7159	176	40	agency	agency	NOUN
cblr-7159	176	41	costs	cost	VERB
cblr-7159	176	42	that	that	PRON
cblr-7159	176	43	flow	flow	VERB
cblr-7159	176	44	from	from	ADP
cblr-7159	176	45	the	the	DET
cblr-7159	176	46	separation	separation	NOUN
cblr-7159	176	47	of	of	ADP
cblr-7159	176	48	ownership	ownership	NOUN
cblr-7159	176	49	and	and	CCONJ
cblr-7159	176	50	control	control	NOUN
cblr-7159	176	51	”	"	PUNCT
cblr-7159	176	52	)	)	PUNCT
cblr-7159	176	53	.	.	PUNCT
cblr-7159	177	1	42	42	NUM
cblr-7159	177	2	see	see	VERB
cblr-7159	177	3	triantis	triantis	PROPN
cblr-7159	177	4	&	&	CCONJ
cblr-7159	177	5	daniels	daniels	PROPN
cblr-7159	177	6	,	,	PUNCT
cblr-7159	177	7	supra	supra	PROPN
cblr-7159	177	8	note	note	PROPN
cblr-7159	177	9	1	1	NUM
cblr-7159	177	10	,	,	PUNCT
cblr-7159	177	11	at	at	ADP
cblr-7159	177	12	1074	1074	NUM
cblr-7159	177	13	;	;	PUNCT
cblr-7159	177	14	see	see	VERB
cblr-7159	177	15	also	also	ADV
cblr-7159	177	16	stephen	stephen	PROPN
cblr-7159	177	17	m.	m.	PROPN
cblr-7159	177	18	bainbridge	bainbridge	PROPN
cblr-7159	177	19	,	,	PUNCT
cblr-7159	177	20	corporation	corporation	NOUN
cblr-7159	177	21	law	law	NOUN
cblr-7159	177	22	and	and	CCONJ
cblr-7159	177	23	economics	economic	NOUN
cblr-7159	177	24	193	193	NUM
cblr-7159	177	25	(	(	PUNCT
cblr-7159	177	26	2002	2002	NUM
cblr-7159	177	27	)	)	PUNCT
cblr-7159	177	28	(	(	PUNCT
cblr-7159	177	29	explaining	explain	VERB
cblr-7159	177	30	that	that	SCONJ
cblr-7159	177	31	under	under	ADP
cblr-7159	177	32	corporation	corporation	NOUN
cblr-7159	177	33	statutes	statute	NOUN
cblr-7159	177	34	“	"	PUNCT
cblr-7159	177	35	the	the	DET
cblr-7159	177	36	board	board	NOUN
cblr-7159	177	37	acts	act	VERB
cblr-7159	177	38	and	and	CCONJ
cblr-7159	177	39	shareholders	shareholder	NOUN
cblr-7159	177	40	,	,	PUNCT
cblr-7159	177	41	at	at	ADP
cblr-7159	177	42	most	most	ADJ
cblr-7159	177	43	,	,	PUNCT
cblr-7159	177	44	react	react	PROPN
cblr-7159	177	45	”	"	PUNCT
cblr-7159	177	46	)	)	PUNCT
cblr-7159	177	47	;	;	PUNCT
cblr-7159	177	48	stephen	stephen	PROPN
cblr-7159	177	49	m.	m.	PROPN
cblr-7159	177	50	bainbridge	bainbridge	PROPN
cblr-7159	177	51	,	,	PUNCT
cblr-7159	177	52	director	director	NOUN
cblr-7159	177	53	primacy	primacy	NOUN
cblr-7159	177	54	and	and	CCONJ
cblr-7159	177	55	shareholder	shareholder	NOUN
cblr-7159	177	56	disempowerment	disempowerment	NOUN
cblr-7159	177	57	,	,	PUNCT
cblr-7159	177	58	119	119	NUM
cblr-7159	177	59	harv	harv	NOUN
cblr-7159	177	60	.	.	PUNCT
cblr-7159	178	1	l.	l.	PROPN
cblr-7159	178	2	rev	rev	PROPN
cblr-7159	178	3	.	.	PROPN
cblr-7159	178	4	1735	1735	NUM
cblr-7159	178	5	,	,	PUNCT
cblr-7159	178	6	1735	1735	NUM
cblr-7159	178	7	(	(	PUNCT
cblr-7159	178	8	2006	2006	NUM
cblr-7159	178	9	)	)	PUNCT
cblr-7159	178	10	(	(	PUNCT
cblr-7159	178	11	“	"	PUNCT
cblr-7159	178	12	[	[	X
cblr-7159	178	13	t]he	t]he	ADJ
cblr-7159	178	14	extent	extent	NOUN
cblr-7159	178	15	to	to	PART
cblr-7159	178	16	which	which	PRON
cblr-7159	178	17	corporate	corporate	ADJ
cblr-7159	178	18	law	law	NOUN
cblr-7159	178	19	is	be	AUX
cblr-7159	178	20	stacked	stack	VERB
cblr-7159	178	21	against	against	ADP
cblr-7159	178	22	shareholder	shareholder	NOUN
cblr-7159	178	23	‘	'	PUNCT
cblr-7159	178	24	intervention	intervention	NOUN
cblr-7159	178	25	power	power	NOUN
cblr-7159	178	26	’	'	PUNCT
cblr-7159	178	27	goes	go	VERB
cblr-7159	178	28	beyond	beyond	ADP
cblr-7159	178	29	just	just	ADV
cblr-7159	178	30	the	the	DET
cblr-7159	178	31	housekeeping	housekeeping	NOUN
cblr-7159	178	32	rules	rule	NOUN
cblr-7159	178	33	;	;	PUNCT
cblr-7159	178	34	much	much	ADJ
cblr-7159	178	35	of	of	ADP
cblr-7159	178	36	business	business	NOUN
cblr-7159	178	37	law	law	NOUN
cblr-7159	178	38	acts	act	VERB
cblr-7159	178	39	to	to	PART
cblr-7159	178	40	limit	limit	VERB
cblr-7159	178	41	shareholder	shareholder	NOUN
cblr-7159	178	42	involvement	involvement	NOUN
cblr-7159	178	43	in	in	ADP
cblr-7159	178	44	corporate	corporate	ADJ
cblr-7159	178	45	governance	governance	NOUN
cblr-7159	178	46	.	.	PUNCT
cblr-7159	178	47	”	"	PUNCT
cblr-7159	178	48	)	)	PUNCT
cblr-7159	178	49	.	.	PUNCT
cblr-7159	179	1	43	43	NUM
cblr-7159	179	2	see	see	VERB
cblr-7159	179	3	yaron	yaron	PROPN
cblr-7159	179	4	nili	nili	PROPN
cblr-7159	179	5	,	,	PUNCT
cblr-7159	179	6	successor	successor	NOUN
cblr-7159	179	7	ceos	ceo	NOUN
cblr-7159	179	8	,	,	PUNCT
cblr-7159	179	9	99	99	NUM
cblr-7159	179	10	b.u	b.u	PROPN
cblr-7159	179	11	.	.	PROPN
cblr-7159	179	12	l.	l.	PROPN
cblr-7159	179	13	rev	rev	PROPN
cblr-7159	179	14	.	.	PROPN
cblr-7159	179	15	787	787	NUM
cblr-7159	179	16	,	,	PUNCT
cblr-7159	179	17	812	812	NUM
cblr-7159	179	18	(	(	PUNCT
cblr-7159	179	19	2019	2019	NUM
cblr-7159	179	20	)	)	PUNCT
cblr-7159	179	21	(	(	PUNCT
cblr-7159	179	22	“	"	PUNCT
cblr-7159	179	23	decreased	decrease	VERB
cblr-7159	179	24	oversight	oversight	NOUN
cblr-7159	179	25	and	and	CCONJ
cblr-7159	179	26	evaluation	evaluation	NOUN
cblr-7159	179	27	of	of	ADP
cblr-7159	179	28	management	management	NOUN
cblr-7159	179	29	has	have	VERB
cblr-7159	179	30	the	the	DET
cblr-7159	179	31	undesired	undesired	ADJ
cblr-7159	179	32	effect	effect	NOUN
cblr-7159	179	33	of	of	ADP
cblr-7159	179	34	ceo	ceo	NOUN
cblr-7159	179	35	-	-	PUNCT
cblr-7159	179	36	chairs	chair	NOUN
cblr-7159	179	37	further	far	ADV
cblr-7159	179	38	entrenching	entrench	VERB
cblr-7159	179	39	their	their	PRON
cblr-7159	179	40	position	position	NOUN
cblr-7159	179	41	and	and	CCONJ
cblr-7159	179	42	can	can	AUX
cblr-7159	179	43	lead	lead	VERB
cblr-7159	179	44	to	to	ADP
cblr-7159	179	45	excessive	excessive	ADJ
cblr-7159	179	46	compensation	compensation	NOUN
cblr-7159	179	47	.	.	PUNCT
cblr-7159	179	48	”	"	PUNCT
cblr-7159	179	49	)	)	PUNCT
cblr-7159	179	50	.	.	PUNCT
cblr-7159	180	1	44	44	NUM
cblr-7159	180	2	see	see	VERB
cblr-7159	180	3	triantis	triantis	PROPN
cblr-7159	180	4	&	&	CCONJ
cblr-7159	180	5	daniels	daniels	PROPN
cblr-7159	180	6	,	,	PUNCT
cblr-7159	180	7	supra	supra	PROPN
cblr-7159	180	8	note	note	PROPN
cblr-7159	180	9	1	1	NUM
cblr-7159	180	10	,	,	PUNCT
cblr-7159	180	11	at	at	ADP
cblr-7159	180	12	1078	1078	NUM
cblr-7159	180	13	(	(	PUNCT
cblr-7159	180	14	“	"	PUNCT
cblr-7159	180	15	[	[	PRON
cblr-7159	180	16	o]ther	o]ther	PROPN
cblr-7159	180	17	stakeholders	stakeholder	NOUN
cblr-7159	180	18	know	know	VERB
cblr-7159	180	19	that	that	SCONJ
cblr-7159	180	20	the	the	DET
cblr-7159	180	21	imposition	imposition	NOUN
cblr-7159	180	22	of	of	ADP
cblr-7159	180	23	fixed	fix	VERB
cblr-7159	180	24	obligations	obligation	NOUN
cblr-7159	180	25	under	under	ADP
cblr-7159	180	26	the	the	DET
cblr-7159	180	27	loan	loan	NOUN
cblr-7159	180	28	agreement	agreement	NOUN
cblr-7159	180	29	forces	force	NOUN
cblr-7159	180	30	managers	manager	NOUN
cblr-7159	180	31	to	to	PART
cblr-7159	180	32	disgorge	disgorge	VERB
cblr-7159	180	33	free	free	ADJ
cblr-7159	180	34	cash	cash	NOUN
cblr-7159	180	35	rather	rather	ADV
cblr-7159	180	36	than	than	ADP
cblr-7159	180	37	use	use	VERB
cblr-7159	180	38	it	it	PRON
cblr-7159	180	39	to	to	ADP
cblr-7159	180	40	bankroll	bankroll	VERB
cblr-7159	180	41	forms	form	NOUN
cblr-7159	180	42	of	of	ADP
cblr-7159	180	43	managerial	managerial	ADJ
cblr-7159	180	44	slack	slack	NOUN
cblr-7159	180	45	(	(	PUNCT
cblr-7159	180	46	for	for	ADP
cblr-7159	180	47	example	example	NOUN
cblr-7159	180	48	,	,	PUNCT
cblr-7159	180	49	managerial	managerial	ADJ
cblr-7159	180	50	perks	perk	NOUN
cblr-7159	180	51	or	or	CCONJ
cblr-7159	180	52	empire	empire	NOUN
cblr-7159	180	53	building	building	NOUN
cblr-7159	180	54	)	)	PUNCT
cblr-7159	180	55	.	.	PUNCT
cblr-7159	180	56	”	"	PUNCT
cblr-7159	180	57	)	)	PUNCT
cblr-7159	180	58	.	.	PUNCT
cblr-7159	181	1	45	45	NUM
cblr-7159	181	2	see	see	VERB
cblr-7159	181	3	goshen	goshen	PROPN
cblr-7159	181	4	&	&	CCONJ
cblr-7159	181	5	squire	squire	PROPN
cblr-7159	181	6	,	,	PUNCT
cblr-7159	181	7	supra	supra	PROPN
cblr-7159	181	8	note	note	NOUN
cblr-7159	181	9	41	41	NUM
cblr-7159	181	10	,	,	PUNCT
cblr-7159	181	11	at	at	ADP
cblr-7159	181	12	767	767	NUM
cblr-7159	181	13	.	.	PUNCT
cblr-7159	182	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	182	2	(	(	PUNCT
cblr-7159	182	3	do	do	AUX
cblr-7159	182	4	not	not	PART
cblr-7159	182	5	delte	delte	VERB
cblr-7159	182	6	)	)	PUNCT
cblr-7159	182	7	9/28/2020	9/28/2020	NUM
cblr-7159	182	8	6:35	6:35	NUM
cblr-7159	182	9	pm	pm	NOUN
cblr-7159	182	10	206	206	NUM
cblr-7159	182	11	columbia	columbia	PROPN
cblr-7159	182	12	business	business	NOUN
cblr-7159	182	13	law	law	PROPN
cblr-7159	182	14	review	review	NOUN
cblr-7159	182	15	[	[	X
cblr-7159	182	16	vol	vol	NOUN
cblr-7159	182	17	.	.	PUNCT
cblr-7159	182	18	2020	2020	NUM
cblr-7159	182	19	can	can	AUX
cblr-7159	182	20	be	be	AUX
cblr-7159	182	21	divided	divide	VERB
cblr-7159	182	22	into	into	ADP
cblr-7159	182	23	internal	internal	ADJ
cblr-7159	182	24	and	and	CCONJ
cblr-7159	182	25	external	external	ADJ
cblr-7159	182	26	disciplinary	disciplinary	ADJ
cblr-7159	182	27	forces.46	forces.46	PROPN
cblr-7159	182	28	internal	internal	ADJ
cblr-7159	182	29	governance	governance	NOUN
cblr-7159	182	30	forces	force	NOUN
cblr-7159	182	31	consist	consist	VERB
cblr-7159	182	32	of	of	ADP
cblr-7159	182	33	a	a	DET
cblr-7159	182	34	company	company	NOUN
cblr-7159	182	35	’s	’s	PART
cblr-7159	182	36	directors	director	NOUN
cblr-7159	182	37	(	(	PUNCT
cblr-7159	182	38	especially	especially	ADV
cblr-7159	182	39	independent	independent	ADJ
cblr-7159	182	40	directors),47	directors),47	NOUN
cblr-7159	182	41	shareholder	shareholder	NOUN
cblr-7159	182	42	proposals,48	proposals,48	NOUN
cblr-7159	182	43	the	the	DET
cblr-7159	182	44	proxy	proxy	NOUN
cblr-7159	182	45	voting	voting	NOUN
cblr-7159	182	46	process,49	process,49	ADJ
cblr-7159	182	47	and	and	CCONJ
cblr-7159	182	48	fiduciary	fiduciary	ADJ
cblr-7159	182	49	duties	duty	NOUN
cblr-7159	182	50	imposed	impose	VERB
cblr-7159	182	51	by	by	ADP
cblr-7159	182	52	state	state	NOUN
cblr-7159	182	53	corporate	corporate	ADJ
cblr-7159	182	54	law.50	law.50	PRON
cblr-7159	182	55	external	external	ADJ
cblr-7159	182	56	forces	force	NOUN
cblr-7159	182	57	include	include	VERB
cblr-7159	182	58	the	the	DET
cblr-7159	182	59	capital	capital	NOUN
cblr-7159	182	60	markets,51	markets,51	NOUN
cblr-7159	182	61	the	the	DET
cblr-7159	182	62	market	market	NOUN
cblr-7159	182	63	for	for	ADP
cblr-7159	182	64	corporate	corporate	ADJ
cblr-7159	182	65	control,52	control,52	NOUN
cblr-7159	182	66	and	and	CCONJ
cblr-7159	182	67	the	the	DET
cblr-7159	182	68	product	product	NOUN
cblr-7159	182	69	market	market	NOUN
cblr-7159	182	70	in	in	ADP
cblr-7159	182	71	which	which	PRON
cblr-7159	182	72	the	the	DET
cblr-7159	182	73	firm	firm	NOUN
cblr-7159	182	74	operates.53	operates.53	NOUN
cblr-7159	182	75	lenders	lender	NOUN
cblr-7159	182	76	enter	enter	VERB
cblr-7159	182	77	this	this	DET
cblr-7159	182	78	picture	picture	NOUN
cblr-7159	182	79	as	as	ADP
cblr-7159	182	80	external	external	ADJ
cblr-7159	182	81	stakeholders	stakeholder	NOUN
cblr-7159	182	82	who	who	PRON
cblr-7159	182	83	influence	influence	VERB
cblr-7159	182	84	some	some	PRON
cblr-7159	182	85	of	of	ADP
cblr-7159	182	86	the	the	DET
cblr-7159	182	87	internal	internal	ADJ
cblr-7159	182	88	ones	one	NOUN
cblr-7159	182	89	,	,	PUNCT
cblr-7159	182	90	ideally	ideally	ADV
cblr-7159	182	91	monitoring	monitor	VERB
cblr-7159	182	92	management	management	NOUN
cblr-7159	182	93	and	and	CCONJ
cblr-7159	182	94	helping	help	VERB
cblr-7159	182	95	to	to	PART
cblr-7159	182	96	mitigate	mitigate	VERB
cblr-7159	182	97	the	the	DET
cblr-7159	182	98	agency	agency	NOUN
cblr-7159	182	99	cost	cost	NOUN
cblr-7159	182	100	problem	problem	NOUN
cblr-7159	182	101	,	,	PUNCT
cblr-7159	182	102	but	but	CCONJ
cblr-7159	182	103	potentially	potentially	ADV
cblr-7159	182	104	creating	create	VERB
cblr-7159	182	105	agency	agency	NOUN
cblr-7159	182	106	costs	cost	NOUN
cblr-7159	182	107	of	of	ADP
cblr-7159	182	108	their	their	PRON
cblr-7159	182	109	own	own	ADJ
cblr-7159	182	110	.	.	PUNCT
cblr-7159	183	1	this	this	DET
cblr-7159	183	2	intervention	intervention	NOUN
cblr-7159	183	3	is	be	AUX
cblr-7159	183	4	often	often	ADV
cblr-7159	183	5	described	describe	VERB
cblr-7159	183	6	as	as	ADP
cblr-7159	183	7	a	a	DET
cblr-7159	183	8	benefit	benefit	NOUN
cblr-7159	183	9	to	to	ADP
cblr-7159	183	10	corporations,54	corporations,54	NOUN
cblr-7159	183	11	although	although	SCONJ
cblr-7159	183	12	there	there	PRON
cblr-7159	183	13	are	be	VERB
cblr-7159	183	14	valid	valid	ADJ
cblr-7159	183	15	arguments	argument	NOUN
cblr-7159	183	16	that	that	SCONJ
cblr-7159	183	17	lenders	lender	NOUN
cblr-7159	183	18	create	create	VERB
cblr-7159	183	19	conflicts	conflict	NOUN
cblr-7159	183	20	that	that	PRON
cblr-7159	183	21	reduce	reduce	VERB
cblr-7159	183	22	firm	firm	ADJ
cblr-7159	183	23	value	value	NOUN
cblr-7159	183	24	.	.	PUNCT
cblr-7159	184	1	these	these	DET
cblr-7159	184	2	possibilities	possibility	NOUN
cblr-7159	184	3	,	,	PUNCT
cblr-7159	184	4	discussed	discuss	VERB
cblr-7159	184	5	below	below	ADV
cblr-7159	184	6	,	,	PUNCT
cblr-7159	184	7	largely	largely	ADV
cblr-7159	184	8	depend	depend	VERB
cblr-7159	184	9	on	on	ADP
cblr-7159	184	10	circumstances	circumstance	NOUN
cblr-7159	184	11	and	and	CCONJ
cblr-7159	184	12	which	which	DET
cblr-7159	184	13	stakeholder	stakeholder	NOUN
cblr-7159	184	14	’s	’s	PART
cblr-7159	184	15	perspective	perspective	NOUN
cblr-7159	184	16	one	one	NUM
cblr-7159	184	17	chooses	choose	VERB
cblr-7159	184	18	to	to	PART
cblr-7159	184	19	take	take	VERB
cblr-7159	184	20	.	.	PUNCT
cblr-7159	185	1	i	i	PRON
cblr-7159	185	2	note	note	VERB
cblr-7159	185	3	,	,	PUNCT
cblr-7159	185	4	however	however	ADV
cblr-7159	185	5	,	,	PUNCT
cblr-7159	185	6	46	46	NUM
cblr-7159	185	7	see	see	VERB
cblr-7159	185	8	i	i	PRON
cblr-7159	185	9	d.	d.	PROPN
cblr-7159	185	10	at	at	ADP
cblr-7159	185	11	1075–76	1075–76	NUM
cblr-7159	185	12	.	.	PUNCT
cblr-7159	186	1	47	47	NUM
cblr-7159	187	1	i	i	PRON
cblr-7159	187	2	d.	d.	PROPN
cblr-7159	187	3	at	at	ADP
cblr-7159	187	4	1075	1075	NUM
cblr-7159	187	5	;	;	PUNCT
cblr-7159	187	6	see	see	VERB
cblr-7159	187	7	also	also	ADV
cblr-7159	187	8	gregory	gregory	PROPN
cblr-7159	187	9	h.	h.	PROPN
cblr-7159	187	10	shill	shill	PROPN
cblr-7159	187	11	,	,	PUNCT
cblr-7159	187	12	the	the	DET
cblr-7159	187	13	golden	golden	ADJ
cblr-7159	187	14	leash	leash	NOUN
cblr-7159	187	15	and	and	CCONJ
cblr-7159	187	16	the	the	DET
cblr-7159	187	17	fiduciary	fiduciary	ADJ
cblr-7159	187	18	duty	duty	NOUN
cblr-7159	187	19	of	of	ADP
cblr-7159	187	20	loyalty	loyalty	NOUN
cblr-7159	187	21	,	,	PUNCT
cblr-7159	187	22	54	54	NUM
cblr-7159	187	23	ucla	ucla	PROPN
cblr-7159	187	24	l.	l.	PROPN
cblr-7159	187	25	rev	rev	PROPN
cblr-7159	187	26	.	.	PROPN
cblr-7159	187	27	1246	1246	NUM
cblr-7159	187	28	(	(	PUNCT
cblr-7159	187	29	2017	2017	NUM
cblr-7159	187	30	)	)	PUNCT
cblr-7159	187	31	(	(	PUNCT
cblr-7159	187	32	arguing	argue	VERB
cblr-7159	187	33	that	that	SCONJ
cblr-7159	187	34	a	a	DET
cblr-7159	187	35	renewed	renew	VERB
cblr-7159	187	36	independent	independent	ADJ
cblr-7159	187	37	director	director	NOUN
cblr-7159	187	38	compensation	compensation	NOUN
cblr-7159	187	39	arrangement	arrangement	NOUN
cblr-7159	187	40	could	could	AUX
cblr-7159	187	41	reduce	reduce	VERB
cblr-7159	187	42	corporate	corporate	ADJ
cblr-7159	187	43	agency	agency	NOUN
cblr-7159	187	44	costs	cost	NOUN
cblr-7159	187	45	)	)	PUNCT
cblr-7159	187	46	.	.	PUNCT
cblr-7159	188	1	48	48	NUM
cblr-7159	188	2	triantis	triantis	PROPN
cblr-7159	188	3	&	&	CCONJ
cblr-7159	188	4	daniels	daniels	PROPN
cblr-7159	188	5	,	,	PUNCT
cblr-7159	188	6	supra	supra	PROPN
cblr-7159	188	7	note	note	PROPN
cblr-7159	188	8	1	1	NUM
cblr-7159	188	9	,	,	PUNCT
cblr-7159	188	10	at	at	ADP
cblr-7159	188	11	1075	1075	NUM
cblr-7159	188	12	.	.	PUNCT
cblr-7159	189	1	49	49	NUM
cblr-7159	190	1	i	i	PRON
cblr-7159	190	2	d.	d.	VERB
cblr-7159	190	3	50	50	NUM
cblr-7159	191	1	i	i	PRON
cblr-7159	191	2	d.	d.	PROPN
cblr-7159	191	3	at	at	ADP
cblr-7159	191	4	1075	1075	NUM
cblr-7159	191	5	;	;	PUNCT
cblr-7159	191	6	see	see	VERB
cblr-7159	191	7	also	also	ADV
cblr-7159	191	8	frank	frank	PROPN
cblr-7159	191	9	h.	h.	PROPN
cblr-7159	191	10	easterbrook	easterbrook	PROPN
cblr-7159	191	11	&	&	CCONJ
cblr-7159	191	12	daniel	daniel	PROPN
cblr-7159	191	13	r.	r.	PROPN
cblr-7159	191	14	fischel	fischel	PROPN
cblr-7159	191	15	,	,	PUNCT
cblr-7159	191	16	contract	contract	NOUN
cblr-7159	191	17	and	and	CCONJ
cblr-7159	191	18	fiduciary	fiduciary	ADJ
cblr-7159	191	19	duty	duty	NOUN
cblr-7159	191	20	,	,	PUNCT
cblr-7159	191	21	36	36	NUM
cblr-7159	191	22	j.	j.	PROPN
cblr-7159	191	23	l.	l.	PROPN
cblr-7159	191	24	&	&	CCONJ
cblr-7159	191	25	econ	econ	PROPN
cblr-7159	191	26	.	.	PROPN
cblr-7159	192	1	425	425	NUM
cblr-7159	192	2	,	,	PUNCT
cblr-7159	192	3	426–27	426–27	NUM
cblr-7159	192	4	(	(	PUNCT
cblr-7159	192	5	1993	1993	NUM
cblr-7159	192	6	)	)	PUNCT
cblr-7159	192	7	.	.	PUNCT
cblr-7159	193	1	51	51	NUM
cblr-7159	193	2	triantis	triantis	PROPN
cblr-7159	193	3	&	&	CCONJ
cblr-7159	193	4	daniels	daniels	PROPN
cblr-7159	193	5	,	,	PUNCT
cblr-7159	193	6	supra	supra	PROPN
cblr-7159	193	7	note	note	PROPN
cblr-7159	193	8	1	1	NUM
cblr-7159	193	9	,	,	PUNCT
cblr-7159	193	10	at	at	ADP
cblr-7159	193	11	1075–76	1075–76	NUM
cblr-7159	193	12	.	.	PUNCT
cblr-7159	194	1	52	52	NUM
cblr-7159	194	2	i	i	PROPN
cblr-7159	194	3	d.	d.	PROPN
cblr-7159	194	4	;	;	PUNCT
cblr-7159	194	5	see	see	VERB
cblr-7159	194	6	also	also	ADV
cblr-7159	194	7	henry	henry	PROPN
cblr-7159	194	8	g.	g.	PROPN
cblr-7159	194	9	manne	manne	PROPN
cblr-7159	194	10	,	,	PUNCT
cblr-7159	194	11	mergers	merger	NOUN
cblr-7159	194	12	and	and	CCONJ
cblr-7159	194	13	the	the	DET
cblr-7159	194	14	market	market	NOUN
cblr-7159	194	15	for	for	ADP
cblr-7159	194	16	corporate	corporate	ADJ
cblr-7159	194	17	control	control	NOUN
cblr-7159	194	18	,	,	PUNCT
cblr-7159	194	19	73	73	NUM
cblr-7159	194	20	j.	j.	PROPN
cblr-7159	194	21	pol	pol	PROPN
cblr-7159	194	22	.	.	PUNCT
cblr-7159	195	1	econ	econ	PROPN
cblr-7159	195	2	.	.	PUNCT
cblr-7159	196	1	110	110	NUM
cblr-7159	196	2	,	,	PUNCT
cblr-7159	196	3	113	113	NUM
cblr-7159	196	4	(	(	PUNCT
cblr-7159	196	5	1965	1965	NUM
cblr-7159	196	6	)	)	PUNCT
cblr-7159	196	7	(	(	PUNCT
cblr-7159	196	8	“	"	PUNCT
cblr-7159	196	9	only	only	ADV
cblr-7159	196	10	the	the	DET
cblr-7159	196	11	take	take	VERB
cblr-7159	196	12	-	-	PUNCT
cblr-7159	196	13	over	over	ADP
cblr-7159	196	14	scheme	scheme	NOUN
cblr-7159	196	15	provides	provide	VERB
cblr-7159	196	16	some	some	DET
cblr-7159	196	17	assurance	assurance	NOUN
cblr-7159	196	18	of	of	ADP
cblr-7159	196	19	competitive	competitive	ADJ
cblr-7159	196	20	efficiency	efficiency	NOUN
cblr-7159	196	21	among	among	ADP
cblr-7159	196	22	corporate	corporate	ADJ
cblr-7159	196	23	managers	manager	NOUN
cblr-7159	196	24	and	and	CCONJ
cblr-7159	196	25	thereby	thereby	ADV
cblr-7159	196	26	affords	afford	VERB
cblr-7159	196	27	strong	strong	ADJ
cblr-7159	196	28	protection	protection	NOUN
cblr-7159	196	29	to	to	ADP
cblr-7159	196	30	the	the	DET
cblr-7159	196	31	interests	interest	NOUN
cblr-7159	196	32	of	of	ADP
cblr-7159	196	33	vast	vast	ADJ
cblr-7159	196	34	numbers	number	NOUN
cblr-7159	196	35	of	of	ADP
cblr-7159	196	36	small	small	ADJ
cblr-7159	196	37	,	,	PUNCT
cblr-7159	196	38	non	non	ADJ
cblr-7159	196	39	-	-	ADJ
cblr-7159	196	40	controlling	controlling	ADJ
cblr-7159	196	41	shareholders	shareholder	NOUN
cblr-7159	196	42	.	.	PUNCT
cblr-7159	196	43	”	"	PUNCT
cblr-7159	196	44	)	)	PUNCT
cblr-7159	196	45	.	.	PUNCT
cblr-7159	197	1	corporate	corporate	ADJ
cblr-7159	197	2	takeovers	takeover	NOUN
cblr-7159	197	3	became	become	VERB
cblr-7159	197	4	an	an	DET
cblr-7159	197	5	important	important	ADJ
cblr-7159	197	6	mechanism	mechanism	NOUN
cblr-7159	197	7	of	of	ADP
cblr-7159	197	8	corporate	corporate	ADJ
cblr-7159	197	9	discipline	discipline	NOUN
cblr-7159	197	10	,	,	PUNCT
cblr-7159	197	11	as	as	ADV
cblr-7159	197	12	well	well	ADV
cblr-7159	197	13	as	as	ADP
cblr-7159	197	14	a	a	DET
cblr-7159	197	15	source	source	NOUN
cblr-7159	197	16	of	of	ADP
cblr-7159	197	17	perceived	perceive	VERB
cblr-7159	197	18	abuses	abuse	NOUN
cblr-7159	197	19	during	during	ADP
cblr-7159	197	20	the	the	DET
cblr-7159	197	21	1980s	1980	NOUN
cblr-7159	197	22	when	when	SCONJ
cblr-7159	197	23	many	many	ADJ
cblr-7159	197	24	such	such	ADJ
cblr-7159	197	25	transactions	transaction	NOUN
cblr-7159	197	26	were	be	AUX
cblr-7159	197	27	facilitated	facilitate	VERB
cblr-7159	197	28	by	by	ADP
cblr-7159	197	29	the	the	DET
cblr-7159	197	30	issuance	issuance	NOUN
cblr-7159	197	31	of	of	ADP
cblr-7159	197	32	high	high	ADJ
cblr-7159	197	33	-	-	PUNCT
cblr-7159	197	34	yield	yield	NOUN
cblr-7159	197	35	(	(	PUNCT
cblr-7159	197	36	“	"	PUNCT
cblr-7159	197	37	junk	junk	NOUN
cblr-7159	197	38	”	"	PUNCT
cblr-7159	197	39	)	)	PUNCT
cblr-7159	197	40	bonds	bond	NOUN
cblr-7159	197	41	.	.	PUNCT
cblr-7159	198	1	see	see	VERB
cblr-7159	198	2	,	,	PUNCT
cblr-7159	198	3	e.g.	e.g.	ADV
cblr-7159	198	4	,	,	PUNCT
cblr-7159	198	5	frank	frank	PROPN
cblr-7159	198	6	h.	h.	PROPN
cblr-7159	198	7	easterbrook	easterbrook	PROPN
cblr-7159	198	8	&	&	CCONJ
cblr-7159	198	9	daniel	daniel	PROPN
cblr-7159	198	10	r.	r.	PROPN
cblr-7159	198	11	fischel	fischel	PROPN
cblr-7159	198	12	,	,	PUNCT
cblr-7159	198	13	the	the	DET
cblr-7159	198	14	proper	proper	ADJ
cblr-7159	198	15	role	role	NOUN
cblr-7159	198	16	of	of	ADP
cblr-7159	198	17	a	a	DET
cblr-7159	198	18	target	target	NOUN
cblr-7159	198	19	's	's	PART
cblr-7159	198	20	management	management	NOUN
cblr-7159	198	21	in	in	ADP
cblr-7159	198	22	responding	respond	VERB
cblr-7159	198	23	to	to	ADP
cblr-7159	198	24	a	a	DET
cblr-7159	198	25	tender	tender	NOUN
cblr-7159	198	26	offer	offer	NOUN
cblr-7159	198	27	,	,	PUNCT
cblr-7159	198	28	94	94	NUM
cblr-7159	198	29	harv	harv	NOUN
cblr-7159	198	30	.	.	PUNCT
cblr-7159	199	1	l.	l.	PROPN
cblr-7159	199	2	rev	rev	PROPN
cblr-7159	199	3	.	.	PROPN
cblr-7159	199	4	1161	1161	NUM
cblr-7159	199	5	,	,	PUNCT
cblr-7159	199	6	1169–73	1169–73	NUM
cblr-7159	199	7	(	(	PUNCT
cblr-7159	199	8	1981	1981	NUM
cblr-7159	199	9	)	)	PUNCT
cblr-7159	199	10	(	(	PUNCT
cblr-7159	199	11	describing	describe	VERB
cblr-7159	199	12	tender	tender	NOUN
cblr-7159	199	13	offers	offer	VERB
cblr-7159	199	14	as	as	ADP
cblr-7159	199	15	one	one	NUM
cblr-7159	199	16	method	method	NOUN
cblr-7159	199	17	of	of	ADP
cblr-7159	199	18	monitoring	monitor	VERB
cblr-7159	199	19	managerial	managerial	ADJ
cblr-7159	199	20	behavior	behavior	NOUN
cblr-7159	199	21	)	)	PUNCT
cblr-7159	199	22	;	;	PUNCT
cblr-7159	199	23	roberta	roberta	PROPN
cblr-7159	199	24	romano	romano	PROPN
cblr-7159	199	25	,	,	PUNCT
cblr-7159	199	26	a	a	DET
cblr-7159	199	27	guide	guide	NOUN
cblr-7159	199	28	to	to	ADP
cblr-7159	199	29	takeovers	takeover	NOUN
cblr-7159	199	30	:	:	PUNCT
cblr-7159	199	31	theory	theory	NOUN
cblr-7159	199	32	,	,	PUNCT
cblr-7159	199	33	evidence	evidence	NOUN
cblr-7159	199	34	,	,	PUNCT
cblr-7159	199	35	and	and	CCONJ
cblr-7159	199	36	regulation	regulation	NOUN
cblr-7159	199	37	,	,	PUNCT
cblr-7159	199	38	9	9	NUM
cblr-7159	199	39	yale	yale	PROPN
cblr-7159	199	40	j.	j.	PROPN
cblr-7159	199	41	reg	reg	PROPN
cblr-7159	199	42	.	.	PROPN
cblr-7159	199	43	119	119	NUM
cblr-7159	199	44	,	,	PUNCT
cblr-7159	199	45	129–31	129–31	PROPN
cblr-7159	199	46	(	(	PUNCT
cblr-7159	199	47	1992	1992	NUM
cblr-7159	199	48	)	)	PUNCT
cblr-7159	199	49	(	(	PUNCT
cblr-7159	199	50	discussing	discuss	VERB
cblr-7159	199	51	how	how	SCONJ
cblr-7159	199	52	takeovers	takeover	NOUN
cblr-7159	199	53	discipline	discipline	VERB
cblr-7159	199	54	managerial	managerial	ADJ
cblr-7159	199	55	misbehavior	misbehavior	NOUN
cblr-7159	199	56	)	)	PUNCT
cblr-7159	199	57	.	.	PUNCT
cblr-7159	200	1	53	53	NUM
cblr-7159	200	2	triantis	triantis	PROPN
cblr-7159	200	3	&	&	CCONJ
cblr-7159	200	4	daniels	daniels	PROPN
cblr-7159	200	5	,	,	PUNCT
cblr-7159	200	6	supra	supra	PROPN
cblr-7159	200	7	note	note	PROPN
cblr-7159	200	8	1	1	NUM
cblr-7159	200	9	,	,	PUNCT
cblr-7159	200	10	at	at	ADP
cblr-7159	200	11	1075–76	1075–76	NUM
cblr-7159	200	12	.	.	PUNCT
cblr-7159	201	1	54	54	NUM
cblr-7159	201	2	see	see	VERB
cblr-7159	201	3	e.g.	e.g.	ADV
cblr-7159	201	4	,	,	PUNCT
cblr-7159	201	5	nini	nini	PROPN
cblr-7159	201	6	et	et	PROPN
cblr-7159	201	7	al	al	PROPN
cblr-7159	201	8	.	.	PROPN
cblr-7159	201	9	,	,	PUNCT
cblr-7159	201	10	creditor	creditor	NOUN
cblr-7159	201	11	control	control	NOUN
cblr-7159	201	12	rights	right	NOUN
cblr-7159	201	13	,	,	PUNCT
cblr-7159	201	14	supra	supra	PROPN
cblr-7159	201	15	note	note	NOUN
cblr-7159	201	16	14	14	NUM
cblr-7159	201	17	,	,	PUNCT
cblr-7159	201	18	at	at	ADP
cblr-7159	201	19	1713	1713	NUM
cblr-7159	201	20	–	–	PUNCT
cblr-7159	201	21	15	15	NUM
cblr-7159	201	22	.	.	X
cblr-7159	202	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	202	2	(	(	PUNCT
cblr-7159	202	3	do	do	AUX
cblr-7159	202	4	not	not	PART
cblr-7159	202	5	delete	delete	VERB
cblr-7159	202	6	)	)	PUNCT
cblr-7159	202	7	9/28/2020	9/28/2020	NUM
cblr-7159	202	8	6:35	6:35	NUM
cblr-7159	202	9	pm	pm	NOUN
cblr-7159	202	10	no	no	INTJ
cblr-7159	202	11	.	.	PUNCT
cblr-7159	203	1	1:192	1:192	X
cblr-7159	203	2	]	]	X
cblr-7159	203	3	reconsidering	reconsider	VERB
cblr-7159	203	4	creditor	creditor	NOUN
cblr-7159	203	5	governance	governance	NOUN
cblr-7159	203	6	207	207	NUM
cblr-7159	203	7	that	that	SCONJ
cblr-7159	203	8	regardless	regardless	ADV
cblr-7159	203	9	of	of	ADP
cblr-7159	203	10	whether	whether	SCONJ
cblr-7159	203	11	the	the	DET
cblr-7159	203	12	net	net	ADJ
cblr-7159	203	13	effect	effect	NOUN
cblr-7159	203	14	of	of	ADP
cblr-7159	203	15	lender	lender	NOUN
cblr-7159	203	16	intervention	intervention	NOUN
cblr-7159	203	17	is	be	AUX
cblr-7159	203	18	good	good	ADJ
cblr-7159	203	19	or	or	CCONJ
cblr-7159	203	20	bad	bad	ADJ
cblr-7159	203	21	,	,	PUNCT
cblr-7159	203	22	it	it	PRON
cblr-7159	203	23	is	be	AUX
cblr-7159	203	24	an	an	DET
cblr-7159	203	25	important	important	ADJ
cblr-7159	203	26	force	force	NOUN
cblr-7159	203	27	in	in	ADP
cblr-7159	203	28	corporate	corporate	ADJ
cblr-7159	203	29	governance	governance	NOUN
cblr-7159	203	30	.	.	PUNCT
cblr-7159	204	1	2	2	X
cblr-7159	204	2	.	.	X
cblr-7159	204	3	lenders	lender	NOUN
cblr-7159	204	4	and	and	CCONJ
cblr-7159	204	5	enhanced	enhance	VERB
cblr-7159	204	6	firm	firm	ADJ
cblr-7159	204	7	value	value	NOUN
cblr-7159	204	8	there	there	PRON
cblr-7159	204	9	are	be	VERB
cblr-7159	204	10	a	a	DET
cblr-7159	204	11	number	number	NOUN
cblr-7159	204	12	of	of	ADP
cblr-7159	204	13	ways	way	NOUN
cblr-7159	204	14	in	in	ADP
cblr-7159	204	15	which	which	PRON
cblr-7159	204	16	lender	lender	NOUN
cblr-7159	204	17	influence	influence	NOUN
cblr-7159	204	18	can	can	AUX
cblr-7159	204	19	lead	lead	VERB
cblr-7159	204	20	to	to	ADP
cblr-7159	204	21	increased	increase	VERB
cblr-7159	204	22	value	value	NOUN
cblr-7159	204	23	for	for	ADP
cblr-7159	204	24	stakeholders	stakeholder	NOUN
cblr-7159	204	25	in	in	ADP
cblr-7159	204	26	a	a	DET
cblr-7159	204	27	corporate	corporate	ADJ
cblr-7159	204	28	enterprise	enterprise	NOUN
cblr-7159	204	29	.	.	PUNCT
cblr-7159	205	1	one	one	NUM
cblr-7159	205	2	way	way	NOUN
cblr-7159	205	3	that	that	PRON
cblr-7159	205	4	scholars	scholar	NOUN
cblr-7159	205	5	have	have	AUX
cblr-7159	205	6	framed	frame	VERB
cblr-7159	205	7	the	the	DET
cblr-7159	205	8	benefits	benefit	NOUN
cblr-7159	205	9	of	of	ADP
cblr-7159	205	10	lender	lender	NOUN
cblr-7159	205	11	intervention	intervention	NOUN
cblr-7159	205	12	espouses	espouse	VERB
cblr-7159	205	13	a	a	DET
cblr-7159	205	14	theory	theory	NOUN
cblr-7159	205	15	of	of	ADP
cblr-7159	205	16	interactive	interactive	ADJ
cblr-7159	205	17	corporate	corporate	ADJ
cblr-7159	205	18	governance.55	governance.55	NOUN
cblr-7159	205	19	according	accord	VERB
cblr-7159	205	20	to	to	ADP
cblr-7159	205	21	this	this	DET
cblr-7159	205	22	theory	theory	NOUN
cblr-7159	205	23	,	,	PUNCT
cblr-7159	205	24	both	both	DET
cblr-7159	205	25	equity	equity	NOUN
cblr-7159	205	26	and	and	CCONJ
cblr-7159	205	27	debt	debt	NOUN
cblr-7159	205	28	holders	holder	NOUN
cblr-7159	205	29	have	have	VERB
cblr-7159	205	30	a	a	DET
cblr-7159	205	31	common	common	ADJ
cblr-7159	205	32	interest	interest	NOUN
cblr-7159	205	33	in	in	ADP
cblr-7159	205	34	containing	contain	VERB
cblr-7159	205	35	agency	agency	NOUN
cblr-7159	205	36	costs	cost	NOUN
cblr-7159	205	37	generated	generate	VERB
cblr-7159	205	38	by	by	ADP
cblr-7159	205	39	the	the	DET
cblr-7159	205	40	separation	separation	NOUN
cblr-7159	205	41	of	of	ADP
cblr-7159	205	42	managers	manager	NOUN
cblr-7159	205	43	and	and	CCONJ
cblr-7159	205	44	owners.56	owners.56	ADJ
cblr-7159	205	45	under	under	ADP
cblr-7159	205	46	this	this	DET
cblr-7159	205	47	theory	theory	NOUN
cblr-7159	205	48	all	all	DET
cblr-7159	205	49	stakeholders	stakeholder	NOUN
cblr-7159	205	50	benefit	benefit	VERB
cblr-7159	205	51	from	from	ADP
cblr-7159	205	52	mechanisms	mechanism	NOUN
cblr-7159	205	53	that	that	PRON
cblr-7159	205	54	discipline	discipline	NOUN
cblr-7159	205	55	management	management	NOUN
cblr-7159	205	56	to	to	PART
cblr-7159	205	57	be	be	AUX
cblr-7159	205	58	financially	financially	ADV
cblr-7159	205	59	responsible	responsible	ADJ
cblr-7159	205	60	,	,	PUNCT
cblr-7159	205	61	take	take	VERB
cblr-7159	205	62	appropriate	appropriate	ADJ
cblr-7159	205	63	(	(	PUNCT
cblr-7159	205	64	but	but	CCONJ
cblr-7159	205	65	not	not	PART
cblr-7159	205	66	outsized	outsized	ADJ
cblr-7159	205	67	)	)	PUNCT
cblr-7159	205	68	risks	risk	NOUN
cblr-7159	205	69	,	,	PUNCT
cblr-7159	205	70	and	and	CCONJ
cblr-7159	205	71	restrict	restrict	VERB
cblr-7159	205	72	wastefulness	wastefulness	NOUN
cblr-7159	205	73	(	(	PUNCT
cblr-7159	205	74	sometimes	sometimes	ADV
cblr-7159	205	75	referred	refer	VERB
cblr-7159	205	76	to	to	ADP
cblr-7159	205	77	as	as	ADP
cblr-7159	205	78	managerial	managerial	ADJ
cblr-7159	205	79	“	"	PUNCT
cblr-7159	205	80	slack”).57	slack”).57	PROPN
cblr-7159	205	81	in	in	ADP
cblr-7159	205	82	a	a	DET
cblr-7159	205	83	similar	similar	ADJ
cblr-7159	205	84	vein	vein	NOUN
cblr-7159	205	85	,	,	PUNCT
cblr-7159	205	86	other	other	ADJ
cblr-7159	205	87	scholars	scholar	NOUN
cblr-7159	205	88	have	have	AUX
cblr-7159	205	89	noted	note	VERB
cblr-7159	205	90	that	that	SCONJ
cblr-7159	205	91	lenders	lender	NOUN
cblr-7159	205	92	have	have	VERB
cblr-7159	205	93	expertise	expertise	NOUN
cblr-7159	205	94	with	with	ADP
cblr-7159	205	95	regard	regard	NOUN
cblr-7159	205	96	to	to	ADP
cblr-7159	205	97	debt	debt	NOUN
cblr-7159	205	98	management	management	NOUN
cblr-7159	205	99	and	and	CCONJ
cblr-7159	205	100	fiscal	fiscal	ADJ
cblr-7159	205	101	responsibility	responsibility	NOUN
cblr-7159	205	102	,	,	PUNCT
cblr-7159	205	103	and	and	CCONJ
cblr-7159	205	104	that	that	SCONJ
cblr-7159	205	105	they	they	PRON
cblr-7159	205	106	bring	bring	VERB
cblr-7159	205	107	their	their	PRON
cblr-7159	205	108	proficiency	proficiency	NOUN
cblr-7159	205	109	to	to	PART
cblr-7159	205	110	bear	bear	VERB
cblr-7159	205	111	when	when	SCONJ
cblr-7159	205	112	interacting	interact	VERB
cblr-7159	205	113	with	with	ADP
cblr-7159	205	114	internal	internal	ADJ
cblr-7159	205	115	corporate	corporate	ADJ
cblr-7159	205	116	stakeholders.58	stakeholders.58	NOUN
cblr-7159	205	117	lender	lender	NOUN
cblr-7159	205	118	interaction	interaction	NOUN
cblr-7159	205	119	with	with	ADP
cblr-7159	205	120	internal	internal	ADJ
cblr-7159	205	121	stakeholders	stakeholder	NOUN
cblr-7159	205	122	can	can	AUX
cblr-7159	205	123	be	be	AUX
cblr-7159	205	124	helpful	helpful	ADJ
cblr-7159	205	125	(	(	PUNCT
cblr-7159	205	126	from	from	ADP
cblr-7159	205	127	the	the	DET
cblr-7159	205	128	standpoint	standpoint	NOUN
cblr-7159	205	129	of	of	ADP
cblr-7159	205	130	agency	agency	NOUN
cblr-7159	205	131	costs	cost	NOUN
cblr-7159	205	132	and	and	CCONJ
cblr-7159	205	133	overall	overall	ADJ
cblr-7159	205	134	firm	firm	ADJ
cblr-7159	205	135	value	value	NOUN
cblr-7159	205	136	)	)	PUNCT
cblr-7159	205	137	because	because	SCONJ
cblr-7159	205	138	shareholders	shareholder	NOUN
cblr-7159	205	139	’	'	PUNCT
cblr-7159	205	140	ability	ability	NOUN
cblr-7159	205	141	to	to	PART
cblr-7159	205	142	constrain	constrain	VERB
cblr-7159	205	143	management	management	NOUN
cblr-7159	205	144	is	be	AUX
cblr-7159	205	145	sometimes	sometimes	ADV
cblr-7159	205	146	limited	limit	VERB
cblr-7159	205	147	by	by	ADP
cblr-7159	205	148	collective	collective	ADJ
cblr-7159	205	149	action	action	NOUN
cblr-7159	205	150	problems	problem	NOUN
cblr-7159	205	151	—	—	PUNCT
cblr-7159	205	152	the	the	DET
cblr-7159	205	153	reality	reality	NOUN
cblr-7159	205	154	that	that	SCONJ
cblr-7159	205	155	numerous	numerous	ADJ
cblr-7159	205	156	dispersed	disperse	VERB
cblr-7159	205	157	shareholders	shareholder	NOUN
cblr-7159	205	158	do	do	AUX
cblr-7159	205	159	not	not	PART
cblr-7159	205	160	have	have	VERB
cblr-7159	205	161	the	the	DET
cblr-7159	205	162	ability	ability	NOUN
cblr-7159	205	163	or	or	CCONJ
cblr-7159	205	164	incentive	incentive	NOUN
cblr-7159	205	165	to	to	PART
cblr-7159	205	166	coordinate	coordinate	VERB
cblr-7159	205	167	and	and	CCONJ
cblr-7159	205	168	monitor	monitor	VERB
cblr-7159	205	169	management.59	management.59	PROPN
cblr-7159	205	170	in	in	ADP
cblr-7159	205	171	such	such	ADJ
cblr-7159	205	172	circumstances	circumstance	NOUN
cblr-7159	205	173	,	,	PUNCT
cblr-7159	205	174	creditors	creditor	NOUN
cblr-7159	205	175	have	have	VERB
cblr-7159	205	176	more	more	ADJ
cblr-7159	205	177	incentive	incentive	NOUN
cblr-7159	205	178	to	to	PART
cblr-7159	205	179	monitor	monitor	VERB
cblr-7159	205	180	55	55	NUM
cblr-7159	205	181	see	see	VERB
cblr-7159	205	182	triantis	triantis	PROPN
cblr-7159	205	183	&	&	CCONJ
cblr-7159	205	184	daniels	daniels	PROPN
cblr-7159	205	185	,	,	PUNCT
cblr-7159	205	186	supra	supra	PROPN
cblr-7159	205	187	note	note	PROPN
cblr-7159	205	188	1	1	NUM
cblr-7159	205	189	,	,	PUNCT
cblr-7159	205	190	at	at	ADP
cblr-7159	205	191	1079–80	1079–80	NUM
cblr-7159	205	192	.	.	PUNCT
cblr-7159	206	1	56	56	NUM
cblr-7159	206	2	see	see	VERB
cblr-7159	206	3	i	i	PRON
cblr-7159	206	4	d.	d.	PROPN
cblr-7159	206	5	at	at	ADP
cblr-7159	206	6	1079	1079	NUM
cblr-7159	206	7	.	.	PUNCT
cblr-7159	207	1	57	57	NUM
cblr-7159	207	2	i	i	PRON
cblr-7159	207	3	d.	d.	PROPN
cblr-7159	207	4	at	at	ADP
cblr-7159	207	5	1074	1074	NUM
cblr-7159	207	6	,	,	PUNCT
cblr-7159	207	7	1077–78	1077–78	NUM
cblr-7159	207	8	;	;	PUNCT
cblr-7159	207	9	see	see	VERB
cblr-7159	207	10	also	also	ADV
cblr-7159	207	11	nini	nini	PROPN
cblr-7159	207	12	et	et	PROPN
cblr-7159	207	13	al	al	PROPN
cblr-7159	207	14	.	.	PROPN
cblr-7159	207	15	,	,	PUNCT
cblr-7159	207	16	creditor	creditor	NOUN
cblr-7159	207	17	control	control	NOUN
cblr-7159	207	18	rights	right	NOUN
cblr-7159	207	19	,	,	PUNCT
cblr-7159	207	20	supra	supra	PROPN
cblr-7159	207	21	note	note	NOUN
cblr-7159	207	22	14	14	NUM
cblr-7159	207	23	,	,	PUNCT
cblr-7159	207	24	at	at	ADP
cblr-7159	207	25	1716–17	1716–17	NUM
cblr-7159	207	26	.	.	PUNCT
cblr-7159	208	1	58	58	NUM
cblr-7159	208	2	see	see	VERB
cblr-7159	208	3	nini	nini	PROPN
cblr-7159	208	4	et	et	PROPN
cblr-7159	208	5	al	al	PROPN
cblr-7159	208	6	.	.	PROPN
cblr-7159	208	7	,	,	PUNCT
cblr-7159	208	8	creditor	creditor	NOUN
cblr-7159	208	9	control	control	NOUN
cblr-7159	208	10	rights	right	NOUN
cblr-7159	208	11	,	,	PUNCT
cblr-7159	208	12	supra	supra	PROPN
cblr-7159	208	13	note	note	NOUN
cblr-7159	208	14	14	14	NUM
cblr-7159	208	15	,	,	PUNCT
cblr-7159	208	16	at	at	ADP
cblr-7159	208	17	1716–17	1716–17	NUM
cblr-7159	208	18	.	.	PUNCT
cblr-7159	209	1	see	see	VERB
cblr-7159	209	2	also	also	ADV
cblr-7159	209	3	shepherd	shepherd	VERB
cblr-7159	209	4	et	et	PROPN
cblr-7159	209	5	al	al	PROPN
cblr-7159	209	6	.	.	PROPN
cblr-7159	209	7	,	,	PUNCT
cblr-7159	209	8	what	what	PRON
cblr-7159	209	9	else	else	ADV
cblr-7159	209	10	matters	matter	VERB
cblr-7159	209	11	,	,	PUNCT
cblr-7159	209	12	supra	supra	PROPN
cblr-7159	209	13	note	note	NOUN
cblr-7159	209	14	1	1	NUM
cblr-7159	209	15	,	,	PUNCT
cblr-7159	209	16	at	at	ADP
cblr-7159	209	17	1002	1002	NUM
cblr-7159	209	18	(	(	PUNCT
cblr-7159	209	19	“	"	PUNCT
cblr-7159	209	20	the	the	DET
cblr-7159	209	21	detailed	detailed	ADJ
cblr-7159	209	22	reporting	reporting	NOUN
cblr-7159	209	23	obligations	obligation	NOUN
cblr-7159	209	24	and	and	CCONJ
cblr-7159	209	25	contract	contract	NOUN
cblr-7159	209	26	constraints	constraint	NOUN
cblr-7159	209	27	imposed	impose	VERB
cblr-7159	209	28	by	by	ADP
cblr-7159	209	29	the	the	DET
cblr-7159	209	30	loan	loan	NOUN
cblr-7159	209	31	agreement	agreement	NOUN
cblr-7159	209	32	,	,	PUNCT
cblr-7159	209	33	as	as	ADV
cblr-7159	209	34	well	well	ADV
cblr-7159	209	35	as	as	ADP
cblr-7159	209	36	the	the	DET
cblr-7159	209	37	bank	bank	NOUN
cblr-7159	209	38	’s	’s	PART
cblr-7159	209	39	ability	ability	NOUN
cblr-7159	209	40	to	to	PART
cblr-7159	209	41	control	control	VERB
cblr-7159	209	42	the	the	DET
cblr-7159	209	43	borrower	borrower	NOUN
cblr-7159	209	44	’s	’s	PART
cblr-7159	209	45	cash	cash	NOUN
cblr-7159	209	46	,	,	PUNCT
cblr-7159	209	47	enable	enable	VERB
cblr-7159	209	48	the	the	DET
cblr-7159	209	49	bank	bank	NOUN
cblr-7159	209	50	literally	literally	ADV
cblr-7159	209	51	to	to	PART
cblr-7159	209	52	control	control	VERB
cblr-7159	209	53	the	the	DET
cblr-7159	209	54	firm	firm	NOUN
cblr-7159	209	55	.	.	PUNCT
cblr-7159	209	56	”	"	PUNCT
cblr-7159	209	57	)	)	PUNCT
cblr-7159	209	58	.	.	PUNCT
cblr-7159	210	1	59	59	NUM
cblr-7159	210	2	see	see	VERB
cblr-7159	210	3	easterbrook	easterbrook	PROPN
cblr-7159	210	4	&	&	CCONJ
cblr-7159	210	5	fischel	fischel	PROPN
cblr-7159	210	6	,	,	PUNCT
cblr-7159	210	7	supra	supra	PROPN
cblr-7159	210	8	note	note	NOUN
cblr-7159	210	9	52	52	NUM
cblr-7159	210	10	,	,	PUNCT
cblr-7159	210	11	at	at	ADP
cblr-7159	210	12	1169–71	1169–71	NOUN
cblr-7159	210	13	.	.	PUNCT
cblr-7159	211	1	collective	collective	ADJ
cblr-7159	211	2	action	action	NOUN
cblr-7159	211	3	problems	problem	NOUN
cblr-7159	211	4	arise	arise	VERB
cblr-7159	211	5	when	when	SCONJ
cblr-7159	211	6	the	the	DET
cblr-7159	211	7	value	value	NOUN
cblr-7159	211	8	of	of	ADP
cblr-7159	211	9	shareholders	shareholder	NOUN
cblr-7159	211	10	’	'	PUNCT
cblr-7159	211	11	stake	stake	NOUN
cblr-7159	211	12	is	be	AUX
cblr-7159	211	13	smaller	small	ADJ
cblr-7159	211	14	than	than	ADP
cblr-7159	211	15	the	the	DET
cblr-7159	211	16	cost	cost	NOUN
cblr-7159	211	17	of	of	ADP
cblr-7159	211	18	their	their	PRON
cblr-7159	211	19	coordination	coordination	NOUN
cblr-7159	211	20	.	.	PUNCT
cblr-7159	212	1	in	in	ADP
cblr-7159	212	2	such	such	DET
cblr-7159	212	3	a	a	DET
cblr-7159	212	4	case	case	NOUN
cblr-7159	212	5	,	,	PUNCT
cblr-7159	212	6	if	if	SCONJ
cblr-7159	212	7	shareholders	shareholder	NOUN
cblr-7159	212	8	do	do	AUX
cblr-7159	212	9	not	not	PART
cblr-7159	212	10	like	like	VERB
cblr-7159	212	11	what	what	DET
cblr-7159	212	12	management	management	NOUN
cblr-7159	212	13	is	be	AUX
cblr-7159	212	14	doing	do	VERB
cblr-7159	212	15	,	,	PUNCT
cblr-7159	212	16	it	it	PRON
cblr-7159	212	17	is	be	AUX
cblr-7159	212	18	less	less	ADV
cblr-7159	212	19	costly	costly	ADJ
cblr-7159	212	20	simply	simply	ADV
cblr-7159	212	21	to	to	PART
cblr-7159	212	22	sell	sell	VERB
cblr-7159	212	23	their	their	PRON
cblr-7159	212	24	stock	stock	NOUN
cblr-7159	212	25	.	.	PUNCT
cblr-7159	213	1	see	see	VERB
cblr-7159	213	2	i	i	PRON
cblr-7159	213	3	d.	d.	PROPN
cblr-7159	213	4	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	213	5	(	(	PUNCT
cblr-7159	213	6	do	do	AUX
cblr-7159	213	7	not	not	PART
cblr-7159	213	8	delte	delte	VERB
cblr-7159	213	9	)	)	PUNCT
cblr-7159	213	10	9/28/2020	9/28/2020	NUM
cblr-7159	213	11	6:35	6:35	NUM
cblr-7159	213	12	pm	pm	NOUN
cblr-7159	213	13	208	208	NUM
cblr-7159	213	14	columbia	columbia	PROPN
cblr-7159	213	15	business	business	NOUN
cblr-7159	213	16	law	law	NOUN
cblr-7159	213	17	review	review	NOUN
cblr-7159	214	1	[	[	X
cblr-7159	214	2	vol	vol	NOUN
cblr-7159	214	3	.	.	PUNCT
cblr-7159	214	4	2020	2020	NUM
cblr-7159	214	5	management	management	NOUN
cblr-7159	214	6	,	,	PUNCT
cblr-7159	214	7	and	and	CCONJ
cblr-7159	214	8	can	can	AUX
cblr-7159	214	9	do	do	VERB
cblr-7159	214	10	so	so	ADV
cblr-7159	214	11	at	at	ADP
cblr-7159	214	12	a	a	DET
cblr-7159	214	13	relatively	relatively	ADV
cblr-7159	214	14	lower	low	ADJ
cblr-7159	214	15	cost	cost	NOUN
cblr-7159	214	16	than	than	ADP
cblr-7159	214	17	shareholders	shareholder	NOUN
cblr-7159	214	18	through	through	ADP
cblr-7159	214	19	contractual	contractual	ADJ
cblr-7159	214	20	covenants.60	covenants.60	NOUN
cblr-7159	214	21	in	in	ADP
cblr-7159	214	22	addition	addition	NOUN
cblr-7159	214	23	,	,	PUNCT
cblr-7159	214	24	creditors	creditor	NOUN
cblr-7159	214	25	might	might	AUX
cblr-7159	214	26	theoretically	theoretically	ADV
cblr-7159	214	27	have	have	VERB
cblr-7159	214	28	more	more	ADJ
cblr-7159	214	29	incentive	incentive	NOUN
cblr-7159	214	30	to	to	PART
cblr-7159	214	31	care	care	VERB
cblr-7159	214	32	about	about	ADP
cblr-7159	214	33	the	the	DET
cblr-7159	214	34	long	long	ADJ
cblr-7159	214	35	-	-	PUNCT
cblr-7159	214	36	term	term	NOUN
cblr-7159	214	37	performance	performance	NOUN
cblr-7159	214	38	of	of	ADP
cblr-7159	214	39	a	a	DET
cblr-7159	214	40	corporate	corporate	ADJ
cblr-7159	214	41	borrower	borrower	NOUN
cblr-7159	214	42	due	due	ADP
cblr-7159	214	43	to	to	ADP
cblr-7159	214	44	relational	relational	ADJ
cblr-7159	214	45	and	and	CCONJ
cblr-7159	214	46	reputational	reputational	ADJ
cblr-7159	214	47	concerns.61	concerns.61	NOUN
cblr-7159	214	48	unlike	unlike	ADP
cblr-7159	214	49	public	public	ADJ
cblr-7159	214	50	company	company	NOUN
cblr-7159	214	51	shareholders	shareholder	NOUN
cblr-7159	214	52	,	,	PUNCT
cblr-7159	214	53	who	who	PRON
cblr-7159	214	54	can	can	AUX
cblr-7159	214	55	exit	exit	VERB
cblr-7159	214	56	their	their	PRON
cblr-7159	214	57	relationships	relationship	NOUN
cblr-7159	214	58	with	with	ADP
cblr-7159	214	59	a	a	DET
cblr-7159	214	60	corporation	corporation	NOUN
cblr-7159	214	61	at	at	ADP
cblr-7159	214	62	any	any	DET
cblr-7159	214	63	time	time	NOUN
cblr-7159	214	64	by	by	ADP
cblr-7159	214	65	selling	sell	VERB
cblr-7159	214	66	their	their	PRON
cblr-7159	214	67	shares	share	NOUN
cblr-7159	214	68	,	,	PUNCT
cblr-7159	214	69	or	or	CCONJ
cblr-7159	214	70	bond	bond	NOUN
cblr-7159	214	71	market	market	NOUN
cblr-7159	214	72	investors	investor	NOUN
cblr-7159	214	73	who	who	PRON
cblr-7159	214	74	can	can	AUX
cblr-7159	214	75	sell	sell	VERB
cblr-7159	214	76	their	their	PRON
cblr-7159	214	77	bonds	bond	NOUN
cblr-7159	214	78	,	,	PUNCT
cblr-7159	214	79	bank	bank	NOUN
cblr-7159	214	80	lenders	lender	NOUN
cblr-7159	214	81	have	have	AUX
cblr-7159	214	82	historically	historically	ADV
cblr-7159	214	83	had	have	VERB
cblr-7159	214	84	longer	long	ADJ
cblr-7159	214	85	term	term	NOUN
cblr-7159	214	86	,	,	PUNCT
cblr-7159	214	87	repeat	repeat	NOUN
cblr-7159	214	88	-	-	PUNCT
cblr-7159	214	89	player	player	NOUN
cblr-7159	214	90	relationships	relationship	NOUN
cblr-7159	214	91	with	with	ADP
cblr-7159	214	92	corporate	corporate	ADJ
cblr-7159	214	93	borrowers	borrower	NOUN
cblr-7159	214	94	and	and	CCONJ
cblr-7159	214	95	thus	thus	ADV
cblr-7159	214	96	have	have	AUX
cblr-7159	214	97	had	have	VERB
cblr-7159	214	98	a	a	DET
cblr-7159	214	99	stake	stake	NOUN
cblr-7159	214	100	in	in	ADP
cblr-7159	214	101	borrowers	borrower	NOUN
cblr-7159	214	102	’	'	PUNCT
cblr-7159	214	103	long	long	ADJ
cblr-7159	214	104	-	-	PUNCT
cblr-7159	214	105	term	term	NOUN
cblr-7159	214	106	success.62	success.62	ADJ
cblr-7159	214	107	empirical	empirical	ADJ
cblr-7159	214	108	research	research	NOUN
cblr-7159	214	109	supports	support	VERB
cblr-7159	214	110	the	the	DET
cblr-7159	214	111	theory	theory	NOUN
cblr-7159	214	112	that	that	SCONJ
cblr-7159	214	113	lenders	lender	NOUN
cblr-7159	214	114	interact	interact	VERB
cblr-7159	214	115	with	with	ADP
cblr-7159	214	116	borrowing	borrow	VERB
cblr-7159	214	117	companies	company	NOUN
cblr-7159	214	118	to	to	PART
cblr-7159	214	119	improve	improve	VERB
cblr-7159	214	120	their	their	PRON
cblr-7159	214	121	performance	performance	NOUN
cblr-7159	214	122	in	in	ADP
cblr-7159	214	123	a	a	DET
cblr-7159	214	124	way	way	NOUN
cblr-7159	214	125	that	that	PRON
cblr-7159	214	126	is	be	AUX
cblr-7159	214	127	often	often	ADV
cblr-7159	214	128	consistent	consistent	ADJ
cblr-7159	214	129	with	with	ADP
cblr-7159	214	130	the	the	DET
cblr-7159	214	131	interests	interest	NOUN
cblr-7159	214	132	of	of	ADP
cblr-7159	214	133	other	other	ADJ
cblr-7159	214	134	corporate	corporate	ADJ
cblr-7159	214	135	stakeholders.63	stakeholders.63	NOUN
cblr-7159	214	136	specifically	specifically	ADV
cblr-7159	214	137	,	,	PUNCT
cblr-7159	214	138	a	a	DET
cblr-7159	214	139	number	number	NOUN
cblr-7159	214	140	of	of	ADP
cblr-7159	214	141	rigorous	rigorous	ADJ
cblr-7159	214	142	studies	study	NOUN
cblr-7159	214	143	have	have	AUX
cblr-7159	214	144	found	find	VERB
cblr-7159	214	145	that	that	SCONJ
cblr-7159	214	146	lender	lender	NOUN
cblr-7159	214	147	monitoring	monitoring	NOUN
cblr-7159	214	148	and	and	CCONJ
cblr-7159	214	149	intervention	intervention	NOUN
cblr-7159	214	150	leads	lead	VERB
cblr-7159	214	151	to	to	ADP
cblr-7159	214	152	positive	positive	ADJ
cblr-7159	214	153	changes	change	NOUN
cblr-7159	214	154	in	in	ADP
cblr-7159	214	155	firm	firm	ADJ
cblr-7159	214	156	performance.64	performance.64	NOUN
cblr-7159	214	157	moreover	moreover	ADV
cblr-7159	214	158	,	,	PUNCT
cblr-7159	214	159	there	there	PRON
cblr-7159	214	160	is	be	VERB
cblr-7159	214	161	scant	scant	ADJ
cblr-7159	214	162	evidence	evidence	NOUN
cblr-7159	214	163	that	that	SCONJ
cblr-7159	214	164	lender	lender	NOUN
cblr-7159	214	165	intervention	intervention	NOUN
cblr-7159	214	166	leads	lead	VERB
cblr-7159	214	167	to	to	ADP
cblr-7159	214	168	increased	increase	VERB
cblr-7159	214	169	conflicts	conflict	NOUN
cblr-7159	214	170	of	of	ADP
cblr-7159	214	171	interest	interest	NOUN
cblr-7159	214	172	with	with	ADP
cblr-7159	214	173	shareholders	shareholder	NOUN
cblr-7159	214	174	,	,	PUNCT
cblr-7159	214	175	or	or	CCONJ
cblr-7159	214	176	at	at	ADP
cblr-7159	214	177	least	least	ADJ
cblr-7159	214	178	,	,	PUNCT
cblr-7159	214	179	conflicts	conflict	NOUN
cblr-7159	214	180	in	in	ADP
cblr-7159	214	181	which	which	PRON
cblr-7159	214	182	the	the	DET
cblr-7159	214	183	agency	agency	NOUN
cblr-7159	214	184	costs	cost	NOUN
cblr-7159	214	185	outweigh	outweigh	VERB
cblr-7159	214	186	the	the	DET
cblr-7159	214	187	positive	positive	ADJ
cblr-7159	214	188	benefits	benefit	NOUN
cblr-7159	214	189	60	60	NUM
cblr-7159	214	190	see	see	VERB
cblr-7159	214	191	triantis	triantis	PROPN
cblr-7159	214	192	&	&	CCONJ
cblr-7159	214	193	daniels	daniels	PROPN
cblr-7159	214	194	,	,	PUNCT
cblr-7159	214	195	supra	supra	PROPN
cblr-7159	214	196	note	note	PROPN
cblr-7159	214	197	1	1	NUM
cblr-7159	214	198	,	,	PUNCT
cblr-7159	214	199	at	at	ADP
cblr-7159	214	200	1087–88	1087–88	NUM
cblr-7159	214	201	;	;	PUNCT
cblr-7159	214	202	see	see	VERB
cblr-7159	214	203	also	also	ADV
cblr-7159	214	204	nini	nini	PROPN
cblr-7159	214	205	et	et	PROPN
cblr-7159	214	206	al	al	PROPN
cblr-7159	214	207	.	.	PROPN
cblr-7159	214	208	,	,	PUNCT
cblr-7159	214	209	creditor	creditor	NOUN
cblr-7159	214	210	control	control	NOUN
cblr-7159	214	211	rights	rights	PROPN
cblr-7159	214	212	supra	supra	PROPN
cblr-7159	214	213	note	note	PROPN
cblr-7159	214	214	14	14	NUM
cblr-7159	214	215	,	,	PUNCT
cblr-7159	214	216	at	at	ADP
cblr-7159	214	217	1715–16	1715–16	NUM
cblr-7159	214	218	,	,	PUNCT
cblr-7159	214	219	1747	1747	NUM
cblr-7159	214	220	.	.	PUNCT
cblr-7159	215	1	61	61	NUM
cblr-7159	215	2	see	see	VERB
cblr-7159	215	3	triantis	triantis	PROPN
cblr-7159	215	4	&	&	CCONJ
cblr-7159	215	5	daniels	daniels	PROPN
cblr-7159	215	6	,	,	PUNCT
cblr-7159	215	7	supra	supra	PROPN
cblr-7159	215	8	note	note	PROPN
cblr-7159	215	9	1	1	NUM
cblr-7159	215	10	,	,	PUNCT
cblr-7159	215	11	at	at	ADP
cblr-7159	215	12	1092	1092	NUM
cblr-7159	215	13	.	.	PUNCT
cblr-7159	216	1	62	62	NUM
cblr-7159	216	2	see	see	VERB
cblr-7159	216	3	i	i	PRON
cblr-7159	216	4	d.	d.	PROPN
cblr-7159	216	5	at	at	ADP
cblr-7159	216	6	1079–80	1079–80	NUM
cblr-7159	216	7	,	,	PUNCT
cblr-7159	216	8	1104–07	1104–07	NUM
cblr-7159	216	9	(	(	PUNCT
cblr-7159	216	10	“	"	PUNCT
cblr-7159	216	11	in	in	ADP
cblr-7159	216	12	this	this	DET
cblr-7159	216	13	sense	sense	NOUN
cblr-7159	216	14	,	,	PUNCT
cblr-7159	216	15	the	the	DET
cblr-7159	216	16	interactive	interactive	ADJ
cblr-7159	216	17	theory	theory	NOUN
cblr-7159	216	18	is	be	AUX
cblr-7159	216	19	true	true	ADJ
cblr-7159	216	20	to	to	ADP
cblr-7159	216	21	the	the	DET
cblr-7159	216	22	contractual	contractual	ADJ
cblr-7159	216	23	vision	vision	NOUN
cblr-7159	216	24	of	of	ADP
cblr-7159	216	25	the	the	DET
cblr-7159	216	26	firm	firm	NOUN
cblr-7159	216	27	and	and	CCONJ
cblr-7159	216	28	yields	yield	VERB
cblr-7159	216	29	a	a	DET
cblr-7159	216	30	system	system	NOUN
cblr-7159	216	31	that	that	PRON
cblr-7159	216	32	is	be	AUX
cblr-7159	216	33	in	in	ADP
cblr-7159	216	34	fact	fact	NOUN
cblr-7159	216	35	far	far	ADV
cblr-7159	216	36	more	more	ADV
cblr-7159	216	37	effective	effective	ADJ
cblr-7159	216	38	in	in	ADP
cblr-7159	216	39	disciplining	discipline	VERB
cblr-7159	216	40	and	and	CCONJ
cblr-7159	216	41	correcting	correct	VERB
cblr-7159	216	42	managerial	managerial	ADJ
cblr-7159	216	43	slack	slack	NOUN
cblr-7159	216	44	than	than	ADP
cblr-7159	216	45	the	the	DET
cblr-7159	216	46	traditionally	traditionally	ADV
cblr-7159	216	47	conceived	conceive	VERB
cblr-7159	216	48	model	model	NOUN
cblr-7159	216	49	in	in	ADP
cblr-7159	216	50	which	which	PRON
cblr-7159	216	51	shareholders	shareholder	NOUN
cblr-7159	216	52	act	act	VERB
cblr-7159	216	53	as	as	ADP
cblr-7159	216	54	the	the	DET
cblr-7159	216	55	sole	sole	ADJ
cblr-7159	216	56	principals	principal	NOUN
cblr-7159	216	57	for	for	ADP
cblr-7159	216	58	management	management	NOUN
cblr-7159	216	59	.	.	PUNCT
cblr-7159	216	60	”	"	PUNCT
cblr-7159	216	61	)	)	PUNCT
cblr-7159	216	62	.	.	PUNCT
cblr-7159	217	1	63	63	NUM
cblr-7159	217	2	see	see	VERB
cblr-7159	217	3	nini	nini	PROPN
cblr-7159	217	4	et	et	PROPN
cblr-7159	217	5	al	al	PROPN
cblr-7159	217	6	.	.	PROPN
cblr-7159	217	7	,	,	PUNCT
cblr-7159	217	8	creditor	creditor	NOUN
cblr-7159	217	9	control	control	NOUN
cblr-7159	217	10	rights	right	NOUN
cblr-7159	217	11	,	,	PUNCT
cblr-7159	217	12	supra	supra	PROPN
cblr-7159	217	13	note	note	NOUN
cblr-7159	217	14	14	14	NUM
cblr-7159	217	15	,	,	PUNCT
cblr-7159	217	16	at	at	ADP
cblr-7159	217	17	1716–17	1716–17	NUM
cblr-7159	217	18	,	,	PUNCT
cblr-7159	217	19	1747–58	1747–58	NUM
cblr-7159	217	20	.	.	PUNCT
cblr-7159	218	1	64	64	NUM
cblr-7159	218	2	see	see	VERB
cblr-7159	218	3	,	,	PUNCT
cblr-7159	218	4	e.g.	e.g.	ADV
cblr-7159	218	5	,	,	PUNCT
cblr-7159	218	6	see	see	VERB
cblr-7159	218	7	nini	nini	PROPN
cblr-7159	218	8	et	et	PROPN
cblr-7159	218	9	al	al	PROPN
cblr-7159	218	10	.	.	PROPN
cblr-7159	218	11	,	,	PUNCT
cblr-7159	218	12	creditor	creditor	NOUN
cblr-7159	218	13	control	control	NOUN
cblr-7159	218	14	rights	right	NOUN
cblr-7159	218	15	,	,	PUNCT
cblr-7159	218	16	supra	supra	PROPN
cblr-7159	218	17	note	note	NOUN
cblr-7159	218	18	14	14	NUM
cblr-7159	218	19	,	,	PUNCT
cblr-7159	218	20	at	at	ADP
cblr-7159	218	21	1716–17	1716–17	NUM
cblr-7159	218	22	;	;	PUNCT
cblr-7159	218	23	shepherd	shepherd	PROPN
cblr-7159	218	24	et	et	PROPN
cblr-7159	218	25	al	al	PROPN
cblr-7159	218	26	.	.	PROPN
cblr-7159	218	27	,	,	PUNCT
cblr-7159	218	28	what	what	PRON
cblr-7159	218	29	else	else	ADV
cblr-7159	218	30	matters	matter	VERB
cblr-7159	218	31	,	,	PUNCT
cblr-7159	218	32	supra	supra	PROPN
cblr-7159	218	33	note	note	NOUN
cblr-7159	218	34	1	1	NUM
cblr-7159	218	35	,	,	PUNCT
cblr-7159	218	36	at	at	ADP
cblr-7159	218	37	993–94	993–94	NOUN
cblr-7159	218	38	;	;	PUNCT
cblr-7159	219	1	matthew	matthew	PROPN
cblr-7159	219	2	t.	t.	PROPN
cblr-7159	219	3	billett	billett	PROPN
cblr-7159	219	4	et	et	PROPN
cblr-7159	219	5	al	al	PROPN
cblr-7159	219	6	.	.	PROPN
cblr-7159	219	7	,	,	PUNCT
cblr-7159	219	8	the	the	DET
cblr-7159	219	9	effect	effect	NOUN
cblr-7159	219	10	of	of	ADP
cblr-7159	219	11	lender	lender	NOUN
cblr-7159	219	12	identity	identity	NOUN
cblr-7159	219	13	on	on	ADP
cblr-7159	219	14	a	a	DET
cblr-7159	219	15	borrowing	borrowing	NOUN
cblr-7159	219	16	firm	firm	NOUN
cblr-7159	219	17	’s	’s	PART
cblr-7159	219	18	equity	equity	NOUN
cblr-7159	219	19	return	return	NOUN
cblr-7159	219	20	,	,	PUNCT
cblr-7159	219	21	50	50	NUM
cblr-7159	219	22	j.	j.	PROPN
cblr-7159	219	23	fin	fin	PROPN
cblr-7159	219	24	.	.	PUNCT
cblr-7159	220	1	699	699	NUM
cblr-7159	220	2	,	,	PUNCT
cblr-7159	220	3	717	717	NUM
cblr-7159	220	4	(	(	PUNCT
cblr-7159	220	5	1995	1995	NUM
cblr-7159	220	6	)	)	PUNCT
cblr-7159	220	7	(	(	PUNCT
cblr-7159	220	8	finding	find	VERB
cblr-7159	220	9	positive	positive	ADJ
cblr-7159	220	10	abnormal	abnormal	ADJ
cblr-7159	220	11	stock	stock	NOUN
cblr-7159	220	12	returns	return	NOUN
cblr-7159	220	13	to	to	ADP
cblr-7159	220	14	borrowing	borrow	VERB
cblr-7159	220	15	firms	firm	NOUN
cblr-7159	220	16	following	follow	VERB
cblr-7159	220	17	the	the	DET
cblr-7159	220	18	disclosure	disclosure	NOUN
cblr-7159	220	19	of	of	ADP
cblr-7159	220	20	bank	bank	NOUN
cblr-7159	220	21	loans	loan	NOUN
cblr-7159	220	22	from	from	ADP
cblr-7159	220	23	banks	bank	NOUN
cblr-7159	220	24	perceived	perceive	VERB
cblr-7159	220	25	as	as	ADP
cblr-7159	220	26	good	good	ADJ
cblr-7159	220	27	monitors	monitor	NOUN
cblr-7159	220	28	)	)	PUNCT
cblr-7159	220	29	;	;	PUNCT
cblr-7159	221	1	christopher	christopher	PROPN
cblr-7159	221	2	james	james	PROPN
cblr-7159	221	3	,	,	PUNCT
cblr-7159	221	4	some	some	DET
cblr-7159	221	5	evidence	evidence	NOUN
cblr-7159	221	6	on	on	ADP
cblr-7159	221	7	the	the	DET
cblr-7159	221	8	uniqueness	uniqueness	NOUN
cblr-7159	221	9	of	of	ADP
cblr-7159	221	10	bank	bank	NOUN
cblr-7159	221	11	loans	loan	NOUN
cblr-7159	221	12	,	,	PUNCT
cblr-7159	221	13	19	19	NUM
cblr-7159	221	14	j.	j.	PROPN
cblr-7159	221	15	fin	fin	PROPN
cblr-7159	221	16	.	.	PUNCT
cblr-7159	221	17	econ	econ	PROPN
cblr-7159	221	18	.	.	PUNCT
cblr-7159	221	19	217	217	NUM
cblr-7159	221	20	,	,	PUNCT
cblr-7159	221	21	225	225	NUM
cblr-7159	221	22	(	(	PUNCT
cblr-7159	221	23	1987	1987	NUM
cblr-7159	221	24	)	)	PUNCT
cblr-7159	221	25	(	(	PUNCT
cblr-7159	221	26	finding	find	VERB
cblr-7159	221	27	positive	positive	ADJ
cblr-7159	221	28	stock	stock	NOUN
cblr-7159	221	29	impacts	impact	NOUN
cblr-7159	221	30	for	for	ADP
cblr-7159	221	31	borrowers	borrower	NOUN
cblr-7159	221	32	following	follow	VERB
cblr-7159	221	33	the	the	DET
cblr-7159	221	34	announcement	announcement	NOUN
cblr-7159	221	35	of	of	ADP
cblr-7159	221	36	a	a	DET
cblr-7159	221	37	new	new	ADJ
cblr-7159	221	38	bank	bank	NOUN
cblr-7159	221	39	loan	loan	NOUN
cblr-7159	221	40	contract	contract	NOUN
cblr-7159	221	41	)	)	PUNCT
cblr-7159	221	42	;	;	PUNCT
cblr-7159	221	43	dianna	dianna	PROPN
cblr-7159	221	44	c.	c.	PROPN
cblr-7159	221	45	preece	preece	PROPN
cblr-7159	221	46	&	&	CCONJ
cblr-7159	221	47	donald	donald	PROPN
cblr-7159	221	48	j.	j.	PROPN
cblr-7159	221	49	mullineaux	mullineaux	PROPN
cblr-7159	221	50	,	,	PUNCT
cblr-7159	221	51	monitoring	monitoring	NOUN
cblr-7159	221	52	by	by	ADP
cblr-7159	221	53	financial	financial	ADJ
cblr-7159	221	54	intermediaries	intermediary	NOUN
cblr-7159	221	55	:	:	PUNCT
cblr-7159	221	56	banks	bank	NOUN
cblr-7159	221	57	vs.	vs.	ADP
cblr-7159	221	58	nonbanks	nonbank	NOUN
cblr-7159	221	59	,	,	PUNCT
cblr-7159	221	60	8	8	NUM
cblr-7159	221	61	j.	j.	PROPN
cblr-7159	221	62	fin	fin	PROPN
cblr-7159	221	63	.	.	PUNCT
cblr-7159	222	1	servs	servs	PROPN
cblr-7159	222	2	.	.	PUNCT
cblr-7159	223	1	res	re	NOUN
cblr-7159	223	2	.	.	PROPN
cblr-7159	223	3	193	193	NUM
cblr-7159	223	4	,	,	PUNCT
cblr-7159	223	5	200–01	200–01	PROPN
cblr-7159	223	6	(	(	PUNCT
cblr-7159	223	7	1994	1994	NUM
cblr-7159	223	8	)	)	PUNCT
cblr-7159	223	9	(	(	PUNCT
cblr-7159	223	10	finding	find	VERB
cblr-7159	223	11	that	that	SCONJ
cblr-7159	223	12	borrowing	borrowing	NOUN
cblr-7159	223	13	companies	company	NOUN
cblr-7159	223	14	experience	experience	VERB
cblr-7159	223	15	positive	positive	ADJ
cblr-7159	223	16	abnormal	abnormal	ADJ
cblr-7159	223	17	stock	stock	NOUN
cblr-7159	223	18	returns	return	NOUN
cblr-7159	223	19	upon	upon	SCONJ
cblr-7159	223	20	announcing	announce	VERB
cblr-7159	223	21	loan	loan	NOUN
cblr-7159	223	22	contracts	contract	NOUN
cblr-7159	223	23	with	with	ADP
cblr-7159	223	24	non	non	ADJ
cblr-7159	223	25	-	-	ADJ
cblr-7159	223	26	bank	bank	ADJ
cblr-7159	223	27	lenders	lender	NOUN
cblr-7159	223	28	)	)	PUNCT
cblr-7159	223	29	.	.	PUNCT
cblr-7159	224	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	224	2	(	(	PUNCT
cblr-7159	224	3	do	do	AUX
cblr-7159	224	4	not	not	PART
cblr-7159	224	5	delete	delete	VERB
cblr-7159	224	6	)	)	PUNCT
cblr-7159	224	7	9/28/2020	9/28/2020	NUM
cblr-7159	224	8	6:35	6:35	NUM
cblr-7159	224	9	pm	pm	NOUN
cblr-7159	224	10	no	no	INTJ
cblr-7159	224	11	.	.	PUNCT
cblr-7159	225	1	1:192	1:192	X
cblr-7159	225	2	]	]	X
cblr-7159	225	3	reconsidering	reconsider	VERB
cblr-7159	225	4	creditor	creditor	NOUN
cblr-7159	225	5	governance	governance	NOUN
cblr-7159	225	6	209	209	NUM
cblr-7159	225	7	of	of	ADP
cblr-7159	225	8	intervention.65	intervention.65	PRON
cblr-7159	225	9	to	to	ADP
cblr-7159	225	10	the	the	DET
cblr-7159	225	11	contrary	contrary	NOUN
cblr-7159	225	12	,	,	PUNCT
cblr-7159	225	13	the	the	DET
cblr-7159	225	14	research	research	NOUN
cblr-7159	225	15	suggests	suggest	VERB
cblr-7159	225	16	that	that	SCONJ
cblr-7159	225	17	lenders	lender	NOUN
cblr-7159	225	18	play	play	VERB
cblr-7159	225	19	an	an	DET
cblr-7159	225	20	important	important	ADJ
cblr-7159	225	21	role	role	NOUN
cblr-7159	225	22	in	in	ADP
cblr-7159	225	23	disciplining	discipline	VERB
cblr-7159	225	24	management	management	NOUN
cblr-7159	225	25	when	when	SCONJ
cblr-7159	225	26	other	other	ADJ
cblr-7159	225	27	governance	governance	NOUN
cblr-7159	225	28	mechanisms	mechanism	NOUN
cblr-7159	225	29	cannot.66	cannot.66	VERB
cblr-7159	225	30	however	however	ADV
cblr-7159	225	31	,	,	PUNCT
cblr-7159	225	32	there	there	PRON
cblr-7159	225	33	are	be	VERB
cblr-7159	225	34	circumstances	circumstance	NOUN
cblr-7159	225	35	in	in	ADP
cblr-7159	225	36	which	which	PRON
cblr-7159	225	37	one	one	PRON
cblr-7159	225	38	might	might	AUX
cblr-7159	225	39	expect	expect	VERB
cblr-7159	225	40	lenders	lender	NOUN
cblr-7159	225	41	’	’	PART
cblr-7159	225	42	interests	interest	NOUN
cblr-7159	225	43	to	to	PART
cblr-7159	225	44	diverge	diverge	VERB
cblr-7159	225	45	from	from	ADP
cblr-7159	225	46	those	those	PRON
cblr-7159	225	47	of	of	ADP
cblr-7159	225	48	other	other	ADJ
cblr-7159	225	49	stakeholders	stakeholder	NOUN
cblr-7159	225	50	,	,	PUNCT
cblr-7159	225	51	potentially	potentially	ADV
cblr-7159	225	52	destroying	destroy	VERB
cblr-7159	225	53	value	value	NOUN
cblr-7159	225	54	for	for	ADP
cblr-7159	225	55	those	those	DET
cblr-7159	225	56	stakeholders	stakeholder	NOUN
cblr-7159	225	57	,	,	PUNCT
cblr-7159	225	58	as	as	SCONJ
cblr-7159	225	59	discussed	discuss	VERB
cblr-7159	225	60	below	below	ADV
cblr-7159	225	61	.	.	PUNCT
cblr-7159	226	1	3	3	X
cblr-7159	226	2	.	.	X
cblr-7159	226	3	lenders	lender	NOUN
cblr-7159	226	4	and	and	CCONJ
cblr-7159	226	5	creditor	creditor	NOUN
cblr-7159	226	6	-	-	PUNCT
cblr-7159	226	7	shareholder	shareholder	NOUN
cblr-7159	226	8	conflict	conflict	NOUN
cblr-7159	226	9	the	the	DET
cblr-7159	226	10	benefits	benefit	NOUN
cblr-7159	226	11	that	that	PRON
cblr-7159	226	12	lenders	lender	NOUN
cblr-7159	226	13	bring	bring	VERB
cblr-7159	226	14	to	to	ADP
cblr-7159	226	15	corporate	corporate	ADJ
cblr-7159	226	16	governance	governance	NOUN
cblr-7159	226	17	might	might	AUX
cblr-7159	226	18	be	be	AUX
cblr-7159	226	19	tempered	temper	VERB
cblr-7159	226	20	by	by	ADP
cblr-7159	226	21	the	the	DET
cblr-7159	226	22	fact	fact	NOUN
cblr-7159	226	23	that	that	SCONJ
cblr-7159	226	24	their	their	PRON
cblr-7159	226	25	interests	interest	NOUN
cblr-7159	226	26	are	be	AUX
cblr-7159	226	27	sometimes	sometimes	ADV
cblr-7159	226	28	in	in	ADP
cblr-7159	226	29	tension	tension	NOUN
cblr-7159	226	30	with	with	ADP
cblr-7159	226	31	those	those	PRON
cblr-7159	226	32	of	of	ADP
cblr-7159	226	33	other	other	ADJ
cblr-7159	226	34	stakeholders	stakeholder	NOUN
cblr-7159	226	35	.	.	PUNCT
cblr-7159	227	1	scholars	scholar	NOUN
cblr-7159	227	2	have	have	AUX
cblr-7159	227	3	described	describe	VERB
cblr-7159	227	4	the	the	DET
cblr-7159	227	5	conflict	conflict	NOUN
cblr-7159	227	6	between	between	ADP
cblr-7159	227	7	the	the	DET
cblr-7159	227	8	interests	interest	NOUN
cblr-7159	227	9	of	of	ADP
cblr-7159	227	10	equity	equity	NOUN
cblr-7159	227	11	holders	holder	NOUN
cblr-7159	227	12	and	and	CCONJ
cblr-7159	227	13	those	those	PRON
cblr-7159	227	14	of	of	ADP
cblr-7159	227	15	debt	debt	NOUN
cblr-7159	227	16	holders	holder	NOUN
cblr-7159	227	17	,	,	PUNCT
cblr-7159	227	18	67	67	NUM
cblr-7159	227	19	and	and	CCONJ
cblr-7159	227	20	in	in	ADP
cblr-7159	227	21	theory	theory	NOUN
cblr-7159	227	22	,	,	PUNCT
cblr-7159	227	23	lender	lender	NOUN
cblr-7159	227	24	intervention	intervention	NOUN
cblr-7159	227	25	might	might	AUX
cblr-7159	227	26	sharpen	sharpen	VERB
cblr-7159	227	27	that	that	DET
cblr-7159	227	28	conflict	conflict	NOUN
cblr-7159	227	29	.	.	PUNCT
cblr-7159	228	1	lenders	lender	NOUN
cblr-7159	228	2	are	be	AUX
cblr-7159	228	3	assumed	assume	VERB
cblr-7159	228	4	to	to	PART
cblr-7159	228	5	be	be	AUX
cblr-7159	228	6	more	more	ADJ
cblr-7159	228	7	risk	risk	NOUN
cblr-7159	228	8	averse	averse	ADJ
cblr-7159	228	9	than	than	ADP
cblr-7159	228	10	equity	equity	NOUN
cblr-7159	228	11	holders	holder	NOUN
cblr-7159	228	12	,	,	PUNCT
cblr-7159	228	13	since	since	SCONJ
cblr-7159	228	14	they	they	PRON
cblr-7159	228	15	stand	stand	VERB
cblr-7159	228	16	to	to	PART
cblr-7159	228	17	suffer	suffer	VERB
cblr-7159	228	18	greater	great	ADJ
cblr-7159	228	19	downside	downside	ADJ
cblr-7159	228	20	losses	loss	NOUN
cblr-7159	228	21	from	from	ADP
cblr-7159	228	22	risky	risky	ADJ
cblr-7159	228	23	projects	project	NOUN
cblr-7159	228	24	that	that	PRON
cblr-7159	228	25	drain	drain	VERB
cblr-7159	228	26	resources	resource	NOUN
cblr-7159	228	27	that	that	PRON
cblr-7159	228	28	would	would	AUX
cblr-7159	228	29	be	be	AUX
cblr-7159	228	30	otherwise	otherwise	ADV
cblr-7159	228	31	available	available	ADJ
cblr-7159	228	32	for	for	ADP
cblr-7159	228	33	debt	debt	NOUN
cblr-7159	228	34	repayment.68	repayment.68	PROPN
cblr-7159	228	35	equity	equity	NOUN
cblr-7159	228	36	holders	holder	NOUN
cblr-7159	228	37	,	,	PUNCT
cblr-7159	228	38	on	on	ADP
cblr-7159	228	39	the	the	DET
cblr-7159	228	40	other	other	ADJ
cblr-7159	228	41	hand	hand	NOUN
cblr-7159	228	42	,	,	PUNCT
cblr-7159	228	43	are	be	AUX
cblr-7159	228	44	subordinate	subordinate	ADJ
cblr-7159	228	45	to	to	ADP
cblr-7159	228	46	creditors	creditor	NOUN
cblr-7159	228	47	in	in	ADP
cblr-7159	228	48	the	the	DET
cblr-7159	228	49	capital	capital	NOUN
cblr-7159	228	50	structure	structure	NOUN
cblr-7159	228	51	;	;	PUNCT
cblr-7159	228	52	when	when	SCONJ
cblr-7159	228	53	the	the	DET
cblr-7159	228	54	firm	firm	NOUN
cblr-7159	228	55	’s	’s	PART
cblr-7159	228	56	value	value	NOUN
cblr-7159	228	57	is	be	AUX
cblr-7159	228	58	low	low	ADJ
cblr-7159	228	59	,	,	PUNCT
cblr-7159	228	60	shareholders	shareholder	NOUN
cblr-7159	228	61	are	be	AUX
cblr-7159	228	62	in	in	ADP
cblr-7159	228	63	the	the	DET
cblr-7159	228	64	same	same	ADJ
cblr-7159	228	65	position	position	NOUN
cblr-7159	228	66	whether	whether	SCONJ
cblr-7159	228	67	resources	resource	NOUN
cblr-7159	228	68	are	be	AUX
cblr-7159	228	69	used	use	VERB
cblr-7159	228	70	to	to	PART
cblr-7159	228	71	pay	pay	VERB
cblr-7159	228	72	debt	debt	NOUN
cblr-7159	228	73	or	or	CCONJ
cblr-7159	228	74	to	to	PART
cblr-7159	228	75	invest	invest	VERB
cblr-7159	228	76	in	in	ADP
cblr-7159	228	77	a	a	DET
cblr-7159	228	78	risky	risky	ADJ
cblr-7159	228	79	project	project	NOUN
cblr-7159	228	80	—	—	PUNCT
cblr-7159	228	81	in	in	ADP
cblr-7159	228	82	either	either	DET
cblr-7159	228	83	case	case	NOUN
cblr-7159	228	84	,	,	PUNCT
cblr-7159	228	85	the	the	DET
cblr-7159	228	86	firm	firm	NOUN
cblr-7159	228	87	’s	’s	PART
cblr-7159	228	88	remaining	remain	VERB
cblr-7159	228	89	money	money	NOUN
cblr-7159	228	90	is	be	AUX
cblr-7159	228	91	not	not	PART
cblr-7159	228	92	going	go	VERB
cblr-7159	228	93	to	to	PART
cblr-7159	228	94	them.69	them.69	VERB
cblr-7159	228	95	thus	thus	ADV
cblr-7159	228	96	,	,	PUNCT
cblr-7159	228	97	in	in	ADP
cblr-7159	228	98	theory	theory	NOUN
cblr-7159	228	99	equity	equity	NOUN
cblr-7159	228	100	holders	holder	NOUN
cblr-7159	228	101	have	have	VERB
cblr-7159	228	102	nothing	nothing	PRON
cblr-7159	228	103	to	to	PART
cblr-7159	228	104	lose	lose	VERB
cblr-7159	228	105	and	and	CCONJ
cblr-7159	228	106	possibly	possibly	ADV
cblr-7159	228	107	something	something	PRON
cblr-7159	228	108	to	to	PART
cblr-7159	228	109	gain	gain	VERB
cblr-7159	228	110	by	by	ADP
cblr-7159	228	111	taking	take	VERB
cblr-7159	228	112	a	a	DET
cblr-7159	228	113	chance	chance	NOUN
cblr-7159	228	114	on	on	ADP
cblr-7159	228	115	a	a	DET
cblr-7159	228	116	high	high	ADJ
cblr-7159	228	117	-	-	PUNCT
cblr-7159	228	118	risk	risk	NOUN
cblr-7159	228	119	,	,	PUNCT
cblr-7159	228	120	high	high	ADJ
cblr-7159	228	121	-	-	PUNCT
cblr-7159	228	122	reward	reward	NOUN
cblr-7159	228	123	65	65	NUM
cblr-7159	228	124	see	see	VERB
cblr-7159	228	125	,	,	PUNCT
cblr-7159	228	126	e.g.	e.g.	ADV
cblr-7159	228	127	,	,	PUNCT
cblr-7159	228	128	nini	nini	PROPN
cblr-7159	228	129	et	et	PROPN
cblr-7159	228	130	al	al	PROPN
cblr-7159	228	131	.	.	PROPN
cblr-7159	228	132	,	,	PUNCT
cblr-7159	228	133	creditor	creditor	NOUN
cblr-7159	228	134	control	control	NOUN
cblr-7159	228	135	rights	right	NOUN
cblr-7159	228	136	,	,	PUNCT
cblr-7159	228	137	supra	supra	PROPN
cblr-7159	228	138	note	note	NOUN
cblr-7159	228	139	14	14	NUM
cblr-7159	228	140	,	,	PUNCT
cblr-7159	228	141	at	at	ADP
cblr-7159	228	142	1716	1716	NUM
cblr-7159	228	143	–	–	PUNCT
cblr-7159	228	144	17	17	NUM
cblr-7159	228	145	;	;	PUNCT
cblr-7159	228	146	shepherd	shepherd	NOUN
cblr-7159	228	147	et	et	PROPN
cblr-7159	228	148	al	al	PROPN
cblr-7159	228	149	.	.	PROPN
cblr-7159	228	150	,	,	PUNCT
cblr-7159	228	151	what	what	PRON
cblr-7159	228	152	else	else	ADV
cblr-7159	228	153	matters	matter	VERB
cblr-7159	228	154	,	,	PUNCT
cblr-7159	228	155	supra	supra	PROPN
cblr-7159	228	156	note	note	NOUN
cblr-7159	228	157	1	1	NUM
cblr-7159	228	158	,	,	PUNCT
cblr-7159	228	159	at	at	ADP
cblr-7159	228	160	993–94	993–94	NOUN
cblr-7159	228	161	;	;	PUNCT
cblr-7159	228	162	triantis	triantis	PROPN
cblr-7159	228	163	&	&	CCONJ
cblr-7159	228	164	daniels	daniels	PROPN
cblr-7159	228	165	,	,	PUNCT
cblr-7159	228	166	supra	supra	PROPN
cblr-7159	228	167	note	note	PROPN
cblr-7159	228	168	1	1	NUM
cblr-7159	228	169	,	,	PUNCT
cblr-7159	228	170	at	at	ADP
cblr-7159	228	171	1079	1079	NUM
cblr-7159	228	172	,	,	PUNCT
cblr-7159	228	173	1091	1091	NUM
cblr-7159	228	174	,	,	PUNCT
cblr-7159	228	175	1111–12	1111–12	NUM
cblr-7159	228	176	.	.	PUNCT
cblr-7159	229	1	nonetheless	nonetheless	ADV
cblr-7159	229	2	,	,	PUNCT
cblr-7159	229	3	one	one	NUM
cblr-7159	229	4	recent	recent	ADJ
cblr-7159	229	5	study	study	NOUN
cblr-7159	229	6	has	have	AUX
cblr-7159	229	7	found	find	VERB
cblr-7159	229	8	evidence	evidence	NOUN
cblr-7159	229	9	that	that	SCONJ
cblr-7159	229	10	lenders	lender	NOUN
cblr-7159	229	11	refrain	refrain	VERB
cblr-7159	229	12	from	from	ADP
cblr-7159	229	13	intervening	intervene	VERB
cblr-7159	229	14	to	to	PART
cblr-7159	229	15	reduce	reduce	VERB
cblr-7159	229	16	borrowers	borrower	NOUN
cblr-7159	229	17	’	’	PART
cblr-7159	229	18	debt	debt	NOUN
cblr-7159	229	19	load	load	NOUN
cblr-7159	229	20	or	or	CCONJ
cblr-7159	229	21	investment	investment	NOUN
cblr-7159	229	22	expenditures	expenditure	NOUN
cblr-7159	229	23	when	when	SCONJ
cblr-7159	229	24	the	the	DET
cblr-7159	229	25	lender	lender	NOUN
cblr-7159	229	26	also	also	ADV
cblr-7159	229	27	happens	happen	VERB
cblr-7159	229	28	to	to	PART
cblr-7159	229	29	be	be	AUX
cblr-7159	229	30	a	a	DET
cblr-7159	229	31	shareholder	shareholder	NOUN
cblr-7159	229	32	of	of	ADP
cblr-7159	229	33	the	the	DET
cblr-7159	229	34	borrower	borrower	NOUN
cblr-7159	229	35	,	,	PUNCT
cblr-7159	229	36	suggesting	suggest	VERB
cblr-7159	229	37	a	a	DET
cblr-7159	229	38	possible	possible	ADJ
cblr-7159	229	39	tradeoff	tradeoff	NOUN
cblr-7159	229	40	between	between	ADP
cblr-7159	229	41	equity	equity	NOUN
cblr-7159	229	42	and	and	CCONJ
cblr-7159	229	43	debt	debt	NOUN
cblr-7159	229	44	holder	holder	NOUN
cblr-7159	229	45	interests	interest	NOUN
cblr-7159	229	46	.	.	PUNCT
cblr-7159	230	1	see	see	VERB
cblr-7159	230	2	sudheer	sudheer	PROPN
cblr-7159	230	3	chava	chava	PROPN
cblr-7159	230	4	et	et	PROPN
cblr-7159	230	5	al	al	PROPN
cblr-7159	230	6	.	.	PROPN
cblr-7159	230	7	,	,	PUNCT
cblr-7159	230	8	covenants	covenant	NOUN
cblr-7159	230	9	,	,	PUNCT
cblr-7159	230	10	creditors	creditor	NOUN
cblr-7159	230	11	’	'	PUNCT
cblr-7159	230	12	simultaneous	simultaneous	ADJ
cblr-7159	230	13	equity	equity	NOUN
cblr-7159	230	14	holdings	holding	NOUN
cblr-7159	230	15	,	,	PUNCT
cblr-7159	230	16	and	and	CCONJ
cblr-7159	230	17	firm	firm	ADJ
cblr-7159	230	18	investment	investment	NOUN
cblr-7159	230	19	policies	policy	NOUN
cblr-7159	230	20	,	,	PUNCT
cblr-7159	230	21	54	54	NUM
cblr-7159	230	22	j.	j.	PROPN
cblr-7159	230	23	fin	fin	PROPN
cblr-7159	230	24	.	.	PUNCT
cblr-7159	231	1	&	&	CCONJ
cblr-7159	231	2	quantitative	quantitative	ADJ
cblr-7159	231	3	analysis	analysis	NOUN
cblr-7159	231	4	481	481	NUM
cblr-7159	231	5	,	,	PUNCT
cblr-7159	231	6	481–83	481–83	NUM
cblr-7159	231	7	(	(	PUNCT
cblr-7159	231	8	2019	2019	NUM
cblr-7159	231	9	)	)	PUNCT
cblr-7159	231	10	.	.	PUNCT
cblr-7159	232	1	66	66	NUM
cblr-7159	232	2	see	see	VERB
cblr-7159	232	3	triantis	triantis	PROPN
cblr-7159	232	4	&	&	CCONJ
cblr-7159	232	5	daniels	daniels	PROPN
cblr-7159	232	6	,	,	PUNCT
cblr-7159	232	7	supra	supra	PROPN
cblr-7159	232	8	note	note	PROPN
cblr-7159	232	9	1	1	NUM
cblr-7159	232	10	,	,	PUNCT
cblr-7159	232	11	at	at	ADP
cblr-7159	232	12	1079	1079	NUM
cblr-7159	232	13	,	,	PUNCT
cblr-7159	232	14	1091	1091	NUM
cblr-7159	232	15	,	,	PUNCT
cblr-7159	232	16	1082–88	1082–88	NUM
cblr-7159	232	17	.	.	PUNCT
cblr-7159	232	18	67	67	NUM
cblr-7159	232	19	see	see	NOUN
cblr-7159	232	20	,	,	PUNCT
cblr-7159	232	21	e.g.	e.g.	ADV
cblr-7159	232	22	,	,	PUNCT
cblr-7159	232	23	jensen	jensen	PROPN
cblr-7159	232	24	&	&	CCONJ
cblr-7159	232	25	meckling	meckling	PROPN
cblr-7159	232	26	,	,	PUNCT
cblr-7159	232	27	supra	supra	PROPN
cblr-7159	232	28	note	note	PROPN
cblr-7159	232	29	40	40	NUM
cblr-7159	232	30	,	,	PUNCT
cblr-7159	232	31	at	at	ADP
cblr-7159	232	32	333–37	333–37	NUM
cblr-7159	232	33	;	;	PUNCT
cblr-7159	232	34	bratton	bratton	PROPN
cblr-7159	232	35	,	,	PUNCT
cblr-7159	232	36	supra	supra	PROPN
cblr-7159	232	37	note	note	PROPN
cblr-7159	232	38	29	29	NUM
cblr-7159	232	39	,	,	PUNCT
cblr-7159	232	40	at	at	ADP
cblr-7159	232	41	50	50	NUM
cblr-7159	232	42	.	.	PUNCT
cblr-7159	233	1	68	68	NUM
cblr-7159	233	2	see	see	VERB
cblr-7159	233	3	i	i	PRON
cblr-7159	233	4	d.	d.	PROPN
cblr-7159	233	5	at	at	ADP
cblr-7159	233	6	333–37	333–37	NUM
cblr-7159	233	7	;	;	PUNCT
cblr-7159	233	8	see	see	VERB
cblr-7159	233	9	also	also	ADV
cblr-7159	233	10	gary	gary	PROPN
cblr-7159	233	11	gorton	gorton	PROPN
cblr-7159	233	12	&	&	CCONJ
cblr-7159	233	13	james	james	PROPN
cblr-7159	233	14	kahn	kahn	PROPN
cblr-7159	233	15	,	,	PUNCT
cblr-7159	233	16	the	the	DET
cblr-7159	233	17	design	design	NOUN
cblr-7159	233	18	of	of	ADP
cblr-7159	233	19	bank	bank	NOUN
cblr-7159	233	20	loan	loan	NOUN
cblr-7159	233	21	contracts	contract	NOUN
cblr-7159	233	22	,	,	PUNCT
cblr-7159	233	23	13	13	NUM
cblr-7159	233	24	rev	rev	X
cblr-7159	233	25	.	.	PROPN
cblr-7159	233	26	fin	fin	NOUN
cblr-7159	233	27	.	.	PUNCT
cblr-7159	233	28	stud	stud	PROPN
cblr-7159	233	29	.	.	PUNCT
cblr-7159	234	1	331	331	NUM
cblr-7159	234	2	,	,	PUNCT
cblr-7159	234	3	342	342	NUM
cblr-7159	234	4	(	(	PUNCT
cblr-7159	234	5	2000	2000	NUM
cblr-7159	234	6	)	)	PUNCT
cblr-7159	234	7	(	(	PUNCT
cblr-7159	234	8	noting	note	VERB
cblr-7159	234	9	that	that	SCONJ
cblr-7159	234	10	when	when	SCONJ
cblr-7159	234	11	borrowing	borrowing	NOUN
cblr-7159	234	12	companies	company	NOUN
cblr-7159	234	13	’	'	PUNCT
cblr-7159	234	14	equity	equity	NOUN
cblr-7159	234	15	value	value	NOUN
cblr-7159	234	16	is	be	AUX
cblr-7159	234	17	low	low	ADJ
cblr-7159	234	18	enough	enough	ADV
cblr-7159	234	19	relative	relative	ADJ
cblr-7159	234	20	to	to	ADP
cblr-7159	234	21	its	its	PRON
cblr-7159	234	22	debt	debt	NOUN
cblr-7159	234	23	,	,	PUNCT
cblr-7159	234	24	“	"	PUNCT
cblr-7159	234	25	the	the	DET
cblr-7159	234	26	borrower	borrower	NOUN
cblr-7159	234	27	may	may	AUX
cblr-7159	234	28	have	have	VERB
cblr-7159	234	29	an	an	DET
cblr-7159	234	30	incentive	incentive	NOUN
cblr-7159	234	31	to	to	PART
cblr-7159	234	32	switch	switch	VERB
cblr-7159	234	33	projects	project	NOUN
cblr-7159	234	34	to	to	PART
cblr-7159	234	35	add	add	VERB
cblr-7159	234	36	risk	risk	NOUN
cblr-7159	234	37	”	"	PUNCT
cblr-7159	234	38	)	)	PUNCT
cblr-7159	234	39	.	.	PUNCT
cblr-7159	235	1	69	69	NUM
cblr-7159	236	1	i	i	PRON
cblr-7159	236	2	d.	d.	PROPN
cblr-7159	236	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	236	4	(	(	PUNCT
cblr-7159	236	5	do	do	AUX
cblr-7159	236	6	not	not	PART
cblr-7159	236	7	delte	delte	VERB
cblr-7159	236	8	)	)	PUNCT
cblr-7159	236	9	9/28/2020	9/28/2020	NUM
cblr-7159	236	10	6:35	6:35	NUM
cblr-7159	236	11	pm	pm	NOUN
cblr-7159	236	12	210	210	NUM
cblr-7159	236	13	columbia	columbia	PROPN
cblr-7159	236	14	business	business	NOUN
cblr-7159	236	15	law	law	PROPN
cblr-7159	236	16	review	review	NOUN
cblr-7159	236	17	[	[	X
cblr-7159	236	18	vol	vol	NOUN
cblr-7159	236	19	.	.	PUNCT
cblr-7159	236	20	2020	2020	NUM
cblr-7159	236	21	project	project	NOUN
cblr-7159	236	22	,	,	PUNCT
cblr-7159	236	23	even	even	ADV
cblr-7159	236	24	though	though	SCONJ
cblr-7159	236	25	a	a	DET
cblr-7159	236	26	poor	poor	ADJ
cblr-7159	236	27	result	result	NOUN
cblr-7159	236	28	will	will	AUX
cblr-7159	236	29	mean	mean	VERB
cblr-7159	236	30	a	a	DET
cblr-7159	236	31	loss	loss	NOUN
cblr-7159	236	32	for	for	ADP
cblr-7159	236	33	the	the	DET
cblr-7159	236	34	company	company	NOUN
cblr-7159	236	35	’s	’s	PART
cblr-7159	236	36	lenders.70	lenders.70	NOUN
cblr-7159	236	37	thus	thus	ADV
cblr-7159	236	38	,	,	PUNCT
cblr-7159	236	39	when	when	SCONJ
cblr-7159	236	40	creditors	creditor	NOUN
cblr-7159	236	41	intervene	intervene	VERB
cblr-7159	236	42	they	they	PRON
cblr-7159	236	43	have	have	VERB
cblr-7159	236	44	an	an	DET
cblr-7159	236	45	incentive	incentive	NOUN
cblr-7159	236	46	to	to	PART
cblr-7159	236	47	act	act	VERB
cblr-7159	236	48	conservatively	conservatively	ADV
cblr-7159	236	49	and	and	CCONJ
cblr-7159	236	50	stymie	stymie	VERB
cblr-7159	236	51	projects	project	NOUN
cblr-7159	236	52	they	they	PRON
cblr-7159	236	53	view	view	VERB
cblr-7159	236	54	as	as	ADP
cblr-7159	236	55	excessively	excessively	ADV
cblr-7159	236	56	risky	risky	ADJ
cblr-7159	236	57	,	,	PUNCT
cblr-7159	236	58	even	even	ADV
cblr-7159	236	59	if	if	SCONJ
cblr-7159	236	60	those	those	DET
cblr-7159	236	61	projects	project	NOUN
cblr-7159	236	62	have	have	VERB
cblr-7159	236	63	a	a	DET
cblr-7159	236	64	positive	positive	ADJ
cblr-7159	236	65	net	net	ADJ
cblr-7159	236	66	present	present	ADJ
cblr-7159	236	67	value	value	NOUN
cblr-7159	236	68	.	.	PUNCT
cblr-7159	237	1	in	in	ADP
cblr-7159	237	2	other	other	ADJ
cblr-7159	237	3	words	word	NOUN
cblr-7159	237	4	,	,	PUNCT
cblr-7159	237	5	lenders	lender	NOUN
cblr-7159	237	6	might	might	AUX
cblr-7159	237	7	block	block	VERB
cblr-7159	237	8	projects	project	NOUN
cblr-7159	237	9	that	that	PRON
cblr-7159	237	10	are	be	AUX
cblr-7159	237	11	likely	likely	ADJ
cblr-7159	237	12	to	to	PART
cblr-7159	237	13	result	result	VERB
cblr-7159	237	14	in	in	ADP
cblr-7159	237	15	more	more	ADJ
cblr-7159	237	16	gains	gain	NOUN
cblr-7159	237	17	than	than	ADP
cblr-7159	237	18	losses	loss	NOUN
cblr-7159	237	19	,	,	PUNCT
cblr-7159	237	20	in	in	ADP
cblr-7159	237	21	present	present	ADJ
cblr-7159	237	22	value	value	NOUN
cblr-7159	237	23	terms.71	terms.71	NOUN
cblr-7159	237	24	alternatively	alternatively	ADV
cblr-7159	237	25	,	,	PUNCT
cblr-7159	237	26	lenders	lender	NOUN
cblr-7159	237	27	may	may	AUX
cblr-7159	237	28	reduce	reduce	VERB
cblr-7159	237	29	firm	firm	ADJ
cblr-7159	237	30	value	value	NOUN
cblr-7159	237	31	by	by	ADP
cblr-7159	237	32	intervening	intervene	VERB
cblr-7159	237	33	too	too	ADV
cblr-7159	237	34	aggressively	aggressively	ADV
cblr-7159	237	35	when	when	SCONJ
cblr-7159	237	36	a	a	DET
cblr-7159	237	37	borrower	borrower	NOUN
cblr-7159	237	38	violates	violate	VERB
cblr-7159	237	39	a	a	DET
cblr-7159	237	40	financial	financial	ADJ
cblr-7159	237	41	covenant	covenant	NOUN
cblr-7159	237	42	.	.	PUNCT
cblr-7159	238	1	for	for	ADP
cblr-7159	238	2	instance	instance	NOUN
cblr-7159	238	3	,	,	PUNCT
cblr-7159	238	4	a	a	DET
cblr-7159	238	5	lender	lender	NOUN
cblr-7159	238	6	may	may	AUX
cblr-7159	238	7	require	require	VERB
cblr-7159	238	8	too	too	ADV
cblr-7159	238	9	many	many	ADJ
cblr-7159	238	10	concessions	concession	NOUN
cblr-7159	238	11	,	,	PUNCT
cblr-7159	238	12	insist	insist	VERB
cblr-7159	238	13	on	on	ADP
cblr-7159	238	14	the	the	DET
cblr-7159	238	15	dismissal	dismissal	NOUN
cblr-7159	238	16	of	of	ADP
cblr-7159	238	17	an	an	DET
cblr-7159	238	18	otherwise	otherwise	ADV
cblr-7159	238	19	competent	competent	ADJ
cblr-7159	238	20	ceo,72	ceo,72	NOUN
cblr-7159	238	21	or	or	CCONJ
cblr-7159	238	22	simply	simply	ADV
cblr-7159	238	23	extract	extract	VERB
cblr-7159	238	24	burdensome	burdensome	ADJ
cblr-7159	238	25	terms	term	NOUN
cblr-7159	238	26	from	from	ADP
cblr-7159	238	27	the	the	DET
cblr-7159	238	28	borrower	borrower	NOUN
cblr-7159	238	29	in	in	ADP
cblr-7159	238	30	a	a	DET
cblr-7159	238	31	loan	loan	NOUN
cblr-7159	238	32	renegotiation	renegotiation	NOUN
cblr-7159	238	33	in	in	ADP
cblr-7159	238	34	exchange	exchange	NOUN
cblr-7159	238	35	for	for	ADP
cblr-7159	238	36	waiving	waive	VERB
cblr-7159	238	37	the	the	DET
cblr-7159	238	38	default	default	NOUN
cblr-7159	238	39	and	and	CCONJ
cblr-7159	238	40	refraining	refrain	VERB
cblr-7159	238	41	from	from	ADP
cblr-7159	238	42	accelerating	accelerate	VERB
cblr-7159	238	43	repayment.73	repayment.73	NOUN
cblr-7159	238	44	moreover	moreover	ADV
cblr-7159	238	45	,	,	PUNCT
cblr-7159	238	46	lenders	lender	NOUN
cblr-7159	238	47	often	often	ADV
cblr-7159	238	48	have	have	VERB
cblr-7159	238	49	an	an	DET
cblr-7159	238	50	incentive	incentive	NOUN
cblr-7159	238	51	to	to	PART
cblr-7159	238	52	limit	limit	VERB
cblr-7159	238	53	payouts	payout	NOUN
cblr-7159	238	54	to	to	ADP
cblr-7159	238	55	shareholders	shareholder	NOUN
cblr-7159	238	56	in	in	ADP
cblr-7159	238	57	the	the	DET
cblr-7159	238	58	form	form	NOUN
cblr-7159	238	59	of	of	ADP
cblr-7159	238	60	dividends	dividend	NOUN
cblr-7159	238	61	and	and	CCONJ
cblr-7159	238	62	share	share	NOUN
cblr-7159	238	63	buybacks.74	buybacks.74	ADJ
cblr-7159	238	64	lenders	lender	NOUN
cblr-7159	238	65	do	do	VERB
cblr-7159	238	66	this	this	PRON
cblr-7159	238	67	to	to	PART
cblr-7159	238	68	ensure	ensure	VERB
cblr-7159	238	69	that	that	SCONJ
cblr-7159	238	70	cash	cash	NOUN
cblr-7159	238	71	that	that	PRON
cblr-7159	238	72	would	would	AUX
cblr-7159	238	73	otherwise	otherwise	ADV
cblr-7159	238	74	be	be	AUX
cblr-7159	238	75	used	use	VERB
cblr-7159	238	76	to	to	PART
cblr-7159	238	77	pay	pay	VERB
cblr-7159	238	78	off	off	ADP
cblr-7159	238	79	debt	debt	NOUN
cblr-7159	238	80	does	do	AUX
cblr-7159	238	81	not	not	PART
cblr-7159	238	82	leave	leave	VERB
cblr-7159	238	83	the	the	DET
cblr-7159	238	84	firm.75	firm.75	NOUN
cblr-7159	238	85	this	this	DET
cblr-7159	238	86	preference	preference	NOUN
cblr-7159	238	87	potentially	potentially	ADV
cblr-7159	238	88	conflicts	conflict	VERB
cblr-7159	238	89	with	with	ADP
cblr-7159	238	90	the	the	DET
cblr-7159	238	91	interests	interest	NOUN
cblr-7159	238	92	of	of	ADP
cblr-7159	238	93	equity	equity	NOUN
cblr-7159	238	94	holders	holder	NOUN
cblr-7159	238	95	,	,	PUNCT
cblr-7159	238	96	as	as	SCONJ
cblr-7159	238	97	it	it	PRON
cblr-7159	238	98	might	might	AUX
cblr-7159	238	99	be	be	AUX
cblr-7159	238	100	in	in	ADP
cblr-7159	238	101	a	a	DET
cblr-7159	238	102	shareholder	shareholder	NOUN
cblr-7159	238	103	’s	’s	PART
cblr-7159	238	104	short	short	ADJ
cblr-7159	238	105	-	-	PUNCT
cblr-7159	238	106	term	term	NOUN
cblr-7159	238	107	interest	interest	NOUN
cblr-7159	238	108	to	to	PART
cblr-7159	238	109	receive	receive	VERB
cblr-7159	238	110	a	a	DET
cblr-7159	238	111	payout	payout	NOUN
cblr-7159	238	112	from	from	ADP
cblr-7159	238	113	70	70	NUM
cblr-7159	238	114	this	this	PRON
cblr-7159	238	115	is	be	AUX
cblr-7159	238	116	purported	purport	VERB
cblr-7159	238	117	to	to	PART
cblr-7159	238	118	be	be	AUX
cblr-7159	238	119	particularly	particularly	ADV
cblr-7159	238	120	true	true	ADJ
cblr-7159	238	121	with	with	ADP
cblr-7159	238	122	respect	respect	NOUN
cblr-7159	238	123	to	to	ADP
cblr-7159	238	124	debtor	debtor	NOUN
cblr-7159	238	125	corporations	corporation	NOUN
cblr-7159	238	126	who	who	PRON
cblr-7159	238	127	are	be	AUX
cblr-7159	238	128	close	close	ADJ
cblr-7159	238	129	to	to	ADP
cblr-7159	238	130	insolvency	insolvency	NOUN
cblr-7159	238	131	.	.	PUNCT
cblr-7159	239	1	see	see	VERB
cblr-7159	239	2	,	,	PUNCT
cblr-7159	239	3	e.g.	e.g.	ADV
cblr-7159	239	4	,	,	PUNCT
cblr-7159	239	5	credit	credit	PROPN
cblr-7159	239	6	lyonnais	lyonnais	PROPN
cblr-7159	239	7	bank	bank	PROPN
cblr-7159	239	8	nederland	nederland	PROPN
cblr-7159	239	9	,	,	PUNCT
cblr-7159	239	10	n.v	n.v	PROPN
cblr-7159	239	11	.	.	PROPN
cblr-7159	240	1	v.	v.	ADP
cblr-7159	240	2	pathe	pathe	PROPN
cblr-7159	240	3	commc’ns	commc’ns	PROPN
cblr-7159	240	4	.	.	PUNCT
cblr-7159	240	5	corp	corp	PROPN
cblr-7159	240	6	.	.	PROPN
cblr-7159	240	7	,	,	PUNCT
cblr-7159	240	8	no	no	INTJ
cblr-7159	240	9	.	.	NOUN
cblr-7159	240	10	12150	12150	NUM
cblr-7159	240	11	,	,	PUNCT
cblr-7159	241	1	1991	1991	NUM
cblr-7159	241	2	wl277613	wl277613	PROPN
cblr-7159	241	3	,	,	PUNCT
cblr-7159	241	4	at	at	ADP
cblr-7159	241	5	*	*	NUM
cblr-7159	241	6	34	34	NUM
cblr-7159	241	7	n.55	n.55	ADP
cblr-7159	241	8	(	(	PUNCT
cblr-7159	241	9	del	del	PROPN
cblr-7159	241	10	.	.	PROPN
cblr-7159	241	11	ch	ch	PROPN
cblr-7159	241	12	.	.	PUNCT
cblr-7159	242	1	dec	dec	PROPN
cblr-7159	242	2	.	.	PROPN
cblr-7159	242	3	30	30	NUM
cblr-7159	242	4	,	,	PUNCT
cblr-7159	242	5	1991	1991	NUM
cblr-7159	242	6	)	)	PUNCT
cblr-7159	242	7	(	(	PUNCT
cblr-7159	242	8	discussing	discuss	VERB
cblr-7159	242	9	the	the	DET
cblr-7159	242	10	fiduciary	fiduciary	ADJ
cblr-7159	242	11	duties	duty	NOUN
cblr-7159	242	12	of	of	ADP
cblr-7159	242	13	directors	director	NOUN
cblr-7159	242	14	to	to	ADP
cblr-7159	242	15	creditors	creditor	NOUN
cblr-7159	242	16	when	when	SCONJ
cblr-7159	242	17	a	a	DET
cblr-7159	242	18	corporation	corporation	NOUN
cblr-7159	242	19	is	be	AUX
cblr-7159	242	20	in	in	ADP
cblr-7159	242	21	the	the	DET
cblr-7159	242	22	“	"	PUNCT
cblr-7159	242	23	vicinity	vicinity	NOUN
cblr-7159	242	24	of	of	ADP
cblr-7159	242	25	insolvency	insolvency	NOUN
cblr-7159	242	26	”	"	PUNCT
cblr-7159	242	27	)	)	PUNCT
cblr-7159	242	28	.	.	PUNCT
cblr-7159	243	1	to	to	PART
cblr-7159	243	2	illustrate	illustrate	VERB
cblr-7159	243	3	,	,	PUNCT
cblr-7159	243	4	if	if	SCONJ
cblr-7159	243	5	a	a	DET
cblr-7159	243	6	debtor	debtor	NOUN
cblr-7159	243	7	firm	firm	NOUN
cblr-7159	243	8	close	close	ADJ
cblr-7159	243	9	to	to	ADP
cblr-7159	243	10	insolvency	insolvency	NOUN
cblr-7159	243	11	has	have	VERB
cblr-7159	243	12	two	two	NUM
cblr-7159	243	13	opportunities	opportunity	NOUN
cblr-7159	243	14	,	,	PUNCT
cblr-7159	243	15	one	one	NUM
cblr-7159	243	16	with	with	ADP
cblr-7159	243	17	high	high	ADJ
cblr-7159	243	18	risk	risk	NOUN
cblr-7159	243	19	of	of	ADP
cblr-7159	243	20	loss	loss	NOUN
cblr-7159	243	21	but	but	CCONJ
cblr-7159	243	22	high	high	ADJ
cblr-7159	243	23	potential	potential	ADJ
cblr-7159	243	24	payout	payout	NOUN
cblr-7159	243	25	,	,	PUNCT
cblr-7159	243	26	and	and	CCONJ
cblr-7159	243	27	one	one	NUM
cblr-7159	243	28	with	with	ADP
cblr-7159	243	29	low	low	ADJ
cblr-7159	243	30	risk	risk	NOUN
cblr-7159	243	31	of	of	ADP
cblr-7159	243	32	loss	loss	NOUN
cblr-7159	243	33	but	but	CCONJ
cblr-7159	243	34	low	low	ADJ
cblr-7159	243	35	potential	potential	ADJ
cblr-7159	243	36	payout	payout	NOUN
cblr-7159	243	37	,	,	PUNCT
cblr-7159	243	38	the	the	DET
cblr-7159	243	39	creditors	creditor	NOUN
cblr-7159	243	40	—	—	PUNCT
cblr-7159	243	41	who	who	PRON
cblr-7159	243	42	stand	stand	VERB
cblr-7159	243	43	to	to	PART
cblr-7159	243	44	lose	lose	VERB
cblr-7159	243	45	the	the	DET
cblr-7159	243	46	value	value	NOUN
cblr-7159	243	47	of	of	ADP
cblr-7159	243	48	their	their	PRON
cblr-7159	243	49	investment	investment	NOUN
cblr-7159	243	50	if	if	SCONJ
cblr-7159	243	51	the	the	DET
cblr-7159	243	52	high	high	ADJ
cblr-7159	243	53	-	-	PUNCT
cblr-7159	243	54	risk	risk	NOUN
cblr-7159	243	55	gamble	gamble	NOUN
cblr-7159	243	56	goes	go	VERB
cblr-7159	243	57	poorly	poorly	ADV
cblr-7159	243	58	and	and	CCONJ
cblr-7159	243	59	the	the	DET
cblr-7159	243	60	firm	firm	NOUN
cblr-7159	243	61	goes	go	VERB
cblr-7159	243	62	insolvent	insolvent	ADJ
cblr-7159	243	63	–	–	PUNCT
cblr-7159	243	64	will	will	AUX
cblr-7159	243	65	want	want	VERB
cblr-7159	243	66	to	to	PART
cblr-7159	243	67	firm	firm	VERB
cblr-7159	243	68	to	to	PART
cblr-7159	243	69	take	take	VERB
cblr-7159	243	70	the	the	DET
cblr-7159	243	71	less	less	ADV
cblr-7159	243	72	risky	risky	ADJ
cblr-7159	243	73	route	route	NOUN
cblr-7159	243	74	,	,	PUNCT
cblr-7159	243	75	ensuring	ensure	VERB
cblr-7159	243	76	they	they	PRON
cblr-7159	243	77	can	can	AUX
cblr-7159	243	78	be	be	AUX
cblr-7159	243	79	repaid	repay	VERB
cblr-7159	243	80	even	even	ADV
cblr-7159	243	81	if	if	SCONJ
cblr-7159	243	82	the	the	DET
cblr-7159	243	83	company	company	NOUN
cblr-7159	243	84	and	and	CCONJ
cblr-7159	243	85	equity	equity	NOUN
cblr-7159	243	86	holders	holder	NOUN
cblr-7159	243	87	are	be	AUX
cblr-7159	243	88	is	be	AUX
cblr-7159	243	89	left	leave	VERB
cblr-7159	243	90	with	with	ADP
cblr-7159	243	91	little	little	ADJ
cblr-7159	243	92	money	money	NOUN
cblr-7159	243	93	.	.	PUNCT
cblr-7159	244	1	the	the	DET
cblr-7159	244	2	equity	equity	NOUN
cblr-7159	244	3	holders	holder	NOUN
cblr-7159	244	4	,	,	PUNCT
cblr-7159	244	5	however	however	ADV
cblr-7159	244	6	,	,	PUNCT
cblr-7159	244	7	will	will	AUX
cblr-7159	244	8	prefer	prefer	VERB
cblr-7159	244	9	the	the	DET
cblr-7159	244	10	riskier	risky	ADJ
cblr-7159	244	11	option	option	NOUN
cblr-7159	244	12	,	,	PUNCT
cblr-7159	244	13	since	since	SCONJ
cblr-7159	244	14	they	they	PRON
cblr-7159	244	15	have	have	VERB
cblr-7159	244	16	less	less	ADJ
cblr-7159	244	17	to	to	PART
cblr-7159	244	18	lose	lose	VERB
cblr-7159	244	19	and	and	CCONJ
cblr-7159	244	20	more	more	ADJ
cblr-7159	244	21	to	to	PART
cblr-7159	244	22	gain	gain	VERB
cblr-7159	244	23	from	from	ADP
cblr-7159	244	24	doing	do	VERB
cblr-7159	244	25	so	so	ADV
cblr-7159	244	26	.	.	PUNCT
cblr-7159	245	1	since	since	SCONJ
cblr-7159	245	2	they	they	PRON
cblr-7159	245	3	stand	stand	VERB
cblr-7159	245	4	to	to	PART
cblr-7159	245	5	lose	lose	VERB
cblr-7159	245	6	everything	everything	PRON
cblr-7159	245	7	in	in	ADP
cblr-7159	245	8	most	most	ADJ
cblr-7159	245	9	scenarios	scenario	NOUN
cblr-7159	245	10	,	,	PUNCT
cblr-7159	245	11	equity	equity	NOUN
cblr-7159	245	12	holders	holder	NOUN
cblr-7159	245	13	would	would	AUX
cblr-7159	245	14	prefer	prefer	VERB
cblr-7159	245	15	to	to	PART
cblr-7159	245	16	take	take	VERB
cblr-7159	245	17	the	the	DET
cblr-7159	245	18	chance	chance	NOUN
cblr-7159	245	19	,	,	PUNCT
cblr-7159	245	20	however	however	ADV
cblr-7159	245	21	slim	slim	ADJ
cblr-7159	245	22	,	,	PUNCT
cblr-7159	245	23	of	of	ADP
cblr-7159	245	24	a	a	DET
cblr-7159	245	25	large	large	ADJ
cblr-7159	245	26	payout	payout	NOUN
cblr-7159	245	27	.	.	PUNCT
cblr-7159	246	1	the	the	DET
cblr-7159	246	2	interests	interest	NOUN
cblr-7159	246	3	of	of	ADP
cblr-7159	246	4	equity	equity	NOUN
cblr-7159	246	5	holders	holder	NOUN
cblr-7159	246	6	and	and	CCONJ
cblr-7159	246	7	debt	debt	NOUN
cblr-7159	246	8	holders	holder	NOUN
cblr-7159	246	9	are	be	AUX
cblr-7159	246	10	thus	thus	ADV
cblr-7159	246	11	potentially	potentially	ADV
cblr-7159	246	12	adverse	adverse	ADJ
cblr-7159	246	13	in	in	ADP
cblr-7159	246	14	some	some	DET
cblr-7159	246	15	situations	situation	NOUN
cblr-7159	246	16	.	.	PUNCT
cblr-7159	247	1	71	71	NUM
cblr-7159	247	2	see	see	NOUN
cblr-7159	247	3	nini	nini	PROPN
cblr-7159	247	4	et	et	PROPN
cblr-7159	247	5	al	al	PROPN
cblr-7159	247	6	.	.	PROPN
cblr-7159	247	7	,	,	PUNCT
cblr-7159	247	8	creditor	creditor	NOUN
cblr-7159	247	9	control	control	NOUN
cblr-7159	247	10	rights	right	NOUN
cblr-7159	247	11	,	,	PUNCT
cblr-7159	247	12	supra	supra	PROPN
cblr-7159	247	13	note	note	NOUN
cblr-7159	247	14	14	14	NUM
cblr-7159	247	15	,	,	PUNCT
cblr-7159	247	16	at	at	ADP
cblr-7159	247	17	1747	1747	NUM
cblr-7159	247	18	.	.	PUNCT
cblr-7159	248	1	72	72	NUM
cblr-7159	248	2	see	see	VERB
cblr-7159	248	3	baird	baird	PROPN
cblr-7159	248	4	&	&	CCONJ
cblr-7159	248	5	rasmussen	rasmussen	PROPN
cblr-7159	248	6	,	,	PUNCT
cblr-7159	248	7	supra	supra	PROPN
cblr-7159	248	8	note	note	PROPN
cblr-7159	248	9	1	1	NUM
cblr-7159	248	10	,	,	PUNCT
cblr-7159	248	11	at	at	ADP
cblr-7159	248	12	1210–11	1210–11	NOUN
cblr-7159	248	13	.	.	PUNCT
cblr-7159	249	1	73	73	NUM
cblr-7159	249	2	see	see	VERB
cblr-7159	249	3	,	,	PUNCT
cblr-7159	249	4	e.g.	e.g.	ADV
cblr-7159	249	5	,	,	PUNCT
cblr-7159	249	6	roberts	roberts	PROPN
cblr-7159	249	7	&	&	CCONJ
cblr-7159	249	8	sufi	sufi	PROPN
cblr-7159	249	9	,	,	PUNCT
cblr-7159	249	10	supra	supra	PROPN
cblr-7159	249	11	note	note	NOUN
cblr-7159	249	12	12	12	NUM
cblr-7159	249	13	,	,	PUNCT
cblr-7159	249	14	at	at	ADP
cblr-7159	249	15	166–69	166–69	NUM
cblr-7159	249	16	.	.	PUNCT
cblr-7159	250	1	74	74	NUM
cblr-7159	250	2	see	see	VERB
cblr-7159	250	3	bratton	bratton	PROPN
cblr-7159	250	4	,	,	PUNCT
cblr-7159	250	5	supra	supra	PROPN
cblr-7159	250	6	note	note	PROPN
cblr-7159	250	7	29	29	NUM
cblr-7159	250	8	,	,	PUNCT
cblr-7159	250	9	at	at	ADP
cblr-7159	250	10	50	50	NUM
cblr-7159	250	11	.	.	PUNCT
cblr-7159	251	1	75	75	NUM
cblr-7159	252	1	i	i	PROPN
cblr-7159	252	2	d.	d.	PROPN
cblr-7159	252	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	252	4	(	(	PUNCT
cblr-7159	252	5	do	do	AUX
cblr-7159	252	6	not	not	PART
cblr-7159	252	7	delete	delete	VERB
cblr-7159	252	8	)	)	PUNCT
cblr-7159	252	9	9/28/2020	9/28/2020	NUM
cblr-7159	252	10	6:35	6:35	NUM
cblr-7159	252	11	pm	pm	NOUN
cblr-7159	252	12	no	no	INTJ
cblr-7159	252	13	.	.	PUNCT
cblr-7159	253	1	1:192	1:192	X
cblr-7159	253	2	]	]	X
cblr-7159	253	3	reconsidering	reconsider	VERB
cblr-7159	253	4	creditor	creditor	NOUN
cblr-7159	253	5	governance	governance	NOUN
cblr-7159	253	6	211	211	NUM
cblr-7159	253	7	the	the	DET
cblr-7159	253	8	company	company	NOUN
cblr-7159	253	9	even	even	ADV
cblr-7159	253	10	if	if	SCONJ
cblr-7159	253	11	it	it	PRON
cblr-7159	253	12	comes	come	VERB
cblr-7159	253	13	at	at	ADP
cblr-7159	253	14	the	the	DET
cblr-7159	253	15	expense	expense	NOUN
cblr-7159	253	16	of	of	ADP
cblr-7159	253	17	long	long	ADJ
cblr-7159	253	18	-	-	PUNCT
cblr-7159	253	19	term	term	NOUN
cblr-7159	253	20	debt	debt	NOUN
cblr-7159	253	21	repayment.76	repayment.76	PROPN
cblr-7159	253	22	settling	settle	VERB
cblr-7159	253	23	the	the	DET
cblr-7159	253	24	debate	debate	NOUN
cblr-7159	253	25	over	over	ADP
cblr-7159	253	26	these	these	DET
cblr-7159	253	27	conflicts	conflict	NOUN
cblr-7159	253	28	and	and	CCONJ
cblr-7159	253	29	the	the	DET
cblr-7159	253	30	tradeoff	tradeoff	NOUN
cblr-7159	253	31	between	between	ADP
cblr-7159	253	32	long	long	ADJ
cblr-7159	253	33	term	term	NOUN
cblr-7159	253	34	and	and	CCONJ
cblr-7159	253	35	short	short	ADJ
cblr-7159	253	36	-	-	PUNCT
cblr-7159	253	37	term	term	NOUN
cblr-7159	253	38	value	value	NOUN
cblr-7159	253	39	is	be	AUX
cblr-7159	253	40	a	a	DET
cblr-7159	253	41	larger	large	ADJ
cblr-7159	253	42	undertaking	undertaking	NOUN
cblr-7159	253	43	than	than	SCONJ
cblr-7159	253	44	can	can	AUX
cblr-7159	253	45	not	not	PART
cblr-7159	253	46	be	be	AUX
cblr-7159	253	47	adequately	adequately	ADV
cblr-7159	253	48	executed	execute	VERB
cblr-7159	253	49	by	by	ADP
cblr-7159	253	50	way	way	NOUN
cblr-7159	253	51	of	of	ADP
cblr-7159	253	52	a	a	DET
cblr-7159	253	53	background	background	NOUN
cblr-7159	253	54	discussion	discussion	NOUN
cblr-7159	253	55	.	.	PUNCT
cblr-7159	254	1	nor	nor	CCONJ
cblr-7159	254	2	does	do	AUX
cblr-7159	254	3	this	this	DET
cblr-7159	254	4	article	article	NOUN
cblr-7159	254	5	purport	purport	VERB
cblr-7159	254	6	to	to	PART
cblr-7159	254	7	resolve	resolve	VERB
cblr-7159	254	8	whether	whether	SCONJ
cblr-7159	254	9	the	the	DET
cblr-7159	254	10	actions	action	NOUN
cblr-7159	254	11	lenders	lender	NOUN
cblr-7159	254	12	take	take	VERB
cblr-7159	254	13	create	create	VERB
cblr-7159	254	14	overall	overall	ADV
cblr-7159	254	15	positive	positive	ADJ
cblr-7159	254	16	or	or	CCONJ
cblr-7159	254	17	negative	negative	ADJ
cblr-7159	254	18	results	result	NOUN
cblr-7159	254	19	for	for	ADP
cblr-7159	254	20	firms	firm	NOUN
cblr-7159	254	21	.	.	PUNCT
cblr-7159	255	1	for	for	ADP
cblr-7159	255	2	present	present	ADJ
cblr-7159	255	3	purposes	purpose	NOUN
cblr-7159	255	4	,	,	PUNCT
cblr-7159	255	5	it	it	PRON
cblr-7159	255	6	is	be	AUX
cblr-7159	255	7	important	important	ADJ
cblr-7159	255	8	to	to	PART
cblr-7159	255	9	see	see	VERB
cblr-7159	255	10	the	the	DET
cblr-7159	255	11	incentives	incentive	NOUN
cblr-7159	255	12	that	that	PRON
cblr-7159	255	13	lenders	lender	NOUN
cblr-7159	255	14	have	have	VERB
cblr-7159	255	15	and	and	CCONJ
cblr-7159	255	16	the	the	DET
cblr-7159	255	17	various	various	ADJ
cblr-7159	255	18	forms	form	NOUN
cblr-7159	255	19	their	their	PRON
cblr-7159	255	20	interventions	intervention	NOUN
cblr-7159	255	21	may	may	AUX
cblr-7159	255	22	take	take	VERB
cblr-7159	255	23	,	,	PUNCT
cblr-7159	255	24	as	as	SCONJ
cblr-7159	255	25	they	they	PRON
cblr-7159	255	26	play	play	VERB
cblr-7159	255	27	a	a	DET
cblr-7159	255	28	significant	significant	ADJ
cblr-7159	255	29	role	role	NOUN
cblr-7159	255	30	alongside	alongside	ADP
cblr-7159	255	31	other	other	ADJ
cblr-7159	255	32	actors	actor	NOUN
cblr-7159	255	33	affecting	affect	VERB
cblr-7159	255	34	corporate	corporate	ADJ
cblr-7159	255	35	governance	governance	NOUN
cblr-7159	255	36	.	.	PUNCT
cblr-7159	256	1	to	to	ADP
cblr-7159	256	2	that	that	DET
cblr-7159	256	3	end	end	NOUN
cblr-7159	256	4	,	,	PUNCT
cblr-7159	256	5	it	it	PRON
cblr-7159	256	6	is	be	AUX
cblr-7159	256	7	likewise	likewise	ADV
cblr-7159	256	8	necessary	necessary	ADJ
cblr-7159	256	9	to	to	PART
cblr-7159	256	10	understand	understand	VERB
cblr-7159	256	11	how	how	SCONJ
cblr-7159	256	12	lenders	lender	NOUN
cblr-7159	256	13	’	’	PART
cblr-7159	256	14	influence	influence	NOUN
cblr-7159	256	15	might	might	AUX
cblr-7159	256	16	change	change	VERB
cblr-7159	256	17	as	as	ADP
cblr-7159	256	18	the	the	DET
cblr-7159	256	19	market	market	NOUN
cblr-7159	256	20	for	for	ADP
cblr-7159	256	21	debt	debt	NOUN
cblr-7159	256	22	changes	change	NOUN
cblr-7159	256	23	.	.	PUNCT
cblr-7159	257	1	b.	b.	PROPN
cblr-7159	257	2	corporate	corporate	ADJ
cblr-7159	257	3	debt	debt	NOUN
cblr-7159	257	4	and	and	CCONJ
cblr-7159	257	5	leveraged	leveraged	ADJ
cblr-7159	257	6	loans	loan	NOUN
cblr-7159	257	7	an	an	DET
cblr-7159	257	8	important	important	ADJ
cblr-7159	257	9	trend	trend	NOUN
cblr-7159	257	10	potentially	potentially	ADV
cblr-7159	257	11	affecting	affect	VERB
cblr-7159	257	12	lenders	lender	NOUN
cblr-7159	257	13	’	’	PART
cblr-7159	257	14	influence	influence	NOUN
cblr-7159	257	15	in	in	ADP
cblr-7159	257	16	firm	firm	ADJ
cblr-7159	257	17	governance	governance	NOUN
cblr-7159	257	18	in	in	ADP
cblr-7159	257	19	recent	recent	ADJ
cblr-7159	257	20	years	year	NOUN
cblr-7159	257	21	is	be	AUX
cblr-7159	257	22	the	the	DET
cblr-7159	257	23	expansion	expansion	NOUN
cblr-7159	257	24	of	of	ADP
cblr-7159	257	25	the	the	DET
cblr-7159	257	26	leveraged	leverage	VERB
cblr-7159	257	27	loan	loan	NOUN
cblr-7159	257	28	market	market	NOUN
cblr-7159	257	29	,	,	PUNCT
cblr-7159	257	30	which	which	PRON
cblr-7159	257	31	in	in	ADP
cblr-7159	257	32	turn	turn	NOUN
cblr-7159	257	33	is	be	AUX
cblr-7159	257	34	driven	drive	VERB
cblr-7159	257	35	by	by	ADP
cblr-7159	257	36	the	the	DET
cblr-7159	257	37	increased	increase	VERB
cblr-7159	257	38	involvement	involvement	NOUN
cblr-7159	257	39	of	of	ADP
cblr-7159	257	40	non	non	ADJ
cblr-7159	257	41	-	-	ADJ
cblr-7159	257	42	bank	bank	ADJ
cblr-7159	257	43	institutional	institutional	ADJ
cblr-7159	257	44	lenders	lender	NOUN
cblr-7159	257	45	and	and	CCONJ
cblr-7159	257	46	the	the	DET
cblr-7159	257	47	expansion	expansion	NOUN
cblr-7159	257	48	of	of	ADP
cblr-7159	257	49	loan	loan	NOUN
cblr-7159	257	50	securitization	securitization	NOUN
cblr-7159	257	51	.	.	PUNCT
cblr-7159	258	1	leveraged	leveraged	ADJ
cblr-7159	258	2	loans	loan	NOUN
cblr-7159	258	3	are	be	AUX
cblr-7159	258	4	a	a	DET
cblr-7159	258	5	staple	staple	NOUN
cblr-7159	258	6	of	of	ADP
cblr-7159	258	7	corporate	corporate	ADJ
cblr-7159	258	8	finance	finance	NOUN
cblr-7159	258	9	,	,	PUNCT
cblr-7159	258	10	providing	provide	VERB
cblr-7159	258	11	an	an	DET
cblr-7159	258	12	important	important	ADJ
cblr-7159	258	13	means	mean	NOUN
cblr-7159	258	14	for	for	SCONJ
cblr-7159	258	15	corporations	corporation	NOUN
cblr-7159	258	16	to	to	PART
cblr-7159	258	17	obtain	obtain	VERB
cblr-7159	258	18	funding	funding	NOUN
cblr-7159	258	19	for	for	ADP
cblr-7159	258	20	their	their	PRON
cblr-7159	258	21	day	day	NOUN
cblr-7159	258	22	-	-	PUNCT
cblr-7159	258	23	to	to	ADP
cblr-7159	258	24	-	-	PUNCT
cblr-7159	258	25	day	day	NOUN
cblr-7159	258	26	operations	operation	NOUN
cblr-7159	258	27	,	,	PUNCT
cblr-7159	258	28	as	as	ADV
cblr-7159	258	29	well	well	ADV
cblr-7159	258	30	as	as	ADP
cblr-7159	258	31	for	for	ADP
cblr-7159	258	32	m&a	m&a	PROPN
cblr-7159	258	33	activity	activity	NOUN
cblr-7159	258	34	and	and	CCONJ
cblr-7159	258	35	leveraged	leverage	VERB
cblr-7159	258	36	buyouts.77	buyouts.77	DET
cblr-7159	258	37	the	the	DET
cblr-7159	258	38	term	term	NOUN
cblr-7159	258	39	“	"	PUNCT
cblr-7159	258	40	leveraged	leveraged	ADJ
cblr-7159	258	41	”	"	PUNCT
cblr-7159	258	42	refers	refer	VERB
cblr-7159	258	43	to	to	ADP
cblr-7159	258	44	the	the	DET
cblr-7159	258	45	fact	fact	NOUN
cblr-7159	258	46	that	that	SCONJ
cblr-7159	258	47	borrowers	borrower	NOUN
cblr-7159	258	48	in	in	ADP
cblr-7159	258	49	these	these	DET
cblr-7159	258	50	types	type	NOUN
cblr-7159	258	51	of	of	ADP
cblr-7159	258	52	arrangements	arrangement	NOUN
cblr-7159	258	53	typically	typically	ADV
cblr-7159	258	54	have	have	AUX
cblr-7159	258	55	high	high	ADJ
cblr-7159	258	56	levels	level	NOUN
cblr-7159	258	57	of	of	ADP
cblr-7159	258	58	debt	debt	NOUN
cblr-7159	258	59	,	,	PUNCT
cblr-7159	258	60	and	and	CCONJ
cblr-7159	258	61	therefore	therefore	ADV
cblr-7159	258	62	have	have	VERB
cblr-7159	258	63	credit	credit	NOUN
cblr-7159	258	64	ratings	rating	NOUN
cblr-7159	258	65	below	below	ADP
cblr-7159	258	66	investment	investment	NOUN
cblr-7159	258	67	grade.78	grade.78	PROPN
cblr-7159	258	68	this	this	PRON
cblr-7159	258	69	means	mean	VERB
cblr-7159	258	70	that	that	SCONJ
cblr-7159	258	71	76	76	NUM
cblr-7159	258	72	i	i	NOUN
cblr-7159	258	73	d.	d.	PROPN
cblr-7159	258	74	77	77	NUM
cblr-7159	258	75	see	see	VERB
cblr-7159	258	76	glenn	glenn	PROPN
cblr-7159	258	77	yago	yago	PROPN
cblr-7159	258	78	&	&	CCONJ
cblr-7159	258	79	donald	donald	PROPN
cblr-7159	258	80	mccarthy	mccarthy	PROPN
cblr-7159	258	81	,	,	PUNCT
cblr-7159	258	82	milken	milken	PROPN
cblr-7159	258	83	inst	inst	PROPN
cblr-7159	258	84	.	.	PROPN
cblr-7159	258	85	,	,	PUNCT
cblr-7159	258	86	the	the	DET
cblr-7159	258	87	u.s	u.s	PROPN
cblr-7159	258	88	.	.	PROPN
cblr-7159	258	89	leveraged	leveraged	ADJ
cblr-7159	258	90	loan	loan	NOUN
cblr-7159	258	91	market	market	NOUN
cblr-7159	258	92	:	:	PUNCT
cblr-7159	258	93	a	a	DET
cblr-7159	258	94	primer	primer	NOUN
cblr-7159	258	95	14–18	14–18	NUM
cblr-7159	258	96	,	,	PUNCT
cblr-7159	258	97	19	19	NUM
cblr-7159	258	98	fig.10	fig.10	PRON
cblr-7159	258	99	(	(	PUNCT
cblr-7159	258	100	2004	2004	NUM
cblr-7159	258	101	)	)	PUNCT
cblr-7159	258	102	,	,	PUNCT
cblr-7159	258	103	https://assets1c.milkeninstitute.org/assets/publication/researchreport/pdf/loan_primer_1004.pdf	https://assets1c.milkeninstitute.org/assets/publication/researchreport/pdf/loan_primer_1004.pdf	NOUN
cblr-7159	259	1	[	[	X
cblr-7159	259	2	https://perma.cc/qt34-5jy4	https://perma.cc/qt34-5jy4	X
cblr-7159	259	3	]	]	X
cblr-7159	259	4	(	(	PUNCT
cblr-7159	259	5	describing	describe	VERB
cblr-7159	259	6	the	the	DET
cblr-7159	259	7	evolution	evolution	NOUN
cblr-7159	259	8	of	of	ADP
cblr-7159	259	9	the	the	DET
cblr-7159	259	10	leveraged	leverage	VERB
cblr-7159	259	11	loan	loan	NOUN
cblr-7159	259	12	market	market	NOUN
cblr-7159	259	13	and	and	CCONJ
cblr-7159	259	14	providing	provide	VERB
cblr-7159	259	15	statistics	statistic	NOUN
cblr-7159	259	16	on	on	ADP
cblr-7159	259	17	syndicated	syndicated	ADJ
cblr-7159	259	18	loans	loan	NOUN
cblr-7159	259	19	’	'	PUNCT
cblr-7159	259	20	use	use	NOUN
cblr-7159	259	21	by	by	ADP
cblr-7159	259	22	corporate	corporate	ADJ
cblr-7159	259	23	borrowers	borrower	NOUN
cblr-7159	259	24	)	)	PUNCT
cblr-7159	259	25	;	;	PUNCT
cblr-7159	259	26	leveraged	leveraged	ADJ
cblr-7159	259	27	loan	loan	NOUN
cblr-7159	259	28	primer	primer	NOUN
cblr-7159	259	29	,	,	PUNCT
cblr-7159	259	30	standard	standard	PROPN
cblr-7159	259	31	&	&	CCONJ
cblr-7159	259	32	poor	poor	PROPN
cblr-7159	259	33	’s	’s	PART
cblr-7159	259	34	glob	glob	NOUN
cblr-7159	259	35	.	.	PUNCT
cblr-7159	260	1	mkt	mkt	PROPN
cblr-7159	260	2	.	.	PUNCT
cblr-7159	261	1	intelligence	intelligence	PROPN
cblr-7159	261	2	,	,	PUNCT
cblr-7159	261	3	(	(	PUNCT
cblr-7159	261	4	2019	2019	NUM
cblr-7159	261	5	)	)	PUNCT
cblr-7159	261	6	,	,	PUNCT
cblr-7159	261	7	https://www.spglobal.com/marketintelligence/en/pages/toc-primer/lcd-primer#sec2	https://www.spglobal.com/marketintelligence/en/pages/toc-primer/lcd-primer#sec2	PUNCT
cblr-7159	262	1	[	[	X
cblr-7159	262	2	https://perma.cc/zws4-v92f	https://perma.cc/zws4-v92f	X
cblr-7159	262	3	]	]	X
cblr-7159	262	4	(	(	PUNCT
cblr-7159	262	5	“	"	PUNCT
cblr-7159	262	6	the	the	DET
cblr-7159	262	7	global	global	ADJ
cblr-7159	262	8	leveraged	leverage	VERB
cblr-7159	262	9	loan	loan	NOUN
cblr-7159	262	10	market	market	NOUN
cblr-7159	262	11	has	have	AUX
cblr-7159	262	12	grown	grow	VERB
cblr-7159	262	13	.	.	PUNCT
cblr-7159	262	14	.	.	PUNCT
cblr-7159	262	15	.	.	PUNCT
cblr-7159	263	1	to	to	PART
cblr-7159	263	2	become	become	VERB
cblr-7159	263	3	a	a	DET
cblr-7159	263	4	full	full	ADV
cblr-7159	263	5	-	-	PUNCT
cblr-7159	263	6	fledged	fledged	ADJ
cblr-7159	263	7	asset	asset	NOUN
cblr-7159	263	8	class	class	NOUN
cblr-7159	263	9	and	and	CCONJ
cblr-7159	263	10	an	an	DET
cblr-7159	263	11	indispensable	indispensable	ADJ
cblr-7159	263	12	component	component	NOUN
cblr-7159	263	13	of	of	ADP
cblr-7159	263	14	the	the	DET
cblr-7159	263	15	corporate	corporate	ADJ
cblr-7159	263	16	finance	finance	NOUN
cblr-7159	263	17	,	,	PUNCT
cblr-7159	263	18	m&a	m&a	PROPN
cblr-7159	263	19	,	,	PUNCT
cblr-7159	263	20	and	and	CCONJ
cblr-7159	263	21	leveraged	leveraged	ADJ
cblr-7159	263	22	buyout	buyout	NOUN
cblr-7159	263	23	landscapes	landscape	NOUN
cblr-7159	263	24	.	.	PUNCT
cblr-7159	263	25	”	"	PUNCT
cblr-7159	263	26	)	)	PUNCT
cblr-7159	263	27	.	.	PUNCT
cblr-7159	264	1	78	78	NUM
cblr-7159	264	2	see	see	VERB
cblr-7159	264	3	yago	yago	PROPN
cblr-7159	264	4	&	&	CCONJ
cblr-7159	264	5	mccarthy	mccarthy	PROPN
cblr-7159	264	6	,	,	PUNCT
cblr-7159	264	7	supra	supra	PROPN
cblr-7159	264	8	note	note	NOUN
cblr-7159	264	9	77	77	NUM
cblr-7159	264	10	,	,	PUNCT
cblr-7159	264	11	at	at	ADP
cblr-7159	264	12	11–12	11–12	NUM
cblr-7159	264	13	.	.	PUNCT
cblr-7159	265	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	265	2	(	(	PUNCT
cblr-7159	265	3	do	do	AUX
cblr-7159	265	4	not	not	PART
cblr-7159	265	5	delte	delte	VERB
cblr-7159	265	6	)	)	PUNCT
cblr-7159	265	7	9/28/2020	9/28/2020	NUM
cblr-7159	265	8	6:35	6:35	NUM
cblr-7159	265	9	pm	pm	NOUN
cblr-7159	265	10	212	212	NUM
cblr-7159	265	11	columbia	columbia	PROPN
cblr-7159	265	12	business	business	NOUN
cblr-7159	265	13	law	law	NOUN
cblr-7159	265	14	review	review	NOUN
cblr-7159	265	15	[	[	X
cblr-7159	265	16	vol	vol	NOUN
cblr-7159	265	17	.	.	PUNCT
cblr-7159	265	18	2020	2020	NUM
cblr-7159	266	1	their	their	PRON
cblr-7159	266	2	ability	ability	NOUN
cblr-7159	266	3	to	to	PART
cblr-7159	266	4	repay	repay	VERB
cblr-7159	266	5	is	be	AUX
cblr-7159	266	6	more	more	ADV
cblr-7159	266	7	speculative	speculative	ADJ
cblr-7159	266	8	than	than	ADP
cblr-7159	266	9	“	"	PUNCT
cblr-7159	266	10	investment	investment	NOUN
cblr-7159	266	11	grade	grade	NOUN
cblr-7159	266	12	”	"	PUNCT
cblr-7159	266	13	borrowers	borrower	NOUN
cblr-7159	266	14	,	,	PUNCT
cblr-7159	266	15	making	make	VERB
cblr-7159	266	16	them	they	PRON
cblr-7159	266	17	attractive	attractive	ADJ
cblr-7159	266	18	to	to	ADP
cblr-7159	266	19	lenders	lender	NOUN
cblr-7159	266	20	looking	look	VERB
cblr-7159	266	21	to	to	PART
cblr-7159	266	22	charge	charge	VERB
cblr-7159	266	23	higher	high	ADJ
cblr-7159	266	24	interest	interest	NOUN
cblr-7159	266	25	rates.79	rates.79	NOUN
cblr-7159	266	26	despite	despite	SCONJ
cblr-7159	266	27	its	its	PRON
cblr-7159	266	28	implicit	implicit	ADJ
cblr-7159	266	29	riskiness	riskiness	NOUN
cblr-7159	266	30	,	,	PUNCT
cblr-7159	266	31	leveraged	leveraged	ADJ
cblr-7159	266	32	borrowing	borrowing	NOUN
cblr-7159	266	33	is	be	AUX
cblr-7159	266	34	quite	quite	ADV
cblr-7159	266	35	common	common	ADJ
cblr-7159	266	36	,	,	PUNCT
cblr-7159	266	37	with	with	ADP
cblr-7159	266	38	70	70	NUM
cblr-7159	266	39	%	%	NOUN
cblr-7159	266	40	of	of	ADP
cblr-7159	266	41	u.s	u.s	PROPN
cblr-7159	266	42	.	.	PROPN
cblr-7159	266	43	corporations	corporation	NOUN
cblr-7159	266	44	fitting	fit	VERB
cblr-7159	266	45	the	the	DET
cblr-7159	266	46	definition	definition	NOUN
cblr-7159	266	47	of	of	ADP
cblr-7159	266	48	leveraged	leveraged	ADJ
cblr-7159	266	49	borrowers.80	borrowers.80	NOUN
cblr-7159	266	50	as	as	SCONJ
cblr-7159	266	51	the	the	DET
cblr-7159	266	52	supply	supply	NOUN
cblr-7159	266	53	of	of	ADP
cblr-7159	266	54	credit	credit	NOUN
cblr-7159	266	55	has	have	AUX
cblr-7159	266	56	grown	grow	VERB
cblr-7159	266	57	,	,	PUNCT
cblr-7159	266	58	the	the	DET
cblr-7159	266	59	market	market	NOUN
cblr-7159	266	60	for	for	ADP
cblr-7159	266	61	leveraged	leveraged	ADJ
cblr-7159	266	62	loans	loan	NOUN
cblr-7159	266	63	has	have	AUX
cblr-7159	266	64	ballooned	balloon	VERB
cblr-7159	266	65	from	from	ADP
cblr-7159	266	66	$	$	SYM
cblr-7159	266	67	497	497	NUM
cblr-7159	266	68	billion	billion	NUM
cblr-7159	266	69	in	in	ADP
cblr-7159	266	70	2010	2010	NUM
cblr-7159	266	71	to	to	ADP
cblr-7159	266	72	over	over	ADP
cblr-7159	266	73	$	$	SYM
cblr-7159	266	74	1.15	1.15	NUM
cblr-7159	266	75	trillion	trillion	NUM
cblr-7159	266	76	by	by	ADP
cblr-7159	266	77	the	the	DET
cblr-7159	266	78	end	end	NOUN
cblr-7159	266	79	of	of	ADP
cblr-7159	266	80	2018.81	2018.81	NUM
cblr-7159	266	81	1	1	NUM
cblr-7159	266	82	.	.	PUNCT
cblr-7159	267	1	changes	change	NOUN
cblr-7159	267	2	in	in	ADP
cblr-7159	267	3	the	the	DET
cblr-7159	267	4	loan	loan	NOUN
cblr-7159	267	5	market	market	NOUN
cblr-7159	267	6	:	:	PUNCT
cblr-7159	267	7	from	from	ADP
cblr-7159	267	8	“	"	PUNCT
cblr-7159	267	9	originateto	originateto	NOUN
cblr-7159	267	10	-	-	PUNCT
cblr-7159	267	11	hold	hold	NOUN
cblr-7159	267	12	”	"	PUNCT
cblr-7159	267	13	to	to	ADP
cblr-7159	267	14	“	"	PUNCT
cblr-7159	267	15	originate	originate	VERB
cblr-7159	267	16	-	-	PUNCT
cblr-7159	267	17	to	to	AUX
cblr-7159	267	18	-	-	PUNCT
cblr-7159	267	19	distribute	distribute	VERB
cblr-7159	267	20	”	"	PUNCT
cblr-7159	267	21	with	with	ADP
cblr-7159	267	22	the	the	DET
cblr-7159	267	23	growing	grow	VERB
cblr-7159	267	24	number	number	NOUN
cblr-7159	267	25	of	of	ADP
cblr-7159	267	26	leveraged	leveraged	ADJ
cblr-7159	267	27	borrowers	borrower	NOUN
cblr-7159	267	28	,	,	PUNCT
cblr-7159	267	29	the	the	DET
cblr-7159	267	30	market	market	NOUN
cblr-7159	267	31	for	for	ADP
cblr-7159	267	32	leveraged	leveraged	ADJ
cblr-7159	267	33	loans	loan	NOUN
cblr-7159	267	34	has	have	AUX
cblr-7159	267	35	undergone	undergo	VERB
cblr-7159	267	36	significant	significant	ADJ
cblr-7159	267	37	changes	change	NOUN
cblr-7159	267	38	in	in	ADP
cblr-7159	267	39	recent	recent	ADJ
cblr-7159	267	40	years	year	NOUN
cblr-7159	267	41	.	.	PUNCT
cblr-7159	268	1	before	before	ADP
cblr-7159	268	2	2010	2010	NUM
cblr-7159	268	3	,	,	PUNCT
cblr-7159	268	4	a	a	DET
cblr-7159	268	5	typical	typical	ADJ
cblr-7159	268	6	loan	loan	NOUN
cblr-7159	268	7	transaction	transaction	NOUN
cblr-7159	268	8	involved	involve	VERB
cblr-7159	268	9	the	the	DET
cblr-7159	268	10	borrower	borrower	NOUN
cblr-7159	268	11	(	(	PUNCT
cblr-7159	268	12	or	or	CCONJ
cblr-7159	268	13	,	,	PUNCT
cblr-7159	268	14	“	"	PUNCT
cblr-7159	268	15	issuer	issuer	NOUN
cblr-7159	268	16	”	"	PUNCT
cblr-7159	268	17	)	)	PUNCT
cblr-7159	268	18	appointing	appoint	VERB
cblr-7159	268	19	a	a	DET
cblr-7159	268	20	lead	lead	ADJ
cblr-7159	268	21	bank	bank	NOUN
cblr-7159	268	22	,	,	PUNCT
cblr-7159	268	23	(	(	PUNCT
cblr-7159	268	24	also	also	ADV
cblr-7159	268	25	known	know	VERB
cblr-7159	268	26	as	as	ADP
cblr-7159	268	27	an	an	DET
cblr-7159	268	28	“	"	PUNCT
cblr-7159	268	29	arranger”).82	arranger”).82	NOUN
cblr-7159	268	30	usually	usually	ADV
cblr-7159	268	31	,	,	PUNCT
cblr-7159	268	32	the	the	DET
cblr-7159	268	33	arranger	arranger	NOUN
cblr-7159	268	34	was	be	AUX
cblr-7159	268	35	a	a	DET
cblr-7159	268	36	large	large	ADJ
cblr-7159	268	37	commercial	commercial	ADJ
cblr-7159	268	38	or	or	CCONJ
cblr-7159	268	39	investment	investment	NOUN
cblr-7159	268	40	bank	bank	NOUN
cblr-7159	268	41	,	,	PUNCT
cblr-7159	268	42	often	often	ADV
cblr-7159	268	43	selected	select	VERB
cblr-7159	268	44	in	in	ADP
cblr-7159	268	45	a	a	DET
cblr-7159	268	46	competitive	competitive	ADJ
cblr-7159	268	47	bidding	bidding	NOUN
cblr-7159	268	48	process	process	NOUN
cblr-7159	268	49	,	,	PUNCT
cblr-7159	268	50	but	but	CCONJ
cblr-7159	268	51	could	could	AUX
cblr-7159	268	52	also	also	ADV
cblr-7159	268	53	be	be	AUX
cblr-7159	268	54	selected	select	VERB
cblr-7159	268	55	by	by	ADP
cblr-7159	268	56	virtue	virtue	NOUN
cblr-7159	268	57	of	of	ADP
cblr-7159	268	58	its	its	PRON
cblr-7159	268	59	preexisting	preexist	VERB
cblr-7159	268	60	relationship	relationship	NOUN
cblr-7159	268	61	with	with	ADP
cblr-7159	268	62	the	the	DET
cblr-7159	268	63	borrower.83	borrower.83	NOUN
cblr-7159	268	64	to	to	PART
cblr-7159	268	65	share	share	VERB
cblr-7159	268	66	the	the	DET
cblr-7159	268	67	credit	credit	NOUN
cblr-7159	268	68	79	79	NUM
cblr-7159	268	69	see	see	VERB
cblr-7159	268	70	i	i	PRON
cblr-7159	268	71	d.	d.	PROPN
cblr-7159	268	72	at	at	ADP
cblr-7159	268	73	11	11	NUM
cblr-7159	268	74	.	.	PUNCT
cblr-7159	269	1	although	although	SCONJ
cblr-7159	269	2	different	different	ADJ
cblr-7159	269	3	sources	source	NOUN
cblr-7159	269	4	define	define	VERB
cblr-7159	269	5	leveraged	leveraged	ADJ
cblr-7159	269	6	loans	loan	NOUN
cblr-7159	269	7	slightly	slightly	ADV
cblr-7159	269	8	differently	differently	ADV
cblr-7159	269	9	,	,	PUNCT
cblr-7159	269	10	a	a	DET
cblr-7159	269	11	leveraged	leverage	VERB
cblr-7159	269	12	loan	loan	NOUN
cblr-7159	269	13	typically	typically	ADV
cblr-7159	269	14	has	have	VERB
cblr-7159	269	15	an	an	DET
cblr-7159	269	16	interest	interest	NOUN
cblr-7159	269	17	rate	rate	NOUN
cblr-7159	269	18	higher	high	ADJ
cblr-7159	269	19	than	than	ADP
cblr-7159	269	20	150	150	NUM
cblr-7159	269	21	basis	basis	NOUN
cblr-7159	269	22	points	point	NOUN
cblr-7159	269	23	(	(	PUNCT
cblr-7159	269	24	“	"	PUNCT
cblr-7159	269	25	bps	bps	NOUN
cblr-7159	269	26	”	"	PUNCT
cblr-7159	269	27	)	)	PUNCT
cblr-7159	269	28	over	over	ADP
cblr-7159	269	29	the	the	DET
cblr-7159	269	30	london	london	PROPN
cblr-7159	269	31	interbank	interbank	ADV
cblr-7159	269	32	offered	offer	VERB
cblr-7159	269	33	rate	rate	NOUN
cblr-7159	269	34	(	(	PUNCT
cblr-7159	269	35	“	"	PUNCT
cblr-7159	269	36	libor	libor	PROPN
cblr-7159	269	37	”	"	PUNCT
cblr-7159	269	38	)	)	PUNCT
cblr-7159	269	39	,	,	PUNCT
cblr-7159	269	40	which	which	PRON
cblr-7159	269	41	is	be	AUX
cblr-7159	269	42	a	a	DET
cblr-7159	269	43	benchmark	benchmark	ADJ
cblr-7159	269	44	market	market	NOUN
cblr-7159	269	45	interest	interest	NOUN
cblr-7159	269	46	rate	rate	NOUN
cblr-7159	269	47	used	use	VERB
cblr-7159	269	48	for	for	ADP
cblr-7159	269	49	many	many	ADJ
cblr-7159	269	50	types	type	NOUN
cblr-7159	269	51	of	of	ADP
cblr-7159	269	52	financing	financing	NOUN
cblr-7159	269	53	.	.	PUNCT
cblr-7159	270	1	see	see	VERB
cblr-7159	270	2	i	i	PRON
cblr-7159	270	3	d.	d.	PROPN
cblr-7159	270	4	at	at	ADP
cblr-7159	270	5	5	5	NUM
cblr-7159	270	6	,	,	PUNCT
cblr-7159	270	7	11–12	11–12	NUM
cblr-7159	270	8	.	.	PUNCT
cblr-7159	271	1	some	some	DET
cblr-7159	271	2	market	market	NOUN
cblr-7159	271	3	participants	participant	NOUN
cblr-7159	271	4	define	define	VERB
cblr-7159	271	5	leveraged	leveraged	ADJ
cblr-7159	271	6	loans	loan	NOUN
cblr-7159	271	7	exclusively	exclusively	ADV
cblr-7159	271	8	in	in	ADP
cblr-7159	271	9	relation	relation	NOUN
cblr-7159	271	10	to	to	ADP
cblr-7159	271	11	their	their	PRON
cblr-7159	271	12	interest	interest	NOUN
cblr-7159	271	13	rate	rate	NOUN
cblr-7159	271	14	.	.	PUNCT
cblr-7159	272	1	for	for	ADP
cblr-7159	272	2	instance	instance	NOUN
cblr-7159	272	3	,	,	PUNCT
cblr-7159	272	4	the	the	DET
cblr-7159	272	5	rating	rating	NOUN
cblr-7159	272	6	agency	agency	NOUN
cblr-7159	272	7	standard	standard	PROPN
cblr-7159	272	8	&	&	CCONJ
cblr-7159	272	9	poor	poor	PROPN
cblr-7159	272	10	’s	’s	PART
cblr-7159	272	11	(	(	PUNCT
cblr-7159	272	12	“	"	PUNCT
cblr-7159	272	13	s&p	s&p	PROPN
cblr-7159	272	14	”	"	PUNCT
cblr-7159	272	15	)	)	PUNCT
cblr-7159	272	16	defines	define	VERB
cblr-7159	272	17	a	a	DET
cblr-7159	272	18	loan	loan	NOUN
cblr-7159	272	19	as	as	ADP
cblr-7159	272	20	leveraged	leverage	VERB
cblr-7159	272	21	if	if	SCONJ
cblr-7159	272	22	it	it	PRON
cblr-7159	272	23	has	have	VERB
cblr-7159	272	24	an	an	DET
cblr-7159	272	25	interest	interest	NOUN
cblr-7159	272	26	rate	rate	NOUN
cblr-7159	272	27	of	of	ADP
cblr-7159	272	28	125	125	NUM
cblr-7159	272	29	bps	bps	NOUN
cblr-7159	272	30	or	or	CCONJ
cblr-7159	272	31	more	more	ADJ
cblr-7159	272	32	above	above	ADP
cblr-7159	272	33	libor	libor	PROPN
cblr-7159	272	34	.	.	PUNCT
cblr-7159	273	1	i	i	PRON
cblr-7159	273	2	d.	d.	PROPN
cblr-7159	273	3	at	at	ADP
cblr-7159	273	4	12	12	NUM
cblr-7159	273	5	.	.	PUNCT
cblr-7159	274	1	loans	loan	NOUN
cblr-7159	274	2	with	with	ADP
cblr-7159	274	3	a	a	DET
cblr-7159	274	4	margin	margin	NOUN
cblr-7159	274	5	(	(	PUNCT
cblr-7159	274	6	interest	interest	NOUN
cblr-7159	274	7	rate	rate	NOUN
cblr-7159	274	8	)	)	PUNCT
cblr-7159	274	9	of	of	ADP
cblr-7159	274	10	500	500	NUM
cblr-7159	274	11	bps	bps	NOUN
cblr-7159	274	12	or	or	CCONJ
cblr-7159	274	13	more	more	ADJ
cblr-7159	274	14	above	above	ADP
cblr-7159	274	15	libor	libor	PROPN
cblr-7159	274	16	are	be	AUX
cblr-7159	274	17	sometimes	sometimes	ADV
cblr-7159	274	18	referred	refer	VERB
cblr-7159	274	19	to	to	ADP
cblr-7159	274	20	colloquially	colloquially	ADV
cblr-7159	274	21	as	as	ADP
cblr-7159	274	22	“	"	PUNCT
cblr-7159	274	23	high	high	ADJ
cblr-7159	274	24	-	-	PUNCT
cblr-7159	274	25	octane	octane	NOUN
cblr-7159	274	26	”	"	PUNCT
cblr-7159	274	27	loans	loan	NOUN
cblr-7159	274	28	.	.	PUNCT
cblr-7159	275	1	i	i	PRON
cblr-7159	275	2	d.	d.	PROPN
cblr-7159	275	3	credit	credit	NOUN
cblr-7159	275	4	ratings	rating	NOUN
cblr-7159	275	5	also	also	ADV
cblr-7159	275	6	determine	determine	VERB
cblr-7159	275	7	whether	whether	SCONJ
cblr-7159	275	8	a	a	DET
cblr-7159	275	9	loan	loan	NOUN
cblr-7159	275	10	is	be	AUX
cblr-7159	275	11	leveraged	leverage	VERB
cblr-7159	275	12	,	,	PUNCT
cblr-7159	275	13	by	by	ADP
cblr-7159	275	14	some	some	DET
cblr-7159	275	15	definitions	definition	NOUN
cblr-7159	275	16	.	.	PUNCT
cblr-7159	276	1	ratings	rating	NOUN
cblr-7159	276	2	assigned	assign	VERB
cblr-7159	276	3	by	by	ADP
cblr-7159	276	4	credit	credit	NOUN
cblr-7159	276	5	rating	rating	NOUN
cblr-7159	276	6	agencies	agency	NOUN
cblr-7159	276	7	such	such	ADJ
cblr-7159	276	8	as	as	ADP
cblr-7159	276	9	moody	moody	PROPN
cblr-7159	276	10	’s	’s	PART
cblr-7159	276	11	,	,	PUNCT
cblr-7159	276	12	fitch	fitch	PROPN
cblr-7159	276	13	,	,	PUNCT
cblr-7159	276	14	and	and	CCONJ
cblr-7159	276	15	s&p	s&p	PROPN
cblr-7159	276	16	range	range	NOUN
cblr-7159	276	17	from	from	ADP
cblr-7159	276	18	the	the	DET
cblr-7159	276	19	highest	high	ADJ
cblr-7159	276	20	investment	investment	NOUN
cblr-7159	276	21	grade	grade	NOUN
cblr-7159	276	22	(	(	PUNCT
cblr-7159	276	23	aaa	aaa	NOUN
cblr-7159	276	24	for	for	ADP
cblr-7159	276	25	s&p	s&p	PROPN
cblr-7159	276	26	and	and	CCONJ
cblr-7159	276	27	fitch	fitch	NOUN
cblr-7159	276	28	,	,	PUNCT
cblr-7159	276	29	aaa	aaa	VERB
cblr-7159	276	30	for	for	ADP
cblr-7159	276	31	moody	moody	NOUN
cblr-7159	276	32	’s	’s	PART
cblr-7159	276	33	)	)	PUNCT
cblr-7159	276	34	to	to	ADP
cblr-7159	276	35	those	those	PRON
cblr-7159	276	36	below	below	ADP
cblr-7159	276	37	investment	investment	NOUN
cblr-7159	276	38	grade	grade	NOUN
cblr-7159	276	39	(	(	PUNCT
cblr-7159	276	40	bb+	bb+	ADJ
cblr-7159	276	41	and	and	CCONJ
cblr-7159	276	42	lower	low	ADJ
cblr-7159	276	43	for	for	ADP
cblr-7159	276	44	s&p	s&p	PROPN
cblr-7159	276	45	and	and	CCONJ
cblr-7159	276	46	fitch	fitch	PROPN
cblr-7159	276	47	,	,	PUNCT
cblr-7159	276	48	ba1	ba1	NOUN
cblr-7159	276	49	and	and	CCONJ
cblr-7159	276	50	below	below	ADV
cblr-7159	276	51	for	for	ADP
cblr-7159	276	52	moody	moody	NOUN
cblr-7159	276	53	’s	’s	PART
cblr-7159	276	54	)	)	PUNCT
cblr-7159	276	55	.	.	PUNCT
cblr-7159	277	1	i	i	PRON
cblr-7159	277	2	d.	d.	PROPN
cblr-7159	277	3	at	at	ADP
cblr-7159	277	4	11–12	11–12	NUM
cblr-7159	277	5	;	;	PUNCT
cblr-7159	277	6	see	see	VERB
cblr-7159	277	7	also	also	ADV
cblr-7159	277	8	moody	moody	PROPN
cblr-7159	277	9	’s	’s	PART
cblr-7159	277	10	inv’rs	inv’rs	NOUN
cblr-7159	277	11	serv	serv	PROPN
cblr-7159	277	12	.	.	PUNCT
cblr-7159	277	13	,	,	PUNCT
cblr-7159	277	14	rating	rate	VERB
cblr-7159	277	15	symbols	symbol	NOUN
cblr-7159	277	16	and	and	CCONJ
cblr-7159	277	17	definitions	definition	NOUN
cblr-7159	277	18	6	6	NUM
cblr-7159	277	19	(	(	PUNCT
cblr-7159	277	20	2020	2020	NUM
cblr-7159	277	21	)	)	PUNCT
cblr-7159	277	22	.	.	PUNCT
cblr-7159	278	1	80	80	NUM
cblr-7159	278	2	see	see	VERB
cblr-7159	278	3	sec	sec	PROPN
cblr-7159	278	4	.	.	PROPN
cblr-7159	278	5	indus	indus	PROPN
cblr-7159	278	6	.	.	PUNCT
cblr-7159	278	7	&	&	CCONJ
cblr-7159	278	8	fin	fin	PROPN
cblr-7159	278	9	.	.	PUNCT
cblr-7159	279	1	mkts	mkts	NOUN
cblr-7159	279	2	.	.	PUNCT
cblr-7159	280	1	ass’n	ass’n	ADJ
cblr-7159	280	2	,	,	PUNCT
cblr-7159	280	3	leverage	leverage	NOUN
cblr-7159	280	4	lending	lending	NOUN
cblr-7159	280	5	faq	faq	PROPN
cblr-7159	280	6	&	&	CCONJ
cblr-7159	280	7	fact	fact	PROPN
cblr-7159	280	8	sheet	sheet	NOUN
cblr-7159	280	9	3	3	NUM
cblr-7159	280	10	(	(	PUNCT
cblr-7159	280	11	2019	2019	NUM
cblr-7159	280	12	)	)	PUNCT
cblr-7159	280	13	,	,	PUNCT
cblr-7159	280	14	https://www.sifma.org/wp-content/uploads/2019/03/leverage-lending-faq.pdf	https://www.sifma.org/wp-content/uploads/2019/03/leverage-lending-faq.pdf	VERB
cblr-7159	281	1	[	[	X
cblr-7159	281	2	https://perma.cc/nqc6-bmkd	https://perma.cc/nqc6-bmkd	X
cblr-7159	281	3	]	]	PUNCT
cblr-7159	281	4	.	.	PUNCT
cblr-7159	282	1	81	81	NUM
cblr-7159	282	2	leveraged	leveraged	ADJ
cblr-7159	282	3	loan	loan	NOUN
cblr-7159	282	4	primer	primer	NOUN
cblr-7159	282	5	,	,	PUNCT
cblr-7159	282	6	supra	supra	PROPN
cblr-7159	282	7	note	note	NOUN
cblr-7159	282	8	77	77	NUM
cblr-7159	282	9	.	.	PUNCT
cblr-7159	282	10	82	82	NUM
cblr-7159	282	11	see	see	VERB
cblr-7159	282	12	fin	fin	NOUN
cblr-7159	282	13	.	.	PUNCT
cblr-7159	283	1	stability	stability	PROPN
cblr-7159	283	2	bd	bd	PROPN
cblr-7159	283	3	.	.	PROPN
cblr-7159	283	4	,	,	PUNCT
cblr-7159	283	5	vulnerabilities	vulnerability	NOUN
cblr-7159	283	6	,	,	PUNCT
cblr-7159	283	7	supra	supra	PROPN
cblr-7159	283	8	note	note	NOUN
cblr-7159	283	9	2	2	NUM
cblr-7159	283	10	,	,	PUNCT
cblr-7159	283	11	at	at	ADP
cblr-7159	283	12	3	3	NUM
cblr-7159	283	13	;	;	PUNCT
cblr-7159	283	14	tung	tung	NOUN
cblr-7159	283	15	,	,	PUNCT
cblr-7159	283	16	unsung	unsung	ADJ
cblr-7159	283	17	influence	influence	NOUN
cblr-7159	283	18	,	,	PUNCT
cblr-7159	283	19	supra	supra	PROPN
cblr-7159	283	20	note	note	NOUN
cblr-7159	283	21	1	1	NUM
cblr-7159	283	22	,	,	PUNCT
cblr-7159	283	23	at	at	ADP
cblr-7159	283	24	163	163	NUM
cblr-7159	283	25	.	.	PUNCT
cblr-7159	283	26	83	83	NUM
cblr-7159	283	27	see	see	VERB
cblr-7159	283	28	fin	fin	NOUN
cblr-7159	283	29	.	.	PUNCT
cblr-7159	284	1	stability	stability	PROPN
cblr-7159	284	2	bd	bd	PROPN
cblr-7159	284	3	.	.	PROPN
cblr-7159	284	4	,	,	PUNCT
cblr-7159	284	5	vulnerabilities	vulnerability	NOUN
cblr-7159	284	6	,	,	PUNCT
cblr-7159	284	7	supra	supra	PROPN
cblr-7159	284	8	note	note	NOUN
cblr-7159	284	9	2	2	NUM
cblr-7159	284	10	,	,	PUNCT
cblr-7159	284	11	at	at	ADP
cblr-7159	284	12	3	3	NUM
cblr-7159	284	13	;	;	PUNCT
cblr-7159	284	14	tung	tung	VERB
cblr-7159	284	15	,	,	PUNCT
cblr-7159	284	16	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	284	17	(	(	PUNCT
cblr-7159	284	18	do	do	AUX
cblr-7159	284	19	not	not	PART
cblr-7159	284	20	delete	delete	VERB
cblr-7159	284	21	)	)	PUNCT
cblr-7159	284	22	9/28/2020	9/28/2020	NUM
cblr-7159	284	23	6:35	6:35	NUM
cblr-7159	284	24	pm	pm	NOUN
cblr-7159	284	25	no	no	INTJ
cblr-7159	284	26	.	.	PUNCT
cblr-7159	285	1	1:192	1:192	X
cblr-7159	285	2	]	]	X
cblr-7159	285	3	reconsidering	reconsider	VERB
cblr-7159	285	4	creditor	creditor	NOUN
cblr-7159	285	5	governance	governance	NOUN
cblr-7159	285	6	213	213	NUM
cblr-7159	285	7	risk	risk	NOUN
cblr-7159	285	8	of	of	ADP
cblr-7159	285	9	the	the	DET
cblr-7159	285	10	loan	loan	NOUN
cblr-7159	285	11	,	,	PUNCT
cblr-7159	285	12	arrangers	arranger	NOUN
cblr-7159	285	13	often	often	ADV
cblr-7159	285	14	syndicated	syndicate	VERB
cblr-7159	285	15	loans	loan	NOUN
cblr-7159	285	16	by	by	ADP
cblr-7159	285	17	finding	find	VERB
cblr-7159	285	18	other	other	ADJ
cblr-7159	285	19	banks	bank	NOUN
cblr-7159	285	20	willing	willing	ADJ
cblr-7159	285	21	to	to	PART
cblr-7159	285	22	become	become	VERB
cblr-7159	285	23	lenders.84	lenders.84	NOUN
cblr-7159	285	24	the	the	DET
cblr-7159	285	25	lead	lead	ADJ
cblr-7159	285	26	bank	bank	NOUN
cblr-7159	285	27	performed	perform	VERB
cblr-7159	285	28	due	due	ADJ
cblr-7159	285	29	diligence	diligence	NOUN
cblr-7159	285	30	on	on	ADP
cblr-7159	285	31	the	the	DET
cblr-7159	285	32	borrower	borrower	NOUN
cblr-7159	285	33	,	,	PUNCT
cblr-7159	285	34	analyzed	analyze	VERB
cblr-7159	285	35	the	the	DET
cblr-7159	285	36	borrower	borrower	NOUN
cblr-7159	285	37	’s	’s	PART
cblr-7159	285	38	credit	credit	NOUN
cblr-7159	285	39	and	and	CCONJ
cblr-7159	285	40	negotiated	negotiate	VERB
cblr-7159	285	41	the	the	DET
cblr-7159	285	42	loan	loan	NOUN
cblr-7159	285	43	terms	term	NOUN
cblr-7159	285	44	,	,	PUNCT
cblr-7159	285	45	including	include	VERB
cblr-7159	285	46	the	the	DET
cblr-7159	285	47	covenants	covenant	NOUN
cblr-7159	285	48	,	,	PUNCT
cblr-7159	285	49	which	which	PRON
cblr-7159	285	50	provide	provide	VERB
cblr-7159	285	51	the	the	DET
cblr-7159	285	52	mechanism	mechanism	NOUN
cblr-7159	285	53	for	for	ADP
cblr-7159	285	54	influencing	influence	VERB
cblr-7159	285	55	corporate	corporate	ADJ
cblr-7159	285	56	governance.85	governance.85	NOUN
cblr-7159	285	57	the	the	DET
cblr-7159	285	58	lead	lead	PROPN
cblr-7159	285	59	bank	bank	NOUN
cblr-7159	285	60	also	also	ADV
cblr-7159	285	61	acted	act	VERB
cblr-7159	285	62	as	as	ADP
cblr-7159	285	63	an	an	DET
cblr-7159	285	64	agent	agent	NOUN
cblr-7159	285	65	for	for	ADP
cblr-7159	285	66	the	the	DET
cblr-7159	285	67	lending	lending	NOUN
cblr-7159	285	68	syndicate	syndicate	NOUN
cblr-7159	285	69	,	,	PUNCT
cblr-7159	285	70	policing	policing	NOUN
cblr-7159	285	71	violations	violation	NOUN
cblr-7159	285	72	of	of	ADP
cblr-7159	285	73	the	the	DET
cblr-7159	285	74	loan	loan	NOUN
cblr-7159	285	75	covenants	covenant	NOUN
cblr-7159	285	76	and	and	CCONJ
cblr-7159	285	77	deterioration	deterioration	NOUN
cblr-7159	285	78	in	in	ADP
cblr-7159	285	79	the	the	DET
cblr-7159	285	80	borrower	borrower	NOUN
cblr-7159	285	81	’s	’s	PART
cblr-7159	285	82	financial	financial	ADJ
cblr-7159	285	83	condition.86	condition.86	NOUN
cblr-7159	285	84	in	in	ADP
cblr-7159	285	85	the	the	DET
cblr-7159	285	86	event	event	NOUN
cblr-7159	285	87	of	of	ADP
cblr-7159	285	88	a	a	DET
cblr-7159	285	89	violation	violation	NOUN
cblr-7159	285	90	,	,	PUNCT
cblr-7159	285	91	the	the	DET
cblr-7159	285	92	lead	lead	ADJ
cblr-7159	285	93	bank	bank	NOUN
cblr-7159	285	94	advised	advise	VERB
cblr-7159	285	95	the	the	DET
cblr-7159	285	96	rest	rest	NOUN
cblr-7159	285	97	of	of	ADP
cblr-7159	285	98	the	the	DET
cblr-7159	285	99	syndicate	syndicate	NOUN
cblr-7159	285	100	on	on	ADP
cblr-7159	285	101	the	the	DET
cblr-7159	285	102	appropriate	appropriate	ADJ
cblr-7159	285	103	course	course	NOUN
cblr-7159	285	104	of	of	ADP
cblr-7159	285	105	action	action	NOUN
cblr-7159	285	106	,	,	PUNCT
cblr-7159	285	107	and	and	CCONJ
cblr-7159	285	108	in	in	ADP
cblr-7159	285	109	some	some	DET
cblr-7159	285	110	cases	case	NOUN
cblr-7159	285	111	,	,	PUNCT
cblr-7159	285	112	had	have	VERB
cblr-7159	285	113	plenary	plenary	ADJ
cblr-7159	285	114	power	power	NOUN
cblr-7159	285	115	to	to	PART
cblr-7159	285	116	waive	waive	VERB
cblr-7159	285	117	the	the	DET
cblr-7159	285	118	violation	violation	NOUN
cblr-7159	285	119	and	and	CCONJ
cblr-7159	285	120	renegotiate	renegotiate	VERB
cblr-7159	285	121	the	the	DET
cblr-7159	285	122	loan.87	loan.87	NOUN
cblr-7159	285	123	although	although	SCONJ
cblr-7159	285	124	the	the	DET
cblr-7159	285	125	loans	loan	NOUN
cblr-7159	285	126	could	could	AUX
cblr-7159	285	127	be	be	AUX
cblr-7159	285	128	traded	trade	VERB
cblr-7159	285	129	,	,	PUNCT
cblr-7159	285	130	they	they	PRON
cblr-7159	285	131	were	be	AUX
cblr-7159	285	132	relatively	relatively	ADV
cblr-7159	285	133	illiquid	illiquid	ADJ
cblr-7159	285	134	compared	compare	VERB
cblr-7159	285	135	to	to	ADP
cblr-7159	285	136	debt	debt	NOUN
cblr-7159	285	137	securities	security	NOUN
cblr-7159	285	138	like	like	ADP
cblr-7159	285	139	bonds	bond	NOUN
cblr-7159	285	140	,	,	PUNCT
cblr-7159	285	141	because	because	SCONJ
cblr-7159	285	142	transferring	transfer	VERB
cblr-7159	285	143	an	an	DET
cblr-7159	285	144	interest	interest	NOUN
cblr-7159	285	145	in	in	ADP
cblr-7159	285	146	the	the	DET
cblr-7159	285	147	loan	loan	NOUN
cblr-7159	285	148	required	require	VERB
cblr-7159	285	149	assigning	assign	VERB
cblr-7159	285	150	rights	right	NOUN
cblr-7159	285	151	under	under	ADP
cblr-7159	285	152	the	the	DET
cblr-7159	285	153	contract	contract	NOUN
cblr-7159	285	154	,	,	PUNCT
cblr-7159	285	155	a	a	DET
cblr-7159	285	156	process	process	NOUN
cblr-7159	285	157	that	that	PRON
cblr-7159	285	158	often	often	ADV
cblr-7159	285	159	required	require	VERB
cblr-7159	285	160	the	the	DET
cblr-7159	285	161	permission	permission	NOUN
cblr-7159	285	162	of	of	ADP
cblr-7159	285	163	the	the	DET
cblr-7159	285	164	borrower	borrower	NOUN
cblr-7159	285	165	,	,	PUNCT
cblr-7159	285	166	some	some	DET
cblr-7159	285	167	percentage	percentage	NOUN
cblr-7159	285	168	of	of	ADP
cblr-7159	285	169	the	the	DET
cblr-7159	285	170	other	other	ADJ
cblr-7159	285	171	lenders	lender	NOUN
cblr-7159	285	172	in	in	ADP
cblr-7159	285	173	unsung	unsung	ADJ
cblr-7159	285	174	influence	influence	NOUN
cblr-7159	285	175	,	,	PUNCT
cblr-7159	285	176	supra	supra	PROPN
cblr-7159	285	177	note	note	NOUN
cblr-7159	285	178	1	1	NUM
cblr-7159	285	179	,	,	PUNCT
cblr-7159	285	180	at	at	ADP
cblr-7159	285	181	163	163	NUM
cblr-7159	285	182	,	,	PUNCT
cblr-7159	285	183	165	165	NUM
cblr-7159	285	184	.	.	PUNCT
cblr-7159	285	185	84	84	NUM
cblr-7159	285	186	see	see	VERB
cblr-7159	285	187	elisabeth	elisabeth	PROPN
cblr-7159	285	188	de	de	PROPN
cblr-7159	285	189	fontenay	fontenay	PROPN
cblr-7159	285	190	,	,	PUNCT
cblr-7159	285	191	do	do	VERB
cblr-7159	285	192	the	the	DET
cblr-7159	285	193	securities	security	NOUN
cblr-7159	285	194	law	law	NOUN
cblr-7159	285	195	matter	matter	NOUN
cblr-7159	285	196	?	?	PUNCT
cblr-7159	286	1	the	the	DET
cblr-7159	286	2	rise	rise	NOUN
cblr-7159	286	3	of	of	ADP
cblr-7159	286	4	the	the	DET
cblr-7159	286	5	leveraged	leverage	VERB
cblr-7159	286	6	loan	loan	NOUN
cblr-7159	286	7	market	market	NOUN
cblr-7159	286	8	,	,	PUNCT
cblr-7159	286	9	39	39	NUM
cblr-7159	286	10	j.	j.	PROPN
cblr-7159	286	11	corp	corp	PROPN
cblr-7159	286	12	.	.	PROPN
cblr-7159	286	13	l.	l.	PROPN
cblr-7159	286	14	725	725	NUM
cblr-7159	286	15	,	,	PUNCT
cblr-7159	286	16	740	740	NUM
cblr-7159	286	17	(	(	PUNCT
cblr-7159	286	18	2014	2014	NUM
cblr-7159	286	19	)	)	PUNCT
cblr-7159	286	20	(	(	PUNCT
cblr-7159	286	21	“	"	PUNCT
cblr-7159	286	22	this	this	PRON
cblr-7159	286	23	is	be	AUX
cblr-7159	286	24	how	how	SCONJ
cblr-7159	286	25	the	the	DET
cblr-7159	286	26	practice	practice	NOUN
cblr-7159	286	27	of	of	ADP
cblr-7159	286	28	loan	loan	NOUN
cblr-7159	286	29	syndication	syndication	NOUN
cblr-7159	286	30	and	and	CCONJ
cblr-7159	286	31	secondary	secondary	ADJ
cblr-7159	286	32	trading	trading	NOUN
cblr-7159	286	33	arose	arise	VERB
cblr-7159	286	34	and	and	CCONJ
cblr-7159	286	35	quickly	quickly	ADV
cblr-7159	286	36	became	become	VERB
cblr-7159	286	37	the	the	DET
cblr-7159	286	38	world	world	NOUN
cblr-7159	286	39	’s	’s	PART
cblr-7159	286	40	largest	large	ADJ
cblr-7159	286	41	source	source	NOUN
cblr-7159	286	42	of	of	ADP
cblr-7159	286	43	corporate	corporate	ADJ
cblr-7159	286	44	financing	financing	NOUN
cblr-7159	286	45	.	.	PUNCT
cblr-7159	287	1	with	with	ADP
cblr-7159	287	2	loan	loan	NOUN
cblr-7159	287	3	syndication	syndication	NOUN
cblr-7159	287	4	,	,	PUNCT
cblr-7159	287	5	a	a	DET
cblr-7159	287	6	major	major	ADJ
cblr-7159	287	7	bank	bank	NOUN
cblr-7159	287	8	referred	refer	VERB
cblr-7159	287	9	to	to	ADP
cblr-7159	287	10	as	as	SCONJ
cblr-7159	287	11	the	the	DET
cblr-7159	287	12	lead	lead	ADJ
cblr-7159	287	13	arranger	arranger	NOUN
cblr-7159	287	14	negotiates	negotiate	VERB
cblr-7159	287	15	the	the	DET
cblr-7159	287	16	key	key	ADJ
cblr-7159	287	17	terms	term	NOUN
cblr-7159	287	18	of	of	ADP
cblr-7159	287	19	the	the	DET
cblr-7159	287	20	loan	loan	NOUN
cblr-7159	287	21	with	with	ADP
cblr-7159	287	22	the	the	DET
cblr-7159	287	23	borrowing	borrowing	NOUN
cblr-7159	287	24	company	company	NOUN
cblr-7159	287	25	,	,	PUNCT
cblr-7159	287	26	and	and	CCONJ
cblr-7159	287	27	then	then	ADV
cblr-7159	287	28	organizes	organize	VERB
cblr-7159	287	29	a	a	DET
cblr-7159	287	30	syndicate	syndicate	NOUN
cblr-7159	287	31	of	of	ADP
cblr-7159	287	32	lenders	lender	NOUN
cblr-7159	287	33	to	to	PART
cblr-7159	287	34	fund	fund	VERB
cblr-7159	287	35	it	it	PRON
cblr-7159	287	36	.	.	PUNCT
cblr-7159	287	37	”	"	PUNCT
cblr-7159	288	1	(	(	PUNCT
cblr-7159	288	2	footnote	footnote	NOUN
cblr-7159	288	3	omitted	omit	VERB
cblr-7159	288	4	)	)	PUNCT
cblr-7159	288	5	)	)	PUNCT
cblr-7159	288	6	.	.	PUNCT
cblr-7159	289	1	see	see	VERB
cblr-7159	289	2	also	also	ADV
cblr-7159	289	3	yago	yago	PROPN
cblr-7159	289	4	&	&	CCONJ
cblr-7159	289	5	mccarthy	mccarthy	PROPN
cblr-7159	289	6	,	,	PUNCT
cblr-7159	289	7	supra	supra	PROPN
cblr-7159	289	8	note	note	NOUN
cblr-7159	289	9	77	77	NUM
cblr-7159	289	10	,	,	PUNCT
cblr-7159	289	11	at	at	ADP
cblr-7159	289	12	7	7	NUM
cblr-7159	289	13	.	.	SYM
cblr-7159	289	14	85	85	NUM
cblr-7159	289	15	see	see	NOUN
cblr-7159	289	16	tung	tung	NOUN
cblr-7159	289	17	,	,	PUNCT
cblr-7159	289	18	unsung	unsung	ADJ
cblr-7159	289	19	influence	influence	NOUN
cblr-7159	289	20	,	,	PUNCT
cblr-7159	289	21	supra	supra	PROPN
cblr-7159	289	22	note	note	NOUN
cblr-7159	289	23	1	1	NUM
cblr-7159	289	24	,	,	PUNCT
cblr-7159	289	25	at	at	ADP
cblr-7159	289	26	163	163	NUM
cblr-7159	289	27	;	;	PUNCT
cblr-7159	289	28	see	see	VERB
cblr-7159	289	29	also	also	ADV
cblr-7159	289	30	katerina	katerina	PROPN
cblr-7159	289	31	simons	simon	NOUN
cblr-7159	289	32	,	,	PUNCT
cblr-7159	289	33	why	why	SCONJ
cblr-7159	289	34	do	do	AUX
cblr-7159	289	35	banks	bank	NOUN
cblr-7159	289	36	syndicate	syndicate	VERB
cblr-7159	289	37	loans	loan	NOUN
cblr-7159	289	38	?	?	PUNCT
cblr-7159	289	39	,	,	PUNCT
cblr-7159	289	40	1993	1993	NUM
cblr-7159	289	41	new	new	PROPN
cblr-7159	289	42	england	england	PROPN
cblr-7159	289	43	econ	econ	PROPN
cblr-7159	289	44	.	.	PUNCT
cblr-7159	290	1	rev	rev	PROPN
cblr-7159	290	2	.	.	PROPN
cblr-7159	290	3	45	45	NUM
cblr-7159	290	4	,	,	PUNCT
cblr-7159	290	5	46	46	NUM
cblr-7159	290	6	(	(	PUNCT
cblr-7159	290	7	1993	1993	NUM
cblr-7159	290	8	)	)	PUNCT
cblr-7159	290	9	(	(	PUNCT
cblr-7159	290	10	explaining	explain	VERB
cblr-7159	290	11	that	that	SCONJ
cblr-7159	290	12	the	the	DET
cblr-7159	290	13	“	"	PUNCT
cblr-7159	290	14	lead	lead	NOUN
cblr-7159	290	15	bank	bank	NOUN
cblr-7159	290	16	[	[	X
cblr-7159	290	17	]	]	X
cblr-7159	290	18	acts	act	VERB
cblr-7159	290	19	as	as	ADP
cblr-7159	290	20	syndicate	syndicate	NOUN
cblr-7159	290	21	manager	manager	NOUN
cblr-7159	290	22	,	,	PUNCT
cblr-7159	290	23	recruiting	recruit	VERB
cblr-7159	290	24	a	a	DET
cblr-7159	290	25	sufficient	sufficient	ADJ
cblr-7159	290	26	number	number	NOUN
cblr-7159	290	27	of	of	ADP
cblr-7159	290	28	other	other	ADJ
cblr-7159	290	29	banks	bank	NOUN
cblr-7159	290	30	to	to	PART
cblr-7159	290	31	make	make	VERB
cblr-7159	290	32	the	the	DET
cblr-7159	290	33	loan	loan	NOUN
cblr-7159	290	34	,	,	PUNCT
cblr-7159	290	35	negotiating	negotiate	VERB
cblr-7159	290	36	details	detail	NOUN
cblr-7159	290	37	of	of	ADP
cblr-7159	290	38	the	the	DET
cblr-7159	290	39	agreement	agreement	NOUN
cblr-7159	290	40	,	,	PUNCT
cblr-7159	290	41	and	and	CCONJ
cblr-7159	290	42	preparing	prepare	VERB
cblr-7159	290	43	documentation	documentation	NOUN
cblr-7159	290	44	”	"	PUNCT
cblr-7159	290	45	)	)	PUNCT
cblr-7159	290	46	.	.	PUNCT
cblr-7159	291	1	86	86	NUM
cblr-7159	291	2	see	see	VERB
cblr-7159	291	3	tung	tung	NOUN
cblr-7159	291	4	,	,	PUNCT
cblr-7159	291	5	unsung	unsung	ADJ
cblr-7159	291	6	influence	influence	NOUN
cblr-7159	291	7	,	,	PUNCT
cblr-7159	291	8	supra	supra	PROPN
cblr-7159	291	9	note	note	NOUN
cblr-7159	291	10	1	1	NUM
cblr-7159	291	11	,	,	PUNCT
cblr-7159	291	12	at	at	ADP
cblr-7159	291	13	163	163	NUM
cblr-7159	291	14	(	(	PUNCT
cblr-7159	291	15	“	"	PUNCT
cblr-7159	291	16	it	it	PRON
cblr-7159	291	17	takes	take	VERB
cblr-7159	291	18	the	the	DET
cblr-7159	291	19	lead	lead	NOUN
cblr-7159	291	20	in	in	ADP
cblr-7159	291	21	administering	administer	VERB
cblr-7159	291	22	the	the	DET
cblr-7159	291	23	loan	loan	NOUN
cblr-7159	291	24	,	,	PUNCT
cblr-7159	291	25	monitoring	monitor	VERB
cblr-7159	291	26	the	the	DET
cblr-7159	291	27	borrower	borrower	NOUN
cblr-7159	291	28	and	and	CCONJ
cblr-7159	291	29	communicating	communicate	VERB
cblr-7159	291	30	with	with	ADP
cblr-7159	291	31	firm	firm	ADJ
cblr-7159	291	32	management	management	NOUN
cblr-7159	291	33	on	on	ADP
cblr-7159	291	34	behalf	behalf	NOUN
cblr-7159	291	35	of	of	ADP
cblr-7159	291	36	the	the	DET
cblr-7159	291	37	syndicate	syndicate	NOUN
cblr-7159	291	38	,	,	PUNCT
cblr-7159	291	39	and	and	CCONJ
cblr-7159	291	40	disseminating	disseminate	VERB
cblr-7159	291	41	information	information	NOUN
cblr-7159	291	42	within	within	ADP
cblr-7159	291	43	the	the	DET
cblr-7159	291	44	syndicate	syndicate	NOUN
cblr-7159	291	45	.	.	PUNCT
cblr-7159	292	1	when	when	SCONJ
cblr-7159	292	2	a	a	DET
cblr-7159	292	3	borrower	borrower	NOUN
cblr-7159	292	4	violates	violate	VERB
cblr-7159	292	5	a	a	DET
cblr-7159	292	6	covenant	covenant	NOUN
cblr-7159	292	7	or	or	CCONJ
cblr-7159	292	8	defaults	default	NOUN
cblr-7159	292	9	,	,	PUNCT
cblr-7159	292	10	the	the	DET
cblr-7159	292	11	lead	lead	PROPN
cblr-7159	292	12	bank	bank	NOUN
cblr-7159	292	13	plays	play	VERB
cblr-7159	292	14	a	a	DET
cblr-7159	292	15	central	central	ADJ
cblr-7159	292	16	role	role	NOUN
cblr-7159	292	17	in	in	ADP
cblr-7159	292	18	investigating	investigate	VERB
cblr-7159	292	19	and	and	CCONJ
cblr-7159	292	20	recommending	recommend	VERB
cblr-7159	292	21	a	a	DET
cblr-7159	292	22	course	course	NOUN
cblr-7159	292	23	of	of	ADP
cblr-7159	292	24	action	action	NOUN
cblr-7159	292	25	to	to	ADP
cblr-7159	292	26	the	the	DET
cblr-7159	292	27	syndicate	syndicate	NOUN
cblr-7159	292	28	.	.	PUNCT
cblr-7159	292	29	”	"	PUNCT
cblr-7159	293	1	(	(	PUNCT
cblr-7159	293	2	footnote	footnote	NOUN
cblr-7159	293	3	omitted	omit	VERB
cblr-7159	293	4	)	)	PUNCT
cblr-7159	293	5	)	)	PUNCT
cblr-7159	293	6	.	.	PUNCT
cblr-7159	294	1	87	87	NUM
cblr-7159	294	2	see	see	VERB
cblr-7159	294	3	amir	amir	PROPN
cblr-7159	294	4	sufi	sufi	PROPN
cblr-7159	294	5	,	,	PUNCT
cblr-7159	294	6	information	information	NOUN
cblr-7159	294	7	asymmetry	asymmetry	NOUN
cblr-7159	294	8	and	and	CCONJ
cblr-7159	294	9	financing	financing	NOUN
cblr-7159	294	10	arrangements	arrangement	NOUN
cblr-7159	294	11	:	:	PUNCT
cblr-7159	294	12	evidence	evidence	NOUN
cblr-7159	294	13	from	from	ADP
cblr-7159	294	14	syndicated	syndicate	VERB
cblr-7159	294	15	loans	loan	NOUN
cblr-7159	294	16	,	,	PUNCT
cblr-7159	294	17	62	62	NUM
cblr-7159	294	18	j.	j.	PROPN
cblr-7159	294	19	fin	fin	PROPN
cblr-7159	294	20	.	.	PUNCT
cblr-7159	295	1	629	629	NUM
cblr-7159	295	2	,	,	PUNCT
cblr-7159	295	3	633	633	NUM
cblr-7159	295	4	(	(	PUNCT
cblr-7159	295	5	2007	2007	NUM
cblr-7159	295	6	)	)	PUNCT
cblr-7159	295	7	(	(	PUNCT
cblr-7159	295	8	“	"	PUNCT
cblr-7159	295	9	during	during	ADP
cblr-7159	295	10	the	the	DET
cblr-7159	295	11	life	life	NOUN
cblr-7159	295	12	of	of	ADP
cblr-7159	295	13	the	the	DET
cblr-7159	295	14	loan	loan	NOUN
cblr-7159	295	15	,	,	PUNCT
cblr-7159	295	16	the	the	DET
cblr-7159	295	17	lead	lead	ADJ
cblr-7159	295	18	arranger	arranger	NOUN
cblr-7159	295	19	typically	typically	ADV
cblr-7159	295	20	also	also	ADV
cblr-7159	295	21	acts	act	VERB
cblr-7159	295	22	as	as	ADP
cblr-7159	295	23	the	the	DET
cblr-7159	295	24	‘	'	PUNCT
cblr-7159	295	25	agent	agent	NOUN
cblr-7159	295	26	’	'	PUNCT
cblr-7159	295	27	bank	bank	NOUN
cblr-7159	295	28	that	that	PRON
cblr-7159	295	29	monitors	monitor	VERB
cblr-7159	295	30	the	the	DET
cblr-7159	295	31	[	[	X
cblr-7159	295	32	borrowing	borrowing	NOUN
cblr-7159	295	33	]	]	PUNCT
cblr-7159	295	34	firm	firm	NOUN
cblr-7159	295	35	,	,	PUNCT
cblr-7159	295	36	governs	govern	VERB
cblr-7159	295	37	the	the	DET
cblr-7159	295	38	terms	term	NOUN
cblr-7159	295	39	of	of	ADP
cblr-7159	295	40	the	the	DET
cblr-7159	295	41	loan	loan	NOUN
cblr-7159	295	42	,	,	PUNCT
cblr-7159	295	43	administers	administer	VERB
cblr-7159	295	44	the	the	DET
cblr-7159	295	45	drawdown	drawdown	NOUN
cblr-7159	295	46	of	of	ADP
cblr-7159	295	47	funds	fund	NOUN
cblr-7159	295	48	,	,	PUNCT
cblr-7159	295	49	calculates	calculate	VERB
cblr-7159	295	50	interest	interest	NOUN
cblr-7159	295	51	payments	payment	NOUN
cblr-7159	295	52	,	,	PUNCT
cblr-7159	295	53	and	and	CCONJ
cblr-7159	295	54	enforces	enforce	VERB
cblr-7159	295	55	financial	financial	ADJ
cblr-7159	295	56	covenants	covenant	NOUN
cblr-7159	295	57	.	.	PUNCT
cblr-7159	295	58	”	"	PUNCT
cblr-7159	295	59	)	)	PUNCT
cblr-7159	295	60	.	.	PUNCT
cblr-7159	296	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	296	2	(	(	PUNCT
cblr-7159	296	3	do	do	AUX
cblr-7159	296	4	not	not	PART
cblr-7159	296	5	delte	delte	VERB
cblr-7159	296	6	)	)	PUNCT
cblr-7159	296	7	9/28/2020	9/28/2020	PROPN
cblr-7159	296	8	6:35	6:35	NUM
cblr-7159	296	9	pm	pm	NOUN
cblr-7159	296	10	214	214	NUM
cblr-7159	296	11	columbia	columbia	PROPN
cblr-7159	296	12	business	business	NOUN
cblr-7159	296	13	law	law	PROPN
cblr-7159	296	14	review	review	NOUN
cblr-7159	296	15	[	[	X
cblr-7159	296	16	vol	vol	NOUN
cblr-7159	296	17	.	.	PUNCT
cblr-7159	296	18	2020	2020	NUM
cblr-7159	297	1	the	the	DET
cblr-7159	297	2	syndicate	syndicate	NOUN
cblr-7159	297	3	,	,	PUNCT
cblr-7159	297	4	or	or	CCONJ
cblr-7159	297	5	both.88	both.88	PROPN
cblr-7159	297	6	moreover	moreover	ADV
cblr-7159	297	7	,	,	PUNCT
cblr-7159	297	8	the	the	DET
cblr-7159	297	9	trading	trading	NOUN
cblr-7159	297	10	market	market	NOUN
cblr-7159	297	11	for	for	ADP
cblr-7159	297	12	these	these	DET
cblr-7159	297	13	loans	loan	NOUN
cblr-7159	297	14	was	be	AUX
cblr-7159	297	15	limited	limit	VERB
cblr-7159	297	16	to	to	ADP
cblr-7159	297	17	banking	banking	NOUN
cblr-7159	297	18	institutions.89	institutions.89	NOUN
cblr-7159	297	19	this	this	DET
cblr-7159	297	20	model	model	NOUN
cblr-7159	297	21	of	of	ADP
cblr-7159	297	22	leveraged	leveraged	ADJ
cblr-7159	297	23	lending	lending	NOUN
cblr-7159	297	24	is	be	AUX
cblr-7159	297	25	generally	generally	ADV
cblr-7159	297	26	referred	refer	VERB
cblr-7159	297	27	to	to	ADP
cblr-7159	297	28	as	as	ADP
cblr-7159	297	29	the	the	DET
cblr-7159	297	30	“	"	PUNCT
cblr-7159	297	31	originateto	originateto	ADJ
cblr-7159	297	32	-	-	PUNCT
cblr-7159	297	33	hold	hold	NOUN
cblr-7159	297	34	”	"	PUNCT
cblr-7159	297	35	model	model	NOUN
cblr-7159	297	36	,	,	PUNCT
cblr-7159	297	37	because	because	SCONJ
cblr-7159	297	38	originating	originate	VERB
cblr-7159	297	39	lenders	lender	NOUN
cblr-7159	297	40	usually	usually	ADV
cblr-7159	297	41	held	hold	VERB
cblr-7159	297	42	the	the	DET
cblr-7159	297	43	loans	loan	NOUN
cblr-7159	297	44	themselves	themselves	PRON
cblr-7159	297	45	to	to	ADP
cblr-7159	297	46	maturity.90	maturity.90	NOUN
cblr-7159	297	47	in	in	ADP
cblr-7159	297	48	the	the	DET
cblr-7159	297	49	years	year	NOUN
cblr-7159	297	50	leading	lead	VERB
cblr-7159	297	51	up	up	ADP
cblr-7159	297	52	to	to	ADP
cblr-7159	297	53	the	the	DET
cblr-7159	297	54	2008	2008	NUM
cblr-7159	297	55	financial	financial	ADJ
cblr-7159	297	56	crisis	crisis	NOUN
cblr-7159	297	57	,	,	PUNCT
cblr-7159	297	58	the	the	DET
cblr-7159	297	59	originate	originate	NOUN
cblr-7159	297	60	-	-	PUNCT
cblr-7159	297	61	to	to	ADP
cblr-7159	297	62	-	-	PUNCT
cblr-7159	297	63	hold	hold	VERB
cblr-7159	297	64	model	model	NOUN
cblr-7159	297	65	began	begin	VERB
cblr-7159	297	66	to	to	PART
cblr-7159	297	67	give	give	VERB
cblr-7159	297	68	way	way	NOUN
cblr-7159	297	69	to	to	ADP
cblr-7159	297	70	the	the	DET
cblr-7159	297	71	“	"	PUNCT
cblr-7159	297	72	originate	originate	NOUN
cblr-7159	297	73	-	-	PUNCT
cblr-7159	297	74	todistribute	todistribute	NOUN
cblr-7159	297	75	”	"	PUNCT
cblr-7159	297	76	one	one	NUM
cblr-7159	297	77	,	,	PUNCT
cblr-7159	297	78	as	as	SCONJ
cblr-7159	297	79	a	a	DET
cblr-7159	297	80	growing	grow	VERB
cblr-7159	297	81	class	class	NOUN
cblr-7159	297	82	of	of	ADP
cblr-7159	297	83	non	non	ADJ
cblr-7159	297	84	-	-	ADJ
cblr-7159	297	85	bank	bank	ADJ
cblr-7159	297	86	investors	investor	NOUN
cblr-7159	297	87	took	take	VERB
cblr-7159	297	88	an	an	DET
cblr-7159	297	89	interest	interest	NOUN
cblr-7159	297	90	in	in	ADP
cblr-7159	297	91	leveraged	leveraged	ADJ
cblr-7159	297	92	loans	loan	NOUN
cblr-7159	297	93	,	,	PUNCT
cblr-7159	297	94	creating	create	VERB
cblr-7159	297	95	a	a	DET
cblr-7159	297	96	robust	robust	ADJ
cblr-7159	297	97	trading	trading	NOUN
cblr-7159	297	98	market	market	NOUN
cblr-7159	297	99	for	for	ADP
cblr-7159	297	100	them.91	them.91	PROPN
cblr-7159	297	101	the	the	DET
cblr-7159	297	102	majority	majority	NOUN
cblr-7159	297	103	of	of	ADP
cblr-7159	297	104	these	these	DET
cblr-7159	297	105	non	non	ADJ
cblr-7159	297	106	-	-	ADJ
cblr-7159	297	107	bank	bank	ADJ
cblr-7159	297	108	investors	investor	NOUN
cblr-7159	297	109	were	be	AUX
cblr-7159	297	110	clos	clo	NOUN
cblr-7159	297	111	—	—	PUNCT
cblr-7159	297	112	financial	financial	ADJ
cblr-7159	297	113	vehicles	vehicle	NOUN
cblr-7159	297	114	created	create	VERB
cblr-7159	297	115	to	to	PART
cblr-7159	297	116	transform	transform	VERB
cblr-7159	297	117	pools	pool	NOUN
cblr-7159	297	118	of	of	ADP
cblr-7159	297	119	risky	risky	ADJ
cblr-7159	297	120	loans	loan	NOUN
cblr-7159	297	121	into	into	ADP
cblr-7159	297	122	less	less	ADV
cblr-7159	297	123	risky	risky	ADJ
cblr-7159	297	124	securities92	securities92	NOUN
cblr-7159	297	125	—	—	PUNCT
cblr-7159	297	126	but	but	CCONJ
cblr-7159	297	127	also	also	ADV
cblr-7159	297	128	included	include	VERB
cblr-7159	297	129	some	some	DET
cblr-7159	297	130	mutual	mutual	ADJ
cblr-7159	297	131	funds	fund	NOUN
cblr-7159	297	132	,	,	PUNCT
cblr-7159	297	133	pension	pension	NOUN
cblr-7159	297	134	funds	fund	NOUN
cblr-7159	297	135	and	and	CCONJ
cblr-7159	297	136	insurance	insurance	NOUN
cblr-7159	297	137	companies.93	companies.93	PROPN
cblr-7159	297	138	banks	bank	NOUN
cblr-7159	297	139	began	begin	VERB
cblr-7159	297	140	to	to	PART
cblr-7159	297	141	originate	originate	VERB
cblr-7159	297	142	loans	loan	NOUN
cblr-7159	297	143	specifically	specifically	ADV
cblr-7159	297	144	to	to	PART
cblr-7159	297	145	distribute	distribute	VERB
cblr-7159	297	146	them	they	PRON
cblr-7159	297	147	to	to	ADP
cblr-7159	297	148	nonbank	nonbank	NOUN
cblr-7159	297	149	institutions	institution	NOUN
cblr-7159	297	150	,	,	PUNCT
cblr-7159	297	151	which	which	PRON
cblr-7159	297	152	came	come	VERB
cblr-7159	297	153	to	to	PART
cblr-7159	297	154	be	be	AUX
cblr-7159	297	155	referred	refer	VERB
cblr-7159	297	156	to	to	PART
cblr-7159	297	157	collectively	collectively	ADV
cblr-7159	297	158	as	as	ADP
cblr-7159	297	159	“	"	PUNCT
cblr-7159	297	160	shadow	shadow	NOUN
cblr-7159	297	161	banks	bank	NOUN
cblr-7159	297	162	,	,	PUNCT
cblr-7159	297	163	”	"	PUNCT
cblr-7159	297	164	due	due	ADP
cblr-7159	297	165	to	to	ADP
cblr-7159	297	166	the	the	DET
cblr-7159	297	167	fact	fact	NOUN
cblr-7159	297	168	that	that	SCONJ
cblr-7159	297	169	they	they	PRON
cblr-7159	297	170	provided	provide	VERB
cblr-7159	297	171	funding	funding	NOUN
cblr-7159	297	172	like	like	ADP
cblr-7159	297	173	lenders	lender	NOUN
cblr-7159	297	174	but	but	CCONJ
cblr-7159	297	175	were	be	AUX
cblr-7159	297	176	not	not	PART
cblr-7159	297	177	regulated	regulate	VERB
cblr-7159	297	178	as	as	ADP
cblr-7159	297	179	banks.94	banks.94	NOUN
cblr-7159	297	180	the	the	DET
cblr-7159	297	181	non	non	ADJ
cblr-7159	297	182	-	-	ADJ
cblr-7159	297	183	regulated	regulated	ADJ
cblr-7159	297	184	nature	nature	NOUN
cblr-7159	297	185	of	of	ADP
cblr-7159	297	186	these	these	DET
cblr-7159	297	187	shadow	shadow	NOUN
cblr-7159	297	188	banks	bank	NOUN
cblr-7159	297	189	meant	mean	VERB
cblr-7159	297	190	that	that	SCONJ
cblr-7159	297	191	they	they	PRON
cblr-7159	297	192	could	could	AUX
cblr-7159	297	193	avoid	avoid	VERB
cblr-7159	297	194	the	the	DET
cblr-7159	297	195	restraints	restraint	NOUN
cblr-7159	297	196	faced	face	VERB
cblr-7159	297	197	by	by	ADP
cblr-7159	297	198	regulated	regulated	ADJ
cblr-7159	297	199	banks	bank	NOUN
cblr-7159	297	200	,	,	PUNCT
cblr-7159	297	201	allowing	allow	VERB
cblr-7159	297	202	them	they	PRON
cblr-7159	297	203	to	to	PART
cblr-7159	297	204	make	make	VERB
cblr-7159	297	205	riskier	risky	ADJ
cblr-7159	297	206	loans.95	loans.95	NOUN
cblr-7159	297	207	thus	thus	ADV
cblr-7159	297	208	,	,	PUNCT
cblr-7159	297	209	regulated	regulated	ADJ
cblr-7159	297	210	banks	bank	NOUN
cblr-7159	297	211	could	could	AUX
cblr-7159	297	212	avoid	avoid	VERB
cblr-7159	297	213	88	88	NUM
cblr-7159	297	214	vitaly	vitaly	PROPN
cblr-7159	297	215	m.	m.	PROPN
cblr-7159	297	216	bord	bord	PROPN
cblr-7159	297	217	&	&	CCONJ
cblr-7159	297	218	joão	joão	PROPN
cblr-7159	297	219	a.c	a.c	PROPN
cblr-7159	297	220	.	.	PROPN
cblr-7159	297	221	santos	santos	PROPN
cblr-7159	297	222	,	,	PUNCT
cblr-7159	297	223	the	the	DET
cblr-7159	297	224	rise	rise	NOUN
cblr-7159	297	225	of	of	ADP
cblr-7159	297	226	the	the	DET
cblr-7159	297	227	originate	originate	NOUN
cblr-7159	297	228	-	-	PUNCT
cblr-7159	297	229	to	to	ADP
cblr-7159	297	230	-	-	PUNCT
cblr-7159	297	231	distribute	distribute	VERB
cblr-7159	297	232	model	model	NOUN
cblr-7159	297	233	and	and	CCONJ
cblr-7159	297	234	the	the	DET
cblr-7159	297	235	role	role	NOUN
cblr-7159	297	236	of	of	ADP
cblr-7159	297	237	banks	bank	NOUN
cblr-7159	297	238	in	in	ADP
cblr-7159	297	239	financial	financial	ADJ
cblr-7159	297	240	intermediation	intermediation	NOUN
cblr-7159	297	241	,	,	PUNCT
cblr-7159	297	242	18	18	NUM
cblr-7159	297	243	frbny	frbny	PROPN
cblr-7159	297	244	econ	econ	PROPN
cblr-7159	297	245	.	.	PUNCT
cblr-7159	298	1	pol’y	pol’y	NOUN
cblr-7159	298	2	rev	rev	VERB
cblr-7159	298	3	.	.	PROPN
cblr-7159	298	4	21	21	NUM
cblr-7159	298	5	(	(	PUNCT
cblr-7159	298	6	2012	2012	NUM
cblr-7159	298	7	)	)	PUNCT
cblr-7159	298	8	.	.	PUNCT
cblr-7159	299	1	see	see	AUX
cblr-7159	299	2	also	also	ADV
cblr-7159	299	3	sang	sing	VERB
cblr-7159	299	4	whi	whi	PROPN
cblr-7159	299	5	lee	lee	PROPN
cblr-7159	299	6	&	&	CCONJ
cblr-7159	299	7	donald	donald	PROPN
cblr-7159	299	8	j.	j.	PROPN
cblr-7159	299	9	mullineaux	mullineaux	PROPN
cblr-7159	299	10	,	,	PUNCT
cblr-7159	299	11	monitoring	monitoring	NOUN
cblr-7159	299	12	,	,	PUNCT
cblr-7159	299	13	financial	financial	ADJ
cblr-7159	299	14	distress	distress	NOUN
cblr-7159	299	15	,	,	PUNCT
cblr-7159	299	16	and	and	CCONJ
cblr-7159	299	17	the	the	DET
cblr-7159	299	18	structure	structure	NOUN
cblr-7159	299	19	of	of	ADP
cblr-7159	299	20	commercial	commercial	ADJ
cblr-7159	299	21	lending	lending	NOUN
cblr-7159	299	22	syndicates	syndicate	NOUN
cblr-7159	299	23	,	,	PUNCT
cblr-7159	299	24	33	33	NUM
cblr-7159	299	25	fin	fin	NOUN
cblr-7159	299	26	.	.	PUNCT
cblr-7159	300	1	mgmt	mgmt	PROPN
cblr-7159	300	2	.	.	PUNCT
cblr-7159	301	1	107	107	NUM
cblr-7159	301	2	,	,	PUNCT
cblr-7159	301	3	120–21	120–21	NUM
cblr-7159	301	4	(	(	PUNCT
cblr-7159	301	5	2004	2004	NUM
cblr-7159	301	6	)	)	PUNCT
cblr-7159	301	7	.	.	PUNCT
cblr-7159	302	1	89	89	NUM
cblr-7159	302	2	see	see	VERB
cblr-7159	302	3	bord	bord	PROPN
cblr-7159	302	4	&	&	CCONJ
cblr-7159	302	5	santos	santos	PROPN
cblr-7159	302	6	,	,	PUNCT
cblr-7159	302	7	supra	supra	PROPN
cblr-7159	302	8	note	note	PROPN
cblr-7159	302	9	88	88	NUM
cblr-7159	302	10	,	,	PUNCT
cblr-7159	302	11	at	at	ADP
cblr-7159	302	12	21	21	NUM
cblr-7159	302	13	.	.	PUNCT
cblr-7159	303	1	90	90	NUM
cblr-7159	304	1	i	i	PRON
cblr-7159	304	2	d.	d.	PROPN
cblr-7159	304	3	91	91	NUM
cblr-7159	304	4	see	see	VERB
cblr-7159	304	5	i	i	PRON
cblr-7159	304	6	d.	d.	PROPN
cblr-7159	304	7	at	at	ADP
cblr-7159	304	8	21–22	21–22	NUM
cblr-7159	304	9	.	.	PUNCT
cblr-7159	305	1	92	92	NUM
cblr-7159	305	2	see	see	VERB
cblr-7159	305	3	mayra	mayra	PROPN
cblr-7159	305	4	rodriguez	rodriguez	PROPN
cblr-7159	305	5	valladares	valladare	NOUN
cblr-7159	305	6	,	,	PUNCT
cblr-7159	305	7	leveraged	leveraged	ADJ
cblr-7159	305	8	loans	loan	NOUN
cblr-7159	305	9	and	and	CCONJ
cblr-7159	305	10	collateralized	collateralized	ADJ
cblr-7159	305	11	loan	loan	NOUN
cblr-7159	305	12	obligations	obligation	NOUN
cblr-7159	305	13	are	be	AUX
cblr-7159	305	14	riskier	risky	ADJ
cblr-7159	305	15	than	than	SCONJ
cblr-7159	305	16	many	many	ADJ
cblr-7159	305	17	want	want	VERB
cblr-7159	305	18	to	to	PART
cblr-7159	305	19	admit	admit	VERB
cblr-7159	305	20	,	,	PUNCT
cblr-7159	305	21	forbes	forbes	PROPN
cblr-7159	305	22	(	(	PUNCT
cblr-7159	305	23	sept	sept	PROPN
cblr-7159	305	24	.	.	PROPN
cblr-7159	305	25	22	22	NUM
cblr-7159	305	26	,	,	PUNCT
cblr-7159	305	27	2019	2019	NUM
cblr-7159	305	28	)	)	PUNCT
cblr-7159	305	29	,	,	PUNCT
cblr-7159	305	30	https://www.forbes.com/sites/mayrarodriguezvalladares/2019/09/22/leveraged-loans-and-collateralized-loan-obligationsare-riskier-than-many-want-to-admit/#2a7cbcf06602	https://www.forbes.com/sites/mayrarodriguezvalladares/2019/09/22/leveraged-loans-and-collateralized-loan-obligationsare-riskier-than-many-want-to-admit/#2a7cbcf06602	PUNCT
cblr-7159	306	1	[	[	X
cblr-7159	306	2	https://perma.cc/s79z-dmds	https://perma.cc/s79z-dmds	PROPN
cblr-7159	306	3	]	]	X
cblr-7159	306	4	(	(	PUNCT
cblr-7159	306	5	“	"	PUNCT
cblr-7159	306	6	according	accord	VERB
cblr-7159	306	7	to	to	ADP
cblr-7159	306	8	today	today	NOUN
cblr-7159	306	9	’s	’s	PART
cblr-7159	306	10	bis	bis	ADJ
cblr-7159	306	11	quarterly	quarterly	ADJ
cblr-7159	306	12	review	review	NOUN
cblr-7159	306	13	,	,	PUNCT
cblr-7159	306	14	‘	'	PUNCT
cblr-7159	306	15	as	as	ADP
cblr-7159	306	16	of	of	ADP
cblr-7159	306	17	june	june	PROPN
cblr-7159	306	18	2019	2019	NUM
cblr-7159	306	19	,	,	PUNCT
cblr-7159	306	20	over	over	ADP
cblr-7159	306	21	50	50	NUM
cblr-7159	306	22	%	%	NOUN
cblr-7159	306	23	of	of	ADP
cblr-7159	306	24	the	the	DET
cblr-7159	306	25	$	$	SYM
cblr-7159	306	26	1.4	1.4	NUM
cblr-7159	306	27	trillion	trillion	NUM
cblr-7159	306	28	outstanding	outstanding	ADJ
cblr-7159	306	29	leveraged	leveraged	ADJ
cblr-7159	306	30	loans	loan	NOUN
cblr-7159	306	31	in	in	ADP
cblr-7159	306	32	us	us	PROPN
cblr-7159	306	33	dollars	dollar	NOUN
cblr-7159	306	34	and	and	CCONJ
cblr-7159	306	35	about	about	ADV
cblr-7159	306	36	60	60	NUM
cblr-7159	306	37	%	%	NOUN
cblr-7159	306	38	[	[	X
cblr-7159	306	39	]	]	X
cblr-7159	306	40	in	in	ADP
cblr-7159	306	41	euros	euro	NOUN
cblr-7159	306	42	had	have	AUX
cblr-7159	306	43	been	be	AUX
cblr-7159	306	44	securitized	securitize	VERB
cblr-7159	306	45	through	through	ADP
cblr-7159	306	46	clos	clo	NOUN
cblr-7159	306	47	.	.	PUNCT
cblr-7159	306	48	’	'	PUNCT
cblr-7159	306	49	”	"	PUNCT
cblr-7159	306	50	)	)	PUNCT
cblr-7159	306	51	.	.	PUNCT
cblr-7159	307	1	see	see	VERB
cblr-7159	307	2	also	also	ADV
cblr-7159	307	3	fin	fin	NOUN
cblr-7159	307	4	.	.	PUNCT
cblr-7159	308	1	stability	stability	PROPN
cblr-7159	308	2	bd	bd	PROPN
cblr-7159	308	3	.	.	PROPN
cblr-7159	308	4	,	,	PUNCT
cblr-7159	308	5	vulnerabilities	vulnerability	NOUN
cblr-7159	308	6	,	,	PUNCT
cblr-7159	308	7	supra	supra	PROPN
cblr-7159	308	8	note	note	NOUN
cblr-7159	308	9	2	2	NUM
cblr-7159	308	10	,	,	PUNCT
cblr-7159	308	11	at	at	ADP
cblr-7159	308	12	3	3	NUM
cblr-7159	308	13	.	.	X
cblr-7159	308	14	93	93	NUM
cblr-7159	308	15	see	see	VERB
cblr-7159	308	16	bord	bord	PROPN
cblr-7159	308	17	&	&	CCONJ
cblr-7159	308	18	santos	santos	PROPN
cblr-7159	308	19	,	,	PUNCT
cblr-7159	308	20	supra	supra	PROPN
cblr-7159	308	21	note	note	PROPN
cblr-7159	308	22	88	88	NUM
cblr-7159	308	23	,	,	PUNCT
cblr-7159	308	24	at	at	ADP
cblr-7159	308	25	30	30	NUM
cblr-7159	308	26	fig.8	fig.8	PROPN
cblr-7159	308	27	.	.	PUNCT
cblr-7159	309	1	94	94	NUM
cblr-7159	309	2	see	see	VERB
cblr-7159	309	3	erik	erik	PROPN
cblr-7159	309	4	f.	f.	PROPN
cblr-7159	309	5	gerding	gerding	PROPN
cblr-7159	309	6	,	,	PUNCT
cblr-7159	309	7	law	law	NOUN
cblr-7159	309	8	,	,	PUNCT
cblr-7159	309	9	bubbles	bubble	NOUN
cblr-7159	309	10	,	,	PUNCT
cblr-7159	309	11	and	and	CCONJ
cblr-7159	309	12	financial	financial	ADJ
cblr-7159	309	13	regulation	regulation	NOUN
cblr-7159	309	14	397–98	397–98	X
cblr-7159	309	15	(	(	PUNCT
cblr-7159	309	16	2014	2014	NUM
cblr-7159	309	17	)	)	PUNCT
cblr-7159	309	18	(	(	PUNCT
cblr-7159	309	19	describing	describe	VERB
cblr-7159	309	20	the	the	DET
cblr-7159	309	21	development	development	NOUN
cblr-7159	309	22	of	of	ADP
cblr-7159	309	23	the	the	DET
cblr-7159	309	24	shadow	shadow	NOUN
cblr-7159	309	25	banking	banking	NOUN
cblr-7159	309	26	system	system	NOUN
cblr-7159	309	27	)	)	PUNCT
cblr-7159	309	28	.	.	PUNCT
cblr-7159	310	1	95	95	NUM
cblr-7159	310	2	see	see	VERB
cblr-7159	310	3	andrew	andrew	PROPN
cblr-7159	310	4	berlin	berlin	PROPN
cblr-7159	310	5	,	,	PUNCT
cblr-7159	310	6	regulated	regulate	VERB
cblr-7159	310	7	banks	bank	NOUN
cblr-7159	310	8	soften	soften	VERB
cblr-7159	310	9	stance	stance	NOUN
cblr-7159	310	10	on	on	ADP
cblr-7159	310	11	leveraged	leveraged	ADJ
cblr-7159	310	12	lending	lending	NOUN
cblr-7159	310	13	guidance	guidance	NOUN
cblr-7159	310	14	,	,	PUNCT
cblr-7159	310	15	reuters	reuters	PROPN
cblr-7159	310	16	(	(	PUNCT
cblr-7159	310	17	apr	apr	PROPN
cblr-7159	310	18	.	.	PROPN
cblr-7159	310	19	19	19	NUM
cblr-7159	310	20	,	,	PUNCT
cblr-7159	310	21	2018	2018	NUM
cblr-7159	310	22	)	)	PUNCT
cblr-7159	310	23	,	,	PUNCT
cblr-7159	310	24	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	310	25	(	(	PUNCT
cblr-7159	310	26	do	do	AUX
cblr-7159	310	27	not	not	PART
cblr-7159	310	28	delete	delete	VERB
cblr-7159	310	29	)	)	PUNCT
cblr-7159	310	30	9/28/2020	9/28/2020	NUM
cblr-7159	310	31	6:35	6:35	NUM
cblr-7159	310	32	pm	pm	NOUN
cblr-7159	310	33	no	no	INTJ
cblr-7159	310	34	.	.	PUNCT
cblr-7159	311	1	1:192	1:192	X
cblr-7159	311	2	]	]	X
cblr-7159	311	3	reconsidering	reconsider	VERB
cblr-7159	311	4	creditor	creditor	NOUN
cblr-7159	311	5	governance	governance	NOUN
cblr-7159	311	6	215	215	NUM
cblr-7159	311	7	burdensome	burdensome	ADJ
cblr-7159	311	8	regulation	regulation	NOUN
cblr-7159	311	9	but	but	CCONJ
cblr-7159	311	10	still	still	ADV
cblr-7159	311	11	profit	profit	VERB
cblr-7159	311	12	by	by	ADP
cblr-7159	311	13	arranging	arrange	VERB
cblr-7159	311	14	and	and	CCONJ
cblr-7159	311	15	selling	sell	VERB
cblr-7159	311	16	loans	loan	NOUN
cblr-7159	311	17	to	to	ADP
cblr-7159	311	18	unregulated	unregulated	ADJ
cblr-7159	311	19	entities	entity	NOUN
cblr-7159	311	20	.	.	PUNCT
cblr-7159	312	1	the	the	DET
cblr-7159	312	2	rise	rise	NOUN
cblr-7159	312	3	of	of	ADP
cblr-7159	312	4	shadow	shadow	NOUN
cblr-7159	312	5	banks	bank	NOUN
cblr-7159	312	6	also	also	ADV
cblr-7159	312	7	allowed	allow	VERB
cblr-7159	312	8	non	non	ADJ
cblr-7159	312	9	-	-	ADJ
cblr-7159	312	10	bank	bank	ADJ
cblr-7159	312	11	lenders	lender	NOUN
cblr-7159	312	12	to	to	PART
cblr-7159	312	13	compete	compete	VERB
cblr-7159	312	14	directly	directly	ADV
cblr-7159	312	15	with	with	ADP
cblr-7159	312	16	regulated	regulated	ADJ
cblr-7159	312	17	banks	bank	NOUN
cblr-7159	312	18	for	for	ADP
cblr-7159	312	19	lending	lending	NOUN
cblr-7159	312	20	business.96	business.96	NOUN
cblr-7159	312	21	still	still	ADV
cblr-7159	312	22	,	,	PUNCT
cblr-7159	312	23	traditional	traditional	ADJ
cblr-7159	312	24	banks	bank	NOUN
cblr-7159	312	25	continued	continue	VERB
cblr-7159	312	26	to	to	PART
cblr-7159	312	27	lend	lend	VERB
cblr-7159	312	28	and	and	CCONJ
cblr-7159	312	29	retain	retain	VERB
cblr-7159	312	30	portions	portion	NOUN
cblr-7159	312	31	of	of	ADP
cblr-7159	312	32	the	the	DET
cblr-7159	312	33	loans	loan	NOUN
cblr-7159	312	34	they	they	PRON
cblr-7159	312	35	extended	extend	VERB
cblr-7159	312	36	,	,	PUNCT
cblr-7159	312	37	usually	usually	ADV
cblr-7159	312	38	as	as	ADP
cblr-7159	312	39	a	a	DET
cblr-7159	312	40	combination	combination	NOUN
cblr-7159	312	41	of	of	ADP
cblr-7159	312	42	term	term	NOUN
cblr-7159	312	43	loans	loan	NOUN
cblr-7159	312	44	(	(	PUNCT
cblr-7159	312	45	loans	loan	NOUN
cblr-7159	312	46	with	with	ADP
cblr-7159	312	47	a	a	DET
cblr-7159	312	48	stated	state	VERB
cblr-7159	312	49	maturity	maturity	NOUN
cblr-7159	312	50	,	,	PUNCT
cblr-7159	312	51	usually	usually	ADV
cblr-7159	312	52	less	less	ADJ
cblr-7159	312	53	than	than	ADP
cblr-7159	312	54	five	five	NUM
cblr-7159	312	55	years	year	NOUN
cblr-7159	312	56	)	)	PUNCT
cblr-7159	312	57	known	know	VERB
cblr-7159	312	58	as	as	ADP
cblr-7159	312	59	term	term	NOUN
cblr-7159	312	60	loan	loan	NOUN
cblr-7159	312	61	as	as	SCONJ
cblr-7159	312	62	(	(	PUNCT
cblr-7159	312	63	“	"	PUNCT
cblr-7159	312	64	tlas	tlas	PROPN
cblr-7159	312	65	”	"	PUNCT
cblr-7159	312	66	)	)	PUNCT
cblr-7159	312	67	,	,	PUNCT
cblr-7159	312	68	and	and	CCONJ
cblr-7159	312	69	revolving	revolve	VERB
cblr-7159	312	70	credit	credit	NOUN
cblr-7159	312	71	facilities	facility	NOUN
cblr-7159	312	72	(	(	PUNCT
cblr-7159	312	73	loans	loan	NOUN
cblr-7159	312	74	that	that	PRON
cblr-7159	312	75	can	can	AUX
cblr-7159	312	76	be	be	AUX
cblr-7159	312	77	drawn	draw	VERB
cblr-7159	312	78	upon	upon	SCONJ
cblr-7159	312	79	at	at	ADP
cblr-7159	312	80	the	the	DET
cblr-7159	312	81	discretion	discretion	NOUN
cblr-7159	312	82	of	of	ADP
cblr-7159	312	83	the	the	DET
cblr-7159	312	84	borrower	borrower	NOUN
cblr-7159	312	85	like	like	ADP
cblr-7159	312	86	a	a	DET
cblr-7159	312	87	credit	credit	NOUN
cblr-7159	312	88	card).97	card).97	NOUN
cblr-7159	312	89	banks	bank	NOUN
cblr-7159	312	90	ramped	ramp	VERB
cblr-7159	312	91	up	up	ADP
cblr-7159	312	92	sales	sale	NOUN
cblr-7159	312	93	to	to	ADP
cblr-7159	312	94	non	non	ADJ
cblr-7159	312	95	-	-	ADJ
cblr-7159	312	96	bank	bank	ADJ
cblr-7159	312	97	institutions	institution	NOUN
cblr-7159	312	98	,	,	PUNCT
cblr-7159	312	99	preparing	prepare	VERB
cblr-7159	312	100	tranches	tranche	NOUN
cblr-7159	312	101	specifically	specifically	ADV
cblr-7159	312	102	for	for	ADP
cblr-7159	312	103	that	that	DET
cblr-7159	312	104	market.98	market.98	NOUN
cblr-7159	312	105	these	these	DET
cblr-7159	312	106	tranches	tranche	NOUN
cblr-7159	312	107	,	,	PUNCT
cblr-7159	312	108	called	call	VERB
cblr-7159	312	109	term	term	NOUN
cblr-7159	312	110	loan	loan	NOUN
cblr-7159	312	111	bs	bs	NOUN
cblr-7159	312	112	(	(	PUNCT
cblr-7159	312	113	“	"	PUNCT
cblr-7159	312	114	tlbs	tlb	NOUN
cblr-7159	312	115	”	"	PUNCT
cblr-7159	312	116	)	)	PUNCT
cblr-7159	312	117	,	,	PUNCT
cblr-7159	312	118	usually	usually	ADV
cblr-7159	312	119	have	have	VERB
cblr-7159	312	120	longer	long	ADJ
cblr-7159	312	121	maturities	maturity	NOUN
cblr-7159	312	122	than	than	ADP
cblr-7159	312	123	tlas	tlas	NOUN
cblr-7159	312	124	and	and	CCONJ
cblr-7159	312	125	increasingly	increasingly	ADV
cblr-7159	312	126	looser	loose	ADJ
cblr-7159	312	127	covenants	covenant	NOUN
cblr-7159	312	128	,	,	PUNCT
cblr-7159	312	129	making	make	VERB
cblr-7159	312	130	them	they	PRON
cblr-7159	312	131	easier	easy	ADJ
cblr-7159	312	132	to	to	PART
cblr-7159	312	133	trade.99	trade.99	VERB
cblr-7159	312	134	as	as	SCONJ
cblr-7159	312	135	the	the	DET
cblr-7159	312	136	market	market	NOUN
cblr-7159	312	137	for	for	ADP
cblr-7159	312	138	institutional	institutional	ADJ
cblr-7159	312	139	loan	loan	NOUN
cblr-7159	312	140	facilities	facility	NOUN
cblr-7159	312	141	grew	grow	VERB
cblr-7159	312	142	,	,	PUNCT
cblr-7159	312	143	banks	bank	NOUN
cblr-7159	312	144	shifted	shift	VERB
cblr-7159	312	145	greater	great	ADJ
cblr-7159	312	146	portions	portion	NOUN
cblr-7159	312	147	of	of	ADP
cblr-7159	312	148	the	the	DET
cblr-7159	312	149	loans	loan	NOUN
cblr-7159	312	150	they	they	PRON
cblr-7159	312	151	originated	originate	VERB
cblr-7159	312	152	to	to	ADP
cblr-7159	312	153	institutional	institutional	ADJ
cblr-7159	312	154	shadow	shadow	NOUN
cblr-7159	312	155	bank	bank	PROPN
cblr-7159	312	156	investors	investor	NOUN
cblr-7159	312	157	.	.	PUNCT
cblr-7159	313	1	traditional	traditional	ADJ
cblr-7159	313	2	banks	bank	NOUN
cblr-7159	313	3	not	not	PART
cblr-7159	313	4	only	only	ADV
cblr-7159	313	5	originated	originate	VERB
cblr-7159	313	6	term	term	NOUN
cblr-7159	313	7	loan	loan	NOUN
cblr-7159	313	8	bs	bs	NOUN
cblr-7159	313	9	for	for	ADP
cblr-7159	313	10	the	the	DET
cblr-7159	313	11	express	express	ADJ
cblr-7159	313	12	purpose	purpose	NOUN
cblr-7159	313	13	of	of	ADP
cblr-7159	313	14	selling	sell	VERB
cblr-7159	313	15	them	they	PRON
cblr-7159	313	16	,	,	PUNCT
cblr-7159	313	17	but	but	CCONJ
cblr-7159	313	18	increasingly	increasingly	ADV
cblr-7159	313	19	sold	sell	VERB
cblr-7159	313	20	their	their	PRON
cblr-7159	313	21	term	term	NOUN
cblr-7159	313	22	loan	loan	NOUN
cblr-7159	313	23	as	as	ADP
cblr-7159	313	24	to	to	ADP
cblr-7159	313	25	non	non	NOUN
cblr-7159	313	26	-	-	ADJ
cblr-7159	313	27	banks	bank	NOUN
cblr-7159	313	28	https://www.reuters.com/article/us-lev-regulation/regulated-banks-softenstance-on-leveraged-lending-guidance-iduskbn1hq2xv	https://www.reuters.com/article/us-lev-regulation/regulated-banks-softenstance-on-leveraged-lending-guidance-iduskbn1hq2xv	NOUN
cblr-7159	314	1	[	[	X
cblr-7159	314	2	https://perma.cc/vdz5-nhzq	https://perma.cc/vdz5-nhzq	X
cblr-7159	314	3	]	]	PUNCT
cblr-7159	314	4	(	(	PUNCT
cblr-7159	314	5	describing	describe	VERB
cblr-7159	314	6	how	how	SCONJ
cblr-7159	314	7	government	government	NOUN
cblr-7159	314	8	guidance	guidance	NOUN
cblr-7159	314	9	on	on	ADP
cblr-7159	314	10	leveraged	leveraged	ADJ
cblr-7159	314	11	lending	lending	NOUN
cblr-7159	314	12	caused	cause	VERB
cblr-7159	314	13	regulated	regulated	ADJ
cblr-7159	314	14	lenders	lender	NOUN
cblr-7159	314	15	to	to	PART
cblr-7159	314	16	step	step	VERB
cblr-7159	314	17	back	back	ADV
cblr-7159	314	18	and	and	CCONJ
cblr-7159	314	19	allow	allow	VERB
cblr-7159	314	20	unregulated	unregulated	ADJ
cblr-7159	314	21	lenders	lender	NOUN
cblr-7159	314	22	to	to	PART
cblr-7159	314	23	enter	enter	VERB
cblr-7159	314	24	the	the	DET
cblr-7159	314	25	lending	lending	NOUN
cblr-7159	314	26	market	market	NOUN
cblr-7159	314	27	)	)	PUNCT
cblr-7159	314	28	.	.	PUNCT
cblr-7159	315	1	96	96	NUM
cblr-7159	315	2	see	see	VERB
cblr-7159	315	3	i	i	PRON
cblr-7159	315	4	d.	d.	PROPN
cblr-7159	315	5	97	97	NUM
cblr-7159	315	6	see	see	VERB
cblr-7159	315	7	william	william	PROPN
cblr-7159	315	8	w.	w.	PROPN
cblr-7159	315	9	bratton	bratton	PROPN
cblr-7159	315	10	,	,	PUNCT
cblr-7159	315	11	bond	bond	NOUN
cblr-7159	315	12	and	and	CCONJ
cblr-7159	315	13	loan	loan	NOUN
cblr-7159	315	14	covenants	covenant	NOUN
cblr-7159	315	15	,	,	PUNCT
cblr-7159	315	16	theory	theory	NOUN
cblr-7159	315	17	and	and	CCONJ
cblr-7159	315	18	practice	practice	NOUN
cblr-7159	315	19	,	,	PUNCT
cblr-7159	315	20	11	11	NUM
cblr-7159	315	21	cap	cap	NOUN
cblr-7159	315	22	.	.	PUNCT
cblr-7159	316	1	mkts	mkts	NOUN
cblr-7159	316	2	.	.	PUNCT
cblr-7159	317	1	l.j	l.j	PROPN
cblr-7159	317	2	.	.	PROPN
cblr-7159	317	3	461	461	NUM
cblr-7159	317	4	,	,	PUNCT
cblr-7159	317	5	482	482	NUM
cblr-7159	317	6	(	(	PUNCT
cblr-7159	317	7	2016	2016	NUM
cblr-7159	317	8	)	)	PUNCT
cblr-7159	317	9	(	(	PUNCT
cblr-7159	317	10	“	"	PUNCT
cblr-7159	317	11	in	in	ADP
cblr-7159	317	12	the	the	DET
cblr-7159	317	13	classic	classic	ADJ
cblr-7159	317	14	picture	picture	NOUN
cblr-7159	317	15	of	of	ADP
cblr-7159	317	16	corporate	corporate	ADJ
cblr-7159	317	17	bank	bank	NOUN
cblr-7159	317	18	lending	lending	NOUN
cblr-7159	317	19	,	,	PUNCT
cblr-7159	317	20	a	a	DET
cblr-7159	317	21	term	term	NOUN
cblr-7159	317	22	loan	loan	NOUN
cblr-7159	317	23	follows	follow	VERB
cblr-7159	317	24	up	up	ADP
cblr-7159	317	25	on	on	ADP
cblr-7159	317	26	a	a	DET
cblr-7159	317	27	revolving	revolve	VERB
cblr-7159	317	28	credit	credit	NOUN
cblr-7159	317	29	agreement	agreement	NOUN
cblr-7159	317	30	.	.	PUNCT
cblr-7159	318	1	the	the	DET
cblr-7159	318	2	revolver	revolver	NOUN
cblr-7159	318	3	has	have	VERB
cblr-7159	318	4	a	a	DET
cblr-7159	318	5	short	short	ADJ
cblr-7159	318	6	-	-	PUNCT
cblr-7159	318	7	term	term	NOUN
cblr-7159	318	8	duration	duration	NOUN
cblr-7159	318	9	;	;	PUNCT
cblr-7159	318	10	the	the	DET
cblr-7159	318	11	borrower	borrower	NOUN
cblr-7159	318	12	draws	draw	VERB
cblr-7159	318	13	down	down	ADP
cblr-7159	318	14	funds	fund	NOUN
cblr-7159	318	15	and	and	CCONJ
cblr-7159	318	16	repays	repay	VERB
cblr-7159	318	17	during	during	ADP
cblr-7159	318	18	the	the	DET
cblr-7159	318	19	term	term	NOUN
cblr-7159	318	20	in	in	ADP
cblr-7159	318	21	accordance	accordance	NOUN
cblr-7159	318	22	with	with	ADP
cblr-7159	318	23	its	its	PRON
cblr-7159	318	24	cash	cash	NOUN
cblr-7159	318	25	flow	flow	NOUN
cblr-7159	318	26	requirements	requirement	NOUN
cblr-7159	318	27	.	.	PUNCT
cblr-7159	319	1	at	at	ADP
cblr-7159	319	2	the	the	DET
cblr-7159	319	3	end	end	NOUN
cblr-7159	319	4	of	of	ADP
cblr-7159	319	5	the	the	DET
cblr-7159	319	6	term	term	NOUN
cblr-7159	319	7	,	,	PUNCT
cblr-7159	319	8	the	the	DET
cblr-7159	319	9	borrower	borrower	NOUN
cblr-7159	319	10	has	have	VERB
cblr-7159	319	11	an	an	DET
cblr-7159	319	12	option	option	NOUN
cblr-7159	319	13	to	to	PART
cblr-7159	319	14	roll	roll	VERB
cblr-7159	319	15	the	the	DET
cblr-7159	319	16	outstanding	outstanding	ADJ
cblr-7159	319	17	principal	principal	ADJ
cblr-7159	319	18	amount	amount	NOUN
cblr-7159	319	19	over	over	ADP
cblr-7159	319	20	into	into	ADP
cblr-7159	319	21	a	a	DET
cblr-7159	319	22	fiveto	fiveto	ADJ
cblr-7159	319	23	seven	seven	NUM
cblr-7159	319	24	-	-	PUNCT
cblr-7159	319	25	year	year	NOUN
cblr-7159	319	26	term	term	NOUN
cblr-7159	319	27	loan	loan	NOUN
cblr-7159	319	28	,	,	PUNCT
cblr-7159	319	29	with	with	ADP
cblr-7159	319	30	the	the	DET
cblr-7159	319	31	principal	principal	ADJ
cblr-7159	319	32	and	and	CCONJ
cblr-7159	319	33	interest	interest	NOUN
cblr-7159	319	34	payments	payment	NOUN
cblr-7159	319	35	being	be	AUX
cblr-7159	319	36	meshed	mesh	VERB
cblr-7159	319	37	onto	onto	ADP
cblr-7159	319	38	an	an	DET
cblr-7159	319	39	amortization	amortization	NOUN
cblr-7159	319	40	schedule	schedule	NOUN
cblr-7159	319	41	.	.	PUNCT
cblr-7159	319	42	”	"	PUNCT
cblr-7159	319	43	)	)	PUNCT
cblr-7159	319	44	.	.	PUNCT
cblr-7159	320	1	see	see	VERB
cblr-7159	320	2	also	also	ADV
cblr-7159	320	3	bord	bord	PROPN
cblr-7159	320	4	&	&	CCONJ
cblr-7159	320	5	santos	santos	PROPN
cblr-7159	320	6	,	,	PUNCT
cblr-7159	320	7	supra	supra	PROPN
cblr-7159	320	8	note	note	PROPN
cblr-7159	320	9	88	88	NUM
cblr-7159	320	10	,	,	PUNCT
cblr-7159	320	11	at	at	ADP
cblr-7159	320	12	30	30	NUM
cblr-7159	320	13	(	(	PUNCT
cblr-7159	320	14	“	"	PUNCT
cblr-7159	320	15	thus	thus	ADV
cblr-7159	320	16	,	,	PUNCT
cblr-7159	320	17	for	for	ADP
cblr-7159	320	18	credit	credit	NOUN
cblr-7159	320	19	lines	line	NOUN
cblr-7159	320	20	,	,	PUNCT
cblr-7159	320	21	syndicateparticipant	syndicateparticipant	ADJ
cblr-7159	320	22	banks	bank	NOUN
cblr-7159	320	23	.	.	PUNCT
cblr-7159	320	24	.	.	PUNCT
cblr-7159	321	1	.	.	PUNCT
cblr-7159	322	1	tended	tend	VERB
cblr-7159	322	2	to	to	PART
cblr-7159	322	3	hold	hold	VERB
cblr-7159	322	4	the	the	DET
cblr-7159	322	5	credit	credit	NOUN
cblr-7159	322	6	lines	line	NOUN
cblr-7159	322	7	to	to	ADP
cblr-7159	322	8	maturity	maturity	NOUN
cblr-7159	322	9	(	(	PUNCT
cblr-7159	322	10	or	or	CCONJ
cblr-7159	322	11	at	at	ADP
cblr-7159	322	12	least	least	ADJ
cblr-7159	322	13	for	for	ADP
cblr-7159	322	14	three	three	NUM
cblr-7159	322	15	years	year	NOUN
cblr-7159	322	16	)	)	PUNCT
cblr-7159	322	17	.	.	PUNCT
cblr-7159	323	1	for	for	ADP
cblr-7159	323	2	term	term	NOUN
cblr-7159	323	3	loans	loan	NOUN
cblr-7159	323	4	,	,	PUNCT
cblr-7159	323	5	in	in	ADP
cblr-7159	323	6	contrast	contrast	NOUN
cblr-7159	323	7	,	,	PUNCT
cblr-7159	323	8	syndicate	syndicate	NOUN
cblr-7159	323	9	-	-	PUNCT
cblr-7159	323	10	participant	participant	NOUN
cblr-7159	323	11	banks	bank	NOUN
cblr-7159	323	12	,	,	PUNCT
cblr-7159	323	13	like	like	ADP
cblr-7159	323	14	lead	lead	ADJ
cblr-7159	323	15	banks	bank	NOUN
cblr-7159	323	16	,	,	PUNCT
cblr-7159	323	17	have	have	AUX
cblr-7159	323	18	been	be	AUX
cblr-7159	323	19	decreasing	decrease	VERB
cblr-7159	323	20	the	the	DET
cblr-7159	323	21	market	market	NOUN
cblr-7159	323	22	share	share	NOUN
cblr-7159	323	23	they	they	PRON
cblr-7159	323	24	retain	retain	VERB
cblr-7159	323	25	at	at	ADP
cblr-7159	323	26	origination	origination	NOUN
cblr-7159	323	27	and	and	CCONJ
cblr-7159	323	28	over	over	ADP
cblr-7159	323	29	the	the	DET
cblr-7159	323	30	years	year	NOUN
cblr-7159	323	31	after	after	ADP
cblr-7159	323	32	origination	origination	NOUN
cblr-7159	323	33	.	.	PUNCT
cblr-7159	323	34	”	"	PUNCT
cblr-7159	323	35	)	)	PUNCT
cblr-7159	323	36	.	.	PUNCT
cblr-7159	324	1	98	98	NUM
cblr-7159	324	2	see	see	VERB
cblr-7159	324	3	bratton	bratton	PROPN
cblr-7159	324	4	,	,	PUNCT
cblr-7159	324	5	supra	supra	PROPN
cblr-7159	324	6	note	note	PROPN
cblr-7159	324	7	97	97	NUM
cblr-7159	324	8	,	,	PUNCT
cblr-7159	324	9	at	at	ADP
cblr-7159	324	10	478–79	478–79	ADV
cblr-7159	324	11	.	.	PUNCT
cblr-7159	325	1	99	99	NUM
cblr-7159	325	2	see	see	VERB
cblr-7159	325	3	i	i	PRON
cblr-7159	325	4	d.	d.	VERB
cblr-7159	325	5	these	these	DET
cblr-7159	325	6	types	type	NOUN
cblr-7159	325	7	of	of	ADP
cblr-7159	325	8	institutional	institutional	ADJ
cblr-7159	325	9	tranches	tranche	NOUN
cblr-7159	325	10	are	be	AUX
cblr-7159	325	11	also	also	ADV
cblr-7159	325	12	sometimes	sometimes	ADV
cblr-7159	325	13	labelled	label	VERB
cblr-7159	325	14	term	term	NOUN
cblr-7159	325	15	c	c	NOUN
cblr-7159	325	16	,	,	PUNCT
cblr-7159	325	17	d	d	NOUN
cblr-7159	325	18	and	and	CCONJ
cblr-7159	325	19	so	so	ADV
cblr-7159	325	20	on	on	ADV
cblr-7159	325	21	.	.	PUNCT
cblr-7159	326	1	see	see	VERB
cblr-7159	326	2	fin	fin	NOUN
cblr-7159	326	3	.	.	PUNCT
cblr-7159	327	1	stability	stability	PROPN
cblr-7159	327	2	bd	bd	PROPN
cblr-7159	327	3	.	.	PROPN
cblr-7159	327	4	,	,	PUNCT
cblr-7159	327	5	vulnerabilities	vulnerability	NOUN
cblr-7159	327	6	,	,	PUNCT
cblr-7159	327	7	supra	supra	PROPN
cblr-7159	327	8	note	note	NOUN
cblr-7159	327	9	2	2	NUM
cblr-7159	327	10	,	,	PUNCT
cblr-7159	327	11	at	at	ADP
cblr-7159	327	12	4	4	NUM
cblr-7159	327	13	.	.	PUNCT
cblr-7159	328	1	for	for	ADP
cblr-7159	328	2	ease	ease	NOUN
cblr-7159	328	3	of	of	ADP
cblr-7159	328	4	exposition	exposition	NOUN
cblr-7159	328	5	,	,	PUNCT
cblr-7159	328	6	this	this	DET
cblr-7159	328	7	article	article	NOUN
cblr-7159	328	8	will	will	AUX
cblr-7159	328	9	refer	refer	VERB
cblr-7159	328	10	to	to	ADP
cblr-7159	328	11	all	all	PRON
cblr-7159	328	12	of	of	ADP
cblr-7159	328	13	these	these	PRON
cblr-7159	328	14	collectively	collectively	ADV
cblr-7159	328	15	as	as	ADP
cblr-7159	328	16	institutional	institutional	ADJ
cblr-7159	328	17	tranches	tranche	NOUN
cblr-7159	328	18	,	,	PUNCT
cblr-7159	328	19	term	term	NOUN
cblr-7159	328	20	loan	loan	NOUN
cblr-7159	328	21	bs	bs	NOUN
cblr-7159	328	22	(	(	PUNCT
cblr-7159	328	23	“	"	PUNCT
cblr-7159	328	24	tlbs	tlb	NOUN
cblr-7159	328	25	”	"	PUNCT
cblr-7159	328	26	)	)	PUNCT
cblr-7159	328	27	.	.	PUNCT
cblr-7159	329	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	329	2	(	(	PUNCT
cblr-7159	329	3	do	do	AUX
cblr-7159	329	4	not	not	PART
cblr-7159	329	5	delte	delte	VERB
cblr-7159	329	6	)	)	PUNCT
cblr-7159	330	1	9/28/2020	9/28/2020	NUM
cblr-7159	330	2	6:35	6:35	NUM
cblr-7159	330	3	pm	pm	NOUN
cblr-7159	330	4	216	216	NUM
cblr-7159	330	5	columbia	columbia	PROPN
cblr-7159	330	6	business	business	NOUN
cblr-7159	330	7	law	law	PROPN
cblr-7159	330	8	review	review	NOUN
cblr-7159	330	9	[	[	X
cblr-7159	330	10	vol	vol	NOUN
cblr-7159	330	11	.	.	PUNCT
cblr-7159	330	12	2020	2020	NUM
cblr-7159	330	13	as	as	ADV
cblr-7159	330	14	well	well	ADV
cblr-7159	330	15	,	,	PUNCT
cblr-7159	330	16	or	or	CCONJ
cblr-7159	330	17	stopped	stop	VERB
cblr-7159	330	18	issuing	issue	VERB
cblr-7159	330	19	tlas	tla	NOUN
cblr-7159	330	20	altogether	altogether	ADV
cblr-7159	330	21	,	,	PUNCT
cblr-7159	330	22	opting	opt	VERB
cblr-7159	330	23	instead	instead	ADV
cblr-7159	330	24	to	to	PART
cblr-7159	330	25	maintain	maintain	VERB
cblr-7159	330	26	only	only	ADV
cblr-7159	330	27	revolving	revolve	VERB
cblr-7159	330	28	credit	credit	NOUN
cblr-7159	330	29	facilities	facility	NOUN
cblr-7159	330	30	for	for	ADP
cblr-7159	330	31	their	their	PRON
cblr-7159	330	32	client	client	NOUN
cblr-7159	330	33	-	-	PUNCT
cblr-7159	330	34	borrowers.100	borrowers.100	NOUN
cblr-7159	330	35	the	the	DET
cblr-7159	330	36	net	net	ADJ
cblr-7159	330	37	result	result	NOUN
cblr-7159	330	38	has	have	AUX
cblr-7159	330	39	been	be	AUX
cblr-7159	330	40	that	that	PRON
cblr-7159	330	41	relationship	relationship	NOUN
cblr-7159	330	42	banks	bank	NOUN
cblr-7159	330	43	have	have	AUX
cblr-7159	330	44	come	come	VERB
cblr-7159	330	45	to	to	PART
cblr-7159	330	46	hold	hold	VERB
cblr-7159	330	47	an	an	DET
cblr-7159	330	48	ever	ever	ADV
cblr-7159	330	49	-	-	PUNCT
cblr-7159	330	50	shrinking	shrink	VERB
cblr-7159	330	51	amount	amount	NOUN
cblr-7159	330	52	of	of	ADP
cblr-7159	330	53	the	the	DET
cblr-7159	330	54	debt	debt	NOUN
cblr-7159	330	55	they	they	PRON
cblr-7159	330	56	originate.101	originate.101	VERB
cblr-7159	330	57	this	this	PRON
cblr-7159	330	58	,	,	PUNCT
cblr-7159	330	59	in	in	ADP
cblr-7159	330	60	turn	turn	NOUN
cblr-7159	330	61	,	,	PUNCT
cblr-7159	330	62	has	have	AUX
cblr-7159	330	63	led	lead	VERB
cblr-7159	330	64	to	to	ADP
cblr-7159	330	65	a	a	DET
cblr-7159	330	66	move	move	NOUN
cblr-7159	330	67	away	away	ADV
cblr-7159	330	68	from	from	ADP
cblr-7159	330	69	borrower	borrower	NOUN
cblr-7159	330	70	-	-	PUNCT
cblr-7159	330	71	lender	lender	NOUN
cblr-7159	330	72	relationships	relationship	NOUN
cblr-7159	330	73	characterized	characterize	VERB
cblr-7159	330	74	by	by	ADP
cblr-7159	330	75	familiarity	familiarity	NOUN
cblr-7159	330	76	to	to	ADP
cblr-7159	330	77	a	a	DET
cblr-7159	330	78	market	market	NOUN
cblr-7159	330	79	in	in	ADP
cblr-7159	330	80	which	which	PRON
cblr-7159	330	81	non	non	ADJ
cblr-7159	330	82	-	-	ADJ
cblr-7159	330	83	bank	bank	ADJ
cblr-7159	330	84	lenders	lender	NOUN
cblr-7159	330	85	invest	invest	VERB
cblr-7159	330	86	in	in	ADP
cblr-7159	330	87	tradeable	tradeable	ADJ
cblr-7159	330	88	loans	loan	NOUN
cblr-7159	330	89	at	at	ADP
cblr-7159	330	90	arms	arm	NOUN
cblr-7159	330	91	-	-	PUNCT
cblr-7159	330	92	length	length	NOUN
cblr-7159	330	93	,	,	PUNCT
cblr-7159	330	94	as	as	SCONJ
cblr-7159	330	95	they	they	PRON
cblr-7159	330	96	might	might	AUX
cblr-7159	330	97	do	do	VERB
cblr-7159	330	98	with	with	ADP
cblr-7159	330	99	bonds	bond	NOUN
cblr-7159	330	100	or	or	CCONJ
cblr-7159	330	101	other	other	ADJ
cblr-7159	330	102	securities102	securities102	PROPN
cblr-7159	331	1	although	although	SCONJ
cblr-7159	331	2	the	the	DET
cblr-7159	331	3	financial	financial	ADJ
cblr-7159	331	4	crisis	crisis	NOUN
cblr-7159	331	5	dampened	dampen	VERB
cblr-7159	331	6	the	the	DET
cblr-7159	331	7	originateto	originateto	NOUN
cblr-7159	331	8	-	-	PUNCT
cblr-7159	331	9	distribute	distribute	NOUN
cblr-7159	331	10	market	market	NOUN
cblr-7159	331	11	,	,	PUNCT
cblr-7159	331	12	it	it	PRON
cblr-7159	331	13	gained	gain	VERB
cblr-7159	331	14	momentum	momentum	NOUN
cblr-7159	331	15	again	again	ADV
cblr-7159	331	16	rapidly	rapidly	ADV
cblr-7159	331	17	beginning	begin	VERB
cblr-7159	331	18	in	in	ADP
cblr-7159	331	19	2009.103	2009.103	NUM
cblr-7159	331	20	since	since	SCONJ
cblr-7159	331	21	that	that	DET
cblr-7159	331	22	time	time	NOUN
cblr-7159	331	23	,	,	PUNCT
cblr-7159	331	24	not	not	PART
cblr-7159	331	25	only	only	ADV
cblr-7159	331	26	have	have	AUX
cblr-7159	331	27	traditional	traditional	ADJ
cblr-7159	331	28	banks	bank	NOUN
cblr-7159	331	29	continued	continue	VERB
cblr-7159	331	30	to	to	PART
cblr-7159	331	31	offload	offload	VERB
cblr-7159	331	32	large	large	ADJ
cblr-7159	331	33	portions	portion	NOUN
cblr-7159	331	34	of	of	ADP
cblr-7159	331	35	debt	debt	NOUN
cblr-7159	331	36	to	to	ADP
cblr-7159	331	37	non	non	ADJ
cblr-7159	331	38	-	-	ADJ
cblr-7159	331	39	bank	bank	ADJ
cblr-7159	331	40	lenders	lender	NOUN
cblr-7159	331	41	,	,	PUNCT
cblr-7159	331	42	but	but	CCONJ
cblr-7159	331	43	non	non	NOUN
cblr-7159	331	44	-	-	NOUN
cblr-7159	331	45	banks	bank	NOUN
cblr-7159	331	46	have	have	AUX
cblr-7159	331	47	become	become	VERB
cblr-7159	331	48	significant	significant	ADJ
cblr-7159	331	49	loan	loan	NOUN
cblr-7159	331	50	originators	originator	NOUN
cblr-7159	331	51	themselves	themselves	PRON
cblr-7159	331	52	,	,	PUNCT
cblr-7159	331	53	creating	create	VERB
cblr-7159	331	54	institutional	institutional	ADJ
cblr-7159	331	55	tlbs	tlb	NOUN
cblr-7159	331	56	for	for	ADP
cblr-7159	331	57	use	use	NOUN
cblr-7159	331	58	in	in	ADP
cblr-7159	331	59	their	their	PRON
cblr-7159	331	60	own	own	ADJ
cblr-7159	331	61	clos	clo	NOUN
cblr-7159	331	62	and	and	CCONJ
cblr-7159	331	63	for	for	ADP
cblr-7159	331	64	sale	sale	NOUN
cblr-7159	331	65	to	to	ADP
cblr-7159	331	66	others.104	others.104	PROPN
cblr-7159	331	67	the	the	DET
cblr-7159	331	68	evolution	evolution	NOUN
cblr-7159	331	69	in	in	ADP
cblr-7159	331	70	the	the	DET
cblr-7159	331	71	lending	lending	NOUN
cblr-7159	331	72	market	market	NOUN
cblr-7159	331	73	described	describe	VERB
cblr-7159	331	74	here	here	ADV
cblr-7159	331	75	has	have	AUX
cblr-7159	331	76	had	have	VERB
cblr-7159	331	77	important	important	ADJ
cblr-7159	331	78	consequences	consequence	NOUN
cblr-7159	331	79	for	for	ADP
cblr-7159	331	80	the	the	DET
cblr-7159	331	81	incentives	incentive	NOUN
cblr-7159	331	82	and	and	CCONJ
cblr-7159	331	83	leverage	leverage	NOUN
cblr-7159	331	84	that	that	PRON
cblr-7159	331	85	lenders	lender	NOUN
cblr-7159	331	86	retain	retain	VERB
cblr-7159	331	87	to	to	PART
cblr-7159	331	88	influence	influence	VERB
cblr-7159	331	89	firm	firm	ADJ
cblr-7159	331	90	behavior	behavior	NOUN
cblr-7159	331	91	,	,	PUNCT
cblr-7159	331	92	as	as	SCONJ
cblr-7159	331	93	discussed	discuss	VERB
cblr-7159	331	94	in	in	ADP
cblr-7159	331	95	the	the	DET
cblr-7159	331	96	following	follow	VERB
cblr-7159	331	97	section	section	NOUN
cblr-7159	331	98	.	.	PUNCT
cblr-7159	332	1	2	2	X
cblr-7159	332	2	.	.	X
cblr-7159	332	3	loan	loan	NOUN
cblr-7159	332	4	covenants	covenant	NOUN
cblr-7159	332	5	as	as	SCONJ
cblr-7159	332	6	levers	lever	NOUN
cblr-7159	332	7	of	of	ADP
cblr-7159	332	8	lender	lender	NOUN
cblr-7159	332	9	intervention	intervention	NOUN
cblr-7159	332	10	loan	loan	NOUN
cblr-7159	332	11	contracts	contract	NOUN
cblr-7159	332	12	contain	contain	VERB
cblr-7159	332	13	elaborate	elaborate	ADJ
cblr-7159	332	14	sets	set	NOUN
cblr-7159	332	15	of	of	ADP
cblr-7159	332	16	covenants	covenant	NOUN
cblr-7159	332	17	that	that	PRON
cblr-7159	332	18	govern	govern	VERB
cblr-7159	332	19	the	the	DET
cblr-7159	332	20	lender	lender	NOUN
cblr-7159	332	21	-	-	PUNCT
cblr-7159	332	22	borrower	borrower	NOUN
cblr-7159	332	23	relationship	relationship	NOUN
cblr-7159	332	24	and	and	CCONJ
cblr-7159	332	25	provide	provide	VERB
cblr-7159	332	26	a	a	DET
cblr-7159	332	27	key	key	ADJ
cblr-7159	332	28	point	point	NOUN
cblr-7159	332	29	of	of	ADP
cblr-7159	332	30	leverage	leverage	NOUN
cblr-7159	332	31	for	for	SCONJ
cblr-7159	332	32	creditors	creditor	NOUN
cblr-7159	332	33	to	to	PART
cblr-7159	332	34	affect	affect	VERB
cblr-7159	332	35	company	company	NOUN
cblr-7159	332	36	management.105	management.105	NOUN
cblr-7159	332	37	to	to	PART
cblr-7159	332	38	appreciate	appreciate	VERB
cblr-7159	332	39	how	how	SCONJ
cblr-7159	332	40	,	,	PUNCT
cblr-7159	332	41	and	and	CCONJ
cblr-7159	332	42	to	to	PART
cblr-7159	332	43	inform	inform	VERB
cblr-7159	332	44	the	the	DET
cblr-7159	332	45	empirical	empirical	ADJ
cblr-7159	332	46	100	100	NUM
cblr-7159	332	47	fin	fin	NOUN
cblr-7159	332	48	.	.	PUNCT
cblr-7159	333	1	stability	stability	PROPN
cblr-7159	333	2	bd	bd	PROPN
cblr-7159	333	3	.	.	PROPN
cblr-7159	333	4	,	,	PUNCT
cblr-7159	333	5	vulnerabilities	vulnerability	NOUN
cblr-7159	333	6	,	,	PUNCT
cblr-7159	333	7	supra	supra	PROPN
cblr-7159	333	8	note	note	NOUN
cblr-7159	333	9	2	2	NUM
cblr-7159	333	10	,	,	PUNCT
cblr-7159	333	11	at	at	ADP
cblr-7159	333	12	5–7	5–7	NOUN
cblr-7159	333	13	(	(	PUNCT
cblr-7159	333	14	providing	provide	VERB
cblr-7159	333	15	data	datum	NOUN
cblr-7159	333	16	on	on	ADP
cblr-7159	333	17	the	the	DET
cblr-7159	333	18	mix	mix	NOUN
cblr-7159	333	19	of	of	ADP
cblr-7159	333	20	bank	bank	NOUN
cblr-7159	333	21	versus	versus	ADP
cblr-7159	333	22	non	non	ADJ
cblr-7159	333	23	-	-	ADJ
cblr-7159	333	24	bank	bank	ADJ
cblr-7159	333	25	loan	loan	NOUN
cblr-7159	333	26	tranches	tranche	NOUN
cblr-7159	333	27	as	as	ADP
cblr-7159	333	28	of	of	ADP
cblr-7159	333	29	late	late	ADJ
cblr-7159	333	30	2019	2019	NUM
cblr-7159	333	31	,	,	PUNCT
cblr-7159	333	32	and	and	CCONJ
cblr-7159	333	33	stating	state	VERB
cblr-7159	333	34	that	that	SCONJ
cblr-7159	333	35	“	"	PUNCT
cblr-7159	333	36	[	[	X
cblr-7159	333	37	o]ver	o]ver	NOUN
cblr-7159	333	38	time	time	NOUN
cblr-7159	333	39	,	,	PUNCT
cblr-7159	333	40	the	the	DET
cblr-7159	333	41	investor	investor	NOUN
cblr-7159	333	42	base	base	NOUN
cblr-7159	333	43	has	have	AUX
cblr-7159	333	44	shifted	shift	VERB
cblr-7159	333	45	from	from	ADP
cblr-7159	333	46	a	a	DET
cblr-7159	333	47	bankdominated	bankdominate	VERB
cblr-7159	333	48	paradigm	paradigm	NOUN
cblr-7159	333	49	to	to	ADP
cblr-7159	333	50	a	a	DET
cblr-7159	333	51	more	more	ADV
cblr-7159	333	52	diverse	diverse	ADJ
cblr-7159	333	53	set	set	NOUN
cblr-7159	333	54	of	of	ADP
cblr-7159	333	55	investors	investor	NOUN
cblr-7159	333	56	that	that	PRON
cblr-7159	333	57	also	also	ADV
cblr-7159	333	58	includes	include	VERB
cblr-7159	333	59	a	a	DET
cblr-7159	333	60	number	number	NOUN
cblr-7159	333	61	of	of	ADP
cblr-7159	333	62	non	non	NOUN
cblr-7159	333	63	-	-	NOUN
cblr-7159	333	64	banks	bank	NOUN
cblr-7159	333	65	such	such	ADJ
cblr-7159	333	66	as	as	ADP
cblr-7159	333	67	institutional	institutional	ADJ
cblr-7159	333	68	investors	investor	NOUN
cblr-7159	333	69	and	and	CCONJ
cblr-7159	333	70	finance	finance	NOUN
cblr-7159	333	71	companies	company	NOUN
cblr-7159	333	72	.	.	PUNCT
cblr-7159	334	1	as	as	ADP
cblr-7159	334	2	a	a	DET
cblr-7159	334	3	result	result	NOUN
cblr-7159	334	4	,	,	PUNCT
cblr-7159	334	5	the	the	DET
cblr-7159	334	6	share	share	NOUN
cblr-7159	334	7	of	of	ADP
cblr-7159	334	8	term	term	NOUN
cblr-7159	334	9	loan	loan	NOUN
cblr-7159	334	10	as	as	ADP
cblr-7159	334	11	and	and	CCONJ
cblr-7159	334	12	revolvers	revolver	NOUN
cblr-7159	334	13	available	available	ADJ
cblr-7159	334	14	on	on	ADP
cblr-7159	334	15	the	the	DET
cblr-7159	334	16	primary	primary	ADJ
cblr-7159	334	17	market	market	NOUN
cblr-7159	334	18	,	,	PUNCT
cblr-7159	334	19	which	which	PRON
cblr-7159	334	20	tend	tend	VERB
cblr-7159	334	21	to	to	PART
cblr-7159	334	22	result	result	VERB
cblr-7159	334	23	in	in	ADP
cblr-7159	334	24	bank	bank	NOUN
cblr-7159	334	25	exposures	exposure	NOUN
cblr-7159	334	26	,	,	PUNCT
cblr-7159	334	27	has	have	AUX
cblr-7159	334	28	decreased	decrease	VERB
cblr-7159	334	29	since	since	SCONJ
cblr-7159	334	30	the	the	DET
cblr-7159	334	31	financial	financial	ADJ
cblr-7159	334	32	crisis	crisis	NOUN
cblr-7159	334	33	.	.	PUNCT
cblr-7159	335	1	in	in	ADP
cblr-7159	335	2	contrast	contrast	NOUN
cblr-7159	335	3	,	,	PUNCT
cblr-7159	335	4	the	the	DET
cblr-7159	335	5	share	share	NOUN
cblr-7159	335	6	of	of	ADP
cblr-7159	335	7	institutional	institutional	ADJ
cblr-7159	335	8	leveraged	leveraged	ADJ
cblr-7159	335	9	loans	loan	NOUN
cblr-7159	335	10	,	,	PUNCT
cblr-7159	335	11	typically	typically	ADV
cblr-7159	335	12	purchased	purchase	VERB
cblr-7159	335	13	by	by	ADP
cblr-7159	335	14	non	non	NOUN
cblr-7159	335	15	-	-	NOUN
cblr-7159	335	16	banks	bank	NOUN
cblr-7159	335	17	,	,	PUNCT
cblr-7159	335	18	has	have	AUX
cblr-7159	335	19	increased	increase	VERB
cblr-7159	335	20	”	"	PUNCT
cblr-7159	335	21	)	)	PUNCT
cblr-7159	335	22	.	.	PUNCT
cblr-7159	336	1	101	101	NUM
cblr-7159	336	2	see	see	VERB
cblr-7159	336	3	bord	bord	PROPN
cblr-7159	336	4	&	&	CCONJ
cblr-7159	336	5	santos	santos	PROPN
cblr-7159	336	6	,	,	PUNCT
cblr-7159	336	7	supra	supra	PROPN
cblr-7159	336	8	note	note	PROPN
cblr-7159	336	9	88	88	NUM
cblr-7159	336	10	,	,	PUNCT
cblr-7159	336	11	at	at	ADP
cblr-7159	336	12	25–26	25–26	NUM
cblr-7159	336	13	.	.	PUNCT
cblr-7159	337	1	102	102	NUM
cblr-7159	337	2	see	see	VERB
cblr-7159	337	3	i	i	PRON
cblr-7159	337	4	d.	d.	PROPN
cblr-7159	337	5	103	103	NUM
cblr-7159	337	6	see	see	VERB
cblr-7159	337	7	i	i	PROPN
cblr-7159	337	8	d.	d.	PROPN
cblr-7159	337	9	at	at	ADP
cblr-7159	337	10	29	29	NUM
cblr-7159	337	11	fig.6	fig.6	PROPN
cblr-7159	337	12	,	,	PUNCT
cblr-7159	337	13	30–31	30–31	NUM
cblr-7159	337	14	.	.	PUNCT
cblr-7159	338	1	see	see	VERB
cblr-7159	338	2	also	also	ADV
cblr-7159	338	3	fin	fin	NOUN
cblr-7159	338	4	.	.	PUNCT
cblr-7159	339	1	stability	stability	PROPN
cblr-7159	339	2	bd	bd	PROPN
cblr-7159	339	3	.	.	PROPN
cblr-7159	339	4	,	,	PUNCT
cblr-7159	339	5	vulnerabilities	vulnerability	NOUN
cblr-7159	339	6	,	,	PUNCT
cblr-7159	339	7	supra	supra	PROPN
cblr-7159	339	8	note	note	NOUN
cblr-7159	339	9	2	2	NUM
cblr-7159	339	10	,	,	PUNCT
cblr-7159	339	11	at	at	ADP
cblr-7159	339	12	6–7	6–7	NUM
cblr-7159	339	13	.	.	PUNCT
cblr-7159	340	1	104	104	NUM
cblr-7159	340	2	see	see	VERB
cblr-7159	340	3	sec	sec	PROPN
cblr-7159	340	4	.	.	PROPN
cblr-7159	340	5	indus	indus	PROPN
cblr-7159	340	6	.	.	PUNCT
cblr-7159	340	7	&	&	CCONJ
cblr-7159	340	8	fin	fin	PROPN
cblr-7159	340	9	.	.	PUNCT
cblr-7159	341	1	mkts	mkts	NOUN
cblr-7159	341	2	.	.	PUNCT
cblr-7159	342	1	ass’n	ass’n	PROPN
cblr-7159	342	2	,	,	PUNCT
cblr-7159	342	3	supra	supra	PROPN
cblr-7159	342	4	note	note	NOUN
cblr-7159	342	5	80	80	NUM
cblr-7159	342	6	,	,	PUNCT
cblr-7159	342	7	at	at	ADP
cblr-7159	342	8	3–4	3–4	NUM
cblr-7159	342	9	.	.	PUNCT
cblr-7159	343	1	see	see	VERB
cblr-7159	343	2	also	also	ADV
cblr-7159	343	3	fin	fin	NOUN
cblr-7159	343	4	.	.	PUNCT
cblr-7159	344	1	stability	stability	PROPN
cblr-7159	344	2	board	board	PROPN
cblr-7159	344	3	,	,	PUNCT
cblr-7159	344	4	vulnerabilities	vulnerability	NOUN
cblr-7159	344	5	,	,	PUNCT
cblr-7159	344	6	supra	supra	PROPN
cblr-7159	344	7	note	note	NOUN
cblr-7159	344	8	2	2	NUM
cblr-7159	344	9	,	,	PUNCT
cblr-7159	344	10	at	at	ADP
cblr-7159	344	11	6–7	6–7	NUM
cblr-7159	344	12	.	.	PUNCT
cblr-7159	344	13	105	105	NUM
cblr-7159	344	14	see	see	VERB
cblr-7159	344	15	bratton	bratton	PROPN
cblr-7159	344	16	,	,	PUNCT
cblr-7159	344	17	supra	supra	PROPN
cblr-7159	344	18	note	note	PROPN
cblr-7159	344	19	97	97	NUM
cblr-7159	344	20	,	,	PUNCT
cblr-7159	344	21	at	at	ADP
cblr-7159	344	22	462	462	NUM
cblr-7159	344	23	.	.	PUNCT
cblr-7159	345	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	345	2	(	(	PUNCT
cblr-7159	345	3	do	do	AUX
cblr-7159	345	4	not	not	PART
cblr-7159	345	5	delete	delete	VERB
cblr-7159	345	6	)	)	PUNCT
cblr-7159	345	7	9/28/2020	9/28/2020	NUM
cblr-7159	345	8	6:35	6:35	NUM
cblr-7159	345	9	pm	pm	NOUN
cblr-7159	345	10	no	no	INTJ
cblr-7159	345	11	.	.	PUNCT
cblr-7159	346	1	1:192	1:192	X
cblr-7159	346	2	]	]	X
cblr-7159	346	3	reconsidering	reconsider	VERB
cblr-7159	346	4	creditor	creditor	NOUN
cblr-7159	346	5	governance	governance	NOUN
cblr-7159	346	6	217	217	NUM
cblr-7159	346	7	analysis	analysis	NOUN
cblr-7159	346	8	below	below	ADV
cblr-7159	346	9	,	,	PUNCT
cblr-7159	346	10	it	it	PRON
cblr-7159	346	11	is	be	AUX
cblr-7159	346	12	important	important	ADJ
cblr-7159	346	13	to	to	PART
cblr-7159	346	14	understand	understand	VERB
cblr-7159	346	15	in	in	ADP
cblr-7159	346	16	more	more	ADJ
cblr-7159	346	17	detail	detail	NOUN
cblr-7159	346	18	the	the	DET
cblr-7159	346	19	ways	way	NOUN
cblr-7159	346	20	in	in	ADP
cblr-7159	346	21	which	which	PRON
cblr-7159	346	22	these	these	DET
cblr-7159	346	23	covenants	covenant	NOUN
cblr-7159	346	24	operate	operate	VERB
cblr-7159	346	25	to	to	ADP
cblr-7159	346	26	influence	influence	NOUN
cblr-7159	346	27	firms	firm	NOUN
cblr-7159	346	28	,	,	PUNCT
cblr-7159	346	29	and	and	CCONJ
cblr-7159	346	30	how	how	SCONJ
cblr-7159	346	31	covenants	covenant	NOUN
cblr-7159	346	32	for	for	ADP
cblr-7159	346	33	many	many	ADJ
cblr-7159	346	34	loans	loan	NOUN
cblr-7159	346	35	have	have	AUX
cblr-7159	346	36	departed	depart	VERB
cblr-7159	346	37	from	from	ADP
cblr-7159	346	38	past	past	NOUN
cblr-7159	346	39	norms.106	norms.106	ADV
cblr-7159	346	40	historically	historically	ADV
cblr-7159	346	41	,	,	PUNCT
cblr-7159	346	42	covenants	covenant	NOUN
cblr-7159	346	43	in	in	ADP
cblr-7159	346	44	corporate	corporate	ADJ
cblr-7159	346	45	loans	loan	NOUN
cblr-7159	346	46	served	serve	VERB
cblr-7159	346	47	several	several	ADJ
cblr-7159	346	48	purposes	purpose	NOUN
cblr-7159	346	49	.	.	PUNCT
cblr-7159	347	1	generally	generally	ADV
cblr-7159	347	2	,	,	PUNCT
cblr-7159	347	3	they	they	PRON
cblr-7159	347	4	helped	help	VERB
cblr-7159	347	5	lenders	lender	NOUN
cblr-7159	347	6	monitor	monitor	VERB
cblr-7159	347	7	borrowers	borrower	NOUN
cblr-7159	347	8	,	,	PUNCT
cblr-7159	347	9	alerted	alert	VERB
cblr-7159	347	10	lenders	lender	NOUN
cblr-7159	347	11	if	if	SCONJ
cblr-7159	347	12	borrowers	borrower	NOUN
cblr-7159	347	13	approached	approach	VERB
cblr-7159	347	14	financial	financial	ADJ
cblr-7159	347	15	distress	distress	NOUN
cblr-7159	347	16	and	and	CCONJ
cblr-7159	347	17	ensured	ensure	VERB
cblr-7159	347	18	that	that	SCONJ
cblr-7159	347	19	borrowers	borrower	NOUN
cblr-7159	347	20	did	do	AUX
cblr-7159	347	21	not	not	PART
cblr-7159	347	22	do	do	VERB
cblr-7159	347	23	anything	anything	PRON
cblr-7159	347	24	to	to	PART
cblr-7159	347	25	jeopardize	jeopardize	VERB
cblr-7159	347	26	their	their	PRON
cblr-7159	347	27	ability	ability	NOUN
cblr-7159	347	28	to	to	PART
cblr-7159	347	29	repay	repay	VERB
cblr-7159	347	30	the	the	DET
cblr-7159	347	31	loan.107	loan.107	PROPN
cblr-7159	347	32	covenants	covenant	NOUN
cblr-7159	347	33	operate	operate	VERB
cblr-7159	347	34	to	to	PART
cblr-7159	347	35	fulfill	fulfill	VERB
cblr-7159	347	36	these	these	DET
cblr-7159	347	37	functions	function	NOUN
cblr-7159	347	38	in	in	ADP
cblr-7159	347	39	several	several	ADJ
cblr-7159	347	40	ways	way	NOUN
cblr-7159	347	41	.	.	PUNCT
cblr-7159	348	1	one	one	NUM
cblr-7159	348	2	way	way	NOUN
cblr-7159	348	3	is	be	AUX
cblr-7159	348	4	through	through	ADP
cblr-7159	348	5	affirmative	affirmative	ADJ
cblr-7159	348	6	promises	promise	NOUN
cblr-7159	348	7	by	by	ADP
cblr-7159	348	8	the	the	DET
cblr-7159	348	9	borrower	borrower	NOUN
cblr-7159	348	10	to	to	PART
cblr-7159	348	11	take	take	VERB
cblr-7159	348	12	certain	certain	ADJ
cblr-7159	348	13	actions	action	NOUN
cblr-7159	348	14	,	,	PUNCT
cblr-7159	348	15	for	for	ADP
cblr-7159	348	16	example	example	NOUN
cblr-7159	348	17	,	,	PUNCT
cblr-7159	348	18	an	an	DET
cblr-7159	348	19	agreement	agreement	NOUN
cblr-7159	348	20	by	by	ADP
cblr-7159	348	21	the	the	DET
cblr-7159	348	22	borrower	borrower	NOUN
cblr-7159	348	23	to	to	PART
cblr-7159	348	24	provide	provide	VERB
cblr-7159	348	25	periodic	periodic	ADJ
cblr-7159	348	26	reports	report	NOUN
cblr-7159	348	27	to	to	ADP
cblr-7159	348	28	the	the	DET
cblr-7159	348	29	lenders	lender	NOUN
cblr-7159	348	30	to	to	PART
cblr-7159	348	31	assist	assist	VERB
cblr-7159	348	32	in	in	ADP
cblr-7159	348	33	monitoring.108	monitoring.108	PROPN
cblr-7159	348	34	it	it	PRON
cblr-7159	348	35	was	be	AUX
cblr-7159	348	36	this	this	DET
cblr-7159	348	37	type	type	NOUN
cblr-7159	348	38	of	of	ADP
cblr-7159	348	39	covenant	covenant	NOUN
cblr-7159	348	40	that	that	PRON
cblr-7159	348	41	krispy	krispy	PROPN
cblr-7159	348	42	kreme	kreme	PROPN
cblr-7159	348	43	initially	initially	ADV
cblr-7159	348	44	violated	violate	VERB
cblr-7159	348	45	,	,	PUNCT
cblr-7159	348	46	leading	lead	VERB
cblr-7159	348	47	to	to	ADP
cblr-7159	348	48	the	the	DET
cblr-7159	348	49	removal	removal	NOUN
cblr-7159	348	50	of	of	ADP
cblr-7159	348	51	its	its	PRON
cblr-7159	348	52	ceo.109	ceo.109	ADJ
cblr-7159	348	53	others	other	NOUN
cblr-7159	348	54	include	include	VERB
cblr-7159	348	55	promises	promise	NOUN
cblr-7159	348	56	by	by	ADP
cblr-7159	348	57	a	a	DET
cblr-7159	348	58	borrower	borrower	NOUN
cblr-7159	348	59	to	to	PART
cblr-7159	348	60	pay	pay	VERB
cblr-7159	348	61	taxes	taxis	NOUN
cblr-7159	348	62	,	,	PUNCT
cblr-7159	348	63	and	and	CCONJ
cblr-7159	348	64	generally	generally	ADV
cblr-7159	348	65	maintain	maintain	VERB
cblr-7159	348	66	its	its	PRON
cblr-7159	348	67	business	business	NOUN
cblr-7159	348	68	operations	operation	NOUN
cblr-7159	348	69	as	as	SCONJ
cblr-7159	348	70	it	it	PRON
cblr-7159	348	71	would	would	AUX
cblr-7159	348	72	be	be	AUX
cblr-7159	348	73	expected	expect	VERB
cblr-7159	348	74	to	to	PART
cblr-7159	348	75	do.110	do.110	VERB
cblr-7159	348	76	another	another	DET
cblr-7159	348	77	class	class	NOUN
cblr-7159	348	78	of	of	ADP
cblr-7159	348	79	provisions	provision	NOUN
cblr-7159	348	80	is	be	AUX
cblr-7159	348	81	negative	negative	ADJ
cblr-7159	348	82	covenants	covenant	NOUN
cblr-7159	348	83	,	,	PUNCT
cblr-7159	348	84	which	which	PRON
cblr-7159	348	85	are	be	AUX
cblr-7159	348	86	agreements	agreement	NOUN
cblr-7159	348	87	to	to	PART
cblr-7159	348	88	refrain	refrain	VERB
cblr-7159	348	89	from	from	ADP
cblr-7159	348	90	certain	certain	ADJ
cblr-7159	348	91	actions.111	actions.111	NOUN
cblr-7159	348	92	these	these	DET
cblr-7159	348	93	covenants	covenant	NOUN
cblr-7159	348	94	are	be	AUX
cblr-7159	348	95	usually	usually	ADV
cblr-7159	348	96	categorized	categorize	VERB
cblr-7159	348	97	as	as	ADP
cblr-7159	348	98	business	business	NOUN
cblr-7159	348	99	covenants	covenant	NOUN
cblr-7159	348	100	or	or	CCONJ
cblr-7159	348	101	financial	financial	ADJ
cblr-7159	348	102	covenants	covenant	NOUN
cblr-7159	348	103	.	.	PUNCT
cblr-7159	349	1	business	business	NOUN
cblr-7159	349	2	covenants	covenant	NOUN
cblr-7159	349	3	put	put	VERB
cblr-7159	349	4	restrictions	restriction	NOUN
cblr-7159	349	5	on	on	ADP
cblr-7159	349	6	the	the	DET
cblr-7159	349	7	106	106	NUM
cblr-7159	349	8	see	see	NOUN
cblr-7159	349	9	,	,	PUNCT
cblr-7159	349	10	e.g.	e.g.	ADV
cblr-7159	349	11	,	,	PUNCT
cblr-7159	349	12	joe	joe	PROPN
cblr-7159	349	13	rennison	rennison	PROPN
cblr-7159	349	14	&	&	CCONJ
cblr-7159	349	15	colby	colby	PROPN
cblr-7159	349	16	smith	smith	PROPN
cblr-7159	349	17	,	,	PUNCT
cblr-7159	349	18	debt	debt	NOUN
cblr-7159	349	19	machine	machine	NOUN
cblr-7159	349	20	:	:	PUNCT
cblr-7159	349	21	are	be	AUX
cblr-7159	349	22	risks	risk	NOUN
cblr-7159	349	23	piling	pile	VERB
cblr-7159	349	24	up	up	ADP
cblr-7159	349	25	in	in	ADP
cblr-7159	349	26	leveraged	leveraged	ADJ
cblr-7159	349	27	loans	loan	NOUN
cblr-7159	349	28	?	?	PUNCT
cblr-7159	349	29	,	,	PUNCT
cblr-7159	349	30	fin	fin	PROPN
cblr-7159	349	31	.	.	PUNCT
cblr-7159	350	1	times	times	PROPN
cblr-7159	350	2	(	(	PUNCT
cblr-7159	350	3	jan	jan	PROPN
cblr-7159	350	4	.	.	PROPN
cblr-7159	350	5	21	21	NUM
cblr-7159	350	6	,	,	PUNCT
cblr-7159	350	7	2019	2019	NUM
cblr-7159	350	8	)	)	PUNCT
cblr-7159	350	9	,	,	PUNCT
cblr-7159	350	10	https://www.ft.com/content/64c9665e-1814-11e9-9e64-d150b3105d21	https://www.ft.com/content/64c9665e-1814-11e9-9e64-d150b3105d21	PROPN
cblr-7159	350	11	[	[	X
cblr-7159	350	12	https://perma.cc/gym8-ulmm	https://perma.cc/gym8-ulmm	X
cblr-7159	350	13	]	]	PUNCT
cblr-7159	350	14	(	(	PUNCT
cblr-7159	350	15	“	"	PUNCT
cblr-7159	350	16	so	so	ADV
cblr-7159	350	17	-	-	PUNCT
cblr-7159	350	18	called	call	VERB
cblr-7159	350	19	financial	financial	ADJ
cblr-7159	350	20	maintenance	maintenance	NOUN
cblr-7159	350	21	covenants	covenant	NOUN
cblr-7159	350	22	—	—	PUNCT
cblr-7159	350	23	things	thing	NOUN
cblr-7159	350	24	that	that	PRON
cblr-7159	350	25	would	would	AUX
cblr-7159	350	26	limit	limit	VERB
cblr-7159	350	27	the	the	DET
cblr-7159	350	28	amount	amount	NOUN
cblr-7159	350	29	of	of	ADP
cblr-7159	350	30	leverage	leverage	NOUN
cblr-7159	350	31	a	a	DET
cblr-7159	350	32	company	company	NOUN
cblr-7159	350	33	could	could	AUX
cblr-7159	350	34	take	take	VERB
cblr-7159	350	35	on	on	ADP
cblr-7159	350	36	,	,	PUNCT
cblr-7159	350	37	or	or	CCONJ
cblr-7159	350	38	mandate	mandate	NOUN
cblr-7159	350	39	thresholds	threshold	NOUN
cblr-7159	350	40	for	for	ADP
cblr-7159	350	41	the	the	DET
cblr-7159	350	42	amount	amount	NOUN
cblr-7159	350	43	of	of	ADP
cblr-7159	350	44	cash	cash	NOUN
cblr-7159	350	45	they	they	PRON
cblr-7159	350	46	needed	need	VERB
cblr-7159	350	47	on	on	ADP
cblr-7159	350	48	hand	hand	NOUN
cblr-7159	350	49	to	to	PART
cblr-7159	350	50	pay	pay	VERB
cblr-7159	350	51	interest	interest	NOUN
cblr-7159	350	52	on	on	ADP
cblr-7159	350	53	their	their	PRON
cblr-7159	350	54	loans	loan	NOUN
cblr-7159	350	55	—	—	PUNCT
cblr-7159	350	56	have	have	VERB
cblr-7159	350	57	close	close	ADJ
cblr-7159	350	58	to	to	PART
cblr-7159	350	59	disappeared	disappear	VERB
cblr-7159	350	60	.	.	PUNCT
cblr-7159	351	1	more	more	ADJ
cblr-7159	351	2	than	than	ADP
cblr-7159	351	3	80	80	NUM
cblr-7159	351	4	percent	percent	NOUN
cblr-7159	351	5	of	of	ADP
cblr-7159	351	6	the	the	DET
cblr-7159	351	7	market	market	NOUN
cblr-7159	351	8	is	be	AUX
cblr-7159	351	9	now	now	ADV
cblr-7159	351	10	deemed	deem	VERB
cblr-7159	351	11	‘	'	PUNCT
cblr-7159	351	12	cov	cov	NOUN
cblr-7159	351	13	-	-	PUNCT
cblr-7159	351	14	lite	lite	NOUN
cblr-7159	351	15	’	'	PUNCT
cblr-7159	351	16	,	,	PUNCT
cblr-7159	351	17	according	accord	VERB
cblr-7159	351	18	to	to	ADP
cblr-7159	351	19	lcd	lcd	NOUN
cblr-7159	351	20	,	,	PUNCT
cblr-7159	351	21	meaning	mean	VERB
cblr-7159	351	22	financial	financial	ADJ
cblr-7159	351	23	maintenance	maintenance	NOUN
cblr-7159	351	24	protections	protection	NOUN
cblr-7159	351	25	have	have	AUX
cblr-7159	351	26	been	be	AUX
cblr-7159	351	27	removed	remove	VERB
cblr-7159	351	28	.	.	PUNCT
cblr-7159	351	29	”	"	PUNCT
cblr-7159	351	30	)	)	PUNCT
cblr-7159	351	31	.	.	PUNCT
cblr-7159	352	1	107	107	NUM
cblr-7159	352	2	see	see	VERB
cblr-7159	352	3	bratton	bratton	PROPN
cblr-7159	352	4	,	,	PUNCT
cblr-7159	352	5	supra	supra	PROPN
cblr-7159	352	6	note	note	PROPN
cblr-7159	352	7	97	97	NUM
cblr-7159	352	8	,	,	PUNCT
cblr-7159	352	9	at	at	ADP
cblr-7159	352	10	462	462	NUM
cblr-7159	352	11	(	(	PUNCT
cblr-7159	352	12	explaining	explain	VERB
cblr-7159	352	13	that	that	SCONJ
cblr-7159	352	14	business	business	NOUN
cblr-7159	352	15	covenants	covenant	NOUN
cblr-7159	352	16	“	"	PUNCT
cblr-7159	352	17	are	be	AUX
cblr-7159	352	18	designed	design	VERB
cblr-7159	352	19	to	to	PART
cblr-7159	352	20	accord	accord	VERB
cblr-7159	352	21	lenders	lender	NOUN
cblr-7159	352	22	significant	significant	ADJ
cblr-7159	352	23	influence	influence	NOUN
cblr-7159	352	24	over	over	ADP
cblr-7159	352	25	the	the	DET
cblr-7159	352	26	operation	operation	NOUN
cblr-7159	352	27	of	of	ADP
cblr-7159	352	28	the	the	DET
cblr-7159	352	29	borrower	borrower	NOUN
cblr-7159	352	30	’s	’s	PART
cblr-7159	352	31	business	business	NOUN
cblr-7159	352	32	without	without	ADP
cblr-7159	352	33	affecting	affect	VERB
cblr-7159	352	34	a	a	DET
cblr-7159	352	35	transfer	transfer	NOUN
cblr-7159	352	36	of	of	ADP
cblr-7159	352	37	control	control	NOUN
cblr-7159	352	38	”	"	PUNCT
cblr-7159	352	39	)	)	PUNCT
cblr-7159	352	40	;	;	PUNCT
cblr-7159	352	41	see	see	VERB
cblr-7159	352	42	also	also	ADV
cblr-7159	352	43	bratton	bratton	PROPN
cblr-7159	352	44	,	,	PUNCT
cblr-7159	352	45	supra	supra	PROPN
cblr-7159	352	46	note	note	PROPN
cblr-7159	352	47	29	29	NUM
cblr-7159	352	48	,	,	PUNCT
cblr-7159	352	49	at	at	ADP
cblr-7159	352	50	49–62	49–62	NUM
cblr-7159	352	51	;	;	PUNCT
cblr-7159	352	52	robert	robert	PROPN
cblr-7159	352	53	m.	m.	PROPN
cblr-7159	352	54	lloyd	lloyd	PROPN
cblr-7159	352	55	,	,	PUNCT
cblr-7159	352	56	financial	financial	ADJ
cblr-7159	352	57	covenants	covenant	NOUN
cblr-7159	352	58	in	in	ADP
cblr-7159	352	59	commercial	commercial	ADJ
cblr-7159	352	60	loan	loan	NOUN
cblr-7159	352	61	documentation	documentation	NOUN
cblr-7159	352	62	:	:	PUNCT
cblr-7159	352	63	uses	use	NOUN
cblr-7159	352	64	and	and	CCONJ
cblr-7159	352	65	limitations	limitation	NOUN
cblr-7159	352	66	,	,	PUNCT
cblr-7159	352	67	58	58	NUM
cblr-7159	352	68	tenn	tenn	PROPN
cblr-7159	352	69	.	.	PUNCT
cblr-7159	353	1	l.	l.	PROPN
cblr-7159	353	2	rev	rev	PROPN
cblr-7159	353	3	.	.	PROPN
cblr-7159	353	4	335	335	NUM
cblr-7159	353	5	,	,	PUNCT
cblr-7159	353	6	338	338	NUM
cblr-7159	353	7	(	(	PUNCT
cblr-7159	353	8	1991	1991	NUM
cblr-7159	353	9	)	)	PUNCT
cblr-7159	353	10	.	.	PUNCT
cblr-7159	354	1	108	108	NUM
cblr-7159	354	2	see	see	VERB
cblr-7159	354	3	bratton	bratton	PROPN
cblr-7159	354	4	,	,	PUNCT
cblr-7159	354	5	supra	supra	PROPN
cblr-7159	354	6	note	note	PROPN
cblr-7159	354	7	97	97	NUM
cblr-7159	354	8	,	,	PUNCT
cblr-7159	354	9	at	at	ADP
cblr-7159	354	10	463	463	NUM
cblr-7159	354	11	.	.	PUNCT
cblr-7159	355	1	109	109	NUM
cblr-7159	355	2	see	see	VERB
cblr-7159	355	3	supra	supra	PROPN
cblr-7159	355	4	notes	note	VERB
cblr-7159	355	5	2–3	2–3	NUM
cblr-7159	355	6	and	and	CCONJ
cblr-7159	355	7	accompanying	accompanying	ADJ
cblr-7159	355	8	text	text	NOUN
cblr-7159	355	9	.	.	PUNCT
cblr-7159	356	1	see	see	VERB
cblr-7159	356	2	also	also	ADV
cblr-7159	356	3	baird	baird	PROPN
cblr-7159	356	4	&	&	CCONJ
cblr-7159	356	5	rasmussen	rasmussen	PROPN
cblr-7159	356	6	,	,	PUNCT
cblr-7159	356	7	supra	supra	PROPN
cblr-7159	356	8	note	note	PROPN
cblr-7159	356	9	1	1	NUM
cblr-7159	356	10	,	,	PUNCT
cblr-7159	356	11	at	at	ADP
cblr-7159	356	12	1210–11	1210–11	NOUN
cblr-7159	356	13	.	.	PUNCT
cblr-7159	357	1	110	110	NUM
cblr-7159	357	2	see	see	VERB
cblr-7159	357	3	bratton	bratton	PROPN
cblr-7159	357	4	,	,	PUNCT
cblr-7159	357	5	supra	supra	PROPN
cblr-7159	357	6	note	note	PROPN
cblr-7159	357	7	97	97	NUM
cblr-7159	357	8	,	,	PUNCT
cblr-7159	357	9	at	at	ADP
cblr-7159	357	10	463	463	NUM
cblr-7159	357	11	.	.	NOUN
cblr-7159	357	12	111	111	NUM
cblr-7159	357	13	see	see	VERB
cblr-7159	357	14	i	i	PROPN
cblr-7159	357	15	d.	d.	PROPN
cblr-7159	357	16	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	357	17	(	(	PUNCT
cblr-7159	357	18	do	do	AUX
cblr-7159	357	19	not	not	PART
cblr-7159	357	20	delte	delte	VERB
cblr-7159	357	21	)	)	PUNCT
cblr-7159	357	22	9/28/2020	9/28/2020	PROPN
cblr-7159	357	23	6:35	6:35	NUM
cblr-7159	357	24	pm	pm	NOUN
cblr-7159	357	25	218	218	NUM
cblr-7159	357	26	columbia	columbia	PROPN
cblr-7159	357	27	business	business	NOUN
cblr-7159	357	28	law	law	PROPN
cblr-7159	357	29	review	review	NOUN
cblr-7159	357	30	[	[	X
cblr-7159	357	31	vol	vol	NOUN
cblr-7159	357	32	.	.	PUNCT
cblr-7159	357	33	2020	2020	NUM
cblr-7159	357	34	kinds	kind	NOUN
cblr-7159	357	35	of	of	ADP
cblr-7159	357	36	activities	activity	NOUN
cblr-7159	357	37	a	a	DET
cblr-7159	357	38	borrower	borrower	NOUN
cblr-7159	357	39	can	can	AUX
cblr-7159	357	40	undertake.112	undertake.112	VERB
cblr-7159	357	41	for	for	ADP
cblr-7159	357	42	example	example	NOUN
cblr-7159	357	43	,	,	PUNCT
cblr-7159	357	44	common	common	ADJ
cblr-7159	357	45	covenants	covenant	NOUN
cblr-7159	357	46	restrict	restrict	VERB
cblr-7159	357	47	borrowers	borrower	NOUN
cblr-7159	357	48	from	from	ADP
cblr-7159	357	49	incurring	incur	VERB
cblr-7159	357	50	new	new	ADJ
cblr-7159	357	51	debt	debt	NOUN
cblr-7159	357	52	beyond	beyond	ADP
cblr-7159	357	53	agreed	agree	VERB
cblr-7159	357	54	limits	limit	NOUN
cblr-7159	357	55	,	,	PUNCT
cblr-7159	357	56	undertaking	undertake	VERB
cblr-7159	357	57	new	new	ADJ
cblr-7159	357	58	acquisitions	acquisition	NOUN
cblr-7159	357	59	,	,	PUNCT
cblr-7159	357	60	or	or	CCONJ
cblr-7159	357	61	giving	give	VERB
cblr-7159	357	62	a	a	DET
cblr-7159	357	63	security	security	NOUN
cblr-7159	357	64	interest	interest	NOUN
cblr-7159	357	65	in	in	ADP
cblr-7159	357	66	collateral	collateral	NOUN
cblr-7159	357	67	to	to	ADP
cblr-7159	357	68	a	a	DET
cblr-7159	357	69	new	new	ADJ
cblr-7159	357	70	party	party	NOUN
cblr-7159	357	71	without	without	ADP
cblr-7159	357	72	the	the	DET
cblr-7159	357	73	consent	consent	NOUN
cblr-7159	357	74	of	of	ADP
cblr-7159	357	75	the	the	DET
cblr-7159	357	76	existing	exist	VERB
cblr-7159	357	77	lenders.113	lenders.113	ADJ
cblr-7159	357	78	financial	financial	ADJ
cblr-7159	357	79	covenants	covenant	NOUN
cblr-7159	357	80	create	create	VERB
cblr-7159	357	81	thresholds	threshold	NOUN
cblr-7159	357	82	for	for	ADP
cblr-7159	357	83	borrowers	borrower	NOUN
cblr-7159	357	84	’	'	PUNCT
cblr-7159	357	85	financial	financial	ADJ
cblr-7159	357	86	standing	standing	NOUN
cblr-7159	357	87	,	,	PUNCT
cblr-7159	357	88	acting	act	VERB
cblr-7159	357	89	both	both	PRON
cblr-7159	357	90	as	as	ADP
cblr-7159	357	91	a	a	DET
cblr-7159	357	92	deterrent	deterrent	NOUN
cblr-7159	357	93	to	to	PART
cblr-7159	357	94	prevent	prevent	VERB
cblr-7159	357	95	borrowers	borrower	NOUN
cblr-7159	357	96	from	from	ADP
cblr-7159	357	97	getting	get	VERB
cblr-7159	357	98	into	into	ADP
cblr-7159	357	99	financial	financial	ADJ
cblr-7159	357	100	trouble	trouble	NOUN
cblr-7159	357	101	and	and	CCONJ
cblr-7159	357	102	as	as	ADP
cblr-7159	357	103	a	a	DET
cblr-7159	357	104	warning	warning	NOUN
cblr-7159	357	105	mechanism	mechanism	NOUN
cblr-7159	357	106	to	to	PART
cblr-7159	357	107	alert	alert	VERB
cblr-7159	357	108	lenders	lender	NOUN
cblr-7159	357	109	if	if	SCONJ
cblr-7159	357	110	trouble	trouble	NOUN
cblr-7159	357	111	might	might	AUX
cblr-7159	357	112	occur.114	occur.114	VERB
cblr-7159	357	113	such	such	ADJ
cblr-7159	357	114	covenants	covenant	NOUN
cblr-7159	357	115	might	might	AUX
cblr-7159	357	116	include	include	VERB
cblr-7159	357	117	restrictions	restriction	NOUN
cblr-7159	357	118	on	on	ADP
cblr-7159	357	119	spending	spending	NOUN
cblr-7159	357	120	or	or	CCONJ
cblr-7159	357	121	limits	limit	NOUN
cblr-7159	357	122	on	on	ADP
cblr-7159	357	123	changes	change	NOUN
cblr-7159	357	124	to	to	ADP
cblr-7159	357	125	the	the	DET
cblr-7159	357	126	borrowers	borrower	NOUN
cblr-7159	357	127	’	'	PUNCT
cblr-7159	357	128	mix	mix	NOUN
cblr-7159	357	129	of	of	ADP
cblr-7159	357	130	assets	asset	NOUN
cblr-7159	357	131	and	and	CCONJ
cblr-7159	357	132	liabilities	liability	NOUN
cblr-7159	357	133	(	(	PUNCT
cblr-7159	357	134	or	or	CCONJ
cblr-7159	357	135	income	income	NOUN
cblr-7159	357	136	and	and	CCONJ
cblr-7159	357	137	expenses).115	expenses).115	NOUN
cblr-7159	357	138	other	other	ADJ
cblr-7159	357	139	common	common	ADJ
cblr-7159	357	140	financial	financial	ADJ
cblr-7159	357	141	covenants	covenant	NOUN
cblr-7159	357	142	include	include	VERB
cblr-7159	357	143	provisions	provision	NOUN
cblr-7159	357	144	that	that	PRON
cblr-7159	357	145	require	require	VERB
cblr-7159	357	146	borrowers	borrower	NOUN
cblr-7159	357	147	to	to	PART
cblr-7159	357	148	maintain	maintain	VERB
cblr-7159	357	149	a	a	DET
cblr-7159	357	150	minimum	minimum	ADJ
cblr-7159	357	151	net	net	ADJ
cblr-7159	357	152	worth	worth	NOUN
cblr-7159	357	153	(	(	PUNCT
cblr-7159	357	154	usually	usually	ADV
cblr-7159	357	155	defined	define	VERB
cblr-7159	357	156	as	as	ADP
cblr-7159	357	157	assets	asset	NOUN
cblr-7159	357	158	minus	minus	ADP
cblr-7159	357	159	liabilities	liability	NOUN
cblr-7159	357	160	)	)	PUNCT
cblr-7159	357	161	;	;	PUNCT
cblr-7159	357	162	a	a	DET
cblr-7159	357	163	minimum	minimum	ADJ
cblr-7159	357	164	level	level	NOUN
cblr-7159	357	165	of	of	ADP
cblr-7159	357	166	cash	cash	NOUN
cblr-7159	357	167	flow	flow	NOUN
cblr-7159	357	168	;	;	PUNCT
cblr-7159	357	169	a	a	DET
cblr-7159	357	170	minimum	minimum	ADJ
cblr-7159	357	171	leverage	leverage	NOUN
cblr-7159	357	172	ratio	ratio	NOUN
cblr-7159	357	173	(	(	PUNCT
cblr-7159	357	174	a	a	DET
cblr-7159	357	175	measure	measure	NOUN
cblr-7159	357	176	of	of	ADP
cblr-7159	357	177	the	the	DET
cblr-7159	357	178	money	money	NOUN
cblr-7159	357	179	available	available	ADJ
cblr-7159	357	180	to	to	PART
cblr-7159	357	181	service	service	NOUN
cblr-7159	357	182	debt	debt	NOUN
cblr-7159	357	183	,	,	PUNCT
cblr-7159	357	184	defined	define	VERB
cblr-7159	357	185	as	as	ADP
cblr-7159	357	186	the	the	DET
cblr-7159	357	187	ratio	ratio	NOUN
cblr-7159	357	188	of	of	ADP
cblr-7159	357	189	total	total	ADJ
cblr-7159	357	190	debt	debt	NOUN
cblr-7159	357	191	to	to	ADP
cblr-7159	357	192	the	the	DET
cblr-7159	357	193	level	level	NOUN
cblr-7159	357	194	of	of	ADP
cblr-7159	357	195	earnings	earning	NOUN
cblr-7159	357	196	before	before	ADP
cblr-7159	357	197	interest	interest	NOUN
cblr-7159	357	198	,	,	PUNCT
cblr-7159	357	199	taxes	taxis	NOUN
cblr-7159	357	200	,	,	PUNCT
cblr-7159	357	201	depreciation	depreciation	NOUN
cblr-7159	357	202	and	and	CCONJ
cblr-7159	357	203	amortization	amortization	NOUN
cblr-7159	357	204	(	(	PUNCT
cblr-7159	357	205	“	"	PUNCT
cblr-7159	357	206	ebitda	ebitda	NOUN
cblr-7159	357	207	”	"	PUNCT
cblr-7159	357	208	)	)	PUNCT
cblr-7159	357	209	)	)	PUNCT
cblr-7159	357	210	;	;	PUNCT
cblr-7159	357	211	or	or	CCONJ
cblr-7159	357	212	a	a	DET
cblr-7159	357	213	minimum	minimum	ADJ
cblr-7159	357	214	current	current	ADJ
cblr-7159	357	215	ratio	ratio	NOUN
cblr-7159	357	216	(	(	PUNCT
cblr-7159	357	217	defined	define	VERB
cblr-7159	357	218	as	as	ADP
cblr-7159	357	219	current	current	ADJ
cblr-7159	357	220	assets	asset	NOUN
cblr-7159	357	221	over	over	ADP
cblr-7159	357	222	current	current	ADJ
cblr-7159	357	223	liabilities	liability	NOUN
cblr-7159	357	224	—	—	PUNCT
cblr-7159	357	225	a	a	DET
cblr-7159	357	226	measure	measure	NOUN
cblr-7159	357	227	of	of	ADP
cblr-7159	357	228	a	a	DET
cblr-7159	357	229	borrower	borrower	NOUN
cblr-7159	357	230	’s	’s	PART
cblr-7159	357	231	liquid	liquid	ADJ
cblr-7159	357	232	assets	asset	NOUN
cblr-7159	357	233	available	available	ADJ
cblr-7159	357	234	to	to	PART
cblr-7159	357	235	pay	pay	VERB
cblr-7159	357	236	debts).116	debts).116	VERB
cblr-7159	357	237	these	these	DET
cblr-7159	357	238	tests	test	NOUN
cblr-7159	357	239	serve	serve	VERB
cblr-7159	357	240	several	several	ADJ
cblr-7159	357	241	purposes	purpose	NOUN
cblr-7159	357	242	:	:	PUNCT
cblr-7159	357	243	they	they	PRON
cblr-7159	357	244	provide	provide	VERB
cblr-7159	357	245	a	a	DET
cblr-7159	357	246	benchmark	benchmark	NOUN
cblr-7159	357	247	for	for	ADP
cblr-7159	357	248	a	a	DET
cblr-7159	357	249	borrower	borrower	NOUN
cblr-7159	357	250	’s	’s	PART
cblr-7159	357	251	financial	financial	ADJ
cblr-7159	357	252	health	health	NOUN
cblr-7159	357	253	,	,	PUNCT
cblr-7159	357	254	help	help	VERB
cblr-7159	357	255	the	the	DET
cblr-7159	357	256	lender	lender	NOUN
cblr-7159	357	257	monitor	monitor	VERB
cblr-7159	357	258	the	the	DET
cblr-7159	357	259	borrower	borrower	NOUN
cblr-7159	357	260	by	by	ADP
cblr-7159	357	261	providing	provide	VERB
cblr-7159	357	262	advance	advance	NOUN
cblr-7159	357	263	notice	notice	NOUN
cblr-7159	357	264	if	if	SCONJ
cblr-7159	357	265	a	a	DET
cblr-7159	357	266	borrower	borrower	NOUN
cblr-7159	357	267	is	be	AUX
cblr-7159	357	268	in	in	ADP
cblr-7159	357	269	112	112	NUM
cblr-7159	357	270	see	see	VERB
cblr-7159	357	271	i	i	PRON
cblr-7159	357	272	d.	d.	PROPN
cblr-7159	357	273	at	at	ADP
cblr-7159	357	274	465	465	NUM
cblr-7159	357	275	.	.	PUNCT
cblr-7159	358	1	113	113	NUM
cblr-7159	358	2	see	see	VERB
cblr-7159	358	3	i	i	PRON
cblr-7159	358	4	d.	d.	PROPN
cblr-7159	358	5	at	at	ADP
cblr-7159	358	6	468–75	468–75	PROPN
cblr-7159	358	7	.	.	PROPN
cblr-7159	359	1	114	114	NUM
cblr-7159	359	2	see	see	VERB
cblr-7159	359	3	i	i	PRON
cblr-7159	359	4	d.	d.	PROPN
cblr-7159	359	5	at	at	ADP
cblr-7159	359	6	464	464	NUM
cblr-7159	359	7	.	.	PUNCT
cblr-7159	360	1	115	115	NUM
cblr-7159	360	2	see	see	VERB
cblr-7159	360	3	i	i	PRON
cblr-7159	360	4	d.	d.	PROPN
cblr-7159	360	5	116	116	NUM
cblr-7159	360	6	see	see	VERB
cblr-7159	360	7	i	i	PRON
cblr-7159	360	8	d.	d.	PROPN
cblr-7159	360	9	at	at	ADP
cblr-7159	360	10	464	464	NUM
cblr-7159	360	11	(	(	PUNCT
cblr-7159	360	12	describing	describe	VERB
cblr-7159	360	13	how	how	SCONJ
cblr-7159	360	14	the	the	DET
cblr-7159	360	15	tests	test	NOUN
cblr-7159	360	16	in	in	ADP
cblr-7159	360	17	typical	typical	ADJ
cblr-7159	360	18	covenants	covenant	NOUN
cblr-7159	360	19	restrict	restrict	VERB
cblr-7159	360	20	and	and	CCONJ
cblr-7159	360	21	control	control	VERB
cblr-7159	360	22	firm	firm	ADJ
cblr-7159	360	23	spending	spending	NOUN
cblr-7159	360	24	by	by	ADP
cblr-7159	360	25	“	"	PUNCT
cblr-7159	360	26	specify[ing	specify[e	VERB
cblr-7159	360	27	]	]	PUNCT
cblr-7159	360	28	levels	level	NOUN
cblr-7159	360	29	of	of	ADP
cblr-7159	360	30	net	net	ADJ
cblr-7159	360	31	worth	worth	NOUN
cblr-7159	360	32	and	and	CCONJ
cblr-7159	360	33	debt	debt	NOUN
cblr-7159	360	34	coverage	coverage	NOUN
cblr-7159	360	35	,	,	PUNCT
cblr-7159	360	36	[	[	X
cblr-7159	360	37	and	and	CCONJ
cblr-7159	360	38	]	]	PUNCT
cblr-7159	360	39	all	all	PRON
cblr-7159	360	40	ultimately	ultimately	ADV
cblr-7159	360	41	work[ing	work[e	VERB
cblr-7159	360	42	]	]	PUNCT
cblr-7159	360	43	toward	toward	ADP
cblr-7159	360	44	the	the	DET
cblr-7159	360	45	same	same	ADJ
cblr-7159	360	46	goal	goal	NOUN
cblr-7159	360	47	—	—	PUNCT
cblr-7159	360	48	the	the	DET
cblr-7159	360	49	definition	definition	NOUN
cblr-7159	360	50	of	of	ADP
cblr-7159	360	51	a	a	DET
cblr-7159	360	52	permitted	permit	VERB
cblr-7159	360	53	degree	degree	NOUN
cblr-7159	360	54	of	of	ADP
cblr-7159	360	55	leverage	leverage	NOUN
cblr-7159	360	56	.	.	PUNCT
cblr-7159	361	1	some	some	PRON
cblr-7159	361	2	of	of	ADP
cblr-7159	361	3	the	the	DET
cblr-7159	361	4	tests	test	NOUN
cblr-7159	361	5	are	be	AUX
cblr-7159	361	6	balance	balance	NOUN
cblr-7159	361	7	sheet	sheet	NOUN
cblr-7159	361	8	based	base	VERB
cblr-7159	361	9	.	.	PUNCT
cblr-7159	362	1	a	a	DET
cblr-7159	362	2	net	net	ADJ
cblr-7159	362	3	worth	worth	ADJ
cblr-7159	362	4	test	test	NOUN
cblr-7159	362	5	sets	set	VERB
cblr-7159	362	6	a	a	DET
cblr-7159	362	7	minimum	minimum	ADJ
cblr-7159	362	8	level	level	NOUN
cblr-7159	362	9	of	of	ADP
cblr-7159	362	10	net	net	ADJ
cblr-7159	362	11	worth	worth	NOUN
cblr-7159	362	12	(	(	PUNCT
cblr-7159	362	13	assets	asset	NOUN
cblr-7159	362	14	minus	minus	ADP
cblr-7159	362	15	liabilities	liability	NOUN
cblr-7159	362	16	)	)	PUNCT
cblr-7159	362	17	,	,	PUNCT
cblr-7159	362	18	either	either	CCONJ
cblr-7159	362	19	as	as	ADP
cblr-7159	362	20	a	a	DET
cblr-7159	362	21	dollar	dollar	NOUN
cblr-7159	362	22	amount	amount	NOUN
cblr-7159	362	23	or	or	CCONJ
cblr-7159	362	24	a	a	DET
cblr-7159	362	25	ratio	ratio	NOUN
cblr-7159	362	26	.	.	PUNCT
cblr-7159	363	1	the	the	DET
cblr-7159	363	2	stated	state	VERB
cblr-7159	363	3	minimum	minimum	NOUN
cblr-7159	363	4	is	be	AUX
cblr-7159	363	5	the	the	DET
cblr-7159	363	6	smallest	small	ADJ
cblr-7159	363	7	equity	equity	NOUN
cblr-7159	363	8	cushion	cushion	NOUN
cblr-7159	363	9	that	that	SCONJ
cblr-7159	363	10	the	the	DET
cblr-7159	363	11	lender	lender	NOUN
cblr-7159	363	12	must	must	AUX
cblr-7159	363	13	tolerate	tolerate	VERB
cblr-7159	363	14	.	.	PUNCT
cblr-7159	364	1	other	other	ADJ
cblr-7159	364	2	tests	test	NOUN
cblr-7159	364	3	look	look	VERB
cblr-7159	364	4	to	to	ADP
cblr-7159	364	5	earnings	earning	NOUN
cblr-7159	364	6	or	or	CCONJ
cblr-7159	364	7	cash	cash	NOUN
cblr-7159	364	8	flow	flow	NOUN
cblr-7159	364	9	[	[	X
cblr-7159	364	10	implicating	implicate	VERB
cblr-7159	364	11	income	income	NOUN
cblr-7159	364	12	and	and	CCONJ
cblr-7159	364	13	expenses	expense	NOUN
cblr-7159	364	14	]	]	PUNCT
cblr-7159	364	15	.	.	PUNCT
cblr-7159	365	1	a	a	DET
cblr-7159	365	2	leverage	leverage	NOUN
cblr-7159	365	3	ratio	ratio	NOUN
cblr-7159	365	4	puts	put	VERB
cblr-7159	365	5	total	total	ADJ
cblr-7159	365	6	debt	debt	NOUN
cblr-7159	365	7	over	over	ADP
cblr-7159	365	8	earnings	earning	NOUN
cblr-7159	365	9	before	before	ADP
cblr-7159	365	10	interest	interest	NOUN
cblr-7159	365	11	,	,	PUNCT
cblr-7159	365	12	taxes	taxis	NOUN
cblr-7159	365	13	,	,	PUNCT
cblr-7159	365	14	depreciation	depreciation	NOUN
cblr-7159	365	15	and	and	CCONJ
cblr-7159	365	16	amortization	amortization	NOUN
cblr-7159	365	17	(	(	PUNCT
cblr-7159	365	18	ebitda	ebitda	NOUN
cblr-7159	365	19	)	)	PUNCT
cblr-7159	365	20	and	and	CCONJ
cblr-7159	365	21	states	state	VERB
cblr-7159	365	22	a	a	DET
cblr-7159	365	23	maximum	maximum	ADV
cblr-7159	365	24	allowed	allow	VERB
cblr-7159	365	25	amount	amount	NOUN
cblr-7159	365	26	with	with	ADP
cblr-7159	365	27	a	a	DET
cblr-7159	365	28	view	view	NOUN
cblr-7159	365	29	to	to	ADP
cblr-7159	365	30	assuring	assure	VERB
cblr-7159	365	31	that	that	SCONJ
cblr-7159	365	32	the	the	DET
cblr-7159	365	33	borrower	borrower	NOUN
cblr-7159	365	34	’s	’s	PART
cblr-7159	365	35	cash	cash	NOUN
cblr-7159	365	36	flows	flow	NOUN
cblr-7159	365	37	remain	remain	VERB
cblr-7159	365	38	sufficient	sufficient	ADJ
cblr-7159	365	39	to	to	PART
cblr-7159	365	40	service	service	VERB
cblr-7159	365	41	its	its	PRON
cblr-7159	365	42	debt	debt	NOUN
cblr-7159	365	43	.	.	PUNCT
cblr-7159	366	1	a	a	DET
cblr-7159	366	2	coverage	coverage	NOUN
cblr-7159	366	3	ratio	ratio	NOUN
cblr-7159	366	4	puts	put	VERB
cblr-7159	366	5	cash	cash	NOUN
cblr-7159	366	6	flow	flow	NOUN
cblr-7159	366	7	over	over	ADP
cblr-7159	366	8	current	current	ADJ
cblr-7159	366	9	interest	interest	NOUN
cblr-7159	366	10	charges	charge	NOUN
cblr-7159	366	11	(	(	PUNCT
cblr-7159	366	12	or	or	CCONJ
cblr-7159	366	13	,	,	PUNCT
cblr-7159	366	14	alternatively	alternatively	ADV
cblr-7159	366	15	,	,	PUNCT
cblr-7159	366	16	current	current	ADJ
cblr-7159	366	17	interest	interest	NOUN
cblr-7159	366	18	and	and	CCONJ
cblr-7159	366	19	principal	principal	ADJ
cblr-7159	366	20	payments	payment	NOUN
cblr-7159	366	21	)	)	PUNCT
cblr-7159	366	22	and	and	CCONJ
cblr-7159	366	23	states	state	VERB
cblr-7159	366	24	a	a	DET
cblr-7159	366	25	minimum	minimum	NOUN
cblr-7159	366	26	)	)	PUNCT
cblr-7159	366	27	”	"	PUNCT
cblr-7159	366	28	)	)	PUNCT
cblr-7159	366	29	.	.	PUNCT
cblr-7159	367	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	367	2	(	(	PUNCT
cblr-7159	367	3	do	do	AUX
cblr-7159	367	4	not	not	PART
cblr-7159	367	5	delete	delete	VERB
cblr-7159	367	6	)	)	PUNCT
cblr-7159	367	7	9/28/2020	9/28/2020	NUM
cblr-7159	367	8	6:35	6:35	NUM
cblr-7159	367	9	pm	pm	NOUN
cblr-7159	367	10	no	no	INTJ
cblr-7159	367	11	.	.	PUNCT
cblr-7159	368	1	1:192	1:192	X
cblr-7159	368	2	]	]	X
cblr-7159	368	3	reconsidering	reconsider	VERB
cblr-7159	368	4	creditor	creditor	NOUN
cblr-7159	368	5	governance	governance	NOUN
cblr-7159	368	6	219	219	NUM
cblr-7159	368	7	distress	distress	NOUN
cblr-7159	368	8	,	,	PUNCT
cblr-7159	368	9	and	and	CCONJ
cblr-7159	368	10	afford	afford	VERB
cblr-7159	368	11	a	a	DET
cblr-7159	368	12	means	mean	NOUN
cblr-7159	368	13	for	for	SCONJ
cblr-7159	368	14	lenders	lender	NOUN
cblr-7159	368	15	to	to	PART
cblr-7159	368	16	exert	exert	VERB
cblr-7159	368	17	some	some	DET
cblr-7159	368	18	influence	influence	NOUN
cblr-7159	368	19	in	in	ADP
cblr-7159	368	20	the	the	DET
cblr-7159	368	21	borrower	borrower	NOUN
cblr-7159	368	22	’s	’s	PART
cblr-7159	369	1	affairs.117	affairs.117	PROPN
cblr-7159	369	2	3	3	NUM
cblr-7159	369	3	.	.	PUNCT
cblr-7159	370	1	the	the	DET
cblr-7159	370	2	process	process	NOUN
cblr-7159	370	3	of	of	ADP
cblr-7159	370	4	lender	lender	NOUN
cblr-7159	370	5	intervention	intervention	NOUN
cblr-7159	370	6	:	:	PUNCT
cblr-7159	370	7	waiver	waiver	NOUN
cblr-7159	370	8	and	and	CCONJ
cblr-7159	370	9	renegotiation	renegotiation	NOUN
cblr-7159	370	10	while	while	SCONJ
cblr-7159	370	11	covenants	covenant	NOUN
cblr-7159	370	12	directly	directly	ADV
cblr-7159	370	13	exert	exert	VERB
cblr-7159	370	14	influence	influence	NOUN
cblr-7159	370	15	by	by	ADP
cblr-7159	370	16	imposing	impose	VERB
cblr-7159	370	17	duties	duty	NOUN
cblr-7159	370	18	and	and	CCONJ
cblr-7159	370	19	restrictions	restriction	NOUN
cblr-7159	370	20	on	on	ADP
cblr-7159	370	21	borrowers	borrower	NOUN
cblr-7159	370	22	,	,	PUNCT
cblr-7159	370	23	it	it	PRON
cblr-7159	370	24	is	be	AUX
cblr-7159	370	25	when	when	SCONJ
cblr-7159	370	26	borrowers	borrower	NOUN
cblr-7159	370	27	violate	violate	VERB
cblr-7159	370	28	covenants	covenant	NOUN
cblr-7159	370	29	(	(	PUNCT
cblr-7159	370	30	or	or	CCONJ
cblr-7159	370	31	come	come	VERB
cblr-7159	370	32	close	close	ADV
cblr-7159	370	33	to	to	ADP
cblr-7159	370	34	violating	violate	VERB
cblr-7159	370	35	them	they	PRON
cblr-7159	370	36	)	)	PUNCT
cblr-7159	370	37	that	that	SCONJ
cblr-7159	370	38	lenders	lender	NOUN
cblr-7159	370	39	have	have	VERB
cblr-7159	370	40	the	the	DET
cblr-7159	370	41	most	most	ADJ
cblr-7159	370	42	power	power	NOUN
cblr-7159	370	43	.	.	PUNCT
cblr-7159	371	1	when	when	SCONJ
cblr-7159	371	2	covenants	covenant	NOUN
cblr-7159	371	3	are	be	AUX
cblr-7159	371	4	breached	breach	VERB
cblr-7159	371	5	(	(	PUNCT
cblr-7159	371	6	for	for	ADP
cblr-7159	371	7	example	example	NOUN
cblr-7159	371	8	,	,	PUNCT
cblr-7159	371	9	by	by	ADP
cblr-7159	371	10	crossing	cross	VERB
cblr-7159	371	11	one	one	NUM
cblr-7159	371	12	of	of	ADP
cblr-7159	371	13	the	the	DET
cblr-7159	371	14	financial	financial	ADJ
cblr-7159	371	15	thresholds	threshold	NOUN
cblr-7159	371	16	set	set	VERB
cblr-7159	371	17	out	out	ADP
cblr-7159	371	18	in	in	ADP
cblr-7159	371	19	the	the	DET
cblr-7159	371	20	credit	credit	NOUN
cblr-7159	371	21	agreement	agreement	NOUN
cblr-7159	371	22	)	)	PUNCT
cblr-7159	371	23	,	,	PUNCT
cblr-7159	371	24	lenders	lender	NOUN
cblr-7159	371	25	have	have	VERB
cblr-7159	371	26	the	the	DET
cblr-7159	371	27	right	right	NOUN
cblr-7159	371	28	to	to	PART
cblr-7159	371	29	declare	declare	VERB
cblr-7159	371	30	an	an	DET
cblr-7159	371	31	event	event	NOUN
cblr-7159	371	32	of	of	ADP
cblr-7159	371	33	default	default	NOUN
cblr-7159	371	34	and	and	CCONJ
cblr-7159	371	35	accelerate	accelerate	VERB
cblr-7159	371	36	the	the	DET
cblr-7159	371	37	loan	loan	NOUN
cblr-7159	371	38	(	(	PUNCT
cblr-7159	371	39	i.e.	i.e.	X
cblr-7159	371	40	,	,	PUNCT
cblr-7159	371	41	demand	demand	VERB
cblr-7159	371	42	immediate	immediate	ADJ
cblr-7159	371	43	payment	payment	NOUN
cblr-7159	371	44	for	for	ADP
cblr-7159	371	45	all	all	DET
cblr-7159	371	46	remaining	remain	VERB
cblr-7159	371	47	amounts	amount	NOUN
cblr-7159	371	48	due).118	due).118	VERB
cblr-7159	371	49	however	however	ADV
cblr-7159	371	50	,	,	PUNCT
cblr-7159	371	51	lenders	lender	NOUN
cblr-7159	371	52	rarely	rarely	ADV
cblr-7159	371	53	exercise	exercise	VERB
cblr-7159	371	54	this	this	PRON
cblr-7159	371	55	right	right	ADV
cblr-7159	371	56	because	because	SCONJ
cblr-7159	371	57	doing	do	VERB
cblr-7159	371	58	so	so	ADV
cblr-7159	371	59	would	would	AUX
cblr-7159	371	60	put	put	VERB
cblr-7159	371	61	the	the	DET
cblr-7159	371	62	borrower	borrower	NOUN
cblr-7159	371	63	into	into	ADP
cblr-7159	371	64	greater	great	ADJ
cblr-7159	371	65	financial	financial	ADJ
cblr-7159	371	66	distress	distress	NOUN
cblr-7159	371	67	or	or	CCONJ
cblr-7159	371	68	even	even	ADV
cblr-7159	371	69	bankruptcy	bankruptcy	NOUN
cblr-7159	371	70	,	,	PUNCT
cblr-7159	371	71	leading	lead	VERB
cblr-7159	371	72	the	the	DET
cblr-7159	371	73	lenders	lender	NOUN
cblr-7159	371	74	down	down	ADP
cblr-7159	371	75	an	an	DET
cblr-7159	371	76	uncertain	uncertain	ADJ
cblr-7159	371	77	road	road	NOUN
cblr-7159	371	78	that	that	PRON
cblr-7159	371	79	may	may	AUX
cblr-7159	371	80	leave	leave	VERB
cblr-7159	371	81	them	they	PRON
cblr-7159	371	82	with	with	ADP
cblr-7159	371	83	only	only	ADV
cblr-7159	371	84	a	a	DET
cblr-7159	371	85	fraction	fraction	NOUN
cblr-7159	371	86	of	of	ADP
cblr-7159	371	87	their	their	PRON
cblr-7159	371	88	investment.119	investment.119	PROPN
cblr-7159	371	89	rather	rather	ADV
cblr-7159	371	90	,	,	PUNCT
cblr-7159	371	91	the	the	DET
cblr-7159	371	92	value	value	NOUN
cblr-7159	371	93	of	of	ADP
cblr-7159	371	94	the	the	DET
cblr-7159	371	95	acceleration	acceleration	NOUN
cblr-7159	371	96	right	right	NOUN
cblr-7159	371	97	is	be	AUX
cblr-7159	371	98	often	often	ADV
cblr-7159	371	99	in	in	ADP
cblr-7159	371	100	the	the	DET
cblr-7159	371	101	leverage	leverage	NOUN
cblr-7159	371	102	it	it	PRON
cblr-7159	371	103	provides	provide	VERB
cblr-7159	371	104	to	to	PART
cblr-7159	371	105	influence	influence	VERB
cblr-7159	371	106	the	the	DET
cblr-7159	371	107	borrowing	borrowing	NOUN
cblr-7159	371	108	company.120	company.120	NOUN
cblr-7159	371	109	lenders	lender	NOUN
cblr-7159	371	110	exert	exert	VERB
cblr-7159	371	111	this	this	DET
cblr-7159	371	112	117	117	NUM
cblr-7159	371	113	see	see	NOUN
cblr-7159	371	114	yong	yong	PROPN
cblr-7159	371	115	kyu	kyu	PROPN
cblr-7159	371	116	gam	gam	PROPN
cblr-7159	371	117	&	&	CCONJ
cblr-7159	371	118	chunbo	chunbo	PROPN
cblr-7159	371	119	liu	liu	PROPN
cblr-7159	371	120	,	,	PUNCT
cblr-7159	371	121	bank	bank	NOUN
cblr-7159	371	122	relationship	relationship	NOUN
cblr-7159	371	123	,	,	PUNCT
cblr-7159	371	124	covenant	covenant	ADJ
cblr-7159	371	125	enforcement	enforcement	NOUN
cblr-7159	371	126	,	,	PUNCT
cblr-7159	371	127	and	and	CCONJ
cblr-7159	371	128	creditor	creditor	NOUN
cblr-7159	371	129	control	control	NOUN
cblr-7159	371	130	9	9	NUM
cblr-7159	371	131	(	(	PUNCT
cblr-7159	371	132	oct	oct	PROPN
cblr-7159	371	133	.	.	PROPN
cblr-7159	371	134	2019	2019	NUM
cblr-7159	371	135	)	)	PUNCT
cblr-7159	371	136	(	(	PUNCT
cblr-7159	371	137	unpublished	unpublished	ADJ
cblr-7159	371	138	manuscript	manuscript	NOUN
cblr-7159	371	139	)	)	PUNCT
cblr-7159	371	140	,	,	PUNCT
cblr-7159	371	141	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3486614	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3486614	PROPN
cblr-7159	372	1	[	[	X
cblr-7159	372	2	https://perma.cc/6fwn-5mhv	https://perma.cc/6fwn-5mhv	X
cblr-7159	372	3	]	]	X
cblr-7159	372	4	(	(	PUNCT
cblr-7159	372	5	summarizing	summarize	VERB
cblr-7159	372	6	existing	exist	VERB
cblr-7159	372	7	research	research	NOUN
cblr-7159	372	8	and	and	CCONJ
cblr-7159	372	9	stating	state	VERB
cblr-7159	372	10	that	that	SCONJ
cblr-7159	372	11	“	"	PUNCT
cblr-7159	372	12	creditors	creditor	NOUN
cblr-7159	372	13	gain	gain	VERB
cblr-7159	372	14	the	the	DET
cblr-7159	372	15	right	right	NOUN
cblr-7159	372	16	to	to	PART
cblr-7159	372	17	accelerate	accelerate	VERB
cblr-7159	372	18	debt	debt	NOUN
cblr-7159	372	19	repayment	repayment	NOUN
cblr-7159	372	20	once	once	SCONJ
cblr-7159	372	21	borrower	borrower	NOUN
cblr-7159	372	22	firms	firm	NOUN
cblr-7159	372	23	breach	breach	VERB
cblr-7159	372	24	covenants	covenant	NOUN
cblr-7159	372	25	(	(	PUNCT
cblr-7159	372	26	usually	usually	ADV
cblr-7159	372	27	financial	financial	ADJ
cblr-7159	372	28	covenants	covenant	NOUN
cblr-7159	372	29	)	)	PUNCT
cblr-7159	372	30	.	.	PUNCT
cblr-7159	373	1	using	use	VERB
cblr-7159	373	2	the	the	DET
cblr-7159	373	3	threat	threat	NOUN
cblr-7159	373	4	of	of	ADP
cblr-7159	373	5	payment	payment	NOUN
cblr-7159	373	6	acceleration	acceleration	NOUN
cblr-7159	373	7	,	,	PUNCT
cblr-7159	373	8	creditors	creditor	NOUN
cblr-7159	373	9	push	push	VERB
cblr-7159	373	10	for	for	ADP
cblr-7159	373	11	significant	significant	ADJ
cblr-7159	373	12	changes	change	NOUN
cblr-7159	373	13	in	in	ADP
cblr-7159	373	14	various	various	ADJ
cblr-7159	373	15	firm	firm	ADJ
cblr-7159	373	16	policies	policy	NOUN
cblr-7159	373	17	,	,	PUNCT
cblr-7159	373	18	including	include	VERB
cblr-7159	373	19	but	but	CCONJ
cblr-7159	373	20	not	not	PART
cblr-7159	373	21	limited	limit	VERB
cblr-7159	373	22	to	to	ADP
cblr-7159	373	23	capital	capital	NOUN
cblr-7159	373	24	structure	structure	NOUN
cblr-7159	373	25	,	,	PUNCT
cblr-7159	373	26	investment	investment	NOUN
cblr-7159	373	27	and	and	CCONJ
cblr-7159	373	28	financing	financing	NOUN
cblr-7159	373	29	decisions	decision	NOUN
cblr-7159	373	30	,	,	PUNCT
cblr-7159	373	31	governance	governance	NOUN
cblr-7159	373	32	and	and	CCONJ
cblr-7159	373	33	executive	executive	ADJ
cblr-7159	373	34	compensation	compensation	NOUN
cblr-7159	373	35	.	.	PUNCT
cblr-7159	374	1	by	by	ADP
cblr-7159	374	2	exerting	exert	VERB
cblr-7159	374	3	influence	influence	NOUN
cblr-7159	374	4	on	on	ADP
cblr-7159	374	5	firm	firm	ADJ
cblr-7159	374	6	policies	policy	NOUN
cblr-7159	374	7	,	,	PUNCT
cblr-7159	374	8	creditor	creditor	NOUN
cblr-7159	374	9	control	control	NOUN
cblr-7159	374	10	serves	serve	VERB
cblr-7159	374	11	as	as	ADP
cblr-7159	374	12	a	a	DET
cblr-7159	374	13	tool	tool	NOUN
cblr-7159	374	14	to	to	PART
cblr-7159	374	15	enhance	enhance	VERB
cblr-7159	374	16	corporate	corporate	ADJ
cblr-7159	374	17	governance	governance	NOUN
cblr-7159	374	18	and	and	CCONJ
cblr-7159	374	19	increase	increase	VERB
cblr-7159	374	20	firm	firm	ADJ
cblr-7159	374	21	value	value	NOUN
cblr-7159	374	22	”	"	PUNCT
cblr-7159	374	23	(	(	PUNCT
cblr-7159	374	24	citations	citation	NOUN
cblr-7159	374	25	omitted	omit	VERB
cblr-7159	374	26	)	)	PUNCT
cblr-7159	374	27	)	)	PUNCT
cblr-7159	374	28	.	.	PUNCT
cblr-7159	375	1	118	118	NUM
cblr-7159	375	2	see	see	VERB
cblr-7159	375	3	i	i	PRON
cblr-7159	375	4	d.	d.	PROPN
cblr-7159	375	5	see	see	VERB
cblr-7159	375	6	also	also	ADV
cblr-7159	375	7	discussion	discussion	NOUN
cblr-7159	375	8	supra	supra	PROPN
cblr-7159	375	9	section	section	PROPN
cblr-7159	375	10	ii.b.2	ii.b.2	PROPN
cblr-7159	375	11	.	.	PUNCT
cblr-7159	376	1	119	119	NUM
cblr-7159	376	2	see	see	VERB
cblr-7159	376	3	generally	generally	ADV
cblr-7159	376	4	tung	tung	VERB
cblr-7159	376	5	,	,	PUNCT
cblr-7159	376	6	unsung	unsung	ADJ
cblr-7159	376	7	influence	influence	NOUN
cblr-7159	376	8	,	,	PUNCT
cblr-7159	376	9	supra	supra	PROPN
cblr-7159	376	10	note	note	NOUN
cblr-7159	376	11	1	1	NUM
cblr-7159	376	12	,	,	PUNCT
cblr-7159	376	13	at	at	ADP
cblr-7159	376	14	160	160	NUM
cblr-7159	376	15	;	;	PUNCT
cblr-7159	376	16	bratton	bratton	PROPN
cblr-7159	376	17	,	,	PUNCT
cblr-7159	376	18	supra	supra	PROPN
cblr-7159	376	19	note	note	PROPN
cblr-7159	376	20	29	29	NUM
cblr-7159	376	21	,	,	PUNCT
cblr-7159	376	22	at	at	ADP
cblr-7159	376	23	54	54	NUM
cblr-7159	376	24	(	(	PUNCT
cblr-7159	376	25	“	"	PUNCT
cblr-7159	376	26	the	the	DET
cblr-7159	376	27	lender	lender	NOUN
cblr-7159	376	28	may	may	AUX
cblr-7159	376	29	profit	profit	VERB
cblr-7159	376	30	little	little	ADJ
cblr-7159	376	31	if	if	SCONJ
cblr-7159	376	32	it	it	PRON
cblr-7159	376	33	takes	take	VERB
cblr-7159	376	34	the	the	DET
cblr-7159	376	35	occasion	occasion	NOUN
cblr-7159	376	36	of	of	ADP
cblr-7159	376	37	a	a	DET
cblr-7159	376	38	violation	violation	NOUN
cblr-7159	376	39	of	of	ADP
cblr-7159	376	40	one	one	NUM
cblr-7159	376	41	of	of	ADP
cblr-7159	376	42	these	these	DET
cblr-7159	376	43	covenants	covenant	NOUN
cblr-7159	376	44	to	to	PART
cblr-7159	376	45	exercise	exercise	VERB
cblr-7159	376	46	its	its	PRON
cblr-7159	376	47	rights	right	NOUN
cblr-7159	376	48	in	in	ADP
cblr-7159	376	49	full	full	ADJ
cblr-7159	376	50	by	by	ADP
cblr-7159	376	51	declaring	declare	VERB
cblr-7159	376	52	an	an	DET
cblr-7159	376	53	event	event	NOUN
cblr-7159	376	54	of	of	ADP
cblr-7159	376	55	default	default	NOUN
cblr-7159	376	56	and	and	CCONJ
cblr-7159	376	57	accelerating	accelerate	VERB
cblr-7159	376	58	the	the	DET
cblr-7159	376	59	loan	loan	NOUN
cblr-7159	376	60	.	.	PUNCT
cblr-7159	377	1	acceleration	acceleration	NOUN
cblr-7159	377	2	as	as	ADP
cblr-7159	377	3	[	[	X
cblr-7159	377	4	a	a	X
cblr-7159	377	5	]	]	X
cblr-7159	377	6	practical	practical	ADJ
cblr-7159	377	7	matter	matter	NOUN
cblr-7159	377	8	forces	force	VERB
cblr-7159	377	9	the	the	DET
cblr-7159	377	10	borrower	borrower	NOUN
cblr-7159	377	11	to	to	PART
cblr-7159	377	12	make	make	VERB
cblr-7159	377	13	a	a	DET
cblr-7159	377	14	defensive	defensive	ADJ
cblr-7159	377	15	bankruptcy	bankruptcy	NOUN
cblr-7159	377	16	filing	filing	NOUN
cblr-7159	377	17	.	.	PUNCT
cblr-7159	378	1	bankruptcy	bankruptcy	NOUN
cblr-7159	378	2	entails	entail	VERB
cblr-7159	378	3	not	not	PART
cblr-7159	378	4	only	only	ADV
cblr-7159	378	5	deadweight	deadweight	ADJ
cblr-7159	378	6	costs	cost	NOUN
cblr-7159	378	7	but	but	CCONJ
cblr-7159	378	8	uncertainties	uncertainty	NOUN
cblr-7159	378	9	respecting	respect	VERB
cblr-7159	378	10	proceeds	proceed	NOUN
cblr-7159	378	11	available	available	ADJ
cblr-7159	378	12	for	for	ADP
cblr-7159	378	13	classes	class	NOUN
cblr-7159	378	14	of	of	ADP
cblr-7159	378	15	unsecured	unsecured	ADJ
cblr-7159	378	16	lenders	lender	NOUN
cblr-7159	378	17	.	.	PUNCT
cblr-7159	378	18	”	"	PUNCT
cblr-7159	378	19	)	)	PUNCT
cblr-7159	378	20	.	.	PUNCT
cblr-7159	379	1	120	120	NUM
cblr-7159	379	2	see	see	VERB
cblr-7159	379	3	tung	tung	NOUN
cblr-7159	379	4	,	,	PUNCT
cblr-7159	379	5	unsung	unsung	ADJ
cblr-7159	379	6	influence	influence	NOUN
cblr-7159	379	7	,	,	PUNCT
cblr-7159	379	8	supra	supra	PROPN
cblr-7159	379	9	note	note	NOUN
cblr-7159	379	10	1	1	NUM
cblr-7159	379	11	,	,	PUNCT
cblr-7159	379	12	at	at	ADP
cblr-7159	379	13	141	141	NUM
cblr-7159	379	14	(	(	PUNCT
cblr-7159	379	15	stating	state	VERB
cblr-7159	379	16	that	that	SCONJ
cblr-7159	379	17	renegotiation	renegotiation	NOUN
cblr-7159	379	18	of	of	ADP
cblr-7159	379	19	private	private	ADJ
cblr-7159	379	20	credit	credit	NOUN
cblr-7159	379	21	agreements	agreement	NOUN
cblr-7159	379	22	after	after	ADP
cblr-7159	379	23	a	a	DET
cblr-7159	379	24	violation	violation	NOUN
cblr-7159	379	25	“	"	PUNCT
cblr-7159	379	26	is	be	AUX
cblr-7159	379	27	not	not	PART
cblr-7159	379	28	only	only	ADV
cblr-7159	379	29	common	common	ADJ
cblr-7159	379	30	;	;	PUNCT
cblr-7159	379	31	it	it	PRON
cblr-7159	379	32	is	be	AUX
cblr-7159	379	33	the	the	DET
cblr-7159	379	34	rule	rule	NOUN
cblr-7159	379	35	”	"	PUNCT
cblr-7159	379	36	)	)	PUNCT
cblr-7159	379	37	;	;	PUNCT
cblr-7159	379	38	roberts	roberts	PROPN
cblr-7159	379	39	&	&	CCONJ
cblr-7159	379	40	sufi	sufi	PROPN
cblr-7159	379	41	,	,	PUNCT
cblr-7159	379	42	supra	supra	PROPN
cblr-7159	379	43	note	note	NOUN
cblr-7159	379	44	12	12	NUM
cblr-7159	379	45	,	,	PUNCT
cblr-7159	379	46	at	at	ADP
cblr-7159	379	47	163	163	NUM
cblr-7159	379	48	(	(	PUNCT
cblr-7159	379	49	noting	note	VERB
cblr-7159	379	50	that	that	SCONJ
cblr-7159	379	51	in	in	ADP
cblr-7159	379	52	their	their	PRON
cblr-7159	379	53	sample	sample	NOUN
cblr-7159	379	54	96	96	NUM
cblr-7159	379	55	%	%	NOUN
cblr-7159	379	56	of	of	ADP
cblr-7159	379	57	contracts	contract	NOUN
cblr-7159	379	58	with	with	ADP
cblr-7159	379	59	a	a	DET
cblr-7159	379	60	stated	state	VERB
cblr-7159	379	61	maturity	maturity	NOUN
cblr-7159	379	62	exceeding	exceed	VERB
cblr-7159	379	63	three	three	NUM
cblr-7159	379	64	years	year	NOUN
cblr-7159	379	65	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	379	66	(	(	PUNCT
cblr-7159	379	67	do	do	AUX
cblr-7159	379	68	not	not	PART
cblr-7159	379	69	delte	delte	VERB
cblr-7159	379	70	)	)	PUNCT
cblr-7159	379	71	9/28/2020	9/28/2020	NUM
cblr-7159	379	72	6:35	6:35	NUM
cblr-7159	379	73	pm	pm	NOUN
cblr-7159	379	74	220	220	NUM
cblr-7159	379	75	columbia	columbia	PROPN
cblr-7159	379	76	business	business	NOUN
cblr-7159	379	77	law	law	PROPN
cblr-7159	379	78	review	review	NOUN
cblr-7159	379	79	[	[	X
cblr-7159	379	80	vol	vol	NOUN
cblr-7159	379	81	.	.	PUNCT
cblr-7159	380	1	2020	2020	NUM
cblr-7159	380	2	influence	influence	NOUN
cblr-7159	380	3	in	in	ADP
cblr-7159	380	4	two	two	NUM
cblr-7159	380	5	ways	way	NOUN
cblr-7159	380	6	:	:	PUNCT
cblr-7159	380	7	explicitly	explicitly	ADV
cblr-7159	380	8	through	through	ADP
cblr-7159	380	9	waiving	waive	VERB
cblr-7159	380	10	the	the	DET
cblr-7159	380	11	violation	violation	NOUN
cblr-7159	380	12	and	and	CCONJ
cblr-7159	380	13	renegotiating	renegotiate	VERB
cblr-7159	380	14	the	the	DET
cblr-7159	380	15	covenants	covenant	NOUN
cblr-7159	380	16	(	(	PUNCT
cblr-7159	380	17	frequently	frequently	ADV
cblr-7159	380	18	resulting	result	VERB
cblr-7159	380	19	in	in	ADP
cblr-7159	380	20	more	more	ADJ
cblr-7159	380	21	restrictions	restriction	NOUN
cblr-7159	380	22	on	on	ADP
cblr-7159	380	23	borrowers	borrower	NOUN
cblr-7159	380	24	)	)	PUNCT
cblr-7159	380	25	,	,	PUNCT
cblr-7159	380	26	and	and	CCONJ
cblr-7159	380	27	less	less	ADV
cblr-7159	380	28	explicitly	explicitly	ADV
cblr-7159	380	29	through	through	ADP
cblr-7159	380	30	behind	behind	ADP
cblr-7159	380	31	the	the	DET
cblr-7159	380	32	scenes	scene	NOUN
cblr-7159	380	33	maneuvering.121	maneuvering.121	ADV
cblr-7159	380	34	behind	behind	ADP
cblr-7159	380	35	the	the	DET
cblr-7159	380	36	scenes	scene	NOUN
cblr-7159	380	37	maneuvering	maneuver	VERB
cblr-7159	380	38	is	be	AUX
cblr-7159	380	39	often	often	ADV
cblr-7159	380	40	preferable	preferable	ADJ
cblr-7159	380	41	from	from	ADP
cblr-7159	380	42	the	the	DET
cblr-7159	380	43	lender	lender	NOUN
cblr-7159	380	44	’s	’s	PART
cblr-7159	380	45	perspective	perspective	NOUN
cblr-7159	380	46	because	because	SCONJ
cblr-7159	380	47	overt	overt	ADJ
cblr-7159	380	48	actions	action	NOUN
cblr-7159	380	49	by	by	ADP
cblr-7159	380	50	the	the	DET
cblr-7159	380	51	lender	lender	NOUN
cblr-7159	380	52	can	can	AUX
cblr-7159	380	53	open	open	VERB
cblr-7159	380	54	it	it	PRON
cblr-7159	380	55	to	to	ADP
cblr-7159	380	56	liability	liability	NOUN
cblr-7159	380	57	from	from	ADP
cblr-7159	380	58	other	other	ADJ
cblr-7159	380	59	creditors	creditor	NOUN
cblr-7159	380	60	,	,	PUNCT
cblr-7159	380	61	or	or	CCONJ
cblr-7159	380	62	even	even	ADV
cblr-7159	380	63	shareholders.122	shareholders.122	PROPN
cblr-7159	380	64	thus	thus	ADV
cblr-7159	380	65	,	,	PUNCT
cblr-7159	380	66	covenant	covenant	ADJ
cblr-7159	380	67	violations	violation	NOUN
cblr-7159	380	68	afford	afford	VERB
cblr-7159	380	69	lenders	lender	NOUN
cblr-7159	380	70	a	a	DET
cblr-7159	380	71	large	large	ADJ
cblr-7159	380	72	amount	amount	NOUN
cblr-7159	380	73	of	of	ADP
cblr-7159	380	74	influence	influence	NOUN
cblr-7159	380	75	(	(	PUNCT
cblr-7159	380	76	and	and	CCONJ
cblr-7159	380	77	even	even	ADV
cblr-7159	380	78	control	control	NOUN
cblr-7159	380	79	)	)	PUNCT
cblr-7159	380	80	over	over	ADP
cblr-7159	380	81	corporate	corporate	ADJ
cblr-7159	380	82	decisions	decision	NOUN
cblr-7159	380	83	and	and	CCONJ
cblr-7159	380	84	policies.123	policies.123	NOUN
cblr-7159	380	85	explicit	explicit	ADJ
cblr-7159	380	86	controls	control	NOUN
cblr-7159	380	87	set	set	VERB
cblr-7159	380	88	out	out	ADP
cblr-7159	380	89	in	in	ADP
cblr-7159	380	90	renegotiated	renegotiate	VERB
cblr-7159	380	91	covenants	covenant	NOUN
cblr-7159	380	92	work	work	VERB
cblr-7159	380	93	alongside	alongside	ADP
cblr-7159	380	94	less	less	ADV
cblr-7159	380	95	visible	visible	ADJ
cblr-7159	380	96	maneuvering	maneuvering	NOUN
cblr-7159	380	97	that	that	SCONJ
cblr-7159	380	98	lenders	lender	NOUN
cblr-7159	380	99	may	may	AUX
cblr-7159	380	100	engage	engage	VERB
cblr-7159	380	101	in	in	ADP
cblr-7159	380	102	with	with	ADP
cblr-7159	380	103	borrowers	borrower	NOUN
cblr-7159	380	104	,	,	PUNCT
cblr-7159	381	1	particularly	particularly	ADV
cblr-7159	381	2	if	if	SCONJ
cblr-7159	381	3	those	those	DET
cblr-7159	381	4	lenders	lender	NOUN
cblr-7159	381	5	and	and	CCONJ
cblr-7159	381	6	borrowers	borrower	NOUN
cblr-7159	381	7	have	have	AUX
cblr-7159	381	8	longstanding	longstanding	ADJ
cblr-7159	381	9	relationships	relationship	NOUN
cblr-7159	381	10	through	through	ADP
cblr-7159	381	11	repeated	repeat	VERB
cblr-7159	381	12	interactions	interaction	NOUN
cblr-7159	381	13	over	over	ADP
cblr-7159	381	14	time.124	time.124	NOUN
cblr-7159	381	15	in	in	ADP
cblr-7159	381	16	return	return	NOUN
cblr-7159	381	17	for	for	ADP
cblr-7159	381	18	having	have	VERB
cblr-7159	381	19	a	a	DET
cblr-7159	381	20	covenant	covenant	ADJ
cblr-7159	381	21	violation	violation	NOUN
cblr-7159	381	22	(	(	PUNCT
cblr-7159	381	23	or	or	CCONJ
cblr-7159	381	24	potential	potential	ADJ
cblr-7159	381	25	violation	violation	NOUN
cblr-7159	381	26	)	)	PUNCT
cblr-7159	381	27	waived	waive	VERB
cblr-7159	381	28	,	,	PUNCT
cblr-7159	381	29	borrowers	borrower	NOUN
cblr-7159	381	30	may	may	AUX
cblr-7159	381	31	agree	agree	VERB
cblr-7159	381	32	to	to	ADP
cblr-7159	381	33	more	more	ADV
cblr-7159	381	34	stringent	stringent	ADJ
cblr-7159	381	35	loan	loan	NOUN
cblr-7159	381	36	terms	term	NOUN
cblr-7159	381	37	such	such	ADJ
cblr-7159	381	38	as	as	ADP
cblr-7159	381	39	a	a	DET
cblr-7159	381	40	higher	high	ADJ
cblr-7159	381	41	interest	interest	NOUN
cblr-7159	381	42	rate	rate	NOUN
cblr-7159	381	43	,	,	PUNCT
cblr-7159	381	44	limits	limit	NOUN
cblr-7159	381	45	on	on	ADP
cblr-7159	381	46	the	the	DET
cblr-7159	381	47	amount	amount	NOUN
cblr-7159	381	48	of	of	ADP
cblr-7159	381	49	debt	debt	NOUN
cblr-7159	381	50	it	it	PRON
cblr-7159	381	51	may	may	AUX
cblr-7159	381	52	issue	issue	VERB
cblr-7159	381	53	,	,	PUNCT
cblr-7159	381	54	limits	limit	NOUN
cblr-7159	381	55	on	on	ADP
cblr-7159	381	56	the	the	DET
cblr-7159	381	57	money	money	NOUN
cblr-7159	381	58	it	it	PRON
cblr-7159	381	59	may	may	AUX
cblr-7159	381	60	invest	invest	VERB
cblr-7159	381	61	,	,	PUNCT
cblr-7159	381	62	and	and	CCONJ
cblr-7159	381	63	restrictions	restriction	NOUN
cblr-7159	381	64	on	on	ADP
cblr-7159	381	65	the	the	DET
cblr-7159	381	66	dividends	dividend	NOUN
cblr-7159	381	67	it	it	PRON
cblr-7159	381	68	may	may	AUX
cblr-7159	381	69	pay	pay	VERB
cblr-7159	381	70	out	out	ADP
cblr-7159	381	71	to	to	ADP
cblr-7159	381	72	its	its	PRON
cblr-7159	381	73	shareholders.125	shareholders.125	NOUN
cblr-7159	381	74	in	in	ADP
cblr-7159	381	75	exchange	exchange	NOUN
cblr-7159	381	76	for	for	ADP
cblr-7159	381	77	a	a	DET
cblr-7159	381	78	waiver	waiver	NOUN
cblr-7159	381	79	,	,	PUNCT
cblr-7159	381	80	borrowers	borrower	NOUN
cblr-7159	381	81	may	may	AUX
cblr-7159	381	82	also	also	ADV
cblr-7159	381	83	agree	agree	VERB
cblr-7159	381	84	to	to	PART
cblr-7159	381	85	fire	fire	VERB
cblr-7159	381	86	their	their	PRON
cblr-7159	381	87	ceo	ceo	NOUN
cblr-7159	381	88	or	or	CCONJ
cblr-7159	381	89	other	other	ADJ
cblr-7159	381	90	top	top	ADJ
cblr-7159	381	91	managers	manager	NOUN
cblr-7159	381	92	,	,	PUNCT
cblr-7159	381	93	allow	allow	VERB
cblr-7159	381	94	lenders	lender	NOUN
cblr-7159	381	95	to	to	PART
cblr-7159	381	96	appoint	appoint	VERB
cblr-7159	381	97	directors	director	NOUN
cblr-7159	381	98	to	to	ADP
cblr-7159	381	99	their	their	PRON
cblr-7159	381	100	board	board	NOUN
cblr-7159	381	101	,	,	PUNCT
cblr-7159	381	102	and	and	CCONJ
cblr-7159	381	103	even	even	ADV
cblr-7159	381	104	change	change	VERB
cblr-7159	381	105	the	the	DET
cblr-7159	381	106	direction	direction	NOUN
cblr-7159	381	107	of	of	ADP
cblr-7159	381	108	company	company	NOUN
cblr-7159	381	109	strategy.126	strategy.126	NOUN
cblr-7159	381	110	had	have	AUX
cblr-7159	381	111	been	be	AUX
cblr-7159	381	112	renegotiated	renegotiate	VERB
cblr-7159	381	113	)	)	PUNCT
cblr-7159	381	114	.	.	PUNCT
cblr-7159	382	1	see	see	VERB
cblr-7159	382	2	also	also	ADV
cblr-7159	382	3	bratton	bratton	PROPN
cblr-7159	382	4	,	,	PUNCT
cblr-7159	382	5	supra	supra	PROPN
cblr-7159	382	6	note	note	PROPN
cblr-7159	382	7	97	97	NUM
cblr-7159	382	8	,	,	PUNCT
cblr-7159	382	9	at	at	ADP
cblr-7159	382	10	464	464	NUM
cblr-7159	382	11	(	(	PUNCT
cblr-7159	382	12	“	"	PUNCT
cblr-7159	382	13	negative	negative	ADJ
cblr-7159	382	14	covenants	covenant	NOUN
cblr-7159	382	15	indirectly	indirectly	ADV
cblr-7159	382	16	open	open	VERB
cblr-7159	382	17	the	the	DET
cblr-7159	382	18	door	door	NOUN
cblr-7159	382	19	to	to	ADP
cblr-7159	382	20	affirmative	affirmative	ADJ
cblr-7159	382	21	lender	lender	NOUN
cblr-7159	382	22	participation	participation	NOUN
cblr-7159	382	23	in	in	ADP
cblr-7159	382	24	borrower	borrower	NOUN
cblr-7159	382	25	decision	decision	NOUN
cblr-7159	382	26	-	-	PUNCT
cblr-7159	382	27	making	making	NOUN
cblr-7159	382	28	by	by	ADP
cblr-7159	382	29	forcing	force	VERB
cblr-7159	382	30	a	a	DET
cblr-7159	382	31	borrower	borrower	NOUN
cblr-7159	382	32	facing	face	VERB
cblr-7159	382	33	a	a	DET
cblr-7159	382	34	covenant	covenant	ADJ
cblr-7159	382	35	default	default	NOUN
cblr-7159	382	36	to	to	PART
cblr-7159	382	37	negotiate	negotiate	VERB
cblr-7159	382	38	with	with	ADP
cblr-7159	382	39	the	the	DET
cblr-7159	382	40	lender	lender	NOUN
cblr-7159	382	41	for	for	ADP
cblr-7159	382	42	a	a	DET
cblr-7159	382	43	waiver	waiver	NOUN
cblr-7159	382	44	or	or	CCONJ
cblr-7159	382	45	amendment	amendment	NOUN
cblr-7159	382	46	.	.	PUNCT
cblr-7159	382	47	”	"	PUNCT
cblr-7159	382	48	)	)	PUNCT
cblr-7159	382	49	.	.	PUNCT
cblr-7159	383	1	121	121	NUM
cblr-7159	383	2	lenders	lender	NOUN
cblr-7159	383	3	often	often	ADV
cblr-7159	383	4	wish	wish	VERB
cblr-7159	383	5	to	to	PART
cblr-7159	383	6	obscure	obscure	VERB
cblr-7159	383	7	their	their	PRON
cblr-7159	383	8	influence	influence	NOUN
cblr-7159	383	9	over	over	ADP
cblr-7159	383	10	borrowers	borrower	NOUN
cblr-7159	383	11	to	to	PART
cblr-7159	383	12	avoid	avoid	VERB
cblr-7159	383	13	the	the	DET
cblr-7159	383	14	possibility	possibility	NOUN
cblr-7159	383	15	that	that	SCONJ
cblr-7159	383	16	they	they	PRON
cblr-7159	383	17	will	will	AUX
cblr-7159	383	18	incur	incur	VERB
cblr-7159	383	19	more	more	ADJ
cblr-7159	383	20	liability	liability	NOUN
cblr-7159	383	21	than	than	SCONJ
cblr-7159	383	22	expected	expect	VERB
cblr-7159	383	23	should	should	AUX
cblr-7159	383	24	the	the	DET
cblr-7159	383	25	borrower	borrower	NOUN
cblr-7159	383	26	experience	experience	NOUN
cblr-7159	383	27	losses	loss	NOUN
cblr-7159	383	28	that	that	PRON
cblr-7159	383	29	lead	lead	VERB
cblr-7159	383	30	to	to	ADP
cblr-7159	383	31	bankruptcy	bankruptcy	NOUN
cblr-7159	383	32	.	.	PUNCT
cblr-7159	384	1	see	see	VERB
cblr-7159	384	2	bratton	bratton	PROPN
cblr-7159	384	3	,	,	PUNCT
cblr-7159	384	4	supra	supra	PROPN
cblr-7159	384	5	note	note	PROPN
cblr-7159	384	6	97	97	NUM
cblr-7159	384	7	,	,	PUNCT
cblr-7159	384	8	at	at	ADP
cblr-7159	384	9	462	462	NUM
cblr-7159	384	10	.	.	NOUN
cblr-7159	384	11	122	122	NUM
cblr-7159	384	12	see	see	VERB
cblr-7159	384	13	i	i	PRON
cblr-7159	384	14	d.	d.	PROPN
cblr-7159	384	15	at	at	ADP
cblr-7159	384	16	462	462	NUM
cblr-7159	384	17	(	(	PUNCT
cblr-7159	384	18	“	"	PUNCT
cblr-7159	384	19	when	when	SCONJ
cblr-7159	384	20	a	a	DET
cblr-7159	384	21	controlling	control	VERB
cblr-7159	384	22	lender	lender	NOUN
cblr-7159	384	23	’s	’s	PART
cblr-7159	384	24	decisions	decision	NOUN
cblr-7159	384	25	yield	yield	VERB
cblr-7159	384	26	losses	loss	NOUN
cblr-7159	384	27	,	,	PUNCT
cblr-7159	384	28	liability	liability	NOUN
cblr-7159	384	29	to	to	ADP
cblr-7159	384	30	other	other	ADJ
cblr-7159	384	31	creditors	creditor	NOUN
cblr-7159	384	32	or	or	CCONJ
cblr-7159	384	33	even	even	ADV
cblr-7159	384	34	to	to	ADP
cblr-7159	384	35	shareholders	shareholder	NOUN
cblr-7159	384	36	can	can	AUX
cblr-7159	384	37	follow	follow	VERB
cblr-7159	384	38	.	.	PUNCT
cblr-7159	384	39	”	"	PUNCT
cblr-7159	384	40	)	)	PUNCT
cblr-7159	384	41	;	;	PUNCT
cblr-7159	384	42	see	see	VERB
cblr-7159	384	43	also	also	ADV
cblr-7159	384	44	triantis	triantis	PROPN
cblr-7159	384	45	&	&	CCONJ
cblr-7159	384	46	daniels	daniels	PROPN
cblr-7159	384	47	,	,	PUNCT
cblr-7159	384	48	supra	supra	PROPN
cblr-7159	384	49	note	note	PROPN
cblr-7159	384	50	1	1	NUM
cblr-7159	384	51	,	,	PUNCT
cblr-7159	384	52	at	at	ADP
cblr-7159	384	53	1097–99	1097–99	NUM
cblr-7159	384	54	.	.	PUNCT
cblr-7159	385	1	123	123	NUM
cblr-7159	385	2	see	see	VERB
cblr-7159	385	3	tung	tung	NOUN
cblr-7159	385	4	,	,	PUNCT
cblr-7159	385	5	unsung	unsung	ADJ
cblr-7159	385	6	influence	influence	NOUN
cblr-7159	385	7	,	,	PUNCT
cblr-7159	385	8	supra	supra	PROPN
cblr-7159	385	9	note	note	NOUN
cblr-7159	385	10	1	1	NUM
cblr-7159	385	11	,	,	PUNCT
cblr-7159	385	12	at	at	ADP
cblr-7159	385	13	141	141	NUM
cblr-7159	385	14	.	.	PUNCT
cblr-7159	386	1	124	124	NUM
cblr-7159	386	2	see	see	VERB
cblr-7159	386	3	roberts	roberts	PROPN
cblr-7159	386	4	&	&	CCONJ
cblr-7159	386	5	sufi	sufi	PROPN
cblr-7159	386	6	,	,	PUNCT
cblr-7159	386	7	supra	supra	PROPN
cblr-7159	386	8	note	note	NOUN
cblr-7159	386	9	12	12	NUM
cblr-7159	386	10	,	,	PUNCT
cblr-7159	386	11	at	at	ADP
cblr-7159	386	12	167	167	NUM
cblr-7159	386	13	.	.	PUNCT
cblr-7159	387	1	125	125	NUM
cblr-7159	387	2	see	see	VERB
cblr-7159	387	3	i	i	PRON
cblr-7159	387	4	d.	d.	PROPN
cblr-7159	387	5	see	see	VERB
cblr-7159	387	6	also	also	ADV
cblr-7159	387	7	nini	nini	PROPN
cblr-7159	387	8	et	et	PROPN
cblr-7159	387	9	al	al	PROPN
cblr-7159	387	10	.	.	PROPN
cblr-7159	387	11	,	,	PUNCT
cblr-7159	387	12	credit	credit	NOUN
cblr-7159	387	13	control	control	NOUN
cblr-7159	387	14	rights	right	NOUN
cblr-7159	387	15	,	,	PUNCT
cblr-7159	387	16	supra	supra	PROPN
cblr-7159	387	17	note	note	NOUN
cblr-7159	387	18	14	14	NUM
cblr-7159	387	19	,	,	PUNCT
cblr-7159	387	20	at	at	ADP
cblr-7159	387	21	1713	1713	NUM
cblr-7159	387	22	,	,	PUNCT
cblr-7159	387	23	1730	1730	NUM
cblr-7159	387	24	.	.	PUNCT
cblr-7159	388	1	126	126	NUM
cblr-7159	388	2	see	see	VERB
cblr-7159	388	3	nini	nini	PROPN
cblr-7159	388	4	et	et	PROPN
cblr-7159	388	5	al	al	PROPN
cblr-7159	388	6	.	.	PROPN
cblr-7159	388	7	,	,	PUNCT
cblr-7159	388	8	credit	credit	NOUN
cblr-7159	388	9	control	control	NOUN
cblr-7159	388	10	rights	right	NOUN
cblr-7159	388	11	,	,	PUNCT
cblr-7159	388	12	supra	supra	PROPN
cblr-7159	388	13	note	note	NOUN
cblr-7159	388	14	14	14	NUM
cblr-7159	388	15	,	,	PUNCT
cblr-7159	388	16	at	at	ADP
cblr-7159	388	17	1713	1713	NUM
cblr-7159	388	18	,	,	PUNCT
cblr-7159	388	19	1730	1730	NUM
cblr-7159	388	20	(	(	PUNCT
cblr-7159	388	21	discussing	discuss	VERB
cblr-7159	388	22	evidence	evidence	NOUN
cblr-7159	388	23	that	that	SCONJ
cblr-7159	388	24	top	top	ADJ
cblr-7159	388	25	management	management	NOUN
cblr-7159	388	26	changes	change	NOUN
cblr-7159	388	27	follow	follow	VERB
cblr-7159	388	28	covenant	covenant	ADJ
cblr-7159	388	29	violations	violation	NOUN
cblr-7159	388	30	)	)	PUNCT
cblr-7159	388	31	;	;	PUNCT
cblr-7159	389	1	chava	chava	PROPN
cblr-7159	389	2	,	,	PUNCT
cblr-7159	389	3	et	et	PROPN
cblr-7159	389	4	al	al	PROPN
cblr-7159	389	5	.	.	PROPN
cblr-7159	389	6	,	,	PUNCT
cblr-7159	389	7	supra	supra	PROPN
cblr-7159	389	8	note	note	PROPN
cblr-7159	389	9	65	65	NUM
cblr-7159	389	10	,	,	PUNCT
cblr-7159	389	11	at	at	ADP
cblr-7159	389	12	481–83	481–83	NUM
cblr-7159	389	13	(	(	PUNCT
cblr-7159	389	14	offering	offer	VERB
cblr-7159	389	15	evidence	evidence	NOUN
cblr-7159	389	16	that	that	SCONJ
cblr-7159	389	17	lender	lender	NOUN
cblr-7159	389	18	affiliated	affiliate	VERB
cblr-7159	389	19	board	board	NOUN
cblr-7159	389	20	members	member	NOUN
cblr-7159	389	21	are	be	AUX
cblr-7159	389	22	appointed	appoint	VERB
cblr-7159	389	23	following	follow	VERB
cblr-7159	389	24	covenant	covenant	ADJ
cblr-7159	389	25	violations	violation	NOUN
cblr-7159	389	26	)	)	PUNCT
cblr-7159	389	27	.	.	PUNCT
cblr-7159	390	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	390	2	(	(	PUNCT
cblr-7159	390	3	do	do	AUX
cblr-7159	390	4	not	not	PART
cblr-7159	390	5	delete	delete	VERB
cblr-7159	390	6	)	)	PUNCT
cblr-7159	390	7	9/28/2020	9/28/2020	NUM
cblr-7159	390	8	6:35	6:35	NUM
cblr-7159	390	9	pm	pm	NOUN
cblr-7159	390	10	no	no	INTJ
cblr-7159	390	11	.	.	PUNCT
cblr-7159	391	1	1:192	1:192	X
cblr-7159	391	2	]	]	X
cblr-7159	391	3	reconsidering	reconsider	VERB
cblr-7159	391	4	creditor	creditor	NOUN
cblr-7159	391	5	governance	governance	NOUN
cblr-7159	391	6	221	221	NUM
cblr-7159	391	7	4	4	NUM
cblr-7159	391	8	.	.	PUNCT
cblr-7159	391	9	changes	change	NOUN
cblr-7159	391	10	in	in	ADP
cblr-7159	391	11	the	the	DET
cblr-7159	391	12	leveraged	leverage	VERB
cblr-7159	391	13	loan	loan	NOUN
cblr-7159	391	14	market	market	NOUN
cblr-7159	391	15	and	and	CCONJ
cblr-7159	391	16	the	the	DET
cblr-7159	391	17	erosion	erosion	NOUN
cblr-7159	391	18	of	of	ADP
cblr-7159	391	19	loan	loan	NOUN
cblr-7159	391	20	covenants	covenant	NOUN
cblr-7159	391	21	the	the	DET
cblr-7159	391	22	large	large	ADJ
cblr-7159	391	23	shifts	shift	NOUN
cblr-7159	391	24	in	in	ADP
cblr-7159	391	25	the	the	DET
cblr-7159	391	26	economics	economic	NOUN
cblr-7159	391	27	of	of	ADP
cblr-7159	391	28	lending	lending	NOUN
cblr-7159	391	29	over	over	ADP
cblr-7159	391	30	the	the	DET
cblr-7159	391	31	past	past	ADJ
cblr-7159	391	32	decade	decade	NOUN
cblr-7159	391	33	have	have	AUX
cblr-7159	391	34	led	lead	VERB
cblr-7159	391	35	to	to	ADP
cblr-7159	391	36	changes	change	NOUN
cblr-7159	391	37	in	in	ADP
cblr-7159	391	38	the	the	DET
cblr-7159	391	39	kinds	kind	NOUN
cblr-7159	391	40	of	of	ADP
cblr-7159	391	41	covenants	covenant	NOUN
cblr-7159	391	42	typically	typically	ADV
cblr-7159	391	43	seen	see	VERB
cblr-7159	391	44	in	in	ADP
cblr-7159	391	45	syndicated	syndicate	VERB
cblr-7159	391	46	leveraged	leveraged	ADJ
cblr-7159	391	47	loans	loan	NOUN
cblr-7159	391	48	.	.	PUNCT
cblr-7159	392	1	while	while	SCONJ
cblr-7159	392	2	these	these	DET
cblr-7159	392	3	changes	change	NOUN
cblr-7159	392	4	have	have	AUX
cblr-7159	392	5	been	be	AUX
cblr-7159	392	6	brought	bring	VERB
cblr-7159	392	7	about	about	ADP
cblr-7159	392	8	in	in	ADP
cblr-7159	392	9	part	part	NOUN
cblr-7159	392	10	by	by	ADP
cblr-7159	392	11	macroeconomic	macroeconomic	ADJ
cblr-7159	392	12	conditions	condition	NOUN
cblr-7159	392	13	,	,	PUNCT
cblr-7159	392	14	the	the	DET
cblr-7159	392	15	demand	demand	NOUN
cblr-7159	392	16	for	for	ADP
cblr-7159	392	17	leveraged	leveraged	ADJ
cblr-7159	392	18	loans	loan	NOUN
cblr-7159	392	19	has	have	AUX
cblr-7159	392	20	mostly	mostly	ADV
cblr-7159	392	21	been	be	AUX
cblr-7159	392	22	spurred	spur	VERB
cblr-7159	392	23	by	by	ADP
cblr-7159	392	24	structured	structure	VERB
cblr-7159	392	25	finance.127	finance.127	NOUN
cblr-7159	392	26	demand	demand	NOUN
cblr-7159	392	27	from	from	ADP
cblr-7159	392	28	investors	investor	NOUN
cblr-7159	392	29	for	for	ADP
cblr-7159	392	30	leveraged	leveraged	ADJ
cblr-7159	392	31	loans	loan	NOUN
cblr-7159	392	32	has	have	AUX
cblr-7159	392	33	risen	rise	VERB
cblr-7159	392	34	steadily	steadily	ADV
cblr-7159	392	35	since	since	SCONJ
cblr-7159	392	36	2009	2009	NUM
cblr-7159	392	37	,	,	PUNCT
cblr-7159	392	38	when	when	SCONJ
cblr-7159	392	39	the	the	DET
cblr-7159	392	40	economy	economy	NOUN
cblr-7159	392	41	began	begin	VERB
cblr-7159	392	42	to	to	PART
cblr-7159	392	43	emerge	emerge	VERB
cblr-7159	392	44	from	from	ADP
cblr-7159	392	45	the	the	DET
cblr-7159	392	46	credit	credit	NOUN
cblr-7159	392	47	crisis.128	crisis.128	NOUN
cblr-7159	392	48	since	since	SCONJ
cblr-7159	392	49	then	then	ADV
cblr-7159	392	50	,	,	PUNCT
cblr-7159	392	51	the	the	DET
cblr-7159	392	52	issuance	issuance	NOUN
cblr-7159	392	53	of	of	ADP
cblr-7159	392	54	leveraged	leveraged	ADJ
cblr-7159	392	55	loans	loan	NOUN
cblr-7159	392	56	has	have	AUX
cblr-7159	392	57	risen	rise	VERB
cblr-7159	392	58	from	from	ADP
cblr-7159	392	59	$	$	SYM
cblr-7159	392	60	90	90	NUM
cblr-7159	392	61	billion	billion	NUM
cblr-7159	392	62	in	in	ADP
cblr-7159	392	63	2009	2009	NUM
cblr-7159	392	64	to	to	ADP
cblr-7159	392	65	$	$	SYM
cblr-7159	392	66	609	609	NUM
cblr-7159	392	67	billion	billion	NUM
cblr-7159	392	68	in	in	ADP
cblr-7159	392	69	2018	2018	NUM
cblr-7159	392	70	,	,	PUNCT
cblr-7159	392	71	for	for	SCONJ
cblr-7159	392	72	an	an	DET
cblr-7159	392	73	estimated	estimate	VERB
cblr-7159	392	74	total	total	ADJ
cblr-7159	392	75	market	market	NOUN
cblr-7159	392	76	value	value	NOUN
cblr-7159	392	77	of	of	ADP
cblr-7159	392	78	$	$	SYM
cblr-7159	392	79	1.2	1.2	NUM
cblr-7159	392	80	trillion	trillion	NUM
cblr-7159	392	81	as	as	ADP
cblr-7159	392	82	of	of	ADP
cblr-7159	392	83	2019.129	2019.129	NUM
cblr-7159	392	84	the	the	DET
cblr-7159	392	85	rise	rise	NOUN
cblr-7159	392	86	in	in	ADP
cblr-7159	392	87	demand	demand	NOUN
cblr-7159	392	88	for	for	ADP
cblr-7159	392	89	loans	loan	NOUN
cblr-7159	392	90	has	have	AUX
cblr-7159	392	91	been	be	AUX
cblr-7159	392	92	accompanied	accompany	VERB
cblr-7159	392	93	by	by	ADP
cblr-7159	392	94	a	a	DET
cblr-7159	392	95	shift	shift	NOUN
cblr-7159	392	96	toward	toward	ADP
cblr-7159	392	97	more	more	ADJ
cblr-7159	392	98	borrower	borrower	NOUN
cblr-7159	392	99	-	-	PUNCT
cblr-7159	392	100	friendly	friendly	ADJ
cblr-7159	392	101	loan	loan	NOUN
cblr-7159	392	102	terms	term	NOUN
cblr-7159	392	103	,	,	PUNCT
cblr-7159	392	104	most	most	ADV
cblr-7159	392	105	notably	notably	ADV
cblr-7159	392	106	,	,	PUNCT
cblr-7159	392	107	the	the	DET
cblr-7159	392	108	move	move	NOUN
cblr-7159	392	109	to	to	ADP
cblr-7159	392	110	so	so	ADV
cblr-7159	392	111	-	-	PUNCT
cblr-7159	392	112	called	call	VERB
cblr-7159	392	113	covenant	covenant	ADJ
cblr-7159	392	114	-	-	PUNCT
cblr-7159	392	115	light	light	NOUN
cblr-7159	392	116	or	or	CCONJ
cblr-7159	392	117	cov	cov	NOUN
cblr-7159	392	118	-	-	PUNCT
cblr-7159	392	119	lite	lite	NOUN
cblr-7159	392	120	loans.130	loans.130	NOUN
cblr-7159	392	121	the	the	DET
cblr-7159	392	122	127	127	NUM
cblr-7159	392	123	see	see	VERB
cblr-7159	392	124	edison	edison	PROPN
cblr-7159	392	125	yu	yu	PROPN
cblr-7159	392	126	,	,	PUNCT
cblr-7159	392	127	measuring	measure	VERB
cblr-7159	392	128	cov	cov	NOUN
cblr-7159	392	129	-	-	PUNCT
cblr-7159	392	130	lite	lite	NOUN
cblr-7159	392	131	right	right	NOUN
cblr-7159	392	132	,	,	PUNCT
cblr-7159	392	133	3	3	NUM
cblr-7159	392	134	fed	feed	VERB
cblr-7159	392	135	.	.	PUNCT
cblr-7159	393	1	res	re	NOUN
cblr-7159	393	2	.	.	PUNCT
cblr-7159	393	3	bank	bank	PROPN
cblr-7159	393	4	of	of	ADP
cblr-7159	393	5	phila	phila	PROPN
cblr-7159	393	6	.	.	PUNCT
cblr-7159	394	1	econ	econ	PROPN
cblr-7159	394	2	.	.	PUNCT
cblr-7159	395	1	insights	insight	NOUN
cblr-7159	395	2	,	,	PUNCT
cblr-7159	395	3	third	third	ADJ
cblr-7159	395	4	quarter	quarter	NOUN
cblr-7159	395	5	2018	2018	NUM
cblr-7159	395	6	,	,	PUNCT
cblr-7159	395	7	at	at	ADP
cblr-7159	395	8	1	1	NUM
cblr-7159	395	9	,	,	PUNCT
cblr-7159	395	10	2	2	NUM
cblr-7159	395	11	(	(	PUNCT
cblr-7159	395	12	noting	note	VERB
cblr-7159	395	13	that	that	SCONJ
cblr-7159	395	14	“	"	PUNCT
cblr-7159	395	15	syndicated	syndicate	VERB
cblr-7159	395	16	loans	loan	NOUN
cblr-7159	395	17	have	have	AUX
cblr-7159	395	18	increasingly	increasingly	ADV
cblr-7159	395	19	been	be	AUX
cblr-7159	395	20	held	hold	VERB
cblr-7159	395	21	by	by	ADP
cblr-7159	395	22	institutional	institutional	ADJ
cblr-7159	395	23	investors	investor	NOUN
cblr-7159	395	24	such	such	ADJ
cblr-7159	395	25	as	as	ADP
cblr-7159	395	26	pension	pension	NOUN
cblr-7159	395	27	funds	fund	NOUN
cblr-7159	395	28	and	and	CCONJ
cblr-7159	395	29	mutual	mutual	ADJ
cblr-7159	395	30	funds	fund	NOUN
cblr-7159	395	31	,	,	PUNCT
cblr-7159	395	32	either	either	CCONJ
cblr-7159	395	33	directly	directly	ADV
cblr-7159	395	34	or	or	CCONJ
cblr-7159	395	35	through	through	ADP
cblr-7159	395	36	collateralized	collateralized	ADJ
cblr-7159	395	37	loan	loan	NOUN
cblr-7159	395	38	obligations	obligation	NOUN
cblr-7159	395	39	”	"	PUNCT
cblr-7159	395	40	)	)	PUNCT
cblr-7159	395	41	.	.	PUNCT
cblr-7159	396	1	128	128	NUM
cblr-7159	396	2	fin	fin	NOUN
cblr-7159	396	3	.	.	PUNCT
cblr-7159	397	1	stability	stability	PROPN
cblr-7159	397	2	bd	bd	PROPN
cblr-7159	397	3	.	.	PROPN
cblr-7159	397	4	,	,	PUNCT
cblr-7159	397	5	vulnerabilities	vulnerability	NOUN
cblr-7159	397	6	,	,	PUNCT
cblr-7159	397	7	supra	supra	PROPN
cblr-7159	397	8	note	note	NOUN
cblr-7159	397	9	2	2	NUM
cblr-7159	397	10	,	,	PUNCT
cblr-7159	397	11	at	at	ADP
cblr-7159	397	12	6	6	NUM
cblr-7159	397	13	.	.	NOUN
cblr-7159	397	14	129	129	NUM
cblr-7159	397	15	see	see	VERB
cblr-7159	397	16	us	we	PRON
cblr-7159	397	17	leveraged	leveraged	ADJ
cblr-7159	397	18	loan	loan	NOUN
cblr-7159	397	19	issuance	issuance	NOUN
cblr-7159	397	20	downshifts	downshift	NOUN
cblr-7159	397	21	in	in	ADP
cblr-7159	397	22	2018	2018	NUM
cblr-7159	397	23	,	,	PUNCT
cblr-7159	397	24	with	with	ADP
cblr-7159	397	25	$	$	SYM
cblr-7159	397	26	609b	609b	NOUN
cblr-7159	397	27	in	in	ADP
cblr-7159	397	28	volume	volume	NOUN
cblr-7159	397	29	,	,	PUNCT
cblr-7159	397	30	s&p	s&p	PROPN
cblr-7159	397	31	global	global	ADJ
cblr-7159	397	32	mkt	mkt	PROPN
cblr-7159	397	33	.	.	PUNCT
cblr-7159	398	1	intelligence	intelligence	NOUN
cblr-7159	398	2	(	(	PUNCT
cblr-7159	398	3	dec	dec	PROPN
cblr-7159	398	4	.	.	PROPN
cblr-7159	398	5	20	20	NUM
cblr-7159	398	6	,	,	PUNCT
cblr-7159	398	7	2018	2018	NUM
cblr-7159	398	8	)	)	PUNCT
cblr-7159	398	9	,	,	PUNCT
cblr-7159	398	10	http://www.leveragedloan.com/us-leveraged-loan-issuance-downshifts-2018-609b-volume/	http://www.leveragedloan.com/us-leveraged-loan-issuance-downshifts-2018-609b-volume/	X
cblr-7159	399	1	[	[	X
cblr-7159	399	2	https://perma.cc/q7cf-uvw6	https://perma.cc/q7cf-uvw6	X
cblr-7159	399	3	]	]	X
cblr-7159	399	4	;	;	PUNCT
cblr-7159	399	5	fin	fin	NOUN
cblr-7159	399	6	.	.	PUNCT
cblr-7159	399	7	stability	stability	PROPN
cblr-7159	399	8	bd	bd	PROPN
cblr-7159	399	9	.	.	PROPN
cblr-7159	399	10	,	,	PUNCT
cblr-7159	399	11	vulnerabilities	vulnerability	NOUN
cblr-7159	399	12	,	,	PUNCT
cblr-7159	399	13	supra	supra	PROPN
cblr-7159	399	14	note	note	NOUN
cblr-7159	399	15	2	2	NUM
cblr-7159	399	16	,	,	PUNCT
cblr-7159	399	17	at	at	ADP
cblr-7159	399	18	5	5	NUM
cblr-7159	399	19	.	.	PUNCT
cblr-7159	399	20	(	(	PUNCT
cblr-7159	399	21	“	"	PUNCT
cblr-7159	399	22	estimates	estimate	NOUN
cblr-7159	399	23	for	for	ADP
cblr-7159	399	24	the	the	DET
cblr-7159	399	25	size	size	NOUN
cblr-7159	399	26	of	of	ADP
cblr-7159	399	27	the	the	DET
cblr-7159	399	28	global	global	ADJ
cblr-7159	399	29	leveraged	leverage	VERB
cblr-7159	399	30	loan	loan	NOUN
cblr-7159	399	31	market	market	NOUN
cblr-7159	399	32	range	range	NOUN
cblr-7159	399	33	from	from	ADP
cblr-7159	399	34	us$1.4	us$1.4	PROPN
cblr-7159	399	35	trillion	trillion	NUM
cblr-7159	399	36	to	to	PART
cblr-7159	399	37	us$3.2	us$3.2	VERB
cblr-7159	399	38	trillion	trillion	NUM
cblr-7159	399	39	as	as	ADP
cblr-7159	399	40	of	of	ADP
cblr-7159	399	41	december	december	PROPN
cblr-7159	399	42	2018	2018	NUM
cblr-7159	399	43	,	,	PUNCT
cblr-7159	399	44	depending	depend	VERB
cblr-7159	399	45	on	on	ADP
cblr-7159	399	46	which	which	DET
cblr-7159	399	47	types	type	NOUN
cblr-7159	399	48	of	of	ADP
cblr-7159	399	49	lending	lending	NOUN
cblr-7159	399	50	are	be	AUX
cblr-7159	399	51	counted	count	VERB
cblr-7159	399	52	.	.	PUNCT
cblr-7159	399	53	”	"	PUNCT
cblr-7159	399	54	)	)	PUNCT
cblr-7159	399	55	.	.	PUNCT
cblr-7159	400	1	note	note	VERB
cblr-7159	400	2	that	that	SCONJ
cblr-7159	400	3	some	some	DET
cblr-7159	400	4	estimates	estimate	NOUN
cblr-7159	400	5	report	report	VERB
cblr-7159	400	6	a	a	DET
cblr-7159	400	7	lower	low	ADJ
cblr-7159	400	8	but	but	CCONJ
cblr-7159	400	9	relatively	relatively	ADV
cblr-7159	400	10	similar	similar	ADJ
cblr-7159	400	11	number	number	NOUN
cblr-7159	400	12	.	.	PUNCT
cblr-7159	401	1	see	see	VERB
cblr-7159	401	2	martin	martin	PROPN
cblr-7159	401	3	-	-	PUNCT
cblr-7159	401	4	buck	buck	NOUN
cblr-7159	401	5	,	,	PUNCT
cblr-7159	401	6	supra	supra	ADJ
cblr-7159	401	7	note	note	NOUN
cblr-7159	401	8	2	2	NUM
cblr-7159	401	9	,	,	PUNCT
cblr-7159	401	10	at	at	ADP
cblr-7159	401	11	44	44	NUM
cblr-7159	401	12	(	(	PUNCT
cblr-7159	401	13	“	"	PUNCT
cblr-7159	401	14	the	the	DET
cblr-7159	401	15	leveraged	leverage	VERB
cblr-7159	401	16	loan	loan	NOUN
cblr-7159	401	17	market	market	NOUN
cblr-7159	401	18	has	have	AUX
cblr-7159	401	19	grown	grow	VERB
cblr-7159	401	20	dramatically	dramatically	ADV
cblr-7159	401	21	over	over	ADP
cblr-7159	401	22	the	the	DET
cblr-7159	401	23	past	past	ADJ
cblr-7159	401	24	20	20	NUM
cblr-7159	401	25	years	year	NOUN
cblr-7159	401	26	from	from	ADP
cblr-7159	401	27	about	about	ADP
cblr-7159	401	28	$	$	SYM
cblr-7159	401	29	100	100	NUM
cblr-7159	401	30	billion	billion	NUM
cblr-7159	401	31	outstanding	outstanding	ADJ
cblr-7159	401	32	in	in	ADP
cblr-7159	401	33	2000	2000	NUM
cblr-7159	401	34	to	to	ADP
cblr-7159	401	35	almost	almost	ADV
cblr-7159	401	36	$	$	SYM
cblr-7159	401	37	1.2	1.2	NUM
cblr-7159	401	38	trillion	trillion	NUM
cblr-7159	401	39	in	in	ADP
cblr-7159	401	40	2019	2019	NUM
cblr-7159	401	41	.	.	PUNCT
cblr-7159	401	42	”	"	PUNCT
cblr-7159	401	43	)	)	PUNCT
cblr-7159	401	44	.	.	PUNCT
cblr-7159	402	1	130	130	NUM
cblr-7159	402	2	see	see	VERB
cblr-7159	402	3	yu	yu	PROPN
cblr-7159	402	4	,	,	PUNCT
cblr-7159	402	5	supra	supra	PROPN
cblr-7159	402	6	note	note	PROPN
cblr-7159	402	7	127	127	NUM
cblr-7159	402	8	,	,	PUNCT
cblr-7159	402	9	at	at	ADP
cblr-7159	402	10	1–2	1–2	NUM
cblr-7159	402	11	.	.	PUNCT
cblr-7159	403	1	the	the	DET
cblr-7159	403	2	shift	shift	NOUN
cblr-7159	403	3	matches	match	VERB
cblr-7159	403	4	the	the	DET
cblr-7159	403	5	model	model	NOUN
cblr-7159	403	6	set	set	VERB
cblr-7159	403	7	out	out	ADP
cblr-7159	403	8	by	by	ADP
cblr-7159	403	9	professors	professor	NOUN
cblr-7159	403	10	choi	choi	NOUN
cblr-7159	403	11	and	and	CCONJ
cblr-7159	403	12	triantis	triantis	PROPN
cblr-7159	403	13	,	,	PUNCT
cblr-7159	403	14	who	who	PRON
cblr-7159	403	15	argued	argue	VERB
cblr-7159	403	16	that	that	SCONJ
cblr-7159	403	17	an	an	DET
cblr-7159	403	18	increased	increase	VERB
cblr-7159	403	19	supply	supply	NOUN
cblr-7159	403	20	of	of	ADP
cblr-7159	403	21	credit	credit	NOUN
cblr-7159	403	22	would	would	AUX
cblr-7159	403	23	lead	lead	VERB
cblr-7159	403	24	to	to	ADP
cblr-7159	403	25	more	more	ADJ
cblr-7159	403	26	borrower	borrower	NOUN
cblr-7159	403	27	friendly	friendly	ADJ
cblr-7159	403	28	terms	term	NOUN
cblr-7159	403	29	.	.	PUNCT
cblr-7159	404	1	see	see	VERB
cblr-7159	404	2	albert	albert	PROPN
cblr-7159	404	3	choi	choi	PROPN
cblr-7159	404	4	&	&	CCONJ
cblr-7159	404	5	george	george	PROPN
cblr-7159	404	6	triantis	triantis	PROPN
cblr-7159	404	7	,	,	PUNCT
cblr-7159	404	8	market	market	NOUN
cblr-7159	404	9	conditions	condition	NOUN
cblr-7159	404	10	and	and	CCONJ
cblr-7159	404	11	contract	contract	NOUN
cblr-7159	404	12	design	design	NOUN
cblr-7159	404	13	:	:	PUNCT
cblr-7159	404	14	variations	variation	NOUN
cblr-7159	404	15	in	in	ADP
cblr-7159	404	16	debt	debt	NOUN
cblr-7159	404	17	contracting	contracting	NOUN
cblr-7159	404	18	,	,	PUNCT
cblr-7159	404	19	88	88	NUM
cblr-7159	404	20	n.y.u	n.y.u	NOUN
cblr-7159	404	21	.	.	PUNCT
cblr-7159	405	1	l.	l.	PROPN
cblr-7159	405	2	rev	rev	PROPN
cblr-7159	405	3	.	.	PROPN
cblr-7159	405	4	51	51	NUM
cblr-7159	405	5	,	,	PUNCT
cblr-7159	405	6	53–56	53–56	NUM
cblr-7159	405	7	(	(	PUNCT
cblr-7159	405	8	2013	2013	NUM
cblr-7159	405	9	)	)	PUNCT
cblr-7159	405	10	.	.	PUNCT
cblr-7159	406	1	professors	professor	NOUN
cblr-7159	406	2	choi	choi	PROPN
cblr-7159	406	3	and	and	CCONJ
cblr-7159	406	4	triantis	triantis	PROPN
cblr-7159	406	5	argue	argue	VERB
cblr-7159	406	6	that	that	SCONJ
cblr-7159	406	7	the	the	DET
cblr-7159	406	8	shift	shift	NOUN
cblr-7159	406	9	is	be	AUX
cblr-7159	406	10	driven	drive	VERB
cblr-7159	406	11	,	,	PUNCT
cblr-7159	406	12	at	at	ADP
cblr-7159	406	13	least	least	ADJ
cblr-7159	406	14	in	in	ADP
cblr-7159	406	15	part	part	NOUN
cblr-7159	406	16	,	,	PUNCT
cblr-7159	406	17	by	by	ADP
cblr-7159	406	18	a	a	DET
cblr-7159	406	19	decrease	decrease	NOUN
cblr-7159	406	20	in	in	ADP
cblr-7159	406	21	adverse	adverse	ADJ
cblr-7159	406	22	selection	selection	NOUN
cblr-7159	406	23	of	of	ADP
cblr-7159	406	24	borrowers	borrower	NOUN
cblr-7159	406	25	,	,	PUNCT
cblr-7159	406	26	and	and	CCONJ
cblr-7159	406	27	less	less	ADV
cblr-7159	406	28	moral	moral	ADJ
cblr-7159	406	29	hazard	hazard	NOUN
cblr-7159	406	30	when	when	SCONJ
cblr-7159	406	31	macroeconomic	macroeconomic	ADJ
cblr-7159	406	32	conditions	condition	NOUN
cblr-7159	406	33	are	be	AUX
cblr-7159	406	34	good	good	ADJ
cblr-7159	406	35	.	.	PUNCT
cblr-7159	407	1	see	see	VERB
cblr-7159	407	2	i	i	PRON
cblr-7159	407	3	d.	d.	PROPN
cblr-7159	407	4	at	at	ADP
cblr-7159	407	5	62–71	62–71	PROPN
cblr-7159	407	6	.	.	PUNCT
cblr-7159	408	1	this	this	PRON
cblr-7159	408	2	is	be	AUX
cblr-7159	408	3	different	different	ADJ
cblr-7159	408	4	,	,	PUNCT
cblr-7159	408	5	although	although	SCONJ
cblr-7159	408	6	consistent	consistent	ADJ
cblr-7159	408	7	with	with	ADP
cblr-7159	408	8	the	the	DET
cblr-7159	408	9	narrative	narrative	NOUN
cblr-7159	408	10	advanced	advance	VERB
cblr-7159	408	11	here	here	ADV
cblr-7159	408	12	that	that	SCONJ
cblr-7159	408	13	the	the	DET
cblr-7159	408	14	supply	supply	NOUN
cblr-7159	408	15	of	of	ADP
cblr-7159	408	16	credit	credit	NOUN
cblr-7159	408	17	and	and	CCONJ
cblr-7159	408	18	increase	increase	VERB
cblr-7159	408	19	in	in	ADP
cblr-7159	408	20	borrower	borrower	NOUN
cblr-7159	408	21	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	408	22	(	(	PUNCT
cblr-7159	408	23	do	do	AUX
cblr-7159	408	24	not	not	PART
cblr-7159	408	25	delte	delte	VERB
cblr-7159	408	26	)	)	PUNCT
cblr-7159	408	27	9/28/2020	9/28/2020	NUM
cblr-7159	408	28	6:35	6:35	NUM
cblr-7159	408	29	pm	pm	NOUN
cblr-7159	408	30	222	222	NUM
cblr-7159	408	31	columbia	columbia	PROPN
cblr-7159	408	32	business	business	NOUN
cblr-7159	408	33	law	law	PROPN
cblr-7159	408	34	review	review	NOUN
cblr-7159	408	35	[	[	X
cblr-7159	408	36	vol	vol	NOUN
cblr-7159	408	37	.	.	PUNCT
cblr-7159	408	38	2020	2020	NUM
cblr-7159	408	39	most	most	ADV
cblr-7159	408	40	commonly	commonly	ADV
cblr-7159	408	41	described	describe	VERB
cblr-7159	408	42	feature	feature	NOUN
cblr-7159	408	43	of	of	ADP
cblr-7159	408	44	cov	cov	NOUN
cblr-7159	408	45	-	-	PUNCT
cblr-7159	408	46	lite	lite	NOUN
cblr-7159	408	47	loans	loan	NOUN
cblr-7159	408	48	is	be	AUX
cblr-7159	408	49	their	their	PRON
cblr-7159	408	50	lack	lack	NOUN
cblr-7159	408	51	of	of	ADP
cblr-7159	408	52	ongoing	ongoing	ADJ
cblr-7159	408	53	financial	financial	ADJ
cblr-7159	408	54	monitoring	monitoring	NOUN
cblr-7159	408	55	covenants.131	covenants.131	NOUN
cblr-7159	408	56	in	in	ADP
cblr-7159	408	57	such	such	ADJ
cblr-7159	408	58	loans	loan	NOUN
cblr-7159	408	59	,	,	PUNCT
cblr-7159	408	60	borrower	borrower	NOUN
cblr-7159	408	61	financial	financial	ADJ
cblr-7159	408	62	health	health	NOUN
cblr-7159	408	63	metrics	metric	NOUN
cblr-7159	408	64	,	,	PUNCT
cblr-7159	408	65	like	like	ADP
cblr-7159	408	66	leverage	leverage	NOUN
cblr-7159	408	67	ratios	ratio	NOUN
cblr-7159	408	68	and	and	CCONJ
cblr-7159	408	69	minimum	minimum	ADJ
cblr-7159	408	70	coverage	coverage	NOUN
cblr-7159	408	71	ratios	ratio	NOUN
cblr-7159	408	72	,	,	PUNCT
cblr-7159	408	73	are	be	AUX
cblr-7159	408	74	not	not	PART
cblr-7159	408	75	tested	test	VERB
cblr-7159	408	76	continuously	continuously	ADV
cblr-7159	408	77	as	as	SCONJ
cblr-7159	408	78	they	they	PRON
cblr-7159	408	79	are	be	AUX
cblr-7159	408	80	in	in	ADP
cblr-7159	408	81	traditional	traditional	ADJ
cblr-7159	408	82	“	"	PUNCT
cblr-7159	408	83	covenant	covenant	ADJ
cblr-7159	408	84	heavy	heavy	ADJ
cblr-7159	408	85	”	"	PUNCT
cblr-7159	408	86	loans.132	loans.132	NOUN
cblr-7159	408	87	rather	rather	ADV
cblr-7159	408	88	,	,	PUNCT
cblr-7159	408	89	in	in	ADP
cblr-7159	408	90	cov	cov	NOUN
cblr-7159	408	91	-	-	PUNCT
cblr-7159	408	92	lite	lite	NOUN
cblr-7159	408	93	loans	loan	NOUN
cblr-7159	408	94	the	the	DET
cblr-7159	408	95	borrower	borrower	NOUN
cblr-7159	408	96	’s	’s	PART
cblr-7159	408	97	compliance	compliance	NOUN
cblr-7159	408	98	with	with	ADP
cblr-7159	408	99	financial	financial	ADJ
cblr-7159	408	100	ratios	ratio	NOUN
cblr-7159	408	101	is	be	AUX
cblr-7159	408	102	tested	test	VERB
cblr-7159	408	103	only	only	ADV
cblr-7159	408	104	if	if	SCONJ
cblr-7159	408	105	the	the	DET
cblr-7159	408	106	borrower	borrower	NOUN
cblr-7159	408	107	undertakes	undertake	VERB
cblr-7159	408	108	certain	certain	ADJ
cblr-7159	408	109	transactions	transaction	NOUN
cblr-7159	408	110	,	,	PUNCT
cblr-7159	408	111	such	such	ADJ
cblr-7159	408	112	as	as	ADP
cblr-7159	408	113	issuing	issue	VERB
cblr-7159	408	114	new	new	ADJ
cblr-7159	408	115	debt	debt	NOUN
cblr-7159	408	116	or	or	CCONJ
cblr-7159	408	117	making	make	VERB
cblr-7159	408	118	a	a	DET
cblr-7159	408	119	major	major	ADJ
cblr-7159	408	120	acquisition.133	acquisition.133	NOUN
cblr-7159	408	121	this	this	DET
cblr-7159	408	122	type	type	NOUN
cblr-7159	408	123	of	of	ADP
cblr-7159	408	124	monitoring	monitor	VERB
cblr-7159	408	125	covenant	covenant	NOUN
cblr-7159	408	126	,	,	PUNCT
cblr-7159	408	127	known	know	VERB
cblr-7159	408	128	as	as	ADP
cblr-7159	408	129	an	an	DET
cblr-7159	408	130	“	"	PUNCT
cblr-7159	408	131	incurrence	incurrence	NOUN
cblr-7159	408	132	covenant	covenant	NOUN
cblr-7159	408	133	,	,	PUNCT
cblr-7159	408	134	”	"	PUNCT
cblr-7159	408	135	is	be	AUX
cblr-7159	408	136	common	common	ADJ
cblr-7159	408	137	in	in	ADP
cblr-7159	408	138	high	high	ADJ
cblr-7159	408	139	-	-	PUNCT
cblr-7159	408	140	yield	yield	NOUN
cblr-7159	408	141	bonds	bond	NOUN
cblr-7159	408	142	,	,	PUNCT
cblr-7159	408	143	and	and	CCONJ
cblr-7159	408	144	leaves	leave	VERB
cblr-7159	408	145	the	the	DET
cblr-7159	408	146	borrower	borrower	NOUN
cblr-7159	408	147	freer	free	ADJ
cblr-7159	408	148	to	to	PART
cblr-7159	408	149	manage	manage	VERB
cblr-7159	408	150	its	its	PRON
cblr-7159	408	151	finances	finance	NOUN
cblr-7159	408	152	as	as	ADV
cblr-7159	408	153	long	long	ADV
cblr-7159	408	154	as	as	SCONJ
cblr-7159	408	155	it	it	PRON
cblr-7159	408	156	refrains	refrain	VERB
cblr-7159	408	157	from	from	ADP
cblr-7159	408	158	engaging	engage	VERB
cblr-7159	408	159	in	in	ADP
cblr-7159	408	160	a	a	DET
cblr-7159	408	161	major	major	ADJ
cblr-7159	408	162	transaction	transaction	NOUN
cblr-7159	408	163	that	that	PRON
cblr-7159	408	164	causes	cause	VERB
cblr-7159	408	165	it	it	PRON
cblr-7159	408	166	to	to	PART
cblr-7159	408	167	breach	breach	VERB
cblr-7159	408	168	its	its	PRON
cblr-7159	408	169	pre	pre	ADJ
cblr-7159	408	170	-	-	ADJ
cblr-7159	408	171	agreed	agreed	ADJ
cblr-7159	408	172	ratios.134	ratios.134	NOUN
cblr-7159	408	173	however	however	ADV
cblr-7159	408	174	,	,	PUNCT
cblr-7159	408	175	because	because	SCONJ
cblr-7159	408	176	the	the	DET
cblr-7159	408	177	ongoing	ongoing	ADJ
cblr-7159	408	178	monitoring	monitoring	NOUN
cblr-7159	408	179	function	function	NOUN
cblr-7159	408	180	of	of	ADP
cblr-7159	408	181	traditional	traditional	ADJ
cblr-7159	408	182	covenants	covenant	NOUN
cblr-7159	408	183	is	be	AUX
cblr-7159	408	184	missing	miss	VERB
cblr-7159	408	185	,	,	PUNCT
cblr-7159	408	186	the	the	DET
cblr-7159	408	187	loans	loan	NOUN
cblr-7159	408	188	do	do	AUX
cblr-7159	408	189	not	not	PART
cblr-7159	408	190	have	have	VERB
cblr-7159	408	191	the	the	DET
cblr-7159	408	192	same	same	ADJ
cblr-7159	408	193	power	power	NOUN
cblr-7159	408	194	to	to	PART
cblr-7159	408	195	influence	influence	VERB
cblr-7159	408	196	borrower	borrower	NOUN
cblr-7159	408	197	behavior	behavior	NOUN
cblr-7159	408	198	on	on	ADP
cblr-7159	408	199	an	an	DET
cblr-7159	408	200	ongoing	ongoing	ADJ
cblr-7159	408	201	basis	basis	NOUN
cblr-7159	408	202	.	.	PUNCT
cblr-7159	409	1	in	in	ADP
cblr-7159	409	2	addition	addition	NOUN
cblr-7159	409	3	,	,	PUNCT
cblr-7159	409	4	the	the	DET
cblr-7159	409	5	financial	financial	ADJ
cblr-7159	409	6	ratios	ratio	NOUN
cblr-7159	409	7	themselves	themselves	PRON
cblr-7159	409	8	have	have	AUX
cblr-7159	409	9	become	become	VERB
cblr-7159	409	10	more	more	ADV
cblr-7159	409	11	lenient	lenient	ADJ
cblr-7159	409	12	over	over	ADP
cblr-7159	409	13	time	time	NOUN
cblr-7159	409	14	,	,	PUNCT
cblr-7159	409	15	both	both	CCONJ
cblr-7159	409	16	in	in	ADP
cblr-7159	409	17	terms	term	NOUN
cblr-7159	409	18	of	of	ADP
cblr-7159	409	19	their	their	PRON
cblr-7159	409	20	levels	level	NOUN
cblr-7159	409	21	and	and	CCONJ
cblr-7159	409	22	in	in	ADP
cblr-7159	409	23	the	the	DET
cblr-7159	409	24	ways	way	NOUN
cblr-7159	409	25	in	in	ADP
cblr-7159	409	26	which	which	PRON
cblr-7159	409	27	they	they	PRON
cblr-7159	409	28	are	be	AUX
cblr-7159	409	29	calculated.135	calculated.135	PROPN
cblr-7159	409	30	thus	thus	ADV
cblr-7159	409	31	,	,	PUNCT
cblr-7159	409	32	borrowers	borrower	NOUN
cblr-7159	409	33	are	be	AUX
cblr-7159	409	34	potentially	potentially	ADV
cblr-7159	409	35	able	able	ADJ
cblr-7159	409	36	to	to	PART
cblr-7159	409	37	get	get	VERB
cblr-7159	409	38	into	into	ADP
cblr-7159	409	39	a	a	DET
cblr-7159	409	40	precarious	precarious	ADJ
cblr-7159	409	41	financial	financial	ADJ
cblr-7159	409	42	situation	situation	NOUN
cblr-7159	409	43	without	without	ADP
cblr-7159	409	44	any	any	DET
cblr-7159	409	45	advance	advance	NOUN
cblr-7159	409	46	warning	warning	NOUN
cblr-7159	409	47	to	to	ADP
cblr-7159	409	48	lenders	lender	NOUN
cblr-7159	409	49	,	,	PUNCT
cblr-7159	409	50	and	and	CCONJ
cblr-7159	409	51	even	even	ADV
cblr-7159	409	52	where	where	SCONJ
cblr-7159	409	53	lenders	lender	NOUN
cblr-7159	409	54	do	do	AUX
cblr-7159	409	55	have	have	VERB
cblr-7159	409	56	an	an	DET
cblr-7159	409	57	advance	advance	NOUN
cblr-7159	409	58	warning	warning	NOUN
cblr-7159	409	59	,	,	PUNCT
cblr-7159	409	60	they	they	PRON
cblr-7159	409	61	may	may	AUX
cblr-7159	409	62	lack	lack	VERB
cblr-7159	409	63	the	the	DET
cblr-7159	409	64	power	power	NOUN
cblr-7159	409	65	to	to	PART
cblr-7159	409	66	influence	influence	VERB
cblr-7159	409	67	borrowers	borrower	NOUN
cblr-7159	409	68	’	'	PUNCT
cblr-7159	409	69	behavior	behavior	NOUN
cblr-7159	409	70	until	until	SCONJ
cblr-7159	409	71	the	the	DET
cblr-7159	409	72	borrowers	borrower	NOUN
cblr-7159	409	73	’	’	PART
cblr-7159	409	74	situation	situation	NOUN
cblr-7159	409	75	is	be	AUX
cblr-7159	409	76	much	much	ADV
cblr-7159	409	77	worse	bad	ADJ
cblr-7159	409	78	.	.	PUNCT
cblr-7159	410	1	bargaining	bargaining	NOUN
cblr-7159	410	2	power	power	NOUN
cblr-7159	410	3	are	be	AUX
cblr-7159	410	4	behind	behind	ADP
cblr-7159	410	5	the	the	DET
cblr-7159	410	6	shift	shift	NOUN
cblr-7159	410	7	.	.	PUNCT
cblr-7159	411	1	i	i	PRON
cblr-7159	411	2	note	note	VERB
cblr-7159	411	3	,	,	PUNCT
cblr-7159	411	4	however	however	ADV
cblr-7159	411	5	,	,	PUNCT
cblr-7159	411	6	that	that	SCONJ
cblr-7159	411	7	either	either	DET
cblr-7159	411	8	explanation	explanation	NOUN
cblr-7159	411	9	supports	support	VERB
cblr-7159	411	10	the	the	DET
cblr-7159	411	11	basic	basic	ADJ
cblr-7159	411	12	conclusions	conclusion	NOUN
cblr-7159	411	13	of	of	ADP
cblr-7159	411	14	this	this	DET
cblr-7159	411	15	article	article	NOUN
cblr-7159	411	16	.	.	PUNCT
cblr-7159	412	1	131	131	NUM
cblr-7159	412	2	see	see	VERB
cblr-7159	412	3	meyer	meyer	PROPN
cblr-7159	412	4	c.	c.	PROPN
cblr-7159	412	5	dworkin	dworkin	PROPN
cblr-7159	412	6	&	&	CCONJ
cblr-7159	412	7	monica	monica	PROPN
cblr-7159	412	8	holland	holland	PROPN
cblr-7159	412	9	,	,	PUNCT
cblr-7159	412	10	recent	recent	ADJ
cblr-7159	412	11	trends	trend	NOUN
cblr-7159	412	12	in	in	ADP
cblr-7159	412	13	u.s	u.s	PROPN
cblr-7159	412	14	.	.	PROPN
cblr-7159	412	15	term	term	PROPN
cblr-7159	412	16	loan	loan	PROPN
cblr-7159	412	17	b	b	PROPN
cblr-7159	412	18	,	,	PUNCT
cblr-7159	412	19	in	in	ADP
cblr-7159	412	20	the	the	DET
cblr-7159	412	21	international	international	ADJ
cblr-7159	412	22	comparative	comparative	ADJ
cblr-7159	412	23	legal	legal	ADJ
cblr-7159	412	24	guide	guide	NOUN
cblr-7159	412	25	to	to	ADP
cblr-7159	412	26	lending	lending	NOUN
cblr-7159	412	27	&	&	CCONJ
cblr-7159	412	28	secured	secured	ADJ
cblr-7159	412	29	finance	finance	NOUN
cblr-7159	412	30	,	,	PUNCT
cblr-7159	412	31	26	26	NUM
cblr-7159	412	32	,	,	PUNCT
cblr-7159	412	33	26–27	26–27	NUM
cblr-7159	412	34	(	(	PUNCT
cblr-7159	412	35	thomas	thomas	PROPN
cblr-7159	412	36	mellor	mellor	PROPN
cblr-7159	412	37	et	et	PROPN
cblr-7159	412	38	al	al	PROPN
cblr-7159	412	39	.	.	PUNCT
cblr-7159	412	40	eds	eds	PROPN
cblr-7159	412	41	.	.	PROPN
cblr-7159	412	42	,	,	PUNCT
cblr-7159	412	43	2d	2d	PROPN
cblr-7159	412	44	ed	ed	NOUN
cblr-7159	412	45	.	.	PROPN
cblr-7159	412	46	2014	2014	NUM
cblr-7159	412	47	)	)	PUNCT
cblr-7159	412	48	.	.	PUNCT
cblr-7159	413	1	132	132	NUM
cblr-7159	413	2	see	see	VERB
cblr-7159	413	3	i	i	PRON
cblr-7159	413	4	d.	d.	PROPN
cblr-7159	414	1	i	i	PRON
cblr-7159	414	2	note	note	VERB
cblr-7159	414	3	that	that	SCONJ
cblr-7159	414	4	there	there	PRON
cblr-7159	414	5	a	a	DET
cblr-7159	414	6	number	number	NOUN
cblr-7159	414	7	of	of	ADP
cblr-7159	414	8	other	other	ADJ
cblr-7159	414	9	features	feature	NOUN
cblr-7159	414	10	of	of	ADP
cblr-7159	414	11	cov	cov	NOUN
cblr-7159	414	12	-	-	PUNCT
cblr-7159	414	13	lite	lite	NOUN
cblr-7159	414	14	loans	loan	NOUN
cblr-7159	414	15	,	,	PUNCT
cblr-7159	414	16	and	and	CCONJ
cblr-7159	414	17	that	that	SCONJ
cblr-7159	414	18	these	these	DET
cblr-7159	414	19	permutations	permutation	NOUN
cblr-7159	414	20	vary	vary	VERB
cblr-7159	414	21	from	from	ADP
cblr-7159	414	22	deal	deal	NOUN
cblr-7159	414	23	to	to	ADP
cblr-7159	414	24	deal	deal	VERB
cblr-7159	414	25	.	.	PUNCT
cblr-7159	415	1	i	i	PRON
cblr-7159	415	2	d.	d.	VERB
cblr-7159	415	3	the	the	DET
cblr-7159	415	4	move	move	NOUN
cblr-7159	415	5	to	to	ADP
cblr-7159	415	6	incurrence	incurrence	NOUN
cblr-7159	415	7	covenants	covenant	NOUN
cblr-7159	415	8	is	be	AUX
cblr-7159	415	9	commonly	commonly	ADV
cblr-7159	415	10	cited	cite	VERB
cblr-7159	415	11	.	.	PUNCT
cblr-7159	416	1	see	see	VERB
cblr-7159	416	2	i	i	PRON
cblr-7159	416	3	d.	d.	PROPN
cblr-7159	416	4	at	at	ADP
cblr-7159	416	5	26	26	NUM
cblr-7159	416	6	.	.	PUNCT
cblr-7159	417	1	133	133	NUM
cblr-7159	417	2	see	see	VERB
cblr-7159	417	3	i	i	PRON
cblr-7159	417	4	d.	d.	PROPN
cblr-7159	417	5	at	at	ADP
cblr-7159	417	6	27–28	27–28	NUM
cblr-7159	417	7	.	.	PUNCT
cblr-7159	418	1	134	134	NUM
cblr-7159	418	2	see	see	VERB
cblr-7159	418	3	i	i	PRON
cblr-7159	418	4	d.	d.	PROPN
cblr-7159	418	5	at	at	ADP
cblr-7159	418	6	27	27	NUM
cblr-7159	418	7	.	.	PUNCT
cblr-7159	419	1	135	135	NUM
cblr-7159	419	2	one	one	NUM
cblr-7159	419	3	prominent	prominent	ADJ
cblr-7159	419	4	example	example	NOUN
cblr-7159	419	5	of	of	ADP
cblr-7159	419	6	this	this	PRON
cblr-7159	419	7	is	be	AUX
cblr-7159	419	8	a	a	DET
cblr-7159	419	9	more	more	ADV
cblr-7159	419	10	borrower	borrower	NOUN
cblr-7159	419	11	-	-	PUNCT
cblr-7159	419	12	friendly	friendly	ADJ
cblr-7159	419	13	definition	definition	NOUN
cblr-7159	419	14	of	of	ADP
cblr-7159	419	15	ebitda	ebitda	NOUN
cblr-7159	419	16	,	,	PUNCT
cblr-7159	419	17	of	of	ADP
cblr-7159	419	18	which	which	PRON
cblr-7159	419	19	there	there	PRON
cblr-7159	419	20	are	be	VERB
cblr-7159	419	21	many	many	ADJ
cblr-7159	419	22	variations	variation	NOUN
cblr-7159	419	23	.	.	PUNCT
cblr-7159	420	1	see	see	VERB
cblr-7159	420	2	i	i	PRON
cblr-7159	420	3	d.	d.	PROPN
cblr-7159	420	4	see	see	VERB
cblr-7159	420	5	also	also	ADV
cblr-7159	420	6	adam	adam	PROPN
cblr-7159	420	7	b.	b.	PROPN
cblr-7159	420	8	badawi	badawi	PROPN
cblr-7159	420	9	&	&	CCONJ
cblr-7159	420	10	elisabeth	elisabeth	PROPN
cblr-7159	420	11	de	de	PROPN
cblr-7159	420	12	fontenay	fontenay	PROPN
cblr-7159	420	13	,	,	PUNCT
cblr-7159	420	14	contractual	contractual	ADJ
cblr-7159	420	15	complexity	complexity	NOUN
cblr-7159	420	16	in	in	ADP
cblr-7159	420	17	debt	debt	NOUN
cblr-7159	420	18	agreements	agreement	NOUN
cblr-7159	420	19	:	:	PUNCT
cblr-7159	420	20	the	the	DET
cblr-7159	420	21	case	case	NOUN
cblr-7159	420	22	of	of	ADP
cblr-7159	420	23	ebitda	ebitda	PROPN
cblr-7159	420	24	(	(	PUNCT
cblr-7159	420	25	duke	duke	PROPN
cblr-7159	420	26	law	law	PROPN
cblr-7159	420	27	sch	sch	PROPN
cblr-7159	420	28	.	.	PUNCT
cblr-7159	421	1	pub	pub	NOUN
cblr-7159	421	2	.	.	PUNCT
cblr-7159	422	1	law	law	NOUN
cblr-7159	422	2	&	&	CCONJ
cblr-7159	422	3	legal	legal	ADJ
cblr-7159	422	4	theory	theory	NOUN
cblr-7159	422	5	series	series	NOUN
cblr-7159	422	6	,	,	PUNCT
cblr-7159	422	7	working	working	NOUN
cblr-7159	422	8	paper	paper	NOUN
cblr-7159	422	9	no	no	NOUN
cblr-7159	422	10	.	.	PROPN
cblr-7159	422	11	2019	2019	NUM
cblr-7159	422	12	-	-	SYM
cblr-7159	422	13	67	67	NUM
cblr-7159	422	14	,	,	PUNCT
cblr-7159	422	15	2019	2019	NUM
cblr-7159	422	16	)	)	PUNCT
cblr-7159	422	17	,	,	PUNCT
cblr-7159	422	18	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3455497	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3455497	PROPN
cblr-7159	422	19	[	[	X
cblr-7159	422	20	https://perma.cc/re6l-u47q	https://perma.cc/re6l-u47q	X
cblr-7159	422	21	]	]	PUNCT
cblr-7159	422	22	(	(	PUNCT
cblr-7159	422	23	identifying	identify	VERB
cblr-7159	422	24	previously	previously	ADV
cblr-7159	422	25	unexamined	unexamined	ADJ
cblr-7159	422	26	variety	variety	NOUN
cblr-7159	422	27	in	in	ADP
cblr-7159	422	28	the	the	DET
cblr-7159	422	29	definitions	definition	NOUN
cblr-7159	422	30	of	of	ADP
cblr-7159	422	31	ebitda	ebitda	NOUN
cblr-7159	422	32	)	)	PUNCT
cblr-7159	422	33	.	.	PUNCT
cblr-7159	423	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	423	2	(	(	PUNCT
cblr-7159	423	3	do	do	AUX
cblr-7159	423	4	not	not	PART
cblr-7159	423	5	delete	delete	VERB
cblr-7159	423	6	)	)	PUNCT
cblr-7159	423	7	9/28/2020	9/28/2020	NUM
cblr-7159	423	8	6:35	6:35	NUM
cblr-7159	423	9	pm	pm	NOUN
cblr-7159	423	10	no	no	INTJ
cblr-7159	423	11	.	.	PUNCT
cblr-7159	424	1	1:192	1:192	X
cblr-7159	424	2	]	]	X
cblr-7159	424	3	reconsidering	reconsider	VERB
cblr-7159	424	4	creditor	creditor	NOUN
cblr-7159	424	5	governance	governance	NOUN
cblr-7159	424	6	223	223	NUM
cblr-7159	424	7	the	the	DET
cblr-7159	424	8	cov	cov	NOUN
cblr-7159	424	9	-	-	PUNCT
cblr-7159	424	10	lite	lite	NOUN
cblr-7159	424	11	phenomenon	phenomenon	NOUN
cblr-7159	424	12	was	be	AUX
cblr-7159	424	13	first	first	ADV
cblr-7159	424	14	seen	see	VERB
cblr-7159	424	15	before	before	ADP
cblr-7159	424	16	the	the	DET
cblr-7159	424	17	financial	financial	ADJ
cblr-7159	424	18	crisis	crisis	NOUN
cblr-7159	424	19	,	,	PUNCT
cblr-7159	424	20	beginning	begin	VERB
cblr-7159	424	21	around	around	ADP
cblr-7159	424	22	2005.136	2005.136	NUM
cblr-7159	424	23	the	the	DET
cblr-7159	424	24	prevalence	prevalence	NOUN
cblr-7159	424	25	of	of	ADP
cblr-7159	424	26	these	these	DET
cblr-7159	424	27	covlite	covlite	ADJ
cblr-7159	424	28	loans	loan	NOUN
cblr-7159	424	29	faded	fade	VERB
cblr-7159	424	30	during	during	ADP
cblr-7159	424	31	the	the	DET
cblr-7159	424	32	credit	credit	NOUN
cblr-7159	424	33	crisis	crisis	NOUN
cblr-7159	424	34	,	,	PUNCT
cblr-7159	424	35	but	but	CCONJ
cblr-7159	424	36	they	they	PRON
cblr-7159	424	37	began	begin	VERB
cblr-7159	424	38	to	to	PART
cblr-7159	424	39	appear	appear	VERB
cblr-7159	424	40	again	again	ADV
cblr-7159	424	41	shortly	shortly	ADV
cblr-7159	424	42	after.137	after.137	NOUN
cblr-7159	424	43	between	between	ADP
cblr-7159	424	44	october	october	PROPN
cblr-7159	424	45	2015	2015	NUM
cblr-7159	424	46	and	and	CCONJ
cblr-7159	424	47	october	october	PROPN
cblr-7159	424	48	2018	2018	NUM
cblr-7159	424	49	,	,	PUNCT
cblr-7159	424	50	the	the	DET
cblr-7159	424	51	proportion	proportion	NOUN
cblr-7159	424	52	of	of	ADP
cblr-7159	424	53	leveraged	leveraged	ADJ
cblr-7159	424	54	loans	loan	NOUN
cblr-7159	424	55	that	that	PRON
cblr-7159	424	56	were	be	AUX
cblr-7159	424	57	cov	cov	NOUN
cblr-7159	424	58	-	-	PUNCT
cblr-7159	424	59	lite	lite	NOUN
cblr-7159	424	60	is	be	AUX
cblr-7159	424	61	estimated	estimate	VERB
cblr-7159	424	62	to	to	PART
cblr-7159	424	63	have	have	AUX
cblr-7159	424	64	grown	grow	VERB
cblr-7159	424	65	from	from	ADP
cblr-7159	424	66	just	just	ADV
cblr-7159	424	67	under	under	ADP
cblr-7159	424	68	65	65	NUM
cblr-7159	424	69	%	%	NOUN
cblr-7159	424	70	to	to	ADP
cblr-7159	424	71	almost	almost	ADV
cblr-7159	424	72	80	80	NUM
cblr-7159	424	73	%	%	NOUN
cblr-7159	424	74	of	of	ADP
cblr-7159	424	75	the	the	DET
cblr-7159	424	76	syndicated	syndicate	VERB
cblr-7159	424	77	loan	loan	NOUN
cblr-7159	424	78	market.138	market.138	NOUN
cblr-7159	424	79	the	the	DET
cblr-7159	424	80	rising	rise	VERB
cblr-7159	424	81	proportion	proportion	NOUN
cblr-7159	424	82	of	of	ADP
cblr-7159	424	83	such	such	ADJ
cblr-7159	424	84	loans	loan	NOUN
cblr-7159	424	85	reflects	reflect	VERB
cblr-7159	424	86	,	,	PUNCT
cblr-7159	424	87	in	in	ADP
cblr-7159	424	88	part	part	NOUN
cblr-7159	424	89	,	,	PUNCT
cblr-7159	424	90	the	the	DET
cblr-7159	424	91	loss	loss	NOUN
cblr-7159	424	92	of	of	ADP
cblr-7159	424	93	lenders	lender	NOUN
cblr-7159	424	94	’	’	PART
cblr-7159	424	95	bargaining	bargaining	NOUN
cblr-7159	424	96	power	power	NOUN
cblr-7159	424	97	as	as	ADP
cblr-7159	424	98	competition	competition	NOUN
cblr-7159	424	99	for	for	ADP
cblr-7159	424	100	loans	loan	NOUN
cblr-7159	424	101	has	have	AUX
cblr-7159	424	102	grown.139	grown.139	VERB
cblr-7159	424	103	it	it	PRON
cblr-7159	424	104	also	also	ADV
cblr-7159	424	105	reflects	reflect	VERB
cblr-7159	424	106	the	the	DET
cblr-7159	424	107	changing	change	VERB
cblr-7159	424	108	makeup	makeup	NOUN
cblr-7159	424	109	of	of	ADP
cblr-7159	424	110	term	term	NOUN
cblr-7159	424	111	loan	loan	NOUN
cblr-7159	424	112	investors	investor	NOUN
cblr-7159	424	113	.	.	PUNCT
cblr-7159	425	1	cov	cov	NOUN
cblr-7159	425	2	-	-	PUNCT
cblr-7159	425	3	lite	lite	NOUN
cblr-7159	425	4	loans	loan	NOUN
cblr-7159	425	5	are	be	AUX
cblr-7159	425	6	almost	almost	ADV
cblr-7159	425	7	always	always	ADV
cblr-7159	425	8	term	term	NOUN
cblr-7159	425	9	loans	loan	NOUN
cblr-7159	425	10	,	,	PUNCT
cblr-7159	425	11	(	(	PUNCT
cblr-7159	425	12	most	most	ADV
cblr-7159	425	13	frequently	frequently	ADV
cblr-7159	425	14	tlbs	tlb	NOUN
cblr-7159	425	15	)	)	PUNCT
cblr-7159	425	16	held	hold	VERB
cblr-7159	425	17	by	by	ADP
cblr-7159	425	18	non	non	ADJ
cblr-7159	425	19	-	-	ADJ
cblr-7159	425	20	bank	bank	ADJ
cblr-7159	425	21	institutional	institutional	ADJ
cblr-7159	425	22	lenders.140	lenders.140	NOUN
cblr-7159	425	23	these	these	DET
cblr-7159	425	24	investors	investor	NOUN
cblr-7159	425	25	have	have	AUX
cblr-7159	425	26	historically	historically	ADV
cblr-7159	425	27	been	be	AUX
cblr-7159	425	28	active	active	ADJ
cblr-7159	425	29	in	in	ADP
cblr-7159	425	30	the	the	DET
cblr-7159	425	31	market	market	NOUN
cblr-7159	425	32	for	for	ADP
cblr-7159	425	33	corporate	corporate	ADJ
cblr-7159	425	34	bonds	bond	NOUN
cblr-7159	425	35	which	which	PRON
cblr-7159	425	36	,	,	PUNCT
cblr-7159	425	37	unlike	unlike	ADP
cblr-7159	425	38	loans	loan	NOUN
cblr-7159	425	39	,	,	PUNCT
cblr-7159	425	40	have	have	AUX
cblr-7159	425	41	typically	typically	ADV
cblr-7159	425	42	lacked	lack	VERB
cblr-7159	425	43	any	any	DET
cblr-7159	425	44	sort	sort	NOUN
cblr-7159	425	45	of	of	ADP
cblr-7159	425	46	ongoing	ongoing	ADJ
cblr-7159	425	47	monitoring	monitoring	NOUN
cblr-7159	425	48	covenants.141	covenants.141	NOUN
cblr-7159	425	49	some	some	DET
cblr-7159	425	50	industry	industry	NOUN
cblr-7159	425	51	observers	observer	NOUN
cblr-7159	425	52	have	have	AUX
cblr-7159	425	53	speculated	speculate	VERB
cblr-7159	425	54	that	that	SCONJ
cblr-7159	425	55	,	,	PUNCT
cblr-7159	425	56	in	in	ADP
cblr-7159	425	57	addition	addition	NOUN
cblr-7159	425	58	to	to	ADP
cblr-7159	425	59	shifts	shift	NOUN
cblr-7159	425	60	in	in	ADP
cblr-7159	425	61	bargaining	bargaining	NOUN
cblr-7159	425	62	power	power	NOUN
cblr-7159	425	63	,	,	PUNCT
cblr-7159	425	64	the	the	DET
cblr-7159	425	65	move	move	NOUN
cblr-7159	425	66	toward	toward	ADP
cblr-7159	425	67	cov	cov	NOUN
cblr-7159	425	68	-	-	PUNCT
cblr-7159	425	69	lite	lite	NOUN
cblr-7159	425	70	loans	loan	NOUN
cblr-7159	425	71	has	have	AUX
cblr-7159	425	72	been	be	AUX
cblr-7159	425	73	facilitated	facilitate	VERB
cblr-7159	425	74	by	by	ADP
cblr-7159	425	75	the	the	DET
cblr-7159	425	76	fact	fact	NOUN
cblr-7159	425	77	that	that	SCONJ
cblr-7159	425	78	non	non	ADJ
cblr-7159	425	79	-	-	ADJ
cblr-7159	425	80	bank	bank	ADJ
cblr-7159	425	81	investors	investor	NOUN
cblr-7159	425	82	are	be	AUX
cblr-7159	425	83	inured	inured	ADJ
cblr-7159	425	84	to	to	ADP
cblr-7159	425	85	instruments	instrument	NOUN
cblr-7159	425	86	136	136	NUM
cblr-7159	425	87	see	see	VERB
cblr-7159	425	88	yu	yu	PROPN
cblr-7159	425	89	,	,	PUNCT
cblr-7159	425	90	supra	supra	PROPN
cblr-7159	425	91	note	note	PROPN
cblr-7159	425	92	127	127	NUM
cblr-7159	425	93	,	,	PUNCT
cblr-7159	425	94	at	at	ADP
cblr-7159	425	95	3–4	3–4	NUM
cblr-7159	425	96	.	.	NOUN
cblr-7159	425	97	137	137	NUM
cblr-7159	425	98	see	see	VERB
cblr-7159	425	99	jerome	jerome	PROPN
cblr-7159	425	100	h.	h.	PROPN
cblr-7159	425	101	powell	powell	PROPN
cblr-7159	425	102	,	,	PUNCT
cblr-7159	425	103	member	member	NOUN
cblr-7159	425	104	,	,	PUNCT
cblr-7159	425	105	bd	bd	PROPN
cblr-7159	425	106	.	.	PROPN
cblr-7159	425	107	of	of	ADP
cblr-7159	425	108	governors	governor	NOUN
cblr-7159	425	109	of	of	ADP
cblr-7159	425	110	the	the	DET
cblr-7159	425	111	fed	fed	PROPN
cblr-7159	425	112	.	.	PUNCT
cblr-7159	426	1	reserve	reserve	PROPN
cblr-7159	426	2	sys	sys	PROPN
cblr-7159	426	3	.	.	PROPN
cblr-7159	426	4	,	,	PUNCT
cblr-7159	426	5	remarks	remark	NOUN
cblr-7159	426	6	at	at	ADP
cblr-7159	426	7	new	new	PROPN
cblr-7159	426	8	york	york	PROPN
cblr-7159	426	9	university	university	PROPN
cblr-7159	426	10	’s	’s	PART
cblr-7159	426	11	stern	stern	ADJ
cblr-7159	426	12	school	school	NOUN
cblr-7159	426	13	of	of	ADP
cblr-7159	426	14	business	business	NOUN
cblr-7159	426	15	:	:	PUNCT
cblr-7159	426	16	financial	financial	ADJ
cblr-7159	426	17	institutions	institution	NOUN
cblr-7159	426	18	,	,	PUNCT
cblr-7159	426	19	financial	financial	ADJ
cblr-7159	426	20	markets	market	NOUN
cblr-7159	426	21	,	,	PUNCT
cblr-7159	426	22	and	and	CCONJ
cblr-7159	426	23	financial	financial	ADJ
cblr-7159	426	24	stability	stability	NOUN
cblr-7159	426	25	11	11	NUM
cblr-7159	426	26	(	(	PUNCT
cblr-7159	426	27	feb	feb	PROPN
cblr-7159	426	28	.	.	PROPN
cblr-7159	426	29	18	18	NUM
cblr-7159	426	30	,	,	PUNCT
cblr-7159	426	31	2015	2015	NUM
cblr-7159	426	32	)	)	PUNCT
cblr-7159	426	33	(	(	PUNCT
cblr-7159	426	34	noting	note	VERB
cblr-7159	426	35	that	that	SCONJ
cblr-7159	426	36	“	"	PUNCT
cblr-7159	426	37	[	[	X
cblr-7159	426	38	p]rice	p]rice	NOUN
cblr-7159	426	39	and	and	CCONJ
cblr-7159	426	40	nonprice	nonprice	NOUN
cblr-7159	426	41	terms	term	NOUN
cblr-7159	426	42	in	in	ADP
cblr-7159	426	43	the	the	DET
cblr-7159	426	44	syndicated	syndicate	VERB
cblr-7159	426	45	leveraged	leveraged	ADJ
cblr-7159	426	46	loan	loan	NOUN
cblr-7159	426	47	market	market	NOUN
cblr-7159	426	48	have	have	AUX
cblr-7159	426	49	been	be	AUX
cblr-7159	426	50	highly	highly	ADV
cblr-7159	426	51	favorable	favorable	ADJ
cblr-7159	426	52	to	to	ADP
cblr-7159	426	53	borrowers	borrower	NOUN
cblr-7159	426	54	.	.	PUNCT
cblr-7159	426	55	.	.	PUNCT
cblr-7159	426	56	.	.	PUNCT
cblr-7159	426	57	.	.	PUNCT
cblr-7159	427	1	the	the	DET
cblr-7159	427	2	share	share	NOUN
cblr-7159	427	3	of	of	ADP
cblr-7159	427	4	loan	loan	NOUN
cblr-7159	427	5	agreements	agreement	NOUN
cblr-7159	427	6	that	that	PRON
cblr-7159	427	7	lack	lack	VERB
cblr-7159	427	8	traditional	traditional	ADJ
cblr-7159	427	9	maintenance	maintenance	NOUN
cblr-7159	427	10	covenants	covenant	NOUN
cblr-7159	427	11	increased	increase	VERB
cblr-7159	427	12	to	to	ADP
cblr-7159	427	13	historic	historic	ADJ
cblr-7159	427	14	highs	high	NOUN
cblr-7159	427	15	.	.	PUNCT
cblr-7159	427	16	.	.	PUNCT
cblr-7159	427	17	.	.	PUNCT
cblr-7159	427	18	.	.	PUNCT
cblr-7159	427	19	”	"	PUNCT
cblr-7159	428	1	(	(	PUNCT
cblr-7159	428	2	citation	citation	NOUN
cblr-7159	428	3	omitted	omit	VERB
cblr-7159	428	4	)	)	PUNCT
cblr-7159	428	5	)	)	PUNCT
cblr-7159	428	6	.	.	PUNCT
cblr-7159	429	1	138	138	NUM
cblr-7159	429	2	see	see	VERB
cblr-7159	429	3	leveraged	leveraged	ADJ
cblr-7159	429	4	loans	loan	NOUN
cblr-7159	429	5	:	:	PUNCT
cblr-7159	429	6	covenant	covenant	ADJ
cblr-7159	429	7	-	-	PUNCT
cblr-7159	429	8	lite	lite	NOUN
cblr-7159	429	9	issuance	issuance	NOUN
cblr-7159	429	10	levels	level	NOUN
cblr-7159	429	11	off	off	ADP
cblr-7159	429	12	,	,	PUNCT
cblr-7159	429	13	though	though	SCONJ
cblr-7159	429	14	remains	remain	VERB
cblr-7159	429	15	strong	strong	ADJ
cblr-7159	429	16	,	,	PUNCT
cblr-7159	429	17	s&p	s&p	PROPN
cblr-7159	429	18	global	global	ADJ
cblr-7159	429	19	mkt	mkt	PROPN
cblr-7159	429	20	.	.	PUNCT
cblr-7159	430	1	intelligence	intelligence	NOUN
cblr-7159	430	2	(	(	PUNCT
cblr-7159	430	3	nov	nov	PROPN
cblr-7159	430	4	.	.	PROPN
cblr-7159	430	5	9	9	NUM
cblr-7159	430	6	,	,	PUNCT
cblr-7159	430	7	2018	2018	NUM
cblr-7159	430	8	)	)	PUNCT
cblr-7159	430	9	,	,	PUNCT
cblr-7159	430	10	https://www.spglobal.com/marketintelligence/en/news-insights/latestnews-headlines/leveraged-loan-news/leveraged-loans-covenant-lite-issuance-levels-off-though-remains-strong	https://www.spglobal.com/marketintelligence/en/news-insights/latestnews-headlines/leveraged-loan-news/leveraged-loans-covenant-lite-issuance-levels-off-though-remains-strong	ADP
cblr-7159	431	1	[	[	X
cblr-7159	431	2	https://perma.cc/95hu-yyc6	https://perma.cc/95hu-yyc6	NOUN
cblr-7159	431	3	]	]	PUNCT
cblr-7159	431	4	.	.	PUNCT
cblr-7159	432	1	139	139	NUM
cblr-7159	432	2	see	see	VERB
cblr-7159	432	3	generally	generally	ADV
cblr-7159	432	4	bo	bo	PROPN
cblr-7159	432	5	becker	becker	PROPN
cblr-7159	432	6	&	&	CCONJ
cblr-7159	432	7	victoria	victoria	PROPN
cblr-7159	432	8	ivashina	ivashina	PROPN
cblr-7159	432	9	,	,	PUNCT
cblr-7159	432	10	covenant	covenant	ADJ
cblr-7159	432	11	-	-	PUNCT
cblr-7159	432	12	light	light	NOUN
cblr-7159	432	13	contracts	contract	NOUN
cblr-7159	432	14	and	and	CCONJ
cblr-7159	432	15	creditor	creditor	NOUN
cblr-7159	432	16	coordination	coordination	NOUN
cblr-7159	432	17	,	,	PUNCT
cblr-7159	432	18	(	(	PUNCT
cblr-7159	432	19	sveriges	sverige	VERB
cblr-7159	432	20	riksbank	riksbank	ADJ
cblr-7159	432	21	research	research	NOUN
cblr-7159	432	22	paper	paper	NOUN
cblr-7159	432	23	series	series	NOUN
cblr-7159	432	24	,	,	PUNCT
cblr-7159	432	25	working	work	VERB
cblr-7159	432	26	paper	paper	NOUN
cblr-7159	432	27	no	no	INTJ
cblr-7159	432	28	.	.	PROPN
cblr-7159	432	29	149	149	NUM
cblr-7159	432	30	,	,	PUNCT
cblr-7159	432	31	2016	2016	NUM
cblr-7159	432	32	)	)	PUNCT
cblr-7159	432	33	,	,	PUNCT
cblr-7159	432	34	https://ssrn.com/abstract=2871887	https://ssrn.com/abstract=2871887	X
cblr-7159	432	35	[	[	X
cblr-7159	432	36	https://perma.cc/mmd2-f6c7	https://perma.cc/mmd2-f6c7	NOUN
cblr-7159	432	37	]	]	PUNCT
cblr-7159	432	38	(	(	PUNCT
cblr-7159	432	39	discussing	discuss	VERB
cblr-7159	432	40	explanations	explanation	NOUN
cblr-7159	432	41	for	for	ADP
cblr-7159	432	42	the	the	DET
cblr-7159	432	43	rise	rise	NOUN
cblr-7159	432	44	of	of	ADP
cblr-7159	432	45	covlite	covlite	ADJ
cblr-7159	432	46	loans	loan	NOUN
cblr-7159	432	47	,	,	PUNCT
cblr-7159	432	48	including	include	VERB
cblr-7159	432	49	coordination	coordination	NOUN
cblr-7159	432	50	costs	cost	NOUN
cblr-7159	432	51	in	in	ADP
cblr-7159	432	52	the	the	DET
cblr-7159	432	53	lending	lending	NOUN
cblr-7159	432	54	syndicate	syndicate	NOUN
cblr-7159	432	55	and	and	CCONJ
cblr-7159	432	56	increased	increase	VERB
cblr-7159	432	57	borrower	borrower	NOUN
cblr-7159	432	58	demand	demand	NOUN
cblr-7159	432	59	)	)	PUNCT
cblr-7159	432	60	.	.	PUNCT
cblr-7159	433	1	140	140	NUM
cblr-7159	433	2	see	see	VERB
cblr-7159	433	3	berlin	berlin	PROPN
cblr-7159	433	4	et	et	PROPN
cblr-7159	433	5	al	al	PROPN
cblr-7159	433	6	.	.	PROPN
cblr-7159	433	7	,	,	PUNCT
cblr-7159	433	8	supra	supra	PROPN
cblr-7159	433	9	note	note	PROPN
cblr-7159	433	10	24	24	NUM
cblr-7159	433	11	(	(	PUNCT
cblr-7159	433	12	manuscript	manuscript	NOUN
cblr-7159	433	13	at	at	ADP
cblr-7159	433	14	2–3	2–3	NUM
cblr-7159	433	15	)	)	PUNCT
cblr-7159	433	16	.	.	PUNCT
cblr-7159	434	1	141	141	NUM
cblr-7159	434	2	see	see	VERB
cblr-7159	434	3	becker	becker	PROPN
cblr-7159	434	4	&	&	CCONJ
cblr-7159	434	5	ivashina	ivashina	PROPN
cblr-7159	434	6	,	,	PUNCT
cblr-7159	434	7	supra	supra	PROPN
cblr-7159	434	8	note	note	NOUN
cblr-7159	434	9	139	139	NUM
cblr-7159	434	10	,	,	PUNCT
cblr-7159	434	11	at	at	ADP
cblr-7159	434	12	2–3	2–3	PROPN
cblr-7159	434	13	.	.	NOUN
cblr-7159	434	14	becker	becker	PROPN
cblr-7159	434	15	and	and	CCONJ
cblr-7159	434	16	ivashina	ivashina	PROPN
cblr-7159	434	17	argue	argue	VERB
cblr-7159	434	18	that	that	SCONJ
cblr-7159	434	19	weaker	weak	ADJ
cblr-7159	434	20	covenants	covenant	NOUN
cblr-7159	434	21	are	be	AUX
cblr-7159	434	22	a	a	DET
cblr-7159	434	23	rational	rational	ADJ
cblr-7159	434	24	preference	preference	NOUN
cblr-7159	434	25	of	of	ADP
cblr-7159	434	26	non	non	ADJ
cblr-7159	434	27	-	-	ADJ
cblr-7159	434	28	bank	bank	ADJ
cblr-7159	434	29	institutional	institutional	ADJ
cblr-7159	434	30	creditors	creditor	NOUN
cblr-7159	434	31	.	.	PUNCT
cblr-7159	435	1	these	these	DET
cblr-7159	435	2	creditors	creditor	NOUN
cblr-7159	435	3	have	have	VERB
cblr-7159	435	4	incompatible	incompatible	ADJ
cblr-7159	435	5	interests	interest	NOUN
cblr-7159	435	6	regarding	regard	VERB
cblr-7159	435	7	the	the	DET
cblr-7159	435	8	treatment	treatment	NOUN
cblr-7159	435	9	of	of	ADP
cblr-7159	435	10	borrowers	borrower	NOUN
cblr-7159	435	11	who	who	PRON
cblr-7159	435	12	violate	violate	VERB
cblr-7159	435	13	covenants	covenant	NOUN
cblr-7159	435	14	,	,	PUNCT
cblr-7159	435	15	and	and	CCONJ
cblr-7159	435	16	weakening	weakening	NOUN
cblr-7159	435	17	covenants	covenant	NOUN
cblr-7159	435	18	allows	allow	VERB
cblr-7159	435	19	them	they	PRON
cblr-7159	435	20	to	to	PART
cblr-7159	435	21	avoid	avoid	VERB
cblr-7159	435	22	conflicts	conflict	NOUN
cblr-7159	435	23	and/or	and/or	CCONJ
cblr-7159	435	24	coordination	coordination	NOUN
cblr-7159	435	25	costs	cost	NOUN
cblr-7159	435	26	.	.	PUNCT
cblr-7159	436	1	see	see	VERB
cblr-7159	436	2	i	i	PRON
cblr-7159	436	3	d.	d.	PROPN
cblr-7159	436	4	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	436	5	(	(	PUNCT
cblr-7159	436	6	do	do	AUX
cblr-7159	436	7	not	not	PART
cblr-7159	436	8	delte	delte	VERB
cblr-7159	436	9	)	)	PUNCT
cblr-7159	436	10	9/28/2020	9/28/2020	NUM
cblr-7159	436	11	6:35	6:35	NUM
cblr-7159	436	12	pm	pm	NOUN
cblr-7159	436	13	224	224	NUM
cblr-7159	436	14	columbia	columbia	PROPN
cblr-7159	436	15	business	business	NOUN
cblr-7159	436	16	law	law	PROPN
cblr-7159	436	17	review	review	NOUN
cblr-7159	436	18	[	[	X
cblr-7159	436	19	vol	vol	NOUN
cblr-7159	436	20	.	.	PUNCT
cblr-7159	436	21	2020	2020	NUM
cblr-7159	436	22	with	with	ADP
cblr-7159	436	23	low	low	ADJ
cblr-7159	436	24	creditor	creditor	NOUN
cblr-7159	436	25	protection	protection	NOUN
cblr-7159	436	26	and	and	CCONJ
cblr-7159	436	27	are	be	AUX
cblr-7159	436	28	therefore	therefore	ADV
cblr-7159	436	29	less	less	ADV
cblr-7159	436	30	wary	wary	ADJ
cblr-7159	436	31	of	of	ADP
cblr-7159	436	32	covenant	covenant	ADJ
cblr-7159	436	33	-	-	PUNCT
cblr-7159	436	34	lite	lite	NOUN
cblr-7159	436	35	loans.142	loans.142	PROPN
cblr-7159	436	36	moreover	moreover	ADV
cblr-7159	436	37	,	,	PUNCT
cblr-7159	436	38	recent	recent	ADJ
cblr-7159	436	39	research	research	NOUN
cblr-7159	436	40	has	have	AUX
cblr-7159	436	41	questioned	question	VERB
cblr-7159	436	42	the	the	DET
cblr-7159	436	43	extent	extent	NOUN
cblr-7159	436	44	to	to	ADP
cblr-7159	436	45	which	which	PRON
cblr-7159	436	46	cov	cov	NOUN
cblr-7159	436	47	-	-	PUNCT
cblr-7159	436	48	lite	lite	NOUN
cblr-7159	436	49	loans	loan	NOUN
cblr-7159	436	50	truly	truly	ADV
cblr-7159	436	51	deprive	deprive	VERB
cblr-7159	436	52	lenders	lender	NOUN
cblr-7159	436	53	of	of	ADP
cblr-7159	436	54	monitoring	monitoring	NOUN
cblr-7159	436	55	and	and	CCONJ
cblr-7159	436	56	intervention	intervention	NOUN
cblr-7159	436	57	power	power	NOUN
cblr-7159	436	58	.	.	PUNCT
cblr-7159	437	1	one	one	NUM
cblr-7159	437	2	study	study	NOUN
cblr-7159	437	3	recently	recently	ADV
cblr-7159	437	4	found	find	VERB
cblr-7159	437	5	that	that	SCONJ
cblr-7159	437	6	all	all	PRON
cblr-7159	437	7	but	but	SCONJ
cblr-7159	437	8	15	15	NUM
cblr-7159	437	9	%	%	NOUN
cblr-7159	437	10	of	of	ADP
cblr-7159	437	11	cov	cov	NOUN
cblr-7159	437	12	-	-	PUNCT
cblr-7159	437	13	lite	lite	NOUN
cblr-7159	437	14	loans	loan	NOUN
cblr-7159	437	15	are	be	AUX
cblr-7159	437	16	made	make	VERB
cblr-7159	437	17	alongside	alongside	ADP
cblr-7159	437	18	revolving	revolve	VERB
cblr-7159	437	19	credit	credit	NOUN
cblr-7159	437	20	facilities	facility	NOUN
cblr-7159	437	21	that	that	PRON
cblr-7159	437	22	retain	retain	VERB
cblr-7159	437	23	full	full	ADJ
cblr-7159	437	24	monitoring	monitoring	NOUN
cblr-7159	437	25	covenants	covenant	NOUN
cblr-7159	437	26	,	,	PUNCT
cblr-7159	437	27	and	and	CCONJ
cblr-7159	437	28	that	that	SCONJ
cblr-7159	437	29	the	the	DET
cblr-7159	437	30	revolving	revolve	VERB
cblr-7159	437	31	facilities	facility	NOUN
cblr-7159	437	32	are	be	AUX
cblr-7159	437	33	generally	generally	ADV
cblr-7159	437	34	retained	retain	VERB
cblr-7159	437	35	by	by	ADP
cblr-7159	437	36	a	a	DET
cblr-7159	437	37	traditional	traditional	ADJ
cblr-7159	437	38	bank	bank	NOUN
cblr-7159	437	39	lender.143	lender.143	NOUN
cblr-7159	437	40	this	this	PRON
cblr-7159	437	41	implies	imply	VERB
cblr-7159	437	42	that	that	SCONJ
cblr-7159	437	43	,	,	PUNCT
cblr-7159	437	44	for	for	ADP
cblr-7159	437	45	all	all	PRON
cblr-7159	437	46	but	but	CCONJ
cblr-7159	437	47	15	15	NUM
cblr-7159	437	48	%	%	NOUN
cblr-7159	437	49	of	of	ADP
cblr-7159	437	50	cov	cov	NOUN
cblr-7159	437	51	-	-	PUNCT
cblr-7159	437	52	lite	lite	NOUN
cblr-7159	437	53	loans	loan	NOUN
cblr-7159	437	54	,	,	PUNCT
cblr-7159	437	55	a	a	DET
cblr-7159	437	56	covenant	covenant	ADJ
cblr-7159	437	57	heavy	heavy	ADJ
cblr-7159	437	58	loan	loan	NOUN
cblr-7159	437	59	exists	exist	VERB
cblr-7159	437	60	and	and	CCONJ
cblr-7159	437	61	allows	allow	VERB
cblr-7159	437	62	a	a	DET
cblr-7159	437	63	relationship	relationship	NOUN
cblr-7159	437	64	lender	lender	NOUN
cblr-7159	437	65	to	to	PART
cblr-7159	437	66	monitor	monitor	VERB
cblr-7159	437	67	borrowers	borrower	NOUN
cblr-7159	437	68	.	.	PUNCT
cblr-7159	438	1	therefore	therefore	ADV
cblr-7159	438	2	,	,	PUNCT
cblr-7159	438	3	the	the	DET
cblr-7159	438	4	absence	absence	NOUN
cblr-7159	438	5	of	of	ADP
cblr-7159	438	6	covenants	covenant	NOUN
cblr-7159	438	7	may	may	AUX
cblr-7159	438	8	not	not	PART
cblr-7159	438	9	be	be	AUX
cblr-7159	438	10	the	the	DET
cblr-7159	438	11	hinderance	hinderance	NOUN
cblr-7159	438	12	to	to	ADP
cblr-7159	438	13	lender	lender	NOUN
cblr-7159	438	14	intervention	intervention	NOUN
cblr-7159	438	15	that	that	SCONJ
cblr-7159	438	16	it	it	PRON
cblr-7159	438	17	seems	seem	VERB
cblr-7159	438	18	,	,	PUNCT
cblr-7159	438	19	and	and	CCONJ
cblr-7159	438	20	indeed	indeed	ADV
cblr-7159	438	21	research	research	NOUN
cblr-7159	438	22	(	(	PUNCT
cblr-7159	438	23	including	include	VERB
cblr-7159	438	24	this	this	DET
cblr-7159	438	25	article	article	NOUN
cblr-7159	438	26	)	)	PUNCT
cblr-7159	438	27	shows	show	VERB
cblr-7159	438	28	that	that	SCONJ
cblr-7159	438	29	covenant	covenant	ADJ
cblr-7159	438	30	violations	violation	NOUN
cblr-7159	438	31	continue	continue	VERB
cblr-7159	438	32	to	to	PART
cblr-7159	438	33	be	be	AUX
cblr-7159	438	34	reported	report	VERB
cblr-7159	438	35	by	by	ADP
cblr-7159	438	36	borrowers	borrower	NOUN
cblr-7159	438	37	(	(	PUNCT
cblr-7159	438	38	albeit	albeit	SCONJ
cblr-7159	438	39	at	at	ADP
cblr-7159	438	40	lower	low	ADJ
cblr-7159	438	41	rates	rate	NOUN
cblr-7159	438	42	than	than	ADP
cblr-7159	438	43	in	in	ADP
cblr-7159	438	44	the	the	DET
cblr-7159	438	45	past	past	NOUN
cblr-7159	438	46	)	)	PUNCT
cblr-7159	438	47	despite	despite	SCONJ
cblr-7159	438	48	the	the	DET
cblr-7159	438	49	increase	increase	NOUN
cblr-7159	438	50	in	in	ADP
cblr-7159	438	51	covenantlite	covenantlite	ADJ
cblr-7159	438	52	loans.144	loans.144	NOUN
cblr-7159	438	53	but	but	CCONJ
cblr-7159	438	54	despite	despite	SCONJ
cblr-7159	438	55	the	the	DET
cblr-7159	438	56	ability	ability	NOUN
cblr-7159	438	57	to	to	PART
cblr-7159	438	58	monitor	monitor	VERB
cblr-7159	438	59	and	and	CCONJ
cblr-7159	438	60	the	the	DET
cblr-7159	438	61	continued	continue	VERB
cblr-7159	438	62	ability	ability	NOUN
cblr-7159	438	63	to	to	PART
cblr-7159	438	64	renegotiate	renegotiate	VERB
cblr-7159	438	65	in	in	ADP
cblr-7159	438	66	the	the	DET
cblr-7159	438	67	wake	wake	NOUN
cblr-7159	438	68	of	of	ADP
cblr-7159	438	69	covenant	covenant	ADJ
cblr-7159	438	70	violations	violation	NOUN
cblr-7159	438	71	,	,	PUNCT
cblr-7159	438	72	it	it	PRON
cblr-7159	438	73	remains	remain	VERB
cblr-7159	438	74	questionable	questionable	ADJ
cblr-7159	438	75	whether	whether	SCONJ
cblr-7159	438	76	lenders	lender	NOUN
cblr-7159	438	77	have	have	VERB
cblr-7159	438	78	the	the	DET
cblr-7159	438	79	incentive	incentive	NOUN
cblr-7159	438	80	and	and	CCONJ
cblr-7159	438	81	leverage	leverage	NOUN
cblr-7159	438	82	to	to	PART
cblr-7159	438	83	exercise	exercise	VERB
cblr-7159	438	84	the	the	DET
cblr-7159	438	85	influence	influence	NOUN
cblr-7159	438	86	that	that	PRON
cblr-7159	438	87	they	they	PRON
cblr-7159	438	88	once	once	ADV
cblr-7159	438	89	did	do	VERB
cblr-7159	438	90	.	.	PUNCT
cblr-7159	439	1	even	even	ADV
cblr-7159	439	2	if	if	SCONJ
cblr-7159	439	3	lenders	lender	NOUN
cblr-7159	439	4	would	would	AUX
cblr-7159	439	5	otherwise	otherwise	ADV
cblr-7159	439	6	like	like	VERB
cblr-7159	439	7	to	to	PART
cblr-7159	439	8	renegotiate	renegotiate	VERB
cblr-7159	439	9	and	and	CCONJ
cblr-7159	439	10	force	force	VERB
cblr-7159	439	11	borrowers	borrower	NOUN
cblr-7159	439	12	to	to	PART
cblr-7159	439	13	comply	comply	VERB
cblr-7159	439	14	with	with	ADP
cblr-7159	439	15	their	their	PRON
cblr-7159	439	16	demands	demand	NOUN
cblr-7159	439	17	,	,	PUNCT
cblr-7159	439	18	it	it	PRON
cblr-7159	439	19	is	be	AUX
cblr-7159	439	20	possible	possible	ADJ
cblr-7159	439	21	that	that	SCONJ
cblr-7159	439	22	they	they	PRON
cblr-7159	439	23	lack	lack	VERB
cblr-7159	439	24	the	the	DET
cblr-7159	439	25	bargaining	bargaining	NOUN
cblr-7159	439	26	power	power	NOUN
cblr-7159	439	27	to	to	PART
cblr-7159	439	28	do	do	AUX
cblr-7159	439	29	so	so	ADV
cblr-7159	439	30	when	when	SCONJ
cblr-7159	439	31	borrowers	borrower	NOUN
cblr-7159	439	32	can	can	AUX
cblr-7159	439	33	easily	easily	ADV
cblr-7159	439	34	walk	walk	VERB
cblr-7159	439	35	away	away	ADV
cblr-7159	439	36	and	and	CCONJ
cblr-7159	439	37	find	find	VERB
cblr-7159	439	38	other	other	ADJ
cblr-7159	439	39	sources	source	NOUN
cblr-7159	439	40	of	of	ADP
cblr-7159	439	41	credit	credit	NOUN
cblr-7159	439	42	.	.	PUNCT
cblr-7159	440	1	this	this	PRON
cblr-7159	440	2	is	be	AUX
cblr-7159	440	3	due	due	ADJ
cblr-7159	440	4	in	in	ADP
cblr-7159	440	5	large	large	ADJ
cblr-7159	440	6	part	part	NOUN
cblr-7159	440	7	to	to	ADP
cblr-7159	440	8	the	the	DET
cblr-7159	440	9	nature	nature	NOUN
cblr-7159	440	10	of	of	ADP
cblr-7159	440	11	non	non	ADJ
cblr-7159	440	12	-	-	ADJ
cblr-7159	440	13	bank	bank	ADJ
cblr-7159	440	14	lenders	lender	NOUN
cblr-7159	440	15	,	,	PUNCT
cblr-7159	440	16	particularly	particularly	ADV
cblr-7159	440	17	structured	structured	ADJ
cblr-7159	440	18	finance	finance	NOUN
cblr-7159	440	19	vehicles	vehicle	NOUN
cblr-7159	440	20	,	,	PUNCT
cblr-7159	440	21	that	that	PRON
cblr-7159	440	22	currently	currently	ADV
cblr-7159	440	23	hold	hold	VERB
cblr-7159	440	24	the	the	DET
cblr-7159	440	25	majority	majority	NOUN
cblr-7159	440	26	of	of	ADP
cblr-7159	440	27	leveraged	leveraged	ADJ
cblr-7159	440	28	loans.145	loans.145	NOUN
cblr-7159	440	29	the	the	DET
cblr-7159	440	30	reasons	reason	NOUN
cblr-7159	440	31	for	for	ADP
cblr-7159	440	32	this	this	PRON
cblr-7159	440	33	are	be	AUX
cblr-7159	440	34	further	far	ADV
cblr-7159	440	35	explained	explain	VERB
cblr-7159	440	36	below	below	ADV
cblr-7159	440	37	.	.	PUNCT
cblr-7159	441	1	142	142	NUM
cblr-7159	441	2	see	see	VERB
cblr-7159	441	3	i	i	PRON
cblr-7159	441	4	d.	d.	PROPN
cblr-7159	441	5	at	at	ADP
cblr-7159	441	6	3	3	NUM
cblr-7159	441	7	(	(	PUNCT
cblr-7159	441	8	“	"	PUNCT
cblr-7159	441	9	the	the	DET
cblr-7159	441	10	bulk	bulk	NOUN
cblr-7159	441	11	of	of	ADP
cblr-7159	441	12	leveraged	leveraged	ADJ
cblr-7159	441	13	loans	loan	NOUN
cblr-7159	441	14	are	be	AUX
cblr-7159	441	15	funded	fund	VERB
cblr-7159	441	16	by	by	ADP
cblr-7159	441	17	collateralized	collateralized	ADJ
cblr-7159	441	18	loan	loan	NOUN
cblr-7159	441	19	obligations	obligation	NOUN
cblr-7159	441	20	(	(	PUNCT
cblr-7159	441	21	clos	clo	NOUN
cblr-7159	441	22	)	)	PUNCT
cblr-7159	441	23	,	,	PUNCT
cblr-7159	441	24	loan	loan	NOUN
cblr-7159	441	25	mutual	mutual	ADJ
cblr-7159	441	26	funds	fund	NOUN
cblr-7159	441	27	,	,	PUNCT
cblr-7159	441	28	hedge	hedge	NOUN
cblr-7159	441	29	funds	fund	NOUN
cblr-7159	441	30	,	,	PUNCT
cblr-7159	441	31	and	and	CCONJ
cblr-7159	441	32	securities	security	NOUN
cblr-7159	441	33	firms	firm	NOUN
cblr-7159	441	34	,	,	PUNCT
cblr-7159	441	35	and	and	CCONJ
cblr-7159	441	36	to	to	ADP
cblr-7159	441	37	a	a	DET
cblr-7159	441	38	lesser	less	ADJ
cblr-7159	441	39	degree	degree	NOUN
cblr-7159	441	40	,	,	PUNCT
cblr-7159	441	41	insurance	insurance	NOUN
cblr-7159	441	42	companies	company	NOUN
cblr-7159	441	43	and	and	CCONJ
cblr-7159	441	44	pension	pension	NOUN
cblr-7159	441	45	funds	fund	NOUN
cblr-7159	441	46	.	.	PUNCT
cblr-7159	442	1	thus	thus	ADV
cblr-7159	442	2	,	,	PUNCT
cblr-7159	442	3	the	the	DET
cblr-7159	442	4	investor	investor	NOUN
cblr-7159	442	5	base	base	NOUN
cblr-7159	442	6	for	for	ADP
cblr-7159	442	7	leveraged	leveraged	ADJ
cblr-7159	442	8	loans	loan	NOUN
cblr-7159	442	9	today	today	NOUN
cblr-7159	442	10	looks	look	VERB
cblr-7159	442	11	much	much	ADV
cblr-7159	442	12	more	more	ADJ
cblr-7159	442	13	like	like	ADP
cblr-7159	442	14	the	the	DET
cblr-7159	442	15	investor	investor	NOUN
cblr-7159	442	16	base	base	NOUN
cblr-7159	442	17	for	for	ADP
cblr-7159	442	18	high	high	ADJ
cblr-7159	442	19	-	-	PUNCT
cblr-7159	442	20	yield	yield	NOUN
cblr-7159	442	21	bonds	bond	NOUN
cblr-7159	442	22	.	.	PUNCT
cblr-7159	443	1	perhaps	perhaps	ADV
cblr-7159	443	2	it	it	PRON
cblr-7159	443	3	is	be	AUX
cblr-7159	443	4	not	not	PART
cblr-7159	443	5	that	that	SCONJ
cblr-7159	443	6	all	all	DET
cblr-7159	443	7	alarming	alarming	ADJ
cblr-7159	443	8	,	,	PUNCT
cblr-7159	443	9	then	then	ADV
cblr-7159	443	10	,	,	PUNCT
cblr-7159	443	11	that	that	SCONJ
cblr-7159	443	12	the	the	DET
cblr-7159	443	13	contract	contract	NOUN
cblr-7159	443	14	between	between	ADP
cblr-7159	443	15	creditors	creditor	NOUN
cblr-7159	443	16	and	and	CCONJ
cblr-7159	443	17	the	the	DET
cblr-7159	443	18	borrower	borrower	NOUN
cblr-7159	443	19	in	in	ADP
cblr-7159	443	20	this	this	DET
cblr-7159	443	21	setting	setting	NOUN
cblr-7159	443	22	would	would	AUX
cblr-7159	443	23	be	be	AUX
cblr-7159	443	24	cov	cov	NOUN
cblr-7159	443	25	-	-	PUNCT
cblr-7159	443	26	lite	lite	NOUN
cblr-7159	443	27	,	,	PUNCT
cblr-7159	443	28	as	as	SCONJ
cblr-7159	443	29	it	it	PRON
cblr-7159	443	30	always	always	ADV
cblr-7159	443	31	has	have	AUX
cblr-7159	443	32	been	be	AUX
cblr-7159	443	33	for	for	ADP
cblr-7159	443	34	bonds	bond	NOUN
cblr-7159	443	35	.	.	PUNCT
cblr-7159	443	36	”	"	PUNCT
cblr-7159	443	37	)	)	PUNCT
cblr-7159	443	38	.	.	PUNCT
cblr-7159	444	1	143	143	NUM
cblr-7159	444	2	see	see	VERB
cblr-7159	444	3	berlin	berlin	PROPN
cblr-7159	444	4	,	,	PUNCT
cblr-7159	444	5	supra	supra	PROPN
cblr-7159	444	6	note	note	PROPN
cblr-7159	444	7	24	24	NUM
cblr-7159	444	8	(	(	PUNCT
cblr-7159	444	9	manuscript	manuscript	NOUN
cblr-7159	444	10	at	at	ADP
cblr-7159	444	11	35	35	NUM
cblr-7159	444	12	)	)	PUNCT
cblr-7159	444	13	.	.	PUNCT
cblr-7159	445	1	144	144	NUM
cblr-7159	445	2	see	see	VERB
cblr-7159	445	3	i	i	PROPN
cblr-7159	445	4	d.	d.	PROPN
cblr-7159	445	5	(	(	PUNCT
cblr-7159	445	6	manuscript	manuscript	NOUN
cblr-7159	445	7	at	at	ADP
cblr-7159	445	8	13–16	13–16	NUM
cblr-7159	445	9	)	)	PUNCT
cblr-7159	445	10	.	.	PUNCT
cblr-7159	446	1	145	145	NUM
cblr-7159	446	2	see	see	VERB
cblr-7159	446	3	supra	supra	PROPN
cblr-7159	446	4	notes	note	VERB
cblr-7159	446	5	147–50	147–50	PROPN
cblr-7159	446	6	and	and	CCONJ
cblr-7159	446	7	accompanying	accompany	VERB
cblr-7159	446	8	text	text	NOUN
cblr-7159	446	9	.	.	PUNCT
cblr-7159	447	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	447	2	(	(	PUNCT
cblr-7159	447	3	do	do	AUX
cblr-7159	447	4	not	not	PART
cblr-7159	447	5	delete	delete	VERB
cblr-7159	447	6	)	)	PUNCT
cblr-7159	447	7	9/28/2020	9/28/2020	NUM
cblr-7159	447	8	6:35	6:35	NUM
cblr-7159	447	9	pm	pm	NOUN
cblr-7159	447	10	no	no	INTJ
cblr-7159	447	11	.	.	PUNCT
cblr-7159	448	1	1:192	1:192	X
cblr-7159	448	2	]	]	X
cblr-7159	448	3	reconsidering	reconsider	VERB
cblr-7159	448	4	creditor	creditor	NOUN
cblr-7159	448	5	governance	governance	NOUN
cblr-7159	448	6	225	225	NUM
cblr-7159	448	7	c.	c.	NOUN
cblr-7159	448	8	structured	structured	ADJ
cblr-7159	448	9	finance	finance	NOUN
cblr-7159	448	10	and	and	CCONJ
cblr-7159	448	11	non	non	ADJ
cblr-7159	448	12	-	-	ADJ
cblr-7159	448	13	bank	bank	ADJ
cblr-7159	448	14	lenders	lender	NOUN
cblr-7159	448	15	to	to	PART
cblr-7159	448	16	understand	understand	VERB
cblr-7159	448	17	how	how	SCONJ
cblr-7159	448	18	bank	bank	NOUN
cblr-7159	448	19	bargaining	bargaining	NOUN
cblr-7159	448	20	power	power	NOUN
cblr-7159	448	21	and	and	CCONJ
cblr-7159	448	22	incentives	incentive	NOUN
cblr-7159	448	23	may	may	AUX
cblr-7159	448	24	be	be	AUX
cblr-7159	448	25	changing	change	VERB
cblr-7159	448	26	,	,	PUNCT
cblr-7159	448	27	it	it	PRON
cblr-7159	448	28	is	be	AUX
cblr-7159	448	29	important	important	ADJ
cblr-7159	448	30	also	also	ADV
cblr-7159	448	31	to	to	PART
cblr-7159	448	32	understand	understand	VERB
cblr-7159	448	33	the	the	DET
cblr-7159	448	34	nature	nature	NOUN
cblr-7159	448	35	of	of	ADP
cblr-7159	448	36	non	non	ADJ
cblr-7159	448	37	-	-	ADJ
cblr-7159	448	38	bank	bank	ADJ
cblr-7159	448	39	lenders	lender	NOUN
cblr-7159	448	40	and	and	CCONJ
cblr-7159	448	41	how	how	SCONJ
cblr-7159	448	42	they	they	PRON
cblr-7159	448	43	affect	affect	VERB
cblr-7159	448	44	the	the	DET
cblr-7159	448	45	lending	lending	NOUN
cblr-7159	448	46	market	market	NOUN
cblr-7159	448	47	.	.	PUNCT
cblr-7159	449	1	as	as	SCONJ
cblr-7159	449	2	noted	note	VERB
cblr-7159	449	3	above	above	ADV
cblr-7159	449	4	,	,	PUNCT
cblr-7159	449	5	demand	demand	NOUN
cblr-7159	449	6	for	for	ADP
cblr-7159	449	7	loans	loan	NOUN
cblr-7159	449	8	by	by	ADP
cblr-7159	449	9	non	non	ADJ
cblr-7159	449	10	-	-	ADJ
cblr-7159	449	11	bank	bank	ADJ
cblr-7159	449	12	institutional	institutional	ADJ
cblr-7159	449	13	lenders	lender	NOUN
cblr-7159	449	14	increased	increase	VERB
cblr-7159	449	15	dramatically	dramatically	ADV
cblr-7159	449	16	between	between	ADP
cblr-7159	449	17	2010	2010	NUM
cblr-7159	449	18	and	and	CCONJ
cblr-7159	449	19	2019.146	2019.146	NUM
cblr-7159	449	20	this	this	DET
cblr-7159	449	21	group	group	NOUN
cblr-7159	449	22	includes	include	VERB
cblr-7159	449	23	entities	entity	NOUN
cblr-7159	449	24	such	such	ADJ
cblr-7159	449	25	as	as	ADP
cblr-7159	449	26	hedge	hedge	NOUN
cblr-7159	449	27	funds	fund	NOUN
cblr-7159	449	28	,	,	PUNCT
cblr-7159	449	29	mutual	mutual	ADJ
cblr-7159	449	30	funds	fund	NOUN
cblr-7159	449	31	,	,	PUNCT
cblr-7159	449	32	and	and	CCONJ
cblr-7159	449	33	insurance	insurance	NOUN
cblr-7159	449	34	companies	company	NOUN
cblr-7159	449	35	,	,	PUNCT
cblr-7159	449	36	with	with	SCONJ
cblr-7159	449	37	the	the	DET
cblr-7159	449	38	largest	large	ADJ
cblr-7159	449	39	share	share	NOUN
cblr-7159	449	40	held	hold	VERB
cblr-7159	449	41	by	by	ADP
cblr-7159	449	42	structured	structured	ADJ
cblr-7159	449	43	finance	finance	NOUN
cblr-7159	449	44	vehicles	vehicle	NOUN
cblr-7159	449	45	known	know	VERB
cblr-7159	449	46	as	as	ADP
cblr-7159	449	47	clos.147	clos.147	PROPN
cblr-7159	449	48	clos	clo	NOUN
cblr-7159	449	49	are	be	AUX
cblr-7159	449	50	estimated	estimate	VERB
cblr-7159	449	51	to	to	PART
cblr-7159	449	52	hold	hold	VERB
cblr-7159	449	53	between	between	ADP
cblr-7159	449	54	fifty	fifty	NUM
cblr-7159	449	55	and	and	CCONJ
cblr-7159	449	56	sixty	sixty	NUM
cblr-7159	449	57	percent	percent	NOUN
cblr-7159	449	58	of	of	ADP
cblr-7159	449	59	all	all	DET
cblr-7159	449	60	leveraged	leverage	VERB
cblr-7159	449	61	loans,148	loans,148	NOUN
cblr-7159	449	62	driving	drive	VERB
cblr-7159	449	63	a	a	DET
cblr-7159	449	64	large	large	ADJ
cblr-7159	449	65	part	part	NOUN
cblr-7159	449	66	of	of	ADP
cblr-7159	449	67	the	the	DET
cblr-7159	449	68	market	market	NOUN
cblr-7159	449	69	for	for	ADP
cblr-7159	449	70	them.149	them.149	NOUN
cblr-7159	449	71	by	by	ADP
cblr-7159	449	72	driving	drive	VERB
cblr-7159	449	73	this	this	DET
cblr-7159	449	74	market	market	NOUN
cblr-7159	449	75	and	and	CCONJ
cblr-7159	449	76	providing	provide	VERB
cblr-7159	449	77	competitive	competitive	ADJ
cblr-7159	449	78	lending	lending	NOUN
cblr-7159	449	79	options	option	NOUN
cblr-7159	449	80	for	for	ADP
cblr-7159	449	81	borrowers	borrower	NOUN
cblr-7159	449	82	,	,	PUNCT
cblr-7159	449	83	structured	structured	ADJ
cblr-7159	449	84	finance	finance	NOUN
cblr-7159	449	85	is	be	AUX
cblr-7159	449	86	a	a	DET
cblr-7159	449	87	primary	primary	ADJ
cblr-7159	449	88	factor	factor	NOUN
cblr-7159	449	89	driving	drive	VERB
cblr-7159	449	90	the	the	DET
cblr-7159	449	91	increased	increase	VERB
cblr-7159	449	92	demand	demand	NOUN
cblr-7159	449	93	for	for	ADP
cblr-7159	449	94	leveraged	leveraged	ADJ
cblr-7159	449	95	loans	loan	NOUN
cblr-7159	449	96	,	,	PUNCT
cblr-7159	449	97	and	and	CCONJ
cblr-7159	449	98	,	,	PUNCT
cblr-7159	449	99	in	in	ADP
cblr-7159	449	100	turn	turn	NOUN
cblr-7159	449	101	,	,	PUNCT
cblr-7159	449	102	the	the	DET
cblr-7159	449	103	move	move	NOUN
cblr-7159	449	104	toward	toward	ADP
cblr-7159	449	105	cov	cov	NOUN
cblr-7159	449	106	-	-	PUNCT
cblr-7159	449	107	lite	lite	NOUN
cblr-7159	449	108	and	and	CCONJ
cblr-7159	449	109	the	the	DET
cblr-7159	449	110	potential	potential	ADJ
cblr-7159	449	111	loss	loss	NOUN
cblr-7159	449	112	of	of	ADP
cblr-7159	449	113	lenders	lender	NOUN
cblr-7159	449	114	’	'	PUNCT
cblr-7159	449	115	influence.150	influence.150	ADV
cblr-7159	449	116	not	not	PART
cblr-7159	449	117	only	only	ADV
cblr-7159	449	118	do	do	AUX
cblr-7159	449	119	these	these	DET
cblr-7159	449	120	structures	structure	NOUN
cblr-7159	449	121	shift	shift	VERB
cblr-7159	449	122	bargaining	bargaining	NOUN
cblr-7159	449	123	power	power	NOUN
cblr-7159	449	124	from	from	ADP
cblr-7159	449	125	lenders	lender	NOUN
cblr-7159	449	126	to	to	ADP
cblr-7159	449	127	borrowers	borrower	NOUN
cblr-7159	449	128	,	,	PUNCT
cblr-7159	449	129	they	they	PRON
cblr-7159	449	130	allow	allow	VERB
cblr-7159	449	131	lenders	lender	NOUN
cblr-7159	449	132	to	to	PART
cblr-7159	449	133	separate	separate	VERB
cblr-7159	449	134	ownership	ownership	NOUN
cblr-7159	449	135	and	and	CCONJ
cblr-7159	449	136	risk	risk	NOUN
cblr-7159	449	137	,	,	PUNCT
cblr-7159	449	138	dampening	dampen	VERB
cblr-7159	449	139	their	their	PRON
cblr-7159	449	140	incentives	incentive	NOUN
cblr-7159	449	141	to	to	PART
cblr-7159	449	142	monitor	monitor	VERB
cblr-7159	449	143	in	in	ADP
cblr-7159	449	144	the	the	DET
cblr-7159	449	145	first	first	ADJ
cblr-7159	449	146	place	place	NOUN
cblr-7159	449	147	.	.	PUNCT
cblr-7159	450	1	a	a	DET
cblr-7159	450	2	description	description	NOUN
cblr-7159	450	3	of	of	ADP
cblr-7159	450	4	clos	clo	NOUN
cblr-7159	450	5	and	and	CCONJ
cblr-7159	450	6	other	other	ADJ
cblr-7159	450	7	nonbank	nonbank	NOUN
cblr-7159	450	8	lenders	lender	NOUN
cblr-7159	450	9	helps	help	VERB
cblr-7159	450	10	to	to	PART
cblr-7159	450	11	explain	explain	VERB
cblr-7159	450	12	why	why	SCONJ
cblr-7159	450	13	these	these	DET
cblr-7159	450	14	entities	entity	NOUN
cblr-7159	450	15	might	might	AUX
cblr-7159	450	16	dull	dull	ADJ
cblr-7159	450	17	lenders	lender	NOUN
cblr-7159	450	18	’	’	PART
cblr-7159	450	19	incentives	incentive	NOUN
cblr-7159	450	20	and	and	CCONJ
cblr-7159	450	21	means	mean	VERB
cblr-7159	450	22	to	to	PART
cblr-7159	450	23	intervene	intervene	VERB
cblr-7159	450	24	in	in	ADP
cblr-7159	450	25	borrowing	borrowing	NOUN
cblr-7159	450	26	companies	company	NOUN
cblr-7159	450	27	’	'	PUNCT
cblr-7159	450	28	governance	governance	NOUN
cblr-7159	450	29	.	.	PUNCT
cblr-7159	451	1	146	146	NUM
cblr-7159	451	2	see	see	VERB
cblr-7159	451	3	infra	infra	NOUN
cblr-7159	451	4	note	note	VERB
cblr-7159	451	5	81	81	NUM
cblr-7159	451	6	and	and	CCONJ
cblr-7159	451	7	accompanying	accompany	VERB
cblr-7159	451	8	text	text	NOUN
cblr-7159	451	9	.	.	PUNCT
cblr-7159	452	1	147	147	NUM
cblr-7159	452	2	martin	martin	NOUN
cblr-7159	452	3	-	-	PUNCT
cblr-7159	452	4	buck	buck	NOUN
cblr-7159	452	5	,	,	PUNCT
cblr-7159	452	6	supra	supra	ADJ
cblr-7159	452	7	note	note	NOUN
cblr-7159	452	8	2	2	NUM
cblr-7159	452	9	,	,	PUNCT
cblr-7159	452	10	at	at	ADP
cblr-7159	452	11	45	45	NUM
cblr-7159	452	12	,	,	PUNCT
cblr-7159	452	13	46	46	NUM
cblr-7159	452	14	fig.5	fig.5	PROPN
cblr-7159	452	15	,	,	PUNCT
cblr-7159	452	16	47	47	NUM
cblr-7159	452	17	.	.	PUNCT
cblr-7159	453	1	see	see	VERB
cblr-7159	453	2	also	also	ADV
cblr-7159	453	3	fin	fin	NOUN
cblr-7159	453	4	.	.	PUNCT
cblr-7159	454	1	stability	stability	PROPN
cblr-7159	454	2	bd	bd	PROPN
cblr-7159	454	3	.	.	PROPN
cblr-7159	454	4	,	,	PUNCT
cblr-7159	454	5	vulnerabilities	vulnerability	NOUN
cblr-7159	454	6	,	,	PUNCT
cblr-7159	454	7	supra	supra	PROPN
cblr-7159	454	8	note	note	NOUN
cblr-7159	454	9	2	2	NUM
cblr-7159	454	10	,	,	PUNCT
cblr-7159	454	11	at	at	ADP
cblr-7159	454	12	2	2	NUM
cblr-7159	454	13	;	;	PUNCT
cblr-7159	454	14	yun	yun	PROPN
cblr-7159	454	15	lou	lou	PROPN
cblr-7159	454	16	et	et	PROPN
cblr-7159	454	17	al	al	PROPN
cblr-7159	454	18	.	.	PROPN
cblr-7159	454	19	,	,	PUNCT
cblr-7159	454	20	clos	clo	NOUN
cblr-7159	454	21	’	'	PUNCT
cblr-7159	454	22	trading	trading	NOUN
cblr-7159	454	23	activity	activity	NOUN
cblr-7159	454	24	and	and	CCONJ
cblr-7159	454	25	performance	performance	NOUN
cblr-7159	454	26	3	3	NUM
cblr-7159	454	27	(	(	PUNCT
cblr-7159	454	28	apr	apr	PROPN
cblr-7159	454	29	.	.	PROPN
cblr-7159	454	30	2014	2014	NUM
cblr-7159	454	31	)	)	PUNCT
cblr-7159	454	32	(	(	PUNCT
cblr-7159	454	33	unpublished	unpublished	ADJ
cblr-7159	454	34	manuscript	manuscript	NOUN
cblr-7159	454	35	)	)	PUNCT
cblr-7159	454	36	(	(	PUNCT
cblr-7159	454	37	on	on	ADP
cblr-7159	454	38	file	file	NOUN
cblr-7159	454	39	with	with	ADP
cblr-7159	454	40	author	author	NOUN
cblr-7159	454	41	)	)	PUNCT
cblr-7159	454	42	.	.	PUNCT
cblr-7159	455	1	148	148	NUM
cblr-7159	455	2	gary	gary	PROPN
cblr-7159	455	3	gorton	gorton	PROPN
cblr-7159	455	4	&	&	CCONJ
cblr-7159	455	5	andrew	andrew	PROPN
cblr-7159	455	6	metrick	metrick	PROPN
cblr-7159	455	7	,	,	PUNCT
cblr-7159	455	8	securitization	securitization	NOUN
cblr-7159	455	9	43	43	NUM
cblr-7159	455	10	(	(	PUNCT
cblr-7159	455	11	nat’l	nat’l	NUM
cblr-7159	455	12	bureau	bureau	PROPN
cblr-7159	455	13	of	of	ADP
cblr-7159	455	14	econ	econ	PROPN
cblr-7159	455	15	.	.	PUNCT
cblr-7159	456	1	research	research	PROPN
cblr-7159	456	2	,	,	PUNCT
cblr-7159	456	3	working	work	VERB
cblr-7159	456	4	paper	paper	NOUN
cblr-7159	456	5	no	no	INTJ
cblr-7159	456	6	.	.	PROPN
cblr-7159	456	7	18611	18611	NUM
cblr-7159	456	8	,	,	PUNCT
cblr-7159	456	9	2012	2012	NUM
cblr-7159	456	10	)	)	PUNCT
cblr-7159	456	11	;	;	PUNCT
cblr-7159	456	12	houman	houman	PROPN
cblr-7159	456	13	b.	b.	PROPN
cblr-7159	456	14	shadab	shadab	PROPN
cblr-7159	456	15	,	,	PUNCT
cblr-7159	456	16	credit	credit	NOUN
cblr-7159	456	17	risk	risk	NOUN
cblr-7159	456	18	transfer	transfer	NOUN
cblr-7159	456	19	governance	governance	NOUN
cblr-7159	456	20	:	:	PUNCT
cblr-7159	456	21	the	the	DET
cblr-7159	456	22	good	good	NOUN
cblr-7159	456	23	,	,	PUNCT
cblr-7159	456	24	the	the	DET
cblr-7159	456	25	bad	bad	ADJ
cblr-7159	456	26	,	,	PUNCT
cblr-7159	456	27	and	and	CCONJ
cblr-7159	456	28	the	the	DET
cblr-7159	456	29	savvy	savvy	NOUN
cblr-7159	456	30	,	,	PUNCT
cblr-7159	456	31	42	42	NUM
cblr-7159	456	32	seton	seton	PROPN
cblr-7159	456	33	hall	hall	PROPN
cblr-7159	456	34	l.	l.	PROPN
cblr-7159	456	35	rev	rev	PROPN
cblr-7159	456	36	.	.	PROPN
cblr-7159	456	37	1009	1009	NUM
cblr-7159	456	38	,	,	PUNCT
cblr-7159	456	39	1067	1067	NUM
cblr-7159	456	40	(	(	PUNCT
cblr-7159	456	41	2012	2012	NUM
cblr-7159	456	42	)	)	PUNCT
cblr-7159	456	43	.	.	PUNCT
cblr-7159	457	1	149	149	NUM
cblr-7159	457	2	see	see	VERB
cblr-7159	457	3	yihui	yihui	PROPN
cblr-7159	457	4	wang	wang	PROPN
cblr-7159	457	5	&	&	CCONJ
cblr-7159	457	6	han	han	PROPN
cblr-7159	457	7	xia	xia	PROPN
cblr-7159	457	8	,	,	PUNCT
cblr-7159	457	9	do	do	VERB
cblr-7159	457	10	lenders	lender	NOUN
cblr-7159	457	11	still	still	ADV
cblr-7159	457	12	monitor	monitor	VERB
cblr-7159	457	13	when	when	SCONJ
cblr-7159	457	14	they	they	PRON
cblr-7159	457	15	can	can	AUX
cblr-7159	457	16	securitize	securitize	VERB
cblr-7159	457	17	loans	loan	NOUN
cblr-7159	457	18	?	?	PUNCT
cblr-7159	457	19	,	,	PUNCT
cblr-7159	457	20	27	27	NUM
cblr-7159	457	21	rev	rev	X
cblr-7159	457	22	.	.	PROPN
cblr-7159	457	23	fin	fin	NOUN
cblr-7159	457	24	.	.	PUNCT
cblr-7159	457	25	stud	stud	PROPN
cblr-7159	457	26	.	.	PUNCT
cblr-7159	458	1	2354	2354	NUM
cblr-7159	458	2	,	,	PUNCT
cblr-7159	458	3	2358	2358	NUM
cblr-7159	458	4	(	(	PUNCT
cblr-7159	458	5	2014	2014	NUM
cblr-7159	458	6	)	)	PUNCT
cblr-7159	458	7	(	(	PUNCT
cblr-7159	458	8	noting	note	VERB
cblr-7159	458	9	that	that	SCONJ
cblr-7159	458	10	the	the	DET
cblr-7159	458	11	patterns	pattern	NOUN
cblr-7159	458	12	of	of	ADP
cblr-7159	458	13	issuances	issuance	NOUN
cblr-7159	458	14	in	in	ADP
cblr-7159	458	15	the	the	DET
cblr-7159	458	16	leveraged	leverage	VERB
cblr-7159	458	17	loan	loan	NOUN
cblr-7159	458	18	market	market	NOUN
cblr-7159	458	19	pre	pre	NOUN
cblr-7159	458	20	-	-	NOUN
cblr-7159	458	21	crisis	crisis	NOUN
cblr-7159	458	22	track	track	NOUN
cblr-7159	458	23	the	the	DET
cblr-7159	458	24	changes	change	NOUN
cblr-7159	458	25	in	in	ADP
cblr-7159	458	26	clo	clo	PROPN
cblr-7159	458	27	issuances	issuance	NOUN
cblr-7159	458	28	throughout	throughout	ADP
cblr-7159	458	29	this	this	DET
cblr-7159	458	30	time	time	NOUN
cblr-7159	458	31	)	)	PUNCT
cblr-7159	458	32	.	.	PUNCT
cblr-7159	459	1	150	150	NUM
cblr-7159	459	2	see	see	VERB
cblr-7159	459	3	yu	yu	PROPN
cblr-7159	459	4	,	,	PUNCT
cblr-7159	459	5	supra	supra	PROPN
cblr-7159	459	6	note	note	PROPN
cblr-7159	459	7	127	127	NUM
cblr-7159	459	8	,	,	PUNCT
cblr-7159	459	9	at	at	ADP
cblr-7159	459	10	5	5	NUM
cblr-7159	459	11	.	.	PUNCT
cblr-7159	459	12	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	459	13	(	(	PUNCT
cblr-7159	459	14	do	do	AUX
cblr-7159	459	15	not	not	PART
cblr-7159	459	16	delte	delte	VERB
cblr-7159	459	17	)	)	PUNCT
cblr-7159	460	1	9/28/2020	9/28/2020	NUM
cblr-7159	460	2	6:35	6:35	NUM
cblr-7159	460	3	pm	pm	NOUN
cblr-7159	460	4	226	226	NUM
cblr-7159	460	5	columbia	columbia	PROPN
cblr-7159	460	6	business	business	NOUN
cblr-7159	460	7	law	law	PROPN
cblr-7159	460	8	review	review	NOUN
cblr-7159	460	9	[	[	X
cblr-7159	460	10	vol	vol	NOUN
cblr-7159	460	11	.	.	PUNCT
cblr-7159	460	12	2020	2020	NUM
cblr-7159	460	13	1	1	NUM
cblr-7159	460	14	.	.	PUNCT
cblr-7159	460	15	collateralized	collateralized	ADJ
cblr-7159	460	16	loan	loan	NOUN
cblr-7159	460	17	obligation	obligation	NOUN
cblr-7159	460	18	function	function	NOUN
cblr-7159	460	19	and	and	CCONJ
cblr-7159	460	20	form	form	NOUN
cblr-7159	460	21	clos	clo	NOUN
cblr-7159	460	22	are	be	AUX
cblr-7159	460	23	structured	structure	VERB
cblr-7159	460	24	investments	investment	NOUN
cblr-7159	460	25	based	base	VERB
cblr-7159	460	26	on	on	ADP
cblr-7159	460	27	portfolios	portfolio	NOUN
cblr-7159	460	28	of	of	ADP
cblr-7159	460	29	corporate	corporate	ADJ
cblr-7159	460	30	loans.151	loans.151	NOUN
cblr-7159	460	31	they	they	PRON
cblr-7159	460	32	are	be	AUX
cblr-7159	460	33	a	a	DET
cblr-7159	460	34	species	specie	NOUN
cblr-7159	460	35	of	of	ADP
cblr-7159	460	36	the	the	DET
cblr-7159	460	37	much	much	ADV
cblr-7159	460	38	-	-	PUNCT
cblr-7159	460	39	maligned	malign	VERB
cblr-7159	460	40	collateralized	collateralized	ADJ
cblr-7159	460	41	debt	debt	NOUN
cblr-7159	460	42	obligations	obligation	NOUN
cblr-7159	460	43	(	(	PUNCT
cblr-7159	460	44	“	"	PUNCT
cblr-7159	460	45	cdos	cdo	NOUN
cblr-7159	460	46	”	"	PUNCT
cblr-7159	460	47	)	)	PUNCT
cblr-7159	460	48	that	that	PRON
cblr-7159	460	49	are	be	AUX
cblr-7159	460	50	alleged	allege	VERB
cblr-7159	460	51	to	to	PART
cblr-7159	460	52	have	have	AUX
cblr-7159	460	53	contributed	contribute	VERB
cblr-7159	460	54	to	to	ADP
cblr-7159	460	55	the	the	DET
cblr-7159	460	56	financial	financial	ADJ
cblr-7159	460	57	crisis	crisis	NOUN
cblr-7159	460	58	of	of	ADP
cblr-7159	460	59	2008.152	2008.152	NUM
cblr-7159	460	60	however	however	ADV
cblr-7159	460	61	,	,	PUNCT
cblr-7159	460	62	clos	clo	NOUN
cblr-7159	460	63	are	be	AUX
cblr-7159	460	64	different	different	ADJ
cblr-7159	460	65	because	because	SCONJ
cblr-7159	460	66	their	their	PRON
cblr-7159	460	67	collateral	collateral	NOUN
cblr-7159	460	68	and	and	CCONJ
cblr-7159	460	69	payout	payout	ADJ
cblr-7159	460	70	structure	structure	NOUN
cblr-7159	460	71	are	be	AUX
cblr-7159	460	72	based	base	VERB
cblr-7159	460	73	on	on	ADP
cblr-7159	460	74	corporate	corporate	ADJ
cblr-7159	460	75	debt	debt	NOUN
cblr-7159	460	76	,	,	PUNCT
cblr-7159	460	77	unlike	unlike	ADP
cblr-7159	460	78	most	most	ADJ
cblr-7159	460	79	pre	pre	ADJ
cblr-7159	460	80	-	-	ADJ
cblr-7159	460	81	crisis	crisis	ADJ
cblr-7159	460	82	cdos	cdo	NOUN
cblr-7159	460	83	,	,	PUNCT
cblr-7159	460	84	which	which	PRON
cblr-7159	460	85	were	be	AUX
cblr-7159	460	86	based	base	VERB
cblr-7159	460	87	on	on	ADP
cblr-7159	460	88	home	home	NOUN
cblr-7159	460	89	mortgage	mortgage	NOUN
cblr-7159	460	90	loans.153	loans.153	VERB
cblr-7159	460	91	like	like	ADP
cblr-7159	460	92	all	all	DET
cblr-7159	460	93	cdos	cdo	NOUN
cblr-7159	460	94	,	,	PUNCT
cblr-7159	460	95	clos	clo	NOUN
cblr-7159	460	96	are	be	AUX
cblr-7159	460	97	structured	structure	VERB
cblr-7159	460	98	using	use	VERB
cblr-7159	460	99	a	a	DET
cblr-7159	460	100	special	special	ADJ
cblr-7159	460	101	purpose	purpose	NOUN
cblr-7159	460	102	vehicle	vehicle	NOUN
cblr-7159	460	103	(	(	PUNCT
cblr-7159	460	104	“	"	PUNCT
cblr-7159	460	105	spv	spv	PROPN
cblr-7159	460	106	”	"	PUNCT
cblr-7159	460	107	)	)	PUNCT
cblr-7159	460	108	—	—	PUNCT
cblr-7159	460	109	a	a	DET
cblr-7159	460	110	company	company	NOUN
cblr-7159	460	111	set	set	VERB
cblr-7159	460	112	up	up	ADP
cblr-7159	460	113	for	for	ADP
cblr-7159	460	114	the	the	DET
cblr-7159	460	115	sole	sole	ADJ
cblr-7159	460	116	purpose	purpose	NOUN
cblr-7159	460	117	of	of	ADP
cblr-7159	460	118	holding	hold	VERB
cblr-7159	460	119	the	the	DET
cblr-7159	460	120	loans	loan	NOUN
cblr-7159	460	121	that	that	PRON
cblr-7159	460	122	make	make	VERB
cblr-7159	460	123	up	up	ADP
cblr-7159	460	124	the	the	DET
cblr-7159	460	125	core	core	NOUN
cblr-7159	460	126	of	of	ADP
cblr-7159	460	127	the	the	DET
cblr-7159	460	128	investment.154	investment.154	PROPN
cblr-7159	460	129	asset	asset	NOUN
cblr-7159	460	130	managers	manager	NOUN
cblr-7159	460	131	acquire	acquire	VERB
cblr-7159	460	132	a	a	DET
cblr-7159	460	133	collateral	collateral	ADJ
cblr-7159	460	134	portfolio	portfolio	NOUN
cblr-7159	460	135	by	by	ADP
cblr-7159	460	136	buying	buy	VERB
cblr-7159	460	137	pieces	piece	NOUN
cblr-7159	460	138	of	of	ADP
cblr-7159	460	139	syndicated	syndicate	VERB
cblr-7159	460	140	corporate	corporate	ADJ
cblr-7159	460	141	loans	loan	NOUN
cblr-7159	460	142	.	.	PUNCT
cblr-7159	461	1	155	155	NUM
cblr-7159	461	2	the	the	DET
cblr-7159	461	3	collateral	collateral	NOUN
cblr-7159	461	4	in	in	ADP
cblr-7159	461	5	a	a	DET
cblr-7159	461	6	typical	typical	ADJ
cblr-7159	461	7	clo	clo	PROPN
cblr-7159	461	8	collateral	collateral	ADJ
cblr-7159	461	9	pool	pool	NOUN
cblr-7159	461	10	can	can	AUX
cblr-7159	461	11	include	include	VERB
cblr-7159	461	12	over	over	ADV
cblr-7159	461	13	one	one	NUM
cblr-7159	461	14	hundred	hundred	NUM
cblr-7159	461	15	different	different	ADJ
cblr-7159	461	16	syndicated	syndicate	VERB
cblr-7159	461	17	loans.156	loans.156	NOUN
cblr-7159	461	18	as	as	ADP
cblr-7159	461	19	of	of	ADP
cblr-7159	461	20	2018	2018	NUM
cblr-7159	461	21	,	,	PUNCT
cblr-7159	461	22	an	an	DET
cblr-7159	461	23	average	average	ADJ
cblr-7159	461	24	clo	clo	PROPN
cblr-7159	461	25	had	have	VERB
cblr-7159	461	26	a	a	DET
cblr-7159	461	27	principal	principal	ADJ
cblr-7159	461	28	balance	balance	NOUN
cblr-7159	461	29	of	of	ADP
cblr-7159	461	30	$	$	SYM
cblr-7159	461	31	500–600	500–600	NUM
cblr-7159	461	32	million	million	NUM
cblr-7159	461	33	in	in	ADP
cblr-7159	461	34	outstanding	outstanding	ADJ
cblr-7159	461	35	loans	loan	NOUN
cblr-7159	461	36	,	,	PUNCT
cblr-7159	461	37	involving	involve	VERB
cblr-7159	461	38	an	an	DET
cblr-7159	461	39	average	average	NOUN
cblr-7159	461	40	of	of	ADP
cblr-7159	461	41	200	200	NUM
cblr-7159	461	42	corporate	corporate	ADJ
cblr-7159	461	43	borrowers.157	borrowers.157	NOUN
cblr-7159	461	44	the	the	DET
cblr-7159	461	45	average	average	ADJ
cblr-7159	461	46	size	size	NOUN
cblr-7159	461	47	of	of	ADP
cblr-7159	461	48	an	an	DET
cblr-7159	461	49	individual	individual	ADJ
cblr-7159	461	50	loan	loan	NOUN
cblr-7159	461	51	in	in	ADP
cblr-7159	461	52	a	a	DET
cblr-7159	461	53	clo	clo	PROPN
cblr-7159	461	54	portfolio	portfolio	NOUN
cblr-7159	461	55	was	be	AUX
cblr-7159	461	56	two	two	NUM
cblr-7159	461	57	to	to	PART
cblr-7159	461	58	three	three	NUM
cblr-7159	461	59	million	million	NUM
cblr-7159	461	60	dollars.158	dollars.158	NOUN
cblr-7159	461	61	the	the	DET
cblr-7159	461	62	average	average	ADJ
cblr-7159	461	63	clo	clo	PROPN
cblr-7159	461	64	manager	manager	NOUN
cblr-7159	461	65	in	in	ADP
cblr-7159	461	66	2018	2018	NUM
cblr-7159	461	67	controlled	control	VERB
cblr-7159	461	68	16	16	NUM
cblr-7159	461	69	clo	clo	PROPN
cblr-7159	461	70	vehicles	vehicle	NOUN
cblr-7159	461	71	at	at	ADP
cblr-7159	461	72	any	any	DET
cblr-7159	461	73	one	one	NUM
cblr-7159	461	74	time.159	time.159	VERB
cblr-7159	461	75	151	151	NUM
cblr-7159	461	76	efraim	efraim	NOUN
cblr-7159	461	77	benmelech	benmelech	NOUN
cblr-7159	461	78	et	et	PROPN
cblr-7159	461	79	al	al	PROPN
cblr-7159	461	80	.	.	PROPN
cblr-7159	461	81	,	,	PUNCT
cblr-7159	461	82	securitization	securitization	NOUN
cblr-7159	461	83	without	without	ADP
cblr-7159	461	84	adverse	adverse	ADJ
cblr-7159	461	85	selection	selection	NOUN
cblr-7159	461	86	:	:	PUNCT
cblr-7159	461	87	the	the	DET
cblr-7159	461	88	case	case	NOUN
cblr-7159	461	89	of	of	ADP
cblr-7159	461	90	clos	clo	NOUN
cblr-7159	461	91	,	,	PUNCT
cblr-7159	461	92	106	106	NUM
cblr-7159	461	93	j.	j.	PROPN
cblr-7159	461	94	fin	fin	PROPN
cblr-7159	461	95	.	.	PUNCT
cblr-7159	461	96	econ	econ	PROPN
cblr-7159	461	97	.	.	PUNCT
cblr-7159	462	1	91	91	NUM
cblr-7159	462	2	,	,	PUNCT
cblr-7159	462	3	91	91	NUM
cblr-7159	462	4	(	(	PUNCT
cblr-7159	462	5	2012	2012	NUM
cblr-7159	462	6	)	)	PUNCT
cblr-7159	462	7	.	.	PUNCT
cblr-7159	463	1	152	152	NUM
cblr-7159	463	2	see	see	VERB
cblr-7159	463	3	wang	wang	PROPN
cblr-7159	463	4	&	&	CCONJ
cblr-7159	463	5	xia	xia	PROPN
cblr-7159	463	6	,	,	PUNCT
cblr-7159	463	7	supra	supra	PROPN
cblr-7159	463	8	note	note	PROPN
cblr-7159	463	9	149	149	NUM
cblr-7159	463	10	,	,	PUNCT
cblr-7159	463	11	at	at	ADP
cblr-7159	463	12	2357–58	2357–58	PROPN
cblr-7159	463	13	(	(	PUNCT
cblr-7159	463	14	describing	describe	VERB
cblr-7159	463	15	clos	clo	NOUN
cblr-7159	463	16	as	as	ADP
cblr-7159	463	17	a	a	DET
cblr-7159	463	18	type	type	NOUN
cblr-7159	463	19	of	of	ADP
cblr-7159	463	20	cdo	cdo	NOUN
cblr-7159	463	21	)	)	PUNCT
cblr-7159	463	22	.	.	PUNCT
cblr-7159	464	1	153	153	NUM
cblr-7159	464	2	see	see	VERB
cblr-7159	464	3	gorton	gorton	PROPN
cblr-7159	464	4	&	&	CCONJ
cblr-7159	464	5	metrick	metrick	ADJ
cblr-7159	464	6	,	,	PUNCT
cblr-7159	464	7	supra	supra	PROPN
cblr-7159	464	8	note	note	NOUN
cblr-7159	464	9	148	148	NUM
cblr-7159	464	10	,	,	PUNCT
cblr-7159	464	11	at	at	ADP
cblr-7159	464	12	11–12	11–12	NUM
cblr-7159	464	13	(	(	PUNCT
cblr-7159	464	14	describing	describe	VERB
cblr-7159	464	15	the	the	DET
cblr-7159	464	16	cdo	cdo	ADJ
cblr-7159	464	17	structure	structure	NOUN
cblr-7159	464	18	and	and	CCONJ
cblr-7159	464	19	noting	note	VERB
cblr-7159	464	20	the	the	DET
cblr-7159	464	21	vehicle	vehicle	NOUN
cblr-7159	464	22	’s	’s	PART
cblr-7159	464	23	underlying	underlie	VERB
cblr-7159	464	24	collateral	collateral	NOUN
cblr-7159	464	25	consists	consist	NOUN
cblr-7159	464	26	of	of	ADP
cblr-7159	464	27	asset	asset	NOUN
cblr-7159	464	28	-	-	PUNCT
cblr-7159	464	29	backed	back	VERB
cblr-7159	464	30	securities	security	NOUN
cblr-7159	464	31	,	,	PUNCT
cblr-7159	464	32	such	such	ADJ
cblr-7159	464	33	as	as	ADP
cblr-7159	464	34	mortgage	mortgage	NOUN
cblr-7159	464	35	loans	loan	NOUN
cblr-7159	464	36	)	)	PUNCT
cblr-7159	464	37	.	.	PUNCT
cblr-7159	465	1	154	154	NUM
cblr-7159	465	2	see	see	VERB
cblr-7159	465	3	i	i	PRON
cblr-7159	465	4	d.	d.	PROPN
cblr-7159	465	5	at	at	ADP
cblr-7159	465	6	10–11	10–11	NUM
cblr-7159	465	7	.	.	PUNCT
cblr-7159	466	1	155	155	NUM
cblr-7159	466	2	see	see	VERB
cblr-7159	466	3	lou	lou	PROPN
cblr-7159	466	4	et	et	PROPN
cblr-7159	466	5	al	al	PROPN
cblr-7159	466	6	.	.	PROPN
cblr-7159	466	7	,	,	PUNCT
cblr-7159	466	8	supra	supra	PROPN
cblr-7159	466	9	note	note	PROPN
cblr-7159	466	10	147	147	NUM
cblr-7159	466	11	,	,	PUNCT
cblr-7159	466	12	at	at	ADP
cblr-7159	466	13	9	9	NUM
cblr-7159	466	14	.	.	SYM
cblr-7159	466	15	156	156	NUM
cblr-7159	466	16	benmelech	benmelech	NOUN
cblr-7159	466	17	et	et	PROPN
cblr-7159	466	18	al	al	PROPN
cblr-7159	466	19	.	.	PROPN
cblr-7159	466	20	,	,	PUNCT
cblr-7159	466	21	supra	supra	PROPN
cblr-7159	466	22	note	note	PROPN
cblr-7159	466	23	151	151	NUM
cblr-7159	466	24	,	,	PUNCT
cblr-7159	466	25	at	at	ADP
cblr-7159	466	26	94	94	NUM
cblr-7159	466	27	.	.	PUNCT
cblr-7159	467	1	157	157	NUM
cblr-7159	467	2	see	see	VERB
cblr-7159	467	3	zahn	zahn	PROPN
cblr-7159	467	4	bozanic	bozanic	PROPN
cblr-7159	467	5	et	et	PROPN
cblr-7159	467	6	al	al	PROPN
cblr-7159	467	7	.	.	PROPN
cblr-7159	467	8	,	,	PUNCT
cblr-7159	467	9	corporate	corporate	ADJ
cblr-7159	467	10	loan	loan	NOUN
cblr-7159	467	11	securitization	securitization	NOUN
cblr-7159	467	12	and	and	CCONJ
cblr-7159	467	13	the	the	DET
cblr-7159	467	14	standardization	standardization	NOUN
cblr-7159	467	15	of	of	ADP
cblr-7159	467	16	financial	financial	ADJ
cblr-7159	467	17	covenants	covenant	NOUN
cblr-7159	467	18	,	,	PUNCT
cblr-7159	467	19	56	56	NUM
cblr-7159	467	20	j.	j.	PROPN
cblr-7159	467	21	acct	acct	PROPN
cblr-7159	467	22	.	.	PUNCT
cblr-7159	468	1	res	re	NOUN
cblr-7159	468	2	.	.	PROPN
cblr-7159	469	1	45	45	NUM
cblr-7159	469	2	,	,	PUNCT
cblr-7159	469	3	46	46	NUM
cblr-7159	469	4	,	,	PUNCT
cblr-7159	469	5	51	51	NUM
cblr-7159	469	6	(	(	PUNCT
cblr-7159	469	7	2018	2018	NUM
cblr-7159	469	8	)	)	PUNCT
cblr-7159	469	9	.	.	PUNCT
cblr-7159	470	1	158	158	NUM
cblr-7159	470	2	benmelech	benmelech	NOUN
cblr-7159	470	3	et	et	PROPN
cblr-7159	470	4	al	al	PROPN
cblr-7159	470	5	.	.	PROPN
cblr-7159	470	6	,	,	PUNCT
cblr-7159	470	7	supra	supra	PROPN
cblr-7159	470	8	note	note	PROPN
cblr-7159	470	9	151	151	NUM
cblr-7159	470	10	,	,	PUNCT
cblr-7159	470	11	at	at	ADP
cblr-7159	470	12	94	94	NUM
cblr-7159	470	13	.	.	PUNCT
cblr-7159	471	1	159	159	NUM
cblr-7159	471	2	see	see	VERB
cblr-7159	471	3	lou	lou	PROPN
cblr-7159	471	4	et	et	PROPN
cblr-7159	471	5	al	al	PROPN
cblr-7159	471	6	.	.	PROPN
cblr-7159	471	7	,	,	PUNCT
cblr-7159	471	8	supra	supra	PROPN
cblr-7159	471	9	note	note	PROPN
cblr-7159	471	10	147	147	NUM
cblr-7159	471	11	,	,	PUNCT
cblr-7159	471	12	at	at	ADP
cblr-7159	471	13	4	4	NUM
cblr-7159	471	14	.	.	NOUN
cblr-7159	471	15	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	471	16	(	(	PUNCT
cblr-7159	471	17	do	do	AUX
cblr-7159	471	18	not	not	PART
cblr-7159	471	19	delete	delete	VERB
cblr-7159	471	20	)	)	PUNCT
cblr-7159	471	21	9/28/2020	9/28/2020	NUM
cblr-7159	471	22	6:35	6:35	NUM
cblr-7159	471	23	pm	pm	NOUN
cblr-7159	471	24	no	no	INTJ
cblr-7159	471	25	.	.	PUNCT
cblr-7159	472	1	1:192	1:192	X
cblr-7159	472	2	]	]	X
cblr-7159	472	3	reconsidering	reconsider	VERB
cblr-7159	472	4	creditor	creditor	NOUN
cblr-7159	472	5	governance	governance	NOUN
cblr-7159	472	6	227	227	NUM
cblr-7159	472	7	2	2	NUM
cblr-7159	472	8	.	.	PUNCT
cblr-7159	472	9	from	from	ADP
cblr-7159	472	10	risky	risky	ADJ
cblr-7159	472	11	loans	loan	NOUN
cblr-7159	472	12	to	to	ADP
cblr-7159	472	13	safe	safe	ADJ
cblr-7159	472	14	securities	security	NOUN
cblr-7159	472	15	:	:	PUNCT
cblr-7159	472	16	the	the	DET
cblr-7159	472	17	alchemy	alchemy	NOUN
cblr-7159	472	18	of	of	ADP
cblr-7159	472	19	clos	clos	X
cblr-7159	472	20	clos	clos	X
cblr-7159	472	21	bundle	bundle	PROPN
cblr-7159	472	22	leveraged	leverage	VERB
cblr-7159	472	23	loans	loan	NOUN
cblr-7159	472	24	—	—	PUNCT
cblr-7159	472	25	relatively	relatively	ADV
cblr-7159	472	26	risky	risky	ADJ
cblr-7159	472	27	loans	loan	NOUN
cblr-7159	472	28	from	from	ADP
cblr-7159	472	29	debt	debt	NOUN
cblr-7159	472	30	-	-	PUNCT
cblr-7159	472	31	laden	laden	ADJ
cblr-7159	472	32	borrowers	borrower	NOUN
cblr-7159	472	33	—	—	PUNCT
cblr-7159	472	34	and	and	CCONJ
cblr-7159	472	35	convert	convert	VERB
cblr-7159	472	36	them	they	PRON
cblr-7159	472	37	into	into	ADP
cblr-7159	472	38	“	"	PUNCT
cblr-7159	472	39	safe	safe	ADJ
cblr-7159	472	40	”	"	PUNCT
cblr-7159	472	41	securities.160	securities.160	NOUN
cblr-7159	472	42	the	the	DET
cblr-7159	472	43	loans	loan	NOUN
cblr-7159	472	44	that	that	PRON
cblr-7159	472	45	go	go	VERB
cblr-7159	472	46	into	into	ADP
cblr-7159	472	47	clos	clo	NOUN
cblr-7159	472	48	are	be	AUX
cblr-7159	472	49	term	term	NOUN
cblr-7159	472	50	loans	loan	NOUN
cblr-7159	472	51	—	—	PUNCT
cblr-7159	472	52	usually	usually	ADV
cblr-7159	472	53	institutional	institutional	ADJ
cblr-7159	472	54	tranches	tranche	NOUN
cblr-7159	472	55	such	such	ADJ
cblr-7159	472	56	as	as	ADP
cblr-7159	472	57	tlbs.161	tlbs.161	VERB
cblr-7159	472	58	although	although	SCONJ
cblr-7159	472	59	each	each	PRON
cblr-7159	472	60	of	of	ADP
cblr-7159	472	61	the	the	DET
cblr-7159	472	62	underlying	underlie	VERB
cblr-7159	472	63	loans	loan	NOUN
cblr-7159	472	64	in	in	ADP
cblr-7159	472	65	a	a	DET
cblr-7159	472	66	clo	clo	PROPN
cblr-7159	472	67	portfolio	portfolio	NOUN
cblr-7159	472	68	is	be	AUX
cblr-7159	472	69	individually	individually	ADV
cblr-7159	472	70	rated,162	rated,162	ADP
cblr-7159	472	71	the	the	DET
cblr-7159	472	72	attraction	attraction	NOUN
cblr-7159	472	73	of	of	ADP
cblr-7159	472	74	the	the	DET
cblr-7159	472	75	clo	clo	PROPN
cblr-7159	472	76	to	to	ADP
cblr-7159	472	77	investors	investor	NOUN
cblr-7159	472	78	is	be	AUX
cblr-7159	472	79	the	the	DET
cblr-7159	472	80	tranche	tranche	NOUN
cblr-7159	472	81	structure	structure	NOUN
cblr-7159	472	82	:	:	PUNCT
cblr-7159	472	83	interests	interest	NOUN
cblr-7159	472	84	in	in	ADP
cblr-7159	472	85	the	the	DET
cblr-7159	472	86	collateral	collateral	ADJ
cblr-7159	472	87	pool	pool	NOUN
cblr-7159	472	88	are	be	AUX
cblr-7159	472	89	sold	sell	VERB
cblr-7159	472	90	as	as	ADP
cblr-7159	472	91	debt	debt	NOUN
cblr-7159	472	92	instruments	instrument	NOUN
cblr-7159	472	93	issued	issue	VERB
cblr-7159	472	94	by	by	ADP
cblr-7159	472	95	the	the	DET
cblr-7159	472	96	spv	spv	PROPN
cblr-7159	472	97	,	,	PUNCT
cblr-7159	472	98	but	but	CCONJ
cblr-7159	472	99	these	these	DET
cblr-7159	472	100	notes	note	NOUN
cblr-7159	472	101	carry	carry	VERB
cblr-7159	472	102	different	different	ADJ
cblr-7159	472	103	risks	risk	NOUN
cblr-7159	472	104	of	of	ADP
cblr-7159	472	105	loss	loss	NOUN
cblr-7159	472	106	than	than	ADP
cblr-7159	472	107	the	the	DET
cblr-7159	472	108	underlying	underlie	VERB
cblr-7159	472	109	pool	pool	NOUN
cblr-7159	472	110	of	of	ADP
cblr-7159	472	111	loans	loan	NOUN
cblr-7159	472	112	.	.	PUNCT
cblr-7159	473	1	in	in	ADP
cblr-7159	473	2	most	most	ADJ
cblr-7159	473	3	such	such	ADJ
cblr-7159	473	4	securitizations	securitization	NOUN
cblr-7159	473	5	,	,	PUNCT
cblr-7159	473	6	the	the	DET
cblr-7159	473	7	first	first	ADJ
cblr-7159	473	8	losses	loss	NOUN
cblr-7159	473	9	suffered	suffer	VERB
cblr-7159	473	10	by	by	ADP
cblr-7159	473	11	the	the	DET
cblr-7159	473	12	collateral	collateral	ADJ
cblr-7159	473	13	pool	pool	NOUN
cblr-7159	473	14	(	(	PUNCT
cblr-7159	473	15	for	for	ADP
cblr-7159	473	16	instance	instance	NOUN
cblr-7159	473	17	,	,	PUNCT
cblr-7159	473	18	when	when	SCONJ
cblr-7159	473	19	the	the	DET
cblr-7159	473	20	first	first	ADJ
cblr-7159	473	21	borrowers	borrower	NOUN
cblr-7159	473	22	default	default	NOUN
cblr-7159	473	23	)	)	PUNCT
cblr-7159	473	24	are	be	AUX
cblr-7159	473	25	borne	bear	VERB
cblr-7159	473	26	by	by	ADP
cblr-7159	473	27	the	the	DET
cblr-7159	473	28	lowest	low	ADJ
cblr-7159	473	29	tranches	tranche	NOUN
cblr-7159	473	30	of	of	ADP
cblr-7159	473	31	notes	note	NOUN
cblr-7159	473	32	(	(	PUNCT
cblr-7159	473	33	usually	usually	ADV
cblr-7159	473	34	called	call	VERB
cblr-7159	473	35	the	the	DET
cblr-7159	473	36	equity	equity	NOUN
cblr-7159	473	37	tranches	tranche	NOUN
cblr-7159	473	38	)	)	PUNCT
cblr-7159	473	39	;	;	PUNCT
cblr-7159	473	40	meanwhile	meanwhile	ADV
cblr-7159	473	41	,	,	PUNCT
cblr-7159	473	42	the	the	DET
cblr-7159	473	43	highest	high	ADJ
cblr-7159	473	44	tranches	tranche	NOUN
cblr-7159	473	45	are	be	AUX
cblr-7159	473	46	the	the	DET
cblr-7159	473	47	last	last	ADJ
cblr-7159	473	48	to	to	PART
cblr-7159	473	49	lose	lose	VERB
cblr-7159	473	50	anything.163	anything.163	PROPN
cblr-7159	473	51	each	each	DET
cblr-7159	473	52	clo	clo	PROPN
cblr-7159	473	53	tranche	tranche	NOUN
cblr-7159	473	54	gets	get	VERB
cblr-7159	473	55	its	its	PRON
cblr-7159	473	56	own	own	ADJ
cblr-7159	473	57	credit	credit	NOUN
cblr-7159	473	58	rating	rating	NOUN
cblr-7159	473	59	,	,	PUNCT
cblr-7159	473	60	which	which	PRON
cblr-7159	473	61	is	be	AUX
cblr-7159	473	62	separate	separate	ADJ
cblr-7159	473	63	than	than	ADP
cblr-7159	473	64	the	the	DET
cblr-7159	473	65	credit	credit	NOUN
cblr-7159	473	66	rating	rating	NOUN
cblr-7159	473	67	of	of	ADP
cblr-7159	473	68	any	any	PRON
cblr-7159	473	69	of	of	ADP
cblr-7159	473	70	the	the	DET
cblr-7159	473	71	individual	individual	ADJ
cblr-7159	473	72	underlying	underlie	VERB
cblr-7159	473	73	loans	loan	NOUN
cblr-7159	473	74	in	in	ADP
cblr-7159	473	75	the	the	DET
cblr-7159	473	76	spv.164	spv.164	NOUN
cblr-7159	473	77	the	the	DET
cblr-7159	473	78	rating	rating	NOUN
cblr-7159	473	79	of	of	ADP
cblr-7159	473	80	the	the	DET
cblr-7159	473	81	higher	high	ADJ
cblr-7159	473	82	tranches	tranche	NOUN
cblr-7159	473	83	of	of	ADP
cblr-7159	473	84	notes	note	NOUN
cblr-7159	473	85	is	be	AUX
cblr-7159	473	86	usually	usually	ADV
cblr-7159	473	87	very	very	ADV
cblr-7159	473	88	strong	strong	ADJ
cblr-7159	473	89	—	—	PUNCT
cblr-7159	473	90	often	often	ADV
cblr-7159	473	91	aaa	aaa	NOUN
cblr-7159	473	92	,	,	PUNCT
cblr-7159	473	93	which	which	PRON
cblr-7159	473	94	is	be	AUX
cblr-7159	473	95	the	the	DET
cblr-7159	473	96	highest	high	ADJ
cblr-7159	473	97	rating	rating	NOUN
cblr-7159	473	98	and	and	CCONJ
cblr-7159	473	99	essentially	essentially	ADV
cblr-7159	473	100	the	the	DET
cblr-7159	473	101	safest	safe	ADJ
cblr-7159	473	102	form	form	NOUN
cblr-7159	473	103	of	of	ADP
cblr-7159	473	104	debt	debt	NOUN
cblr-7159	473	105	investment.165	investment.165	ADP
cblr-7159	473	106	the	the	DET
cblr-7159	473	107	higher	high	ADJ
cblr-7159	473	108	tranches	tranche	NOUN
cblr-7159	473	109	are	be	AUX
cblr-7159	473	110	rated	rate	VERB
cblr-7159	473	111	strongly	strongly	ADV
cblr-7159	473	112	because	because	SCONJ
cblr-7159	473	113	loan	loan	NOUN
cblr-7159	473	114	portfolios	portfolio	NOUN
cblr-7159	473	115	are	be	AUX
cblr-7159	473	116	chosen	choose	VERB
cblr-7159	473	117	and	and	CCONJ
cblr-7159	473	118	diversified	diversify	VERB
cblr-7159	473	119	in	in	ADP
cblr-7159	473	120	a	a	DET
cblr-7159	473	121	way	way	NOUN
cblr-7159	473	122	that	that	PRON
cblr-7159	473	123	minimizes	minimize	VERB
cblr-7159	473	124	the	the	DET
cblr-7159	473	125	probability	probability	NOUN
cblr-7159	473	126	that	that	SCONJ
cblr-7159	473	127	losses	loss	NOUN
cblr-7159	473	128	on	on	ADP
cblr-7159	473	129	the	the	DET
cblr-7159	473	130	entire	entire	ADJ
cblr-7159	473	131	portfolio	portfolio	NOUN
cblr-7159	473	132	will	will	AUX
cblr-7159	473	133	be	be	AUX
cblr-7159	473	134	large	large	ADJ
cblr-7159	473	135	enough	enough	ADV
cblr-7159	473	136	160	160	NUM
cblr-7159	473	137	i	i	PRON
cblr-7159	473	138	note	note	VERB
cblr-7159	473	139	that	that	SCONJ
cblr-7159	473	140	“	"	PUNCT
cblr-7159	473	141	safe	safe	ADJ
cblr-7159	473	142	”	"	PUNCT
cblr-7159	473	143	is	be	AUX
cblr-7159	473	144	a	a	DET
cblr-7159	473	145	relative	relative	ADJ
cblr-7159	473	146	term	term	NOUN
cblr-7159	473	147	,	,	PUNCT
cblr-7159	473	148	commonly	commonly	ADV
cblr-7159	473	149	employed	employ	VERB
cblr-7159	473	150	in	in	ADP
cblr-7159	473	151	the	the	DET
cblr-7159	473	152	financial	financial	ADJ
cblr-7159	473	153	services	service	NOUN
cblr-7159	473	154	industry	industry	NOUN
cblr-7159	473	155	to	to	PART
cblr-7159	473	156	mean	mean	VERB
cblr-7159	473	157	that	that	SCONJ
cblr-7159	473	158	something	something	PRON
cblr-7159	473	159	has	have	VERB
cblr-7159	473	160	a	a	DET
cblr-7159	473	161	high	high	ADJ
cblr-7159	473	162	enough	enough	ADJ
cblr-7159	473	163	credit	credit	NOUN
cblr-7159	473	164	rating	rating	NOUN
cblr-7159	473	165	to	to	PART
cblr-7159	473	166	be	be	AUX
cblr-7159	473	167	considered	consider	VERB
cblr-7159	473	168	relatively	relatively	ADV
cblr-7159	473	169	risk	risk	NOUN
cblr-7159	473	170	-	-	PUNCT
cblr-7159	473	171	free	free	ADJ
cblr-7159	473	172	.	.	PUNCT
cblr-7159	474	1	for	for	ADP
cblr-7159	474	2	an	an	DET
cblr-7159	474	3	interesting	interesting	ADJ
cblr-7159	474	4	perspective	perspective	NOUN
cblr-7159	474	5	on	on	ADP
cblr-7159	474	6	the	the	DET
cblr-7159	474	7	vagaries	vagary	NOUN
cblr-7159	474	8	of	of	ADP
cblr-7159	474	9	calling	call	VERB
cblr-7159	474	10	any	any	DET
cblr-7159	474	11	assets	asset	NOUN
cblr-7159	474	12	safe	safe	ADJ
cblr-7159	474	13	,	,	PUNCT
cblr-7159	474	14	see	see	VERB
cblr-7159	474	15	anna	anna	PROPN
cblr-7159	474	16	gelpern	gelpern	PROPN
cblr-7159	474	17	&	&	CCONJ
cblr-7159	474	18	erik	erik	PROPN
cblr-7159	474	19	gerding	gerding	PROPN
cblr-7159	474	20	,	,	PUNCT
cblr-7159	474	21	inside	inside	ADP
cblr-7159	474	22	safe	safe	ADJ
cblr-7159	474	23	assets	asset	NOUN
cblr-7159	474	24	,	,	PUNCT
cblr-7159	474	25	33	33	NUM
cblr-7159	474	26	yale	yale	PROPN
cblr-7159	474	27	j.	j.	PROPN
cblr-7159	474	28	reg	reg	PROPN
cblr-7159	474	29	.	.	PROPN
cblr-7159	475	1	363	363	NUM
cblr-7159	475	2	(	(	PUNCT
cblr-7159	475	3	2016	2016	NUM
cblr-7159	475	4	)	)	PUNCT
cblr-7159	475	5	.	.	PUNCT
cblr-7159	476	1	161	161	NUM
cblr-7159	476	2	fin	fin	NOUN
cblr-7159	476	3	.	.	PUNCT
cblr-7159	477	1	stability	stability	PROPN
cblr-7159	477	2	bd	bd	PROPN
cblr-7159	477	3	.	.	PROPN
cblr-7159	477	4	,	,	PUNCT
cblr-7159	477	5	vulnerabilities	vulnerability	NOUN
cblr-7159	477	6	,	,	PUNCT
cblr-7159	477	7	supra	supra	PROPN
cblr-7159	477	8	note	note	NOUN
cblr-7159	477	9	2	2	NUM
cblr-7159	477	10	,	,	PUNCT
cblr-7159	477	11	at	at	ADP
cblr-7159	477	12	4–6	4–6	PROPN
cblr-7159	477	13	.	.	PROPN
cblr-7159	477	14	162	162	NUM
cblr-7159	477	15	see	see	VERB
cblr-7159	477	16	shadab	shadab	ADV
cblr-7159	477	17	,	,	PUNCT
cblr-7159	477	18	supra	supra	NOUN
cblr-7159	477	19	note	note	NOUN
cblr-7159	477	20	148	148	NUM
cblr-7159	477	21	,	,	PUNCT
cblr-7159	477	22	at	at	ADP
cblr-7159	477	23	1067	1067	NUM
cblr-7159	477	24	.	.	PUNCT
cblr-7159	478	1	163	163	NUM
cblr-7159	478	2	see	see	VERB
cblr-7159	478	3	gary	gary	PROPN
cblr-7159	478	4	gorton	gorton	PROPN
cblr-7159	478	5	&	&	CCONJ
cblr-7159	478	6	andrew	andrew	PROPN
cblr-7159	478	7	metrick	metrick	PROPN
cblr-7159	478	8	,	,	PUNCT
cblr-7159	478	9	securitized	securitized	ADJ
cblr-7159	478	10	banking	banking	NOUN
cblr-7159	478	11	and	and	CCONJ
cblr-7159	478	12	the	the	DET
cblr-7159	478	13	run	run	NOUN
cblr-7159	478	14	on	on	ADP
cblr-7159	478	15	repo	repo	NOUN
cblr-7159	478	16	,	,	PUNCT
cblr-7159	478	17	104	104	NUM
cblr-7159	478	18	j.	j.	PROPN
cblr-7159	478	19	fin	fin	PROPN
cblr-7159	478	20	.	.	PUNCT
cblr-7159	478	21	econ	econ	PROPN
cblr-7159	478	22	.	.	PUNCT
cblr-7159	478	23	425	425	NUM
cblr-7159	478	24	,	,	PUNCT
cblr-7159	478	25	430–431	430–431	NUM
cblr-7159	478	26	(	(	PUNCT
cblr-7159	478	27	2012	2012	NUM
cblr-7159	478	28	)	)	PUNCT
cblr-7159	478	29	(	(	PUNCT
cblr-7159	478	30	“	"	PUNCT
cblr-7159	478	31	[	[	X
cblr-7159	478	32	t]he	t]he	ADJ
cblr-7159	478	33	first	first	ADJ
cblr-7159	478	34	losses	loss	NOUN
cblr-7159	478	35	on	on	ADP
cblr-7159	478	36	the	the	DET
cblr-7159	478	37	pool	pool	NOUN
cblr-7159	478	38	are	be	AUX
cblr-7159	478	39	allocated	allocate	VERB
cblr-7159	478	40	to	to	ADP
cblr-7159	478	41	the	the	DET
cblr-7159	478	42	equity	equity	NOUN
cblr-7159	478	43	layer	layer	NOUN
cblr-7159	478	44	at	at	ADP
cblr-7159	478	45	the	the	DET
cblr-7159	478	46	bottom	bottom	NOUN
cblr-7159	478	47	,	,	PUNCT
cblr-7159	478	48	with	with	ADP
cblr-7159	478	49	additional	additional	ADJ
cblr-7159	478	50	losses	loss	NOUN
cblr-7159	478	51	moving	move	VERB
cblr-7159	478	52	up	up	ADP
cblr-7159	478	53	the	the	DET
cblr-7159	478	54	capital	capital	NOUN
cblr-7159	478	55	structure	structure	NOUN
cblr-7159	478	56	,	,	PUNCT
cblr-7159	478	57	by	by	ADP
cblr-7159	478	58	seniority	seniority	NOUN
cblr-7159	478	59	,	,	PUNCT
cblr-7159	478	60	until	until	SCONJ
cblr-7159	478	61	they	they	PRON
cblr-7159	478	62	reach	reach	VERB
cblr-7159	478	63	the	the	DET
cblr-7159	478	64	aaa	aaa	NOUN
cblr-7159	478	65	tranche	tranche	NOUN
cblr-7159	478	66	at	at	ADP
cblr-7159	478	67	the	the	DET
cblr-7159	478	68	top	top	NOUN
cblr-7159	478	69	.	.	PUNCT
cblr-7159	478	70	”	"	PUNCT
cblr-7159	478	71	)	)	PUNCT
cblr-7159	478	72	.	.	PUNCT
cblr-7159	479	1	164	164	NUM
cblr-7159	479	2	see	see	VERB
cblr-7159	479	3	i	i	PRON
cblr-7159	479	4	d.	d.	PROPN
cblr-7159	479	5	at	at	ADP
cblr-7159	479	6	431	431	NUM
cblr-7159	479	7	.	.	PUNCT
cblr-7159	480	1	(	(	PUNCT
cblr-7159	480	2	“	"	PUNCT
cblr-7159	480	3	with	with	ADP
cblr-7159	480	4	each	each	DET
cblr-7159	480	5	level	level	NOUN
cblr-7159	480	6	of	of	ADP
cblr-7159	480	7	securitization	securitization	NOUN
cblr-7159	480	8	,	,	PUNCT
cblr-7159	480	9	the	the	DET
cblr-7159	480	10	spv	spv	NOUN
cblr-7159	480	11	often	often	ADV
cblr-7159	480	12	combines	combine	VERB
cblr-7159	480	13	many	many	ADJ
cblr-7159	480	14	lower	lower	ADV
cblr-7159	480	15	-	-	PUNCT
cblr-7159	480	16	rated	rate	VERB
cblr-7159	480	17	(	(	PUNCT
cblr-7159	480	18	bbb	bbb	NOUN
cblr-7159	480	19	,	,	PUNCT
cblr-7159	480	20	bbb-	bbb-	CCONJ
cblr-7159	480	21	)	)	PUNCT
cblr-7159	480	22	tranches	tranche	NOUN
cblr-7159	480	23	into	into	ADP
cblr-7159	480	24	a	a	DET
cblr-7159	480	25	new	new	ADJ
cblr-7159	480	26	vehicle	vehicle	NOUN
cblr-7159	480	27	that	that	PRON
cblr-7159	480	28	has	have	AUX
cblr-7159	480	29	mostly	mostly	ADV
cblr-7159	480	30	aaa	aaa	NOUN
cblr-7159	480	31	and	and	CCONJ
cblr-7159	480	32	aa	aa	NOUN
cblr-7159	480	33	-	-	PUNCT
cblr-7159	480	34	rated	rate	VERB
cblr-7159	480	35	tranches	tranche	NOUN
cblr-7159	480	36	,	,	PUNCT
cblr-7159	480	37	a	a	DET
cblr-7159	480	38	process	process	NOUN
cblr-7159	480	39	that	that	PRON
cblr-7159	480	40	relies	rely	VERB
cblr-7159	480	41	on	on	ADP
cblr-7159	480	42	well	well	ADV
cblr-7159	480	43	-	-	PUNCT
cblr-7159	480	44	behaved	behave	VERB
cblr-7159	480	45	default	default	NOUN
cblr-7159	480	46	models	model	NOUN
cblr-7159	480	47	.	.	PUNCT
cblr-7159	480	48	”	"	PUNCT
cblr-7159	480	49	)	)	PUNCT
cblr-7159	480	50	.	.	PUNCT
cblr-7159	481	1	165	165	NUM
cblr-7159	481	2	see	see	VERB
cblr-7159	481	3	i	i	PRON
cblr-7159	481	4	d.	d.	PROPN
cblr-7159	481	5	at	at	ADP
cblr-7159	481	6	430–431	430–431	NUM
cblr-7159	481	7	.	.	PUNCT
cblr-7159	482	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	482	2	(	(	PUNCT
cblr-7159	482	3	do	do	AUX
cblr-7159	482	4	not	not	PART
cblr-7159	482	5	delte	delte	VERB
cblr-7159	482	6	)	)	PUNCT
cblr-7159	482	7	9/28/2020	9/28/2020	NUM
cblr-7159	482	8	6:35	6:35	NUM
cblr-7159	482	9	pm	pm	NOUN
cblr-7159	482	10	228	228	NUM
cblr-7159	482	11	columbia	columbia	PROPN
cblr-7159	482	12	business	business	NOUN
cblr-7159	482	13	law	law	PROPN
cblr-7159	482	14	review	review	NOUN
cblr-7159	483	1	[	[	X
cblr-7159	483	2	vol	vol	NOUN
cblr-7159	483	3	.	.	PUNCT
cblr-7159	483	4	2020	2020	NUM
cblr-7159	483	5	to	to	PART
cblr-7159	483	6	reach	reach	VERB
cblr-7159	483	7	the	the	DET
cblr-7159	483	8	highest	high	ADJ
cblr-7159	483	9	tranches.166	tranches.166	NOUN
cblr-7159	483	10	that	that	SCONJ
cblr-7159	483	11	safety	safety	NOUN
cblr-7159	483	12	of	of	ADP
cblr-7159	483	13	the	the	DET
cblr-7159	483	14	highestrated	highestrate	VERB
cblr-7159	483	15	tranches	tranche	NOUN
cblr-7159	483	16	depends	depend	VERB
cblr-7159	483	17	,	,	PUNCT
cblr-7159	483	18	of	of	ADP
cblr-7159	483	19	course	course	NOUN
cblr-7159	483	20	,	,	PUNCT
cblr-7159	483	21	on	on	ADP
cblr-7159	483	22	the	the	DET
cblr-7159	483	23	assumptions	assumption	NOUN
cblr-7159	483	24	of	of	ADP
cblr-7159	483	25	the	the	DET
cblr-7159	483	26	statistical	statistical	ADJ
cblr-7159	483	27	models	model	NOUN
cblr-7159	483	28	that	that	PRON
cblr-7159	483	29	predict	predict	VERB
cblr-7159	483	30	what	what	PRON
cblr-7159	483	31	,	,	PUNCT
cblr-7159	483	32	if	if	SCONJ
cblr-7159	483	33	any	any	PRON
cblr-7159	483	34	,	,	PUNCT
cblr-7159	483	35	losses	loss	NOUN
cblr-7159	483	36	are	be	AUX
cblr-7159	483	37	likely	likely	ADJ
cblr-7159	483	38	to	to	PART
cblr-7159	483	39	occur	occur	VERB
cblr-7159	483	40	on	on	ADP
cblr-7159	483	41	the	the	DET
cblr-7159	483	42	underlying	underlie	VERB
cblr-7159	483	43	loans	loan	NOUN
cblr-7159	483	44	.	.	PUNCT
cblr-7159	484	1	the	the	DET
cblr-7159	484	2	financial	financial	ADJ
cblr-7159	484	3	crisis	crisis	NOUN
cblr-7159	484	4	starkly	starkly	ADV
cblr-7159	484	5	illustrated	illustrate	VERB
cblr-7159	484	6	how	how	SCONJ
cblr-7159	484	7	badly	badly	ADV
cblr-7159	484	8	things	thing	NOUN
cblr-7159	484	9	can	can	AUX
cblr-7159	484	10	go	go	VERB
cblr-7159	484	11	if	if	SCONJ
cblr-7159	484	12	the	the	DET
cblr-7159	484	13	assumptions	assumption	NOUN
cblr-7159	484	14	of	of	ADP
cblr-7159	484	15	those	those	DET
cblr-7159	484	16	models	model	NOUN
cblr-7159	484	17	do	do	AUX
cblr-7159	484	18	not	not	PART
cblr-7159	484	19	hold	hold	VERB
cblr-7159	484	20	up.167	up.167	ADJ
cblr-7159	484	21	in	in	ADP
cblr-7159	484	22	theory	theory	NOUN
cblr-7159	484	23	,	,	PUNCT
cblr-7159	484	24	there	there	PRON
cblr-7159	484	25	are	be	VERB
cblr-7159	484	26	several	several	ADJ
cblr-7159	484	27	reasons	reason	NOUN
cblr-7159	484	28	to	to	PART
cblr-7159	484	29	believe	believe	VERB
cblr-7159	484	30	that	that	SCONJ
cblr-7159	484	31	clo	clo	PROPN
cblr-7159	484	32	managers	manager	NOUN
cblr-7159	484	33	may	may	AUX
cblr-7159	484	34	have	have	VERB
cblr-7159	484	35	less	less	ADJ
cblr-7159	484	36	ability	ability	NOUN
cblr-7159	484	37	and	and	CCONJ
cblr-7159	484	38	incentive	incentive	NOUN
cblr-7159	484	39	to	to	PART
cblr-7159	484	40	intervene	intervene	VERB
cblr-7159	484	41	in	in	ADP
cblr-7159	484	42	a	a	DET
cblr-7159	484	43	borrower	borrower	NOUN
cblr-7159	484	44	’s	’s	PART
cblr-7159	484	45	affairs	affair	NOUN
cblr-7159	484	46	than	than	ADP
cblr-7159	484	47	a	a	DET
cblr-7159	484	48	relationship	relationship	NOUN
cblr-7159	484	49	bank	bank	NOUN
cblr-7159	484	50	.	.	PUNCT
cblr-7159	485	1	first	first	ADV
cblr-7159	485	2	,	,	PUNCT
cblr-7159	485	3	as	as	SCONJ
cblr-7159	485	4	already	already	ADV
cblr-7159	485	5	explained	explain	VERB
cblr-7159	485	6	,	,	PUNCT
cblr-7159	485	7	clos	clo	NOUN
cblr-7159	485	8	(	(	PUNCT
cblr-7159	485	9	as	as	ADV
cblr-7159	485	10	well	well	ADV
cblr-7159	485	11	as	as	ADP
cblr-7159	485	12	other	other	ADJ
cblr-7159	485	13	non	non	ADJ
cblr-7159	485	14	-	-	ADJ
cblr-7159	485	15	bank	bank	ADJ
cblr-7159	485	16	lenders	lender	NOUN
cblr-7159	485	17	)	)	PUNCT
cblr-7159	485	18	hold	hold	VERB
cblr-7159	485	19	institutional	institutional	ADJ
cblr-7159	485	20	term	term	NOUN
cblr-7159	485	21	loans	loan	NOUN
cblr-7159	485	22	that	that	PRON
cblr-7159	485	23	are	be	AUX
cblr-7159	485	24	increasingly	increasingly	ADV
cblr-7159	485	25	cov	cov	NOUN
cblr-7159	485	26	-	-	PUNCT
cblr-7159	485	27	lite	lite	NOUN
cblr-7159	485	28	,	,	PUNCT
cblr-7159	485	29	and	and	CCONJ
cblr-7159	485	30	therefore	therefore	ADV
cblr-7159	485	31	the	the	DET
cblr-7159	485	32	loans	loan	NOUN
cblr-7159	485	33	may	may	AUX
cblr-7159	485	34	not	not	PART
cblr-7159	485	35	provide	provide	VERB
cblr-7159	485	36	a	a	DET
cblr-7159	485	37	contractual	contractual	ADJ
cblr-7159	485	38	basis	basis	NOUN
cblr-7159	485	39	for	for	ADP
cblr-7159	485	40	lender	lender	NOUN
cblr-7159	485	41	monitoring.168	monitoring.168	NOUN
cblr-7159	485	42	second	second	ADV
cblr-7159	485	43	,	,	PUNCT
cblr-7159	485	44	even	even	ADV
cblr-7159	485	45	with	with	ADP
cblr-7159	485	46	rights	right	NOUN
cblr-7159	485	47	to	to	PART
cblr-7159	485	48	monitor	monitor	VERB
cblr-7159	485	49	,	,	PUNCT
cblr-7159	485	50	loan	loan	NOUN
cblr-7159	485	51	holders	holder	NOUN
cblr-7159	485	52	like	like	ADP
cblr-7159	485	53	clos	clo	NOUN
cblr-7159	485	54	often	often	ADV
cblr-7159	485	55	rely	rely	VERB
cblr-7159	485	56	on	on	ADP
cblr-7159	485	57	other	other	ADJ
cblr-7159	485	58	parties	party	NOUN
cblr-7159	485	59	,	,	PUNCT
cblr-7159	485	60	such	such	ADJ
cblr-7159	485	61	as	as	ADP
cblr-7159	485	62	the	the	DET
cblr-7159	485	63	originating	originate	VERB
cblr-7159	485	64	bank	bank	NOUN
cblr-7159	485	65	or	or	CCONJ
cblr-7159	485	66	an	an	DET
cblr-7159	485	67	agent	agent	NOUN
cblr-7159	485	68	bank	bank	NOUN
cblr-7159	485	69	,	,	PUNCT
cblr-7159	485	70	to	to	PART
cblr-7159	485	71	deal	deal	VERB
cblr-7159	485	72	directly	directly	ADV
cblr-7159	485	73	with	with	ADP
cblr-7159	485	74	borrowers	borrower	NOUN
cblr-7159	485	75	.	.	PUNCT
cblr-7159	486	1	waiving	waive	VERB
cblr-7159	486	2	a	a	DET
cblr-7159	486	3	default	default	NOUN
cblr-7159	486	4	may	may	AUX
cblr-7159	486	5	require	require	VERB
cblr-7159	486	6	a	a	DET
cblr-7159	486	7	vote	vote	NOUN
cblr-7159	486	8	of	of	ADP
cblr-7159	486	9	the	the	DET
cblr-7159	486	10	debt	debt	NOUN
cblr-7159	486	11	holders	holder	NOUN
cblr-7159	486	12	,	,	PUNCT
cblr-7159	486	13	or	or	CCONJ
cblr-7159	486	14	the	the	DET
cblr-7159	486	15	decision	decision	NOUN
cblr-7159	486	16	may	may	AUX
cblr-7159	486	17	be	be	AUX
cblr-7159	486	18	delegated	delegate	VERB
cblr-7159	486	19	to	to	ADP
cblr-7159	486	20	the	the	DET
cblr-7159	486	21	agent	agent	NOUN
cblr-7159	486	22	bank.169	bank.169	NOUN
cblr-7159	486	23	in	in	ADP
cblr-7159	486	24	either	either	DET
cblr-7159	486	25	case	case	NOUN
cblr-7159	486	26	,	,	PUNCT
cblr-7159	486	27	the	the	DET
cblr-7159	486	28	clo	clo	PROPN
cblr-7159	486	29	manager	manager	NOUN
cblr-7159	486	30	(	(	PUNCT
cblr-7159	486	31	or	or	CCONJ
cblr-7159	486	32	any	any	DET
cblr-7159	486	33	non	non	ADJ
cblr-7159	486	34	-	-	ADJ
cblr-7159	486	35	bank	bank	ADJ
cblr-7159	486	36	lender	lender	NOUN
cblr-7159	486	37	)	)	PUNCT
cblr-7159	486	38	is	be	AUX
cblr-7159	486	39	relatively	relatively	ADV
cblr-7159	486	40	removed	remove	VERB
cblr-7159	486	41	from	from	ADP
cblr-7159	486	42	the	the	DET
cblr-7159	486	43	borrower	borrower	NOUN
cblr-7159	486	44	’s	’s	PART
cblr-7159	486	45	affairs	affair	NOUN
cblr-7159	486	46	.	.	PUNCT
cblr-7159	487	1	third	third	ADJ
cblr-7159	487	2	,	,	PUNCT
cblr-7159	487	3	many	many	ADJ
cblr-7159	487	4	clo	clo	PROPN
cblr-7159	487	5	managers	manager	NOUN
cblr-7159	487	6	are	be	AUX
cblr-7159	487	7	concerned	concern	VERB
cblr-7159	487	8	primarily	primarily	ADV
cblr-7159	487	9	with	with	ADP
cblr-7159	487	10	the	the	DET
cblr-7159	487	11	contents	content	NOUN
cblr-7159	487	12	of	of	ADP
cblr-7159	487	13	their	their	PRON
cblr-7159	487	14	portfolios	portfolio	NOUN
cblr-7159	487	15	and	and	CCONJ
cblr-7159	487	16	they	they	PRON
cblr-7159	487	17	may	may	AUX
cblr-7159	487	18	lack	lack	VERB
cblr-7159	487	19	the	the	DET
cblr-7159	487	20	personnel	personnel	NOUN
cblr-7159	487	21	or	or	CCONJ
cblr-7159	487	22	resources	resource	NOUN
cblr-7159	487	23	to	to	PART
cblr-7159	487	24	supervise	supervise	VERB
cblr-7159	487	25	borrowers	borrower	NOUN
cblr-7159	487	26	’	'	PUNCT
cblr-7159	487	27	businesses	business	NOUN
cblr-7159	487	28	on	on	ADP
cblr-7159	487	29	an	an	DET
cblr-7159	487	30	ongoing	ongoing	ADJ
cblr-7159	487	31	basis	basis	NOUN
cblr-7159	487	32	,	,	PUNCT
cblr-7159	487	33	even	even	ADV
cblr-7159	487	34	where	where	SCONJ
cblr-7159	487	35	they	they	PRON
cblr-7159	487	36	have	have	VERB
cblr-7159	487	37	the	the	DET
cblr-7159	487	38	power	power	NOUN
cblr-7159	487	39	to	to	PART
cblr-7159	487	40	do	do	AUX
cblr-7159	487	41	so	so	ADV
cblr-7159	487	42	.	.	PUNCT
cblr-7159	488	1	finally	finally	ADV
cblr-7159	488	2	,	,	PUNCT
cblr-7159	488	3	clos	clo	NOUN
cblr-7159	488	4	hold	hold	VERB
cblr-7159	488	5	portfolios	portfolio	NOUN
cblr-7159	488	6	of	of	ADP
cblr-7159	488	7	leveraged	leveraged	ADJ
cblr-7159	488	8	loans	loan	NOUN
cblr-7159	488	9	structured	structure	VERB
cblr-7159	488	10	such	such	ADJ
cblr-7159	488	11	that	that	SCONJ
cblr-7159	488	12	no	no	DET
cblr-7159	488	13	single	single	ADJ
cblr-7159	488	14	borrower	borrower	NOUN
cblr-7159	488	15	’s	’s	PART
cblr-7159	488	16	default	default	NOUN
cblr-7159	488	17	would	would	AUX
cblr-7159	488	18	have	have	VERB
cblr-7159	488	19	a	a	DET
cblr-7159	488	20	large	large	ADJ
cblr-7159	488	21	enough	enough	ADJ
cblr-7159	488	22	impact	impact	NOUN
cblr-7159	488	23	to	to	PART
cblr-7159	488	24	materially	materially	ADV
cblr-7159	488	25	affect	affect	VERB
cblr-7159	488	26	the	the	DET
cblr-7159	488	27	safety	safety	NOUN
cblr-7159	488	28	or	or	CCONJ
cblr-7159	488	29	value	value	NOUN
cblr-7159	488	30	of	of	ADP
cblr-7159	488	31	the	the	DET
cblr-7159	488	32	portfolio	portfolio	NOUN
cblr-7159	488	33	as	as	ADP
cblr-7159	488	34	a	a	DET
cblr-7159	488	35	whole.170	whole.170	NOUN
cblr-7159	488	36	this	this	PRON
cblr-7159	488	37	means	mean	VERB
cblr-7159	488	38	that	that	SCONJ
cblr-7159	488	39	,	,	PUNCT
cblr-7159	488	40	even	even	ADV
cblr-7159	488	41	to	to	ADP
cblr-7159	488	42	the	the	DET
cblr-7159	488	43	extent	extent	NOUN
cblr-7159	488	44	that	that	PRON
cblr-7159	488	45	clo	clo	PROPN
cblr-7159	488	46	managers	manager	NOUN
cblr-7159	488	47	have	have	VERB
cblr-7159	488	48	rights	right	NOUN
cblr-7159	488	49	to	to	PART
cblr-7159	488	50	act	act	VERB
cblr-7159	488	51	in	in	ADP
cblr-7159	488	52	the	the	DET
cblr-7159	488	53	event	event	NOUN
cblr-7159	488	54	of	of	ADP
cblr-7159	488	55	a	a	DET
cblr-7159	488	56	covenant	covenant	ADJ
cblr-7159	488	57	violation	violation	NOUN
cblr-7159	488	58	,	,	PUNCT
cblr-7159	488	59	ongoing	ongoing	ADJ
cblr-7159	488	60	monitoring	monitoring	NOUN
cblr-7159	488	61	and	and	CCONJ
cblr-7159	488	62	intervention	intervention	NOUN
cblr-7159	488	63	may	may	AUX
cblr-7159	488	64	not	not	PART
cblr-7159	488	65	be	be	AUX
cblr-7159	488	66	worthwhile	worthwhile	ADJ
cblr-7159	488	67	or	or	CCONJ
cblr-7159	488	68	cost	cost	VERB
cblr-7159	488	69	effective.171	effective.171	NOUN
cblr-7159	488	70	clo	clo	PROPN
cblr-7159	488	71	managers	manager	NOUN
cblr-7159	488	72	can	can	AUX
cblr-7159	488	73	often	often	ADV
cblr-7159	488	74	trade	trade	VERB
cblr-7159	488	75	away	away	ADV
cblr-7159	488	76	any	any	DET
cblr-7159	488	77	loans	loan	NOUN
cblr-7159	488	78	they	they	PRON
cblr-7159	488	79	think	think	VERB
cblr-7159	488	80	are	be	AUX
cblr-7159	488	81	problematic	problematic	ADJ
cblr-7159	488	82	,	,	PUNCT
cblr-7159	488	83	and	and	CCONJ
cblr-7159	488	84	since	since	SCONJ
cblr-7159	488	85	they	they	PRON
cblr-7159	488	86	seldom	seldom	ADV
cblr-7159	488	87	have	have	VERB
cblr-7159	488	88	166	166	NUM
cblr-7159	488	89	see	see	VERB
cblr-7159	488	90	i	i	PROPN
cblr-7159	488	91	d.	d.	PROPN
cblr-7159	488	92	167	167	NUM
cblr-7159	488	93	see	see	VERB
cblr-7159	488	94	gorton	gorton	PROPN
cblr-7159	488	95	&	&	CCONJ
cblr-7159	488	96	metrick	metrick	ADJ
cblr-7159	488	97	,	,	PUNCT
cblr-7159	488	98	supra	supra	PROPN
cblr-7159	488	99	note	note	NOUN
cblr-7159	488	100	148	148	NUM
cblr-7159	488	101	,	,	PUNCT
cblr-7159	488	102	at	at	ADP
cblr-7159	488	103	56	56	NUM
cblr-7159	488	104	.	.	NOUN
cblr-7159	488	105	168	168	NUM
cblr-7159	488	106	see	see	VERB
cblr-7159	488	107	supra	supra	PROPN
cblr-7159	488	108	notes	note	VERB
cblr-7159	488	109	131–43	131–43	PROPN
cblr-7159	488	110	and	and	CCONJ
cblr-7159	488	111	accompanying	accompany	VERB
cblr-7159	488	112	text	text	NOUN
cblr-7159	488	113	.	.	PUNCT
cblr-7159	489	1	169	169	NUM
cblr-7159	489	2	see	see	VERB
cblr-7159	489	3	,	,	PUNCT
cblr-7159	489	4	e.g.	e.g.	ADV
cblr-7159	489	5	,	,	PUNCT
cblr-7159	489	6	roberts	roberts	PROPN
cblr-7159	489	7	&	&	CCONJ
cblr-7159	489	8	sufi	sufi	PROPN
cblr-7159	489	9	,	,	PUNCT
cblr-7159	489	10	supra	supra	PROPN
cblr-7159	489	11	note	note	NOUN
cblr-7159	489	12	12	12	NUM
cblr-7159	489	13	,	,	PUNCT
cblr-7159	489	14	at	at	ADP
cblr-7159	489	15	166	166	NUM
cblr-7159	489	16	.	.	PUNCT
cblr-7159	489	17	170	170	NUM
cblr-7159	489	18	fin	fin	NOUN
cblr-7159	489	19	.	.	PUNCT
cblr-7159	490	1	stability	stability	PROPN
cblr-7159	490	2	bd	bd	PROPN
cblr-7159	490	3	.	.	PROPN
cblr-7159	490	4	,	,	PUNCT
cblr-7159	490	5	vulnerabilities	vulnerability	NOUN
cblr-7159	490	6	,	,	PUNCT
cblr-7159	490	7	supra	supra	PROPN
cblr-7159	490	8	note	note	NOUN
cblr-7159	490	9	2	2	NUM
cblr-7159	490	10	,	,	PUNCT
cblr-7159	490	11	at	at	ADP
cblr-7159	490	12	32–33	32–33	NUM
cblr-7159	490	13	,	,	PUNCT
cblr-7159	490	14	33	33	NUM
cblr-7159	490	15	fig.b1	fig.b1	NOUN
cblr-7159	490	16	.	.	PUNCT
cblr-7159	491	1	171	171	NUM
cblr-7159	491	2	there	there	PRON
cblr-7159	491	3	is	be	VERB
cblr-7159	491	4	also	also	ADV
cblr-7159	491	5	an	an	DET
cblr-7159	491	6	argument	argument	NOUN
cblr-7159	491	7	that	that	SCONJ
cblr-7159	491	8	institutional	institutional	ADJ
cblr-7159	491	9	investors	investor	NOUN
cblr-7159	491	10	would	would	AUX
cblr-7159	491	11	prefer	prefer	VERB
cblr-7159	491	12	to	to	PART
cblr-7159	491	13	avoid	avoid	VERB
cblr-7159	491	14	a	a	DET
cblr-7159	491	15	messy	messy	ADJ
cblr-7159	491	16	renegotiation	renegotiation	NOUN
cblr-7159	491	17	process	process	NOUN
cblr-7159	491	18	with	with	ADP
cblr-7159	491	19	other	other	ADJ
cblr-7159	491	20	non	non	NOUN
cblr-7159	491	21	-	-	NOUN
cblr-7159	491	22	banks	bank	NOUN
cblr-7159	491	23	who	who	PRON
cblr-7159	491	24	have	have	VERB
cblr-7159	491	25	incompatible	incompatible	ADJ
cblr-7159	491	26	interests	interest	NOUN
cblr-7159	491	27	.	.	PUNCT
cblr-7159	492	1	see	see	VERB
cblr-7159	492	2	becker	becker	PROPN
cblr-7159	492	3	&	&	CCONJ
cblr-7159	492	4	ivashina	ivashina	PROPN
cblr-7159	492	5	,	,	PUNCT
cblr-7159	492	6	supra	supra	PROPN
cblr-7159	492	7	note	note	NOUN
cblr-7159	492	8	139	139	NUM
cblr-7159	492	9	,	,	PUNCT
cblr-7159	492	10	at	at	ADP
cblr-7159	492	11	2–3	2–3	NOUN
cblr-7159	492	12	.	.	NOUN
cblr-7159	492	13	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	492	14	(	(	PUNCT
cblr-7159	492	15	do	do	AUX
cblr-7159	492	16	not	not	PART
cblr-7159	492	17	delete	delete	VERB
cblr-7159	492	18	)	)	PUNCT
cblr-7159	492	19	9/28/2020	9/28/2020	NUM
cblr-7159	492	20	6:35	6:35	NUM
cblr-7159	492	21	pm	pm	NOUN
cblr-7159	492	22	no	no	INTJ
cblr-7159	492	23	.	.	PUNCT
cblr-7159	493	1	1:192	1:192	X
cblr-7159	493	2	]	]	X
cblr-7159	493	3	reconsidering	reconsider	VERB
cblr-7159	493	4	creditor	creditor	NOUN
cblr-7159	493	5	governance	governance	NOUN
cblr-7159	493	6	229	229	NUM
cblr-7159	493	7	an	an	DET
cblr-7159	493	8	ongoing	ongoing	ADJ
cblr-7159	493	9	relationship	relationship	NOUN
cblr-7159	493	10	with	with	ADP
cblr-7159	493	11	borrowing	borrowing	NOUN
cblr-7159	493	12	companies	company	NOUN
cblr-7159	493	13	,	,	PUNCT
cblr-7159	493	14	they	they	PRON
cblr-7159	493	15	may	may	AUX
cblr-7159	493	16	find	find	VERB
cblr-7159	493	17	it	it	PRON
cblr-7159	493	18	easier	easy	ADJ
cblr-7159	493	19	to	to	PART
cblr-7159	493	20	sell	sell	VERB
cblr-7159	493	21	troublesome	troublesome	ADJ
cblr-7159	493	22	loans	loan	NOUN
cblr-7159	493	23	rather	rather	ADV
cblr-7159	493	24	than	than	ADP
cblr-7159	493	25	provide	provide	VERB
cblr-7159	493	26	help	help	NOUN
cblr-7159	493	27	or	or	CCONJ
cblr-7159	493	28	advice	advice	NOUN
cblr-7159	493	29	to	to	ADP
cblr-7159	493	30	borrowers.172	borrowers.172	NOUN
cblr-7159	493	31	3	3	NUM
cblr-7159	493	32	.	.	PUNCT
cblr-7159	494	1	the	the	DET
cblr-7159	494	2	role	role	NOUN
cblr-7159	494	3	of	of	ADP
cblr-7159	494	4	lending	lend	VERB
cblr-7159	494	5	banks	bank	NOUN
cblr-7159	494	6	and	and	CCONJ
cblr-7159	494	7	non	non	ADJ
cblr-7159	494	8	-	-	ADJ
cblr-7159	494	9	bank	bank	ADJ
cblr-7159	494	10	institutions	institution	NOUN
cblr-7159	494	11	many	many	ADJ
cblr-7159	494	12	of	of	ADP
cblr-7159	494	13	the	the	DET
cblr-7159	494	14	banks	bank	NOUN
cblr-7159	494	15	that	that	PRON
cblr-7159	494	16	arrange	arrange	VERB
cblr-7159	494	17	leveraged	leveraged	ADJ
cblr-7159	494	18	loans	loan	NOUN
cblr-7159	494	19	and	and	CCONJ
cblr-7159	494	20	sell	sell	VERB
cblr-7159	494	21	their	their	PRON
cblr-7159	494	22	participations	participation	NOUN
cblr-7159	494	23	to	to	PART
cblr-7159	494	24	clo	clo	VERB
cblr-7159	494	25	vehicles	vehicle	NOUN
cblr-7159	494	26	are	be	AUX
cblr-7159	494	27	themselves	themselves	PRON
cblr-7159	494	28	heavily	heavily	ADV
cblr-7159	494	29	involved	involve	VERB
cblr-7159	494	30	in	in	ADP
cblr-7159	494	31	structuring	structuring	NOUN
cblr-7159	494	32	and	and	CCONJ
cblr-7159	494	33	underwriting	underwrite	VERB
cblr-7159	494	34	clos.173	clos.173	NOUN
cblr-7159	494	35	these	these	DET
cblr-7159	494	36	institutions	institution	NOUN
cblr-7159	494	37	earn	earn	VERB
cblr-7159	494	38	fees	fee	NOUN
cblr-7159	494	39	in	in	ADP
cblr-7159	494	40	return	return	NOUN
cblr-7159	494	41	for	for	ADP
cblr-7159	494	42	underwriting	underwrite	VERB
cblr-7159	494	43	the	the	DET
cblr-7159	494	44	clos	clo	NOUN
cblr-7159	494	45	and	and	CCONJ
cblr-7159	494	46	sponsoring	sponsor	VERB
cblr-7159	494	47	their	their	PRON
cblr-7159	494	48	own	own	ADJ
cblr-7159	494	49	clos	clo	NOUN
cblr-7159	494	50	,	,	PUNCT
cblr-7159	494	51	and	and	CCONJ
cblr-7159	494	52	often	often	ADV
cblr-7159	494	53	retain	retain	VERB
cblr-7159	494	54	some	some	DET
cblr-7159	494	55	portion	portion	NOUN
cblr-7159	494	56	of	of	ADP
cblr-7159	494	57	the	the	DET
cblr-7159	494	58	clo	clo	PROPN
cblr-7159	494	59	notes.174	notes.174	PROPN
cblr-7159	494	60	in	in	ADP
cblr-7159	494	61	so	so	ADV
cblr-7159	494	62	doing	do	VERB
cblr-7159	494	63	these	these	DET
cblr-7159	494	64	institutions	institution	NOUN
cblr-7159	494	65	limit	limit	VERB
cblr-7159	494	66	their	their	PRON
cblr-7159	494	67	own	own	ADJ
cblr-7159	494	68	exposure	exposure	NOUN
cblr-7159	494	69	to	to	ADP
cblr-7159	494	70	some	some	DET
cblr-7159	494	71	borrowers	borrower	NOUN
cblr-7159	494	72	’	'	PUNCT
cblr-7159	494	73	creditworthiness	creditworthiness	NOUN
cblr-7159	494	74	,	,	PUNCT
cblr-7159	494	75	and	and	CCONJ
cblr-7159	494	76	earn	earn	VERB
cblr-7159	494	77	additional	additional	ADJ
cblr-7159	494	78	profit	profit	NOUN
cblr-7159	494	79	by	by	ADP
cblr-7159	494	80	creating	create	VERB
cblr-7159	494	81	and	and	CCONJ
cblr-7159	494	82	investing	invest	VERB
cblr-7159	494	83	in	in	ADP
cblr-7159	494	84	clos	clo	NOUN
cblr-7159	494	85	made	make	VERB
cblr-7159	494	86	from	from	ADP
cblr-7159	494	87	loans	loan	NOUN
cblr-7159	494	88	they	they	PRON
cblr-7159	494	89	arranged	arrange	VERB
cblr-7159	494	90	or	or	CCONJ
cblr-7159	494	91	originated	originate	VERB
cblr-7159	494	92	.	.	PUNCT
cblr-7159	495	1	this	this	PRON
cblr-7159	495	2	creates	create	VERB
cblr-7159	495	3	a	a	DET
cblr-7159	495	4	cycle	cycle	NOUN
cblr-7159	495	5	in	in	ADP
cblr-7159	495	6	which	which	PRON
cblr-7159	495	7	large	large	ADJ
cblr-7159	495	8	financial	financial	ADJ
cblr-7159	495	9	institutions	institution	NOUN
cblr-7159	495	10	have	have	VERB
cblr-7159	495	11	a	a	DET
cblr-7159	495	12	greater	great	ADJ
cblr-7159	495	13	incentive	incentive	NOUN
cblr-7159	495	14	to	to	PART
cblr-7159	495	15	lend	lend	VERB
cblr-7159	495	16	or	or	CCONJ
cblr-7159	495	17	arrange	arrange	VERB
cblr-7159	495	18	loans	loan	NOUN
cblr-7159	495	19	to	to	PART
cblr-7159	495	20	sell	sell	VERB
cblr-7159	495	21	to	to	ADP
cblr-7159	495	22	clos	clo	NOUN
cblr-7159	495	23	or	or	CCONJ
cblr-7159	495	24	other	other	ADJ
cblr-7159	495	25	non	non	ADJ
cblr-7159	495	26	-	-	ADJ
cblr-7159	495	27	bank	bank	ADJ
cblr-7159	495	28	investors	investor	NOUN
cblr-7159	495	29	.	.	PUNCT
cblr-7159	496	1	the	the	DET
cblr-7159	496	2	more	more	ADJ
cblr-7159	496	3	clos	clo	NOUN
cblr-7159	496	4	a	a	DET
cblr-7159	496	5	bank	bank	NOUN
cblr-7159	496	6	structures	structure	NOUN
cblr-7159	496	7	,	,	PUNCT
cblr-7159	496	8	the	the	PRON
cblr-7159	496	9	more	more	ADJ
cblr-7159	496	10	it	it	PRON
cblr-7159	496	11	will	will	AUX
cblr-7159	496	12	be	be	AUX
cblr-7159	496	13	incentivized	incentivize	VERB
cblr-7159	496	14	to	to	PART
cblr-7159	496	15	lend	lend	VERB
cblr-7159	496	16	in	in	ADP
cblr-7159	496	17	order	order	NOUN
cblr-7159	496	18	to	to	PART
cblr-7159	496	19	provide	provide	VERB
cblr-7159	496	20	collateral	collateral	NOUN
cblr-7159	496	21	for	for	ADP
cblr-7159	496	22	the	the	DET
cblr-7159	496	23	vehicles	vehicle	NOUN
cblr-7159	496	24	it	it	PRON
cblr-7159	496	25	may	may	AUX
cblr-7159	496	26	structure	structure	VERB
cblr-7159	496	27	and	and	CCONJ
cblr-7159	496	28	underwrite	underwrite	VERB
cblr-7159	496	29	later.175	later.175	ADV
cblr-7159	496	30	moreover	moreover	ADV
cblr-7159	496	31	,	,	PUNCT
cblr-7159	496	32	other	other	ADJ
cblr-7159	496	33	types	type	NOUN
cblr-7159	496	34	of	of	ADP
cblr-7159	496	35	non	non	ADJ
cblr-7159	496	36	-	-	ADJ
cblr-7159	496	37	bank	bank	ADJ
cblr-7159	496	38	institutions	institution	NOUN
cblr-7159	496	39	such	such	ADJ
cblr-7159	496	40	as	as	ADP
cblr-7159	496	41	private	private	ADJ
cblr-7159	496	42	equity	equity	NOUN
cblr-7159	496	43	firms	firm	NOUN
cblr-7159	496	44	have	have	AUX
cblr-7159	496	45	seized	seize	VERB
cblr-7159	496	46	on	on	ADP
cblr-7159	496	47	the	the	DET
cblr-7159	496	48	demand	demand	NOUN
cblr-7159	496	49	for	for	ADP
cblr-7159	496	50	loans	loan	NOUN
cblr-7159	496	51	and	and	CCONJ
cblr-7159	496	52	begun	begin	VERB
cblr-7159	496	53	issuing	issue	VERB
cblr-7159	496	54	loans	loan	NOUN
cblr-7159	496	55	and	and	CCONJ
cblr-7159	496	56	sponsoring	sponsor	VERB
cblr-7159	496	57	clos	clo	NOUN
cblr-7159	496	58	as	as	ADP
cblr-7159	496	59	well.176	well.176	NOUN
cblr-7159	496	60	consequently	consequently	ADV
cblr-7159	496	61	,	,	PUNCT
cblr-7159	496	62	the	the	DET
cblr-7159	496	63	issuance	issuance	NOUN
cblr-7159	496	64	volume	volume	NOUN
cblr-7159	496	65	of	of	ADP
cblr-7159	496	66	clos	clo	NOUN
cblr-7159	496	67	had	have	AUX
cblr-7159	496	68	grown	grow	VERB
cblr-7159	496	69	to	to	ADP
cblr-7159	496	70	an	an	DET
cblr-7159	496	71	all	all	DET
cblr-7159	496	72	-	-	PUNCT
cblr-7159	496	73	time	time	NOUN
cblr-7159	496	74	high	high	ADJ
cblr-7159	496	75	of	of	ADP
cblr-7159	496	76	$	$	SYM
cblr-7159	496	77	128	128	NUM
cblr-7159	496	78	billion	billion	NUM
cblr-7159	496	79	for	for	ADP
cblr-7159	496	80	the	the	DET
cblr-7159	496	81	year	year	NOUN
cblr-7159	496	82	of	of	ADP
cblr-7159	496	83	2018	2018	NUM
cblr-7159	496	84	alone	alone	ADV
cblr-7159	496	85	,	,	PUNCT
cblr-7159	496	86	and	and	CCONJ
cblr-7159	496	87	an	an	DET
cblr-7159	496	88	aggregate	aggregate	ADJ
cblr-7159	496	89	u.s	u.s	PROPN
cblr-7159	496	90	.	.	PROPN
cblr-7159	496	91	volume	volume	NOUN
cblr-7159	496	92	of	of	ADP
cblr-7159	496	93	172	172	NUM
cblr-7159	496	94	i	i	PROPN
cblr-7159	496	95	d.	d.	PROPN
cblr-7159	496	96	at	at	ADP
cblr-7159	496	97	32	32	NUM
cblr-7159	496	98	.	.	PUNCT
cblr-7159	497	1	see	see	VERB
cblr-7159	497	2	also	also	ADV
cblr-7159	497	3	stavros	stavros	PROPN
cblr-7159	497	4	peristiani	peristiani	PROPN
cblr-7159	497	5	&	&	CCONJ
cblr-7159	497	6	joão	joão	PROPN
cblr-7159	497	7	a.	a.	PROPN
cblr-7159	497	8	c.	c.	PROPN
cblr-7159	497	9	santos	santos	PROPN
cblr-7159	497	10	,	,	PUNCT
cblr-7159	497	11	clo	clo	PROPN
cblr-7159	497	12	trading	trading	NOUN
cblr-7159	497	13	and	and	CCONJ
cblr-7159	497	14	collateral	collateral	ADJ
cblr-7159	497	15	manager	manager	NOUN
cblr-7159	497	16	bank	bank	NOUN
cblr-7159	497	17	affiliation	affiliation	NOUN
cblr-7159	497	18	,	,	PUNCT
cblr-7159	497	19	39	39	NUM
cblr-7159	497	20	j.	j.	PROPN
cblr-7159	497	21	fin	fin	PROPN
cblr-7159	497	22	.	.	PUNCT
cblr-7159	498	1	intermediation	intermediation	NOUN
cblr-7159	498	2	47	47	NUM
cblr-7159	498	3	,	,	PUNCT
cblr-7159	498	4	51–52	51–52	NUM
cblr-7159	498	5	(	(	PUNCT
cblr-7159	498	6	2019	2019	NUM
cblr-7159	498	7	)	)	PUNCT
cblr-7159	498	8	(	(	PUNCT
cblr-7159	499	1	finding	find	VERB
cblr-7159	499	2	that	that	SCONJ
cblr-7159	499	3	both	both	DET
cblr-7159	499	4	bank	bank	NOUN
cblr-7159	499	5	-	-	PUNCT
cblr-7159	499	6	affiliated	affiliate	VERB
cblr-7159	499	7	and	and	CCONJ
cblr-7159	499	8	non	non	ADJ
cblr-7159	499	9	-	-	ADJ
cblr-7159	499	10	affiliated	affiliated	ADJ
cblr-7159	499	11	clo	clo	PROPN
cblr-7159	499	12	managers	manager	NOUN
cblr-7159	499	13	sell	sell	VERB
cblr-7159	499	14	off	off	ADP
cblr-7159	499	15	distressed	distressed	ADJ
cblr-7159	499	16	loans	loan	NOUN
cblr-7159	499	17	,	,	PUNCT
cblr-7159	499	18	although	although	SCONJ
cblr-7159	499	19	affiliated	affiliated	ADJ
cblr-7159	499	20	managers	manager	NOUN
cblr-7159	499	21	do	do	VERB
cblr-7159	499	22	so	so	ADV
cblr-7159	499	23	much	much	ADV
cblr-7159	499	24	earlier	early	ADV
cblr-7159	499	25	,	,	PUNCT
cblr-7159	499	26	due	due	ADP
cblr-7159	499	27	to	to	ADP
cblr-7159	499	28	informational	informational	ADJ
cblr-7159	499	29	advantages	advantage	NOUN
cblr-7159	499	30	)	)	PUNCT
cblr-7159	499	31	.	.	PUNCT
cblr-7159	500	1	173	173	NUM
cblr-7159	500	2	fin	fin	NOUN
cblr-7159	500	3	.	.	PUNCT
cblr-7159	501	1	stability	stability	PROPN
cblr-7159	501	2	bd	bd	PROPN
cblr-7159	501	3	.	.	PROPN
cblr-7159	501	4	,	,	PUNCT
cblr-7159	501	5	vulnerabilities	vulnerability	NOUN
cblr-7159	501	6	,	,	PUNCT
cblr-7159	501	7	supra	supra	PROPN
cblr-7159	501	8	note	note	NOUN
cblr-7159	501	9	2	2	NUM
cblr-7159	501	10	,	,	PUNCT
cblr-7159	501	11	at	at	ADP
cblr-7159	501	12	5	5	NUM
cblr-7159	501	13	.	.	SYM
cblr-7159	501	14	174	174	NUM
cblr-7159	501	15	wang	wang	PROPN
cblr-7159	501	16	&	&	CCONJ
cblr-7159	501	17	xia	xia	PROPN
cblr-7159	501	18	,	,	PUNCT
cblr-7159	501	19	supra	supra	PROPN
cblr-7159	501	20	note	note	PROPN
cblr-7159	501	21	149	149	NUM
cblr-7159	501	22	,	,	PUNCT
cblr-7159	501	23	at	at	ADP
cblr-7159	501	24	2357	2357	NUM
cblr-7159	501	25	.	.	PUNCT
cblr-7159	502	1	175	175	NUM
cblr-7159	502	2	see	see	VERB
cblr-7159	502	3	i	i	PRON
cblr-7159	502	4	d.	d.	PROPN
cblr-7159	502	5	at	at	ADP
cblr-7159	502	6	2357–58	2357–58	PROPN
cblr-7159	502	7	.	.	PUNCT
cblr-7159	503	1	see	see	VERB
cblr-7159	503	2	also	also	ADV
cblr-7159	503	3	taylor	taylor	PROPN
cblr-7159	503	4	d.	d.	PROPN
cblr-7159	503	5	nadauld	nadauld	PROPN
cblr-7159	503	6	&	&	CCONJ
cblr-7159	503	7	michael	michael	PROPN
cblr-7159	503	8	s.	s.	PROPN
cblr-7159	503	9	weisbach	weisbach	PROPN
cblr-7159	503	10	,	,	PUNCT
cblr-7159	503	11	did	do	AUX
cblr-7159	503	12	securitization	securitization	NOUN
cblr-7159	503	13	affect	affect	VERB
cblr-7159	503	14	the	the	DET
cblr-7159	503	15	cost	cost	NOUN
cblr-7159	503	16	of	of	ADP
cblr-7159	503	17	corporate	corporate	ADJ
cblr-7159	503	18	debt	debt	NOUN
cblr-7159	503	19	?	?	PUNCT
cblr-7159	503	20	,	,	PUNCT
cblr-7159	503	21	105	105	NUM
cblr-7159	503	22	j.	j.	PROPN
cblr-7159	503	23	fin	fin	PROPN
cblr-7159	503	24	.	.	PUNCT
cblr-7159	503	25	econ	econ	PROPN
cblr-7159	503	26	.	.	PUNCT
cblr-7159	504	1	332	332	NUM
cblr-7159	504	2	,	,	PUNCT
cblr-7159	504	3	333	333	NUM
cblr-7159	504	4	,	,	PUNCT
cblr-7159	504	5	335	335	NUM
cblr-7159	504	6	(	(	PUNCT
cblr-7159	504	7	2012	2012	NUM
cblr-7159	504	8	)	)	PUNCT
cblr-7159	504	9	(	(	PUNCT
cblr-7159	504	10	finding	find	VERB
cblr-7159	504	11	that	that	SCONJ
cblr-7159	504	12	large	large	ADJ
cblr-7159	504	13	underwriters	underwriter	NOUN
cblr-7159	504	14	are	be	AUX
cblr-7159	504	15	likely	likely	ADJ
cblr-7159	504	16	to	to	PART
cblr-7159	504	17	sell	sell	VERB
cblr-7159	504	18	the	the	DET
cblr-7159	504	19	loans	loan	NOUN
cblr-7159	504	20	they	they	PRON
cblr-7159	504	21	arrange	arrange	VERB
cblr-7159	504	22	to	to	ADP
cblr-7159	504	23	clo	clo	PROPN
cblr-7159	504	24	vehicles	vehicle	NOUN
cblr-7159	504	25	)	)	PUNCT
cblr-7159	504	26	.	.	PUNCT
cblr-7159	505	1	176	176	NUM
cblr-7159	505	2	see	see	VERB
cblr-7159	505	3	bord	bord	PROPN
cblr-7159	505	4	&	&	CCONJ
cblr-7159	505	5	santos	santos	PROPN
cblr-7159	505	6	,	,	PUNCT
cblr-7159	505	7	supra	supra	PROPN
cblr-7159	505	8	note	note	NOUN
cblr-7159	505	9	88	88	NUM
cblr-7159	505	10	,	,	PUNCT
cblr-7159	505	11	at	at	ADP
cblr-7159	505	12	30–32	30–32	NUM
cblr-7159	505	13	(	(	PUNCT
cblr-7159	505	14	showing	show	VERB
cblr-7159	505	15	that	that	SCONJ
cblr-7159	505	16	“	"	PUNCT
cblr-7159	505	17	traditional	traditional	ADJ
cblr-7159	505	18	institutional	institutional	ADJ
cblr-7159	505	19	investors	investor	NOUN
cblr-7159	505	20	and	and	CCONJ
cblr-7159	505	21	,	,	PUNCT
cblr-7159	505	22	in	in	ADP
cblr-7159	505	23	particular	particular	ADJ
cblr-7159	505	24	,	,	PUNCT
cblr-7159	505	25	new	new	ADJ
cblr-7159	505	26	loan	loan	NOUN
cblr-7159	505	27	investors	investor	NOUN
cblr-7159	505	28	—	—	PUNCT
cblr-7159	505	29	including	include	VERB
cblr-7159	505	30	investment	investment	NOUN
cblr-7159	505	31	managers	manager	NOUN
cblr-7159	505	32	and	and	CCONJ
cblr-7159	505	33	clos	clo	NOUN
cblr-7159	505	34	—	—	PUNCT
cblr-7159	505	35	began	begin	VERB
cblr-7159	505	36	taking	take	VERB
cblr-7159	505	37	over	over	ADP
cblr-7159	505	38	more	more	ADJ
cblr-7159	505	39	of	of	ADP
cblr-7159	505	40	the	the	DET
cblr-7159	505	41	credit	credit	NOUN
cblr-7159	505	42	business	business	NOUN
cblr-7159	505	43	”	"	PUNCT
cblr-7159	505	44	in	in	ADP
cblr-7159	505	45	recent	recent	ADJ
cblr-7159	505	46	years	year	NOUN
cblr-7159	505	47	)	)	PUNCT
cblr-7159	505	48	.	.	PUNCT
cblr-7159	506	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	506	2	(	(	PUNCT
cblr-7159	506	3	do	do	AUX
cblr-7159	506	4	not	not	PART
cblr-7159	506	5	delte	delte	VERB
cblr-7159	506	6	)	)	PUNCT
cblr-7159	506	7	9/28/2020	9/28/2020	PROPN
cblr-7159	506	8	6:35	6:35	NUM
cblr-7159	506	9	pm	pm	NOUN
cblr-7159	506	10	230	230	NUM
cblr-7159	506	11	columbia	columbia	PROPN
cblr-7159	506	12	business	business	NOUN
cblr-7159	506	13	law	law	NOUN
cblr-7159	506	14	review	review	NOUN
cblr-7159	506	15	[	[	X
cblr-7159	506	16	vol	vol	NOUN
cblr-7159	506	17	.	.	PUNCT
cblr-7159	506	18	2020	2020	NUM
cblr-7159	506	19	$	$	SYM
cblr-7159	506	20	656	656	NUM
cblr-7159	506	21	billion	billion	NUM
cblr-7159	506	22	as	as	ADP
cblr-7159	506	23	of	of	ADP
cblr-7159	506	24	the	the	DET
cblr-7159	506	25	last	last	ADJ
cblr-7159	506	26	quarter	quarter	NOUN
cblr-7159	506	27	of	of	ADP
cblr-7159	506	28	2019.177	2019.177	NUM
cblr-7159	506	29	in	in	ADP
cblr-7159	506	30	turn	turn	NOUN
cblr-7159	506	31	,	,	PUNCT
cblr-7159	506	32	clos	clo	NOUN
cblr-7159	506	33	currently	currently	ADV
cblr-7159	506	34	account	account	VERB
cblr-7159	506	35	for	for	ADP
cblr-7159	506	36	two	two	NUM
cblr-7159	506	37	thirds	third	NOUN
cblr-7159	506	38	of	of	ADP
cblr-7159	506	39	leveraged	leveraged	ADJ
cblr-7159	506	40	loan	loan	NOUN
cblr-7159	506	41	investment	investment	NOUN
cblr-7159	506	42	purchases.178	purchases.178	ADV
cblr-7159	506	43	4	4	NUM
cblr-7159	506	44	.	.	PUNCT
cblr-7159	507	1	shadow	shadow	NOUN
cblr-7159	507	2	banks	bank	NOUN
cblr-7159	507	3	and	and	CCONJ
cblr-7159	507	4	changes	change	NOUN
cblr-7159	507	5	in	in	ADP
cblr-7159	507	6	creditor	creditor	NOUN
cblr-7159	507	7	incentives	incentive	NOUN
cblr-7159	507	8	in	in	ADP
cblr-7159	507	9	addition	addition	NOUN
cblr-7159	507	10	to	to	ADP
cblr-7159	507	11	giving	give	VERB
cblr-7159	507	12	banks	bank	NOUN
cblr-7159	507	13	incentives	incentive	NOUN
cblr-7159	507	14	to	to	PART
cblr-7159	507	15	lend	lend	VERB
cblr-7159	507	16	by	by	ADP
cblr-7159	507	17	increasing	increase	VERB
cblr-7159	507	18	demand	demand	NOUN
cblr-7159	507	19	,	,	PUNCT
cblr-7159	507	20	clos	clo	NOUN
cblr-7159	507	21	and	and	CCONJ
cblr-7159	507	22	other	other	ADJ
cblr-7159	507	23	non	non	ADJ
cblr-7159	507	24	-	-	ADJ
cblr-7159	507	25	bank	bank	ADJ
cblr-7159	507	26	institutions	institution	NOUN
cblr-7159	507	27	facilitate	facilitate	VERB
cblr-7159	507	28	banks	bank	NOUN
cblr-7159	507	29	’	'	PUNCT
cblr-7159	507	30	ability	ability	NOUN
cblr-7159	507	31	to	to	PART
cblr-7159	507	32	lend	lend	VERB
cblr-7159	507	33	more	more	ADJ
cblr-7159	507	34	.	.	PUNCT
cblr-7159	508	1	before	before	ADP
cblr-7159	508	2	the	the	DET
cblr-7159	508	3	rise	rise	NOUN
cblr-7159	508	4	of	of	ADP
cblr-7159	508	5	non	non	NOUN
cblr-7159	508	6	-	-	NOUN
cblr-7159	508	7	banks	bank	NOUN
cblr-7159	508	8	and	and	CCONJ
cblr-7159	508	9	the	the	DET
cblr-7159	508	10	widespread	widespread	ADJ
cblr-7159	508	11	use	use	NOUN
cblr-7159	508	12	of	of	ADP
cblr-7159	508	13	structured	structured	ADJ
cblr-7159	508	14	finance	finance	NOUN
cblr-7159	508	15	,	,	PUNCT
cblr-7159	508	16	corporate	corporate	ADJ
cblr-7159	508	17	loans	loan	NOUN
cblr-7159	508	18	were	be	AUX
cblr-7159	508	19	often	often	ADV
cblr-7159	508	20	held	hold	VERB
cblr-7159	508	21	on	on	ADP
cblr-7159	508	22	lenders	lender	NOUN
cblr-7159	508	23	’	’	PART
cblr-7159	508	24	balance	balance	NOUN
cblr-7159	508	25	sheets	sheet	NOUN
cblr-7159	508	26	,	,	PUNCT
cblr-7159	508	27	leaving	leave	VERB
cblr-7159	508	28	them	they	PRON
cblr-7159	508	29	with	with	ADP
cblr-7159	508	30	an	an	DET
cblr-7159	508	31	incentive	incentive	NOUN
cblr-7159	508	32	to	to	PART
cblr-7159	508	33	screen	screen	VERB
cblr-7159	508	34	and	and	CCONJ
cblr-7159	508	35	monitor	monitor	VERB
cblr-7159	508	36	borrowers.179	borrowers.179	PROPN
cblr-7159	508	37	securitizing	securitize	VERB
cblr-7159	508	38	the	the	DET
cblr-7159	508	39	loans	loan	NOUN
cblr-7159	508	40	—	—	PUNCT
cblr-7159	508	41	in	in	ADP
cblr-7159	508	42	essence	essence	NOUN
cblr-7159	508	43	,	,	PUNCT
cblr-7159	508	44	selling	sell	VERB
cblr-7159	508	45	both	both	CCONJ
cblr-7159	508	46	the	the	DET
cblr-7159	508	47	right	right	NOUN
cblr-7159	508	48	to	to	ADP
cblr-7159	508	49	payment	payment	NOUN
cblr-7159	508	50	and	and	CCONJ
cblr-7159	508	51	the	the	DET
cblr-7159	508	52	risk	risk	NOUN
cblr-7159	508	53	of	of	ADP
cblr-7159	508	54	default	default	NOUN
cblr-7159	508	55	to	to	ADP
cblr-7159	508	56	a	a	DET
cblr-7159	508	57	clo	clo	PROPN
cblr-7159	508	58	—	—	PUNCT
cblr-7159	508	59	potentially	potentially	ADV
cblr-7159	508	60	allows	allow	VERB
cblr-7159	508	61	lending	lending	NOUN
cblr-7159	508	62	banks	bank	NOUN
cblr-7159	508	63	to	to	PART
cblr-7159	508	64	finance	finance	VERB
cblr-7159	508	65	some	some	DET
cblr-7159	508	66	portion	portion	NOUN
cblr-7159	508	67	of	of	ADP
cblr-7159	508	68	their	their	PRON
cblr-7159	508	69	loans	loan	NOUN
cblr-7159	508	70	off	off	ADP
cblr-7159	508	71	of	of	ADP
cblr-7159	508	72	their	their	PRON
cblr-7159	508	73	balance	balance	NOUN
cblr-7159	508	74	sheets	sheet	NOUN
cblr-7159	508	75	.	.	PUNCT
cblr-7159	509	1	in	in	ADP
cblr-7159	509	2	other	other	ADJ
cblr-7159	509	3	words	word	NOUN
cblr-7159	509	4	,	,	PUNCT
cblr-7159	509	5	securitization	securitization	NOUN
cblr-7159	509	6	allows	allow	VERB
cblr-7159	509	7	lending	lend	VERB
cblr-7159	509	8	banks	bank	NOUN
cblr-7159	509	9	to	to	PART
cblr-7159	509	10	let	let	VERB
cblr-7159	509	11	others	other	NOUN
cblr-7159	509	12	take	take	VERB
cblr-7159	509	13	the	the	DET
cblr-7159	509	14	risk	risk	NOUN
cblr-7159	509	15	that	that	SCONJ
cblr-7159	509	16	the	the	DET
cblr-7159	509	17	borrower	borrower	NOUN
cblr-7159	509	18	will	will	AUX
cblr-7159	509	19	default.180	default.180	VERB
cblr-7159	509	20	this	this	PRON
cblr-7159	509	21	,	,	PUNCT
cblr-7159	509	22	as	as	ADV
cblr-7159	509	23	well	well	ADV
cblr-7159	509	24	as	as	ADP
cblr-7159	509	25	loan	loan	NOUN
cblr-7159	509	26	syndication	syndication	NOUN
cblr-7159	509	27	(	(	PUNCT
cblr-7159	509	28	i.e.	i.e.	X
cblr-7159	509	29	,	,	PUNCT
cblr-7159	509	30	assembling	assemble	VERB
cblr-7159	509	31	a	a	DET
cblr-7159	509	32	group	group	NOUN
cblr-7159	509	33	of	of	ADP
cblr-7159	509	34	lenders	lender	NOUN
cblr-7159	509	35	to	to	PART
cblr-7159	509	36	jointly	jointly	ADV
cblr-7159	509	37	lend	lend	VERB
cblr-7159	509	38	and	and	CCONJ
cblr-7159	509	39	take	take	VERB
cblr-7159	509	40	the	the	DET
cblr-7159	509	41	risk	risk	NOUN
cblr-7159	509	42	of	of	ADP
cblr-7159	509	43	borrower	borrower	NOUN
cblr-7159	509	44	default	default	NOUN
cblr-7159	509	45	)	)	PUNCT
cblr-7159	509	46	has	have	VERB
cblr-7159	509	47	benefits	benefit	NOUN
cblr-7159	509	48	for	for	ADP
cblr-7159	509	49	banks	bank	NOUN
cblr-7159	509	50	’	'	PUNCT
cblr-7159	509	51	management	management	NOUN
cblr-7159	509	52	of	of	ADP
cblr-7159	509	53	their	their	PRON
cblr-7159	509	54	overall	overall	ADJ
cblr-7159	509	55	risk	risk	NOUN
cblr-7159	509	56	,	,	PUNCT
cblr-7159	509	57	as	as	ADV
cblr-7159	509	58	well	well	ADV
cblr-7159	509	59	as	as	ADP
cblr-7159	509	60	their	their	PRON
cblr-7159	509	61	regulatory	regulatory	ADJ
cblr-7159	509	62	capital	capital	NOUN
cblr-7159	509	63	.	.	PUNCT
cblr-7159	510	1	for	for	ADP
cblr-7159	510	2	all	all	DET
cblr-7159	510	3	loans	loan	NOUN
cblr-7159	510	4	on	on	ADP
cblr-7159	510	5	a	a	DET
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cblr-7159	510	9	177	177	NUM
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cblr-7159	510	11	haunss	hauns	NOUN
cblr-7159	510	12	,	,	PUNCT
cblr-7159	510	13	us	us	PROPN
cblr-7159	510	14	clo	clo	PROPN
cblr-7159	510	15	issuance	issuance	PROPN
cblr-7159	510	16	forecast	forecast	NOUN
cblr-7159	510	17	to	to	PART
cblr-7159	510	18	fall	fall	VERB
cblr-7159	510	19	in	in	ADP
cblr-7159	510	20	2020	2020	NUM
cblr-7159	510	21	as	as	SCONJ
cblr-7159	510	22	spreads	spread	NOUN
cblr-7159	510	23	remain	remain	VERB
cblr-7159	510	24	wide	wide	ADJ
cblr-7159	510	25	,	,	PUNCT
cblr-7159	510	26	reuters	reuters	PROPN
cblr-7159	510	27	(	(	PUNCT
cblr-7159	510	28	nov	nov	PROPN
cblr-7159	510	29	.	.	PROPN
cblr-7159	510	30	27	27	NUM
cblr-7159	510	31	,	,	PUNCT
cblr-7159	510	32	2019	2019	NUM
cblr-7159	510	33	)	)	PUNCT
cblr-7159	510	34	,	,	PUNCT
cblr-7159	510	35	https://www.reuters.com/article/clo-forecast2020/us-clo-issuance-forecast-to-fall-in-2020-asspreads-remain-wide-idusl1n2870gw	https://www.reuters.com/article/clo-forecast2020/us-clo-issuance-forecast-to-fall-in-2020-asspreads-remain-wide-idusl1n2870gw	X
cblr-7159	511	1	[	[	X
cblr-7159	511	2	https://perma.cc/h9ym-cqmg	https://perma.cc/h9ym-cqmg	X
cblr-7159	511	3	]	]	X
cblr-7159	511	4	;	;	PUNCT
cblr-7159	511	5	paola	paola	PROPN
cblr-7159	511	6	aurisicchio	aurisicchio	PROPN
cblr-7159	511	7	,	,	PUNCT
cblr-7159	511	8	wells	wells	PROPN
cblr-7159	511	9	fargo	fargo	PROPN
cblr-7159	511	10	eyeing	eye	VERB
cblr-7159	511	11	20	20	NUM
cblr-7159	511	12	%	%	NOUN
cblr-7159	511	13	drop	drop	NOUN
cblr-7159	511	14	in	in	ADP
cblr-7159	511	15	2020	2020	NUM
cblr-7159	511	16	us	us	PROPN
cblr-7159	511	17	clo	clo	PROPN
cblr-7159	511	18	issuance	issuance	PROPN
cblr-7159	511	19	,	,	PUNCT
cblr-7159	511	20	global	global	ADJ
cblr-7159	511	21	cap	cap	NOUN
cblr-7159	511	22	.	.	PUNCT
cblr-7159	512	1	(	(	PUNCT
cblr-7159	512	2	nov	nov	PROPN
cblr-7159	512	3	.	.	PROPN
cblr-7159	512	4	26	26	NUM
cblr-7159	512	5	,	,	PUNCT
cblr-7159	512	6	2019	2019	NUM
cblr-7159	512	7	)	)	PUNCT
cblr-7159	512	8	,	,	PUNCT
cblr-7159	512	9	https://www.globalcapital.com/article/b1j6d1zfwppdsd/wells-fargo-eyeing-20-drop-in-2020-us-clo-issuance	https://www.globalcapital.com/article/b1j6d1zfwppdsd/wells-fargo-eyeing-20-drop-in-2020-us-clo-issuance	NOUN
cblr-7159	513	1	[	[	X
cblr-7159	513	2	https://perma.cc/9dlz-z6hh	https://perma.cc/9dlz-z6hh	NOUN
cblr-7159	513	3	]	]	X
cblr-7159	513	4	.	.	PUNCT
cblr-7159	513	5	178	178	NUM
cblr-7159	513	6	michael	michael	PROPN
cblr-7159	513	7	paladino	paladino	PROPN
cblr-7159	513	8	,	,	PUNCT
cblr-7159	513	9	fitch	fitch	PROPN
cblr-7159	513	10	ratings	rating	NOUN
cblr-7159	513	11	2020	2020	NUM
cblr-7159	513	12	outlook	outlook	NOUN
cblr-7159	513	13	:	:	PUNCT
cblr-7159	513	14	u.s	u.s	PROPN
cblr-7159	513	15	.	.	PROPN
cblr-7159	513	16	leveraged	leveraged	ADJ
cblr-7159	513	17	finance	finance	NOUN
cblr-7159	513	18	3	3	NUM
cblr-7159	513	19	(	(	PUNCT
cblr-7159	513	20	2019	2019	NUM
cblr-7159	513	21	)	)	PUNCT
cblr-7159	513	22	,	,	PUNCT
cblr-7159	513	23	https://your.fitch.group/rs/732-ckh-767/images/fitch-ratings-2020-leveraged-credit-outlook-us.pdf	https://your.fitch.group/rs/732-ckh-767/images/fitch-ratings-2020-leveraged-credit-outlook-us.pdf	PROPN
cblr-7159	513	24	[	[	X
cblr-7159	513	25	https://perma.cc/gp6s-2xzy	https://perma.cc/gp6s-2xzy	X
cblr-7159	513	26	]	]	X
cblr-7159	513	27	(	(	PUNCT
cblr-7159	513	28	“	"	PUNCT
cblr-7159	513	29	[	[	X
cblr-7159	513	30	clos	clo	NOUN
cblr-7159	513	31	]	]	PUNCT
cblr-7159	513	32	represent	represent	VERB
cblr-7159	513	33	the	the	DET
cblr-7159	513	34	largest	large	ADJ
cblr-7159	513	35	source	source	NOUN
cblr-7159	513	36	of	of	ADP
cblr-7159	513	37	[	[	X
cblr-7159	513	38	leveraged	leveraged	ADJ
cblr-7159	513	39	loan	loan	NOUN
cblr-7159	513	40	]	]	PUNCT
cblr-7159	513	41	demand	demand	NOUN
cblr-7159	513	42	,	,	PUNCT
cblr-7159	513	43	purchasing	purchase	VERB
cblr-7159	513	44	70	70	NUM
cblr-7159	513	45	%	%	NOUN
cblr-7159	513	46	of	of	ADP
cblr-7159	513	47	new	new	ADJ
cblr-7159	513	48	issuance	issuance	NOUN
cblr-7159	513	49	in	in	ADP
cblr-7159	513	50	2019	2019	NUM
cblr-7159	513	51	by	by	ADP
cblr-7159	513	52	some	some	DET
cblr-7159	513	53	estimates	estimate	NOUN
cblr-7159	513	54	.	.	PUNCT
cblr-7159	513	55	”	"	PUNCT
cblr-7159	513	56	)	)	PUNCT
cblr-7159	513	57	.	.	PUNCT
cblr-7159	514	1	179	179	NUM
cblr-7159	514	2	see	see	VERB
cblr-7159	514	3	benmelech	benmelech	NOUN
cblr-7159	514	4	et	et	PROPN
cblr-7159	514	5	al	al	PROPN
cblr-7159	514	6	.	.	PROPN
cblr-7159	514	7	,	,	PUNCT
cblr-7159	514	8	supra	supra	PROPN
cblr-7159	514	9	note	note	PROPN
cblr-7159	514	10	151	151	NUM
cblr-7159	514	11	,	,	PUNCT
cblr-7159	514	12	at	at	ADP
cblr-7159	514	13	95	95	NUM
cblr-7159	514	14	(	(	PUNCT
cblr-7159	514	15	“	"	PUNCT
cblr-7159	514	16	[	[	X
cblr-7159	514	17	m]echanisms	m]echanisms	X
cblr-7159	514	18	[	[	X
cblr-7159	514	19	for	for	ADP
cblr-7159	514	20	monitoring	monitoring	NOUN
cblr-7159	514	21	and	and	CCONJ
cblr-7159	514	22	screening	screening	NOUN
cblr-7159	514	23	]	]	PUNCT
cblr-7159	514	24	include	include	VERB
cblr-7159	514	25	the	the	DET
cblr-7159	514	26	lead	lead	NOUN
cblr-7159	514	27	’s	’s	PART
cblr-7159	514	28	reputational	reputational	ADJ
cblr-7159	514	29	concerns	concern	NOUN
cblr-7159	514	30	and	and	CCONJ
cblr-7159	514	31	the	the	DET
cblr-7159	514	32	implicit	implicit	ADJ
cblr-7159	514	33	requirement	requirement	NOUN
cblr-7159	514	34	that	that	SCONJ
cblr-7159	514	35	the	the	DET
cblr-7159	514	36	lead	lead	NOUN
cblr-7159	514	37	bank	bank	NOUN
cblr-7159	514	38	retain	retain	VERB
cblr-7159	514	39	a	a	DET
cblr-7159	514	40	share	share	NOUN
cblr-7159	514	41	of	of	ADP
cblr-7159	514	42	the	the	DET
cblr-7159	514	43	loan	loan	NOUN
cblr-7159	514	44	on	on	ADP
cblr-7159	514	45	its	its	PRON
cblr-7159	514	46	balance	balance	NOUN
cblr-7159	514	47	sheet	sheet	NOUN
cblr-7159	514	48	.	.	PUNCT
cblr-7159	514	49	.	.	PUNCT
cblr-7159	514	50	.	.	PUNCT
cblr-7159	514	51	.	.	PUNCT
cblr-7159	515	1	however	however	ADV
cblr-7159	515	2	,	,	PUNCT
cblr-7159	515	3	lead	lead	ADJ
cblr-7159	515	4	banks	bank	NOUN
cblr-7159	515	5	’	'	PUNCT
cblr-7159	515	6	incentives	incentive	NOUN
cblr-7159	515	7	to	to	PART
cblr-7159	515	8	conduct	conduct	VERB
cblr-7159	515	9	due	due	ADJ
cblr-7159	515	10	diligence	diligence	NOUN
cblr-7159	515	11	and	and	CCONJ
cblr-7159	515	12	monitor	monitor	VERB
cblr-7159	515	13	borrowers	borrower	NOUN
cblr-7159	515	14	could	could	AUX
cblr-7159	515	15	have	have	AUX
cblr-7159	515	16	become	become	VERB
cblr-7159	515	17	weaker	weak	ADJ
cblr-7159	515	18	due	due	ADJ
cblr-7159	515	19	to	to	ADP
cblr-7159	515	20	broader	broad	ADJ
cblr-7159	515	21	syndication	syndication	NOUN
cblr-7159	515	22	resulting	result	VERB
cblr-7159	515	23	from	from	ADP
cblr-7159	515	24	large	large	ADJ
cblr-7159	515	25	clo	clo	PROPN
cblr-7159	515	26	demand	demand	NOUN
cblr-7159	515	27	.	.	PUNCT
cblr-7159	515	28	”	"	PUNCT
cblr-7159	515	29	)	)	PUNCT
cblr-7159	515	30	.	.	PUNCT
cblr-7159	516	1	180	180	NUM
cblr-7159	516	2	see	see	VERB
cblr-7159	516	3	i	i	PRON
cblr-7159	516	4	d.	d.	PROPN
cblr-7159	516	5	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	516	6	(	(	PUNCT
cblr-7159	516	7	do	do	AUX
cblr-7159	516	8	not	not	PART
cblr-7159	516	9	delete	delete	VERB
cblr-7159	516	10	)	)	PUNCT
cblr-7159	516	11	9/28/2020	9/28/2020	NUM
cblr-7159	516	12	6:35	6:35	NUM
cblr-7159	516	13	pm	pm	NOUN
cblr-7159	516	14	no	no	INTJ
cblr-7159	516	15	.	.	PUNCT
cblr-7159	517	1	1:192	1:192	X
cblr-7159	517	2	]	]	X
cblr-7159	517	3	reconsidering	reconsider	VERB
cblr-7159	517	4	creditor	creditor	NOUN
cblr-7159	517	5	governance	governance	NOUN
cblr-7159	517	6	231	231	NUM
cblr-7159	517	7	sheet	sheet	NOUN
cblr-7159	517	8	,	,	PUNCT
cblr-7159	517	9	the	the	DET
cblr-7159	517	10	banks	bank	NOUN
cblr-7159	517	11	must	must	AUX
cblr-7159	517	12	carry	carry	VERB
cblr-7159	517	13	a	a	DET
cblr-7159	517	14	cushion	cushion	NOUN
cblr-7159	517	15	of	of	ADP
cblr-7159	517	16	capital	capital	NOUN
cblr-7159	517	17	to	to	PART
cblr-7159	517	18	protect	protect	VERB
cblr-7159	517	19	against	against	ADP
cblr-7159	517	20	the	the	DET
cblr-7159	517	21	possibility	possibility	NOUN
cblr-7159	517	22	that	that	SCONJ
cblr-7159	517	23	borrowers	borrower	NOUN
cblr-7159	517	24	will	will	AUX
cblr-7159	517	25	default	default	VERB
cblr-7159	517	26	in	in	ADP
cblr-7159	517	27	amounts	amount	NOUN
cblr-7159	517	28	greater	great	ADJ
cblr-7159	517	29	than	than	SCONJ
cblr-7159	517	30	the	the	DET
cblr-7159	517	31	bank	bank	NOUN
cblr-7159	517	32	’s	’s	PART
cblr-7159	517	33	expected	expect	VERB
cblr-7159	517	34	loan	loan	NOUN
cblr-7159	517	35	loss	loss	NOUN
cblr-7159	517	36	reserves.181	reserves.181	VERB
cblr-7159	517	37	the	the	DET
cblr-7159	517	38	more	more	ADJ
cblr-7159	517	39	loans	loan	NOUN
cblr-7159	517	40	a	a	DET
cblr-7159	517	41	bank	bank	NOUN
cblr-7159	517	42	makes	make	VERB
cblr-7159	517	43	,	,	PUNCT
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cblr-7159	517	45	greater	great	ADJ
cblr-7159	517	46	the	the	DET
cblr-7159	517	47	capital	capital	NOUN
cblr-7159	517	48	it	it	PRON
cblr-7159	517	49	must	must	AUX
cblr-7159	517	50	hold	hold	VERB
cblr-7159	517	51	back.182	back.182	PROPN
cblr-7159	517	52	moreover	moreover	ADV
cblr-7159	517	53	,	,	PUNCT
cblr-7159	517	54	banks	bank	NOUN
cblr-7159	517	55	are	be	AUX
cblr-7159	517	56	restricted	restrict	VERB
cblr-7159	517	57	by	by	ADP
cblr-7159	517	58	regulatory	regulatory	ADJ
cblr-7159	517	59	capital	capital	NOUN
cblr-7159	517	60	requirements	requirement	NOUN
cblr-7159	517	61	to	to	PART
cblr-7159	517	62	meet	meet	VERB
cblr-7159	517	63	specified	specified	ADJ
cblr-7159	517	64	ratios	ratio	NOUN
cblr-7159	517	65	in	in	ADP
cblr-7159	517	66	terms	term	NOUN
cblr-7159	517	67	of	of	ADP
cblr-7159	517	68	their	their	PRON
cblr-7159	517	69	assets	asset	NOUN
cblr-7159	517	70	to	to	PART
cblr-7159	517	71	loan	loan	VERB
cblr-7159	517	72	liabilities.183	liabilities.183	NOUN
cblr-7159	517	73	all	all	PRON
cblr-7159	517	74	of	of	ADP
cblr-7159	517	75	this	this	PRON
cblr-7159	517	76	means	mean	VERB
cblr-7159	517	77	that	that	SCONJ
cblr-7159	517	78	as	as	SCONJ
cblr-7159	517	79	banks	bank	NOUN
cblr-7159	517	80	lend	lend	VERB
cblr-7159	517	81	greater	great	ADJ
cblr-7159	517	82	amounts	amount	NOUN
cblr-7159	517	83	,	,	PUNCT
cblr-7159	517	84	they	they	PRON
cblr-7159	517	85	face	face	VERB
cblr-7159	517	86	constraints	constraint	NOUN
cblr-7159	517	87	on	on	ADP
cblr-7159	517	88	their	their	PRON
cblr-7159	517	89	ability	ability	NOUN
cblr-7159	517	90	to	to	PART
cblr-7159	517	91	make	make	VERB
cblr-7159	517	92	more	more	ADJ
cblr-7159	517	93	loans	loan	NOUN
cblr-7159	517	94	.	.	PUNCT
cblr-7159	518	1	however	however	ADV
cblr-7159	518	2	,	,	PUNCT
cblr-7159	518	3	when	when	SCONJ
cblr-7159	518	4	a	a	DET
cblr-7159	518	5	bank	bank	NOUN
cblr-7159	518	6	syndicates	syndicate	VERB
cblr-7159	518	7	a	a	DET
cblr-7159	518	8	loan	loan	NOUN
cblr-7159	518	9	and	and	CCONJ
cblr-7159	518	10	sells	sell	VERB
cblr-7159	518	11	interests	interest	NOUN
cblr-7159	518	12	to	to	ADP
cblr-7159	518	13	a	a	DET
cblr-7159	518	14	non	non	ADJ
cblr-7159	518	15	-	-	NOUN
cblr-7159	518	16	bank	bank	ADJ
cblr-7159	518	17	,	,	PUNCT
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cblr-7159	518	19	reduces	reduce	VERB
cblr-7159	518	20	its	its	PRON
cblr-7159	518	21	potential	potential	ADJ
cblr-7159	518	22	liabilities	liability	NOUN
cblr-7159	518	23	and	and	CCONJ
cblr-7159	518	24	effectively	effectively	ADV
cblr-7159	518	25	redistributes	redistribute	VERB
cblr-7159	518	26	credit	credit	NOUN
cblr-7159	518	27	risk	risk	NOUN
cblr-7159	518	28	to	to	ADP
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cblr-7159	518	30	loan	loan	NOUN
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cblr-7159	518	32	,	,	PUNCT
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cblr-7159	518	35	originating	originating	NOUN
cblr-7159	518	36	bank	bank	NOUN
cblr-7159	518	37	the	the	DET
cblr-7159	518	38	freedom	freedom	NOUN
cblr-7159	518	39	to	to	PART
cblr-7159	518	40	make	make	VERB
cblr-7159	518	41	more	more	ADJ
cblr-7159	518	42	loans.184	loans.184	PRON
cblr-7159	518	43	the	the	DET
cblr-7159	518	44	operation	operation	NOUN
cblr-7159	518	45	thus	thus	ADV
cblr-7159	518	46	increases	increase	VERB
cblr-7159	518	47	the	the	DET
cblr-7159	518	48	overall	overall	ADJ
cblr-7159	518	49	supply	supply	NOUN
cblr-7159	518	50	of	of	ADP
cblr-7159	518	51	credit	credit	NOUN
cblr-7159	518	52	in	in	ADP
cblr-7159	518	53	the	the	DET
cblr-7159	518	54	market	market	NOUN
cblr-7159	518	55	by	by	ADP
cblr-7159	518	56	spreading	spread	VERB
cblr-7159	518	57	risk	risk	NOUN
cblr-7159	518	58	to	to	ADP
cblr-7159	518	59	investors	investor	NOUN
cblr-7159	518	60	.	.	PUNCT
cblr-7159	519	1	the	the	DET
cblr-7159	519	2	investors	investor	NOUN
cblr-7159	519	3	,	,	PUNCT
cblr-7159	519	4	in	in	ADP
cblr-7159	519	5	turn	turn	NOUN
cblr-7159	519	6	,	,	PUNCT
cblr-7159	519	7	buy	buy	VERB
cblr-7159	519	8	the	the	DET
cblr-7159	519	9	loans	loan	NOUN
cblr-7159	519	10	as	as	ADP
cblr-7159	519	11	part	part	NOUN
cblr-7159	519	12	of	of	ADP
cblr-7159	519	13	a	a	DET
cblr-7159	519	14	structured	structured	ADJ
cblr-7159	519	15	pool	pool	NOUN
cblr-7159	519	16	of	of	ADP
cblr-7159	519	17	collateral	collateral	NOUN
cblr-7159	519	18	that	that	PRON
cblr-7159	519	19	,	,	PUNCT
cblr-7159	519	20	as	as	SCONJ
cblr-7159	519	21	explained	explain	VERB
cblr-7159	519	22	above	above	ADV
cblr-7159	519	23	,	,	PUNCT
cblr-7159	519	24	has	have	AUX
cblr-7159	519	25	been	be	AUX
cblr-7159	519	26	enhanced	enhance	VERB
cblr-7159	519	27	to	to	ADP
cblr-7159	519	28	an	an	DET
cblr-7159	519	29	investment	investment	NOUN
cblr-7159	519	30	-	-	PUNCT
cblr-7159	519	31	grade	grade	NOUN
cblr-7159	519	32	product.185	product.185	NOUN
cblr-7159	519	33	thus	thus	ADV
cblr-7159	519	34	,	,	PUNCT
cblr-7159	519	35	loan	loan	NOUN
cblr-7159	519	36	securitization	securitization	NOUN
cblr-7159	519	37	gives	give	VERB
cblr-7159	519	38	loan	loan	NOUN
cblr-7159	519	39	originators	originator	NOUN
cblr-7159	519	40	greater	great	ADJ
cblr-7159	519	41	flexibility	flexibility	NOUN
cblr-7159	519	42	in	in	ADP
cblr-7159	519	43	managing	manage	VERB
cblr-7159	519	44	their	their	PRON
cblr-7159	519	45	portfolios	portfolio	NOUN
cblr-7159	519	46	by	by	ADP
cblr-7159	519	47	allowing	allow	VERB
cblr-7159	519	48	them	they	PRON
cblr-7159	519	49	to	to	PART
cblr-7159	519	50	lend	lend	VERB
cblr-7159	519	51	without	without	ADP
cblr-7159	519	52	greatly	greatly	ADV
cblr-7159	519	53	expanding	expand	VERB
cblr-7159	519	54	the	the	DET
cblr-7159	519	55	minimum	minimum	ADJ
cblr-7159	519	56	capital	capital	NOUN
cblr-7159	519	57	they	they	PRON
cblr-7159	519	58	are	be	AUX
cblr-7159	519	59	181	181	NUM
cblr-7159	519	60	see	see	VERB
cblr-7159	519	61	gorton	gorton	PROPN
cblr-7159	519	62	&	&	CCONJ
cblr-7159	519	63	metrick	metrick	ADJ
cblr-7159	519	64	,	,	PUNCT
cblr-7159	519	65	supra	supra	PROPN
cblr-7159	519	66	note	note	PROPN
cblr-7159	519	67	163	163	NUM
cblr-7159	519	68	,	,	PUNCT
cblr-7159	519	69	at	at	ADP
cblr-7159	519	70	427	427	NUM
cblr-7159	519	71	(	(	PUNCT
cblr-7159	519	72	“	"	PUNCT
cblr-7159	519	73	bank	bank	NOUN
cblr-7159	519	74	solvency	solvency	NOUN
cblr-7159	519	75	is	be	AUX
cblr-7159	519	76	promoted	promote	VERB
cblr-7159	519	77	by	by	ADP
cblr-7159	519	78	requiring	require	VERB
cblr-7159	519	79	a	a	DET
cblr-7159	519	80	fraction	fraction	NOUN
cblr-7159	519	81	of	of	ADP
cblr-7159	519	82	deposits	deposit	NOUN
cblr-7159	519	83	to	to	PART
cblr-7159	519	84	be	be	AUX
cblr-7159	519	85	held	hold	VERB
cblr-7159	519	86	in	in	ADP
cblr-7159	519	87	reserve	reserve	NOUN
cblr-7159	519	88	,	,	PUNCT
cblr-7159	519	89	and	and	CCONJ
cblr-7159	519	90	in	in	ADP
cblr-7159	519	91	emergencies	emergency	NOUN
cblr-7159	519	92	these	these	DET
cblr-7159	519	93	reserves	reserve	NOUN
cblr-7159	519	94	can	can	AUX
cblr-7159	519	95	be	be	AUX
cblr-7159	519	96	replenished	replenish	VERB
cblr-7159	519	97	by	by	ADP
cblr-7159	519	98	borrowing	borrow	VERB
cblr-7159	519	99	from	from	ADP
cblr-7159	519	100	the	the	DET
cblr-7159	519	101	central	central	ADJ
cblr-7159	519	102	bank	bank	NOUN
cblr-7159	519	103	.	.	PUNCT
cblr-7159	519	104	”	"	PUNCT
cblr-7159	519	105	)	)	PUNCT
cblr-7159	519	106	.	.	PUNCT
cblr-7159	520	1	182	182	NUM
cblr-7159	521	1	i	i	PRON
cblr-7159	521	2	d.	d.	PROPN
cblr-7159	521	3	183	183	NUM
cblr-7159	521	4	see	see	VERB
cblr-7159	521	5	regulatory	regulatory	ADJ
cblr-7159	521	6	capital	capital	NOUN
cblr-7159	521	7	rules	rule	NOUN
cblr-7159	521	8	:	:	PUNCT
cblr-7159	521	9	regulatory	regulatory	ADJ
cblr-7159	521	10	capital	capital	NOUN
cblr-7159	521	11	,	,	PUNCT
cblr-7159	521	12	implementation	implementation	NOUN
cblr-7159	521	13	of	of	ADP
cblr-7159	521	14	basel	basel	PROPN
cblr-7159	521	15	iii	iii	PROPN
cblr-7159	521	16	,	,	PUNCT
cblr-7159	521	17	capital	capital	NOUN
cblr-7159	521	18	adequacy	adequacy	NOUN
cblr-7159	521	19	,	,	PUNCT
cblr-7159	521	20	transition	transition	NOUN
cblr-7159	521	21	provisions	provision	NOUN
cblr-7159	521	22	,	,	PUNCT
cblr-7159	521	23	prompt	prompt	VERB
cblr-7159	521	24	corrective	corrective	ADJ
cblr-7159	521	25	action	action	NOUN
cblr-7159	521	26	,	,	PUNCT
cblr-7159	521	27	standardized	standardized	ADJ
cblr-7159	521	28	approach	approach	NOUN
cblr-7159	521	29	for	for	ADP
cblr-7159	521	30	risk	risk	NOUN
cblr-7159	521	31	-	-	PUNCT
cblr-7159	521	32	weighted	weight	VERB
cblr-7159	521	33	assets	asset	NOUN
cblr-7159	521	34	,	,	PUNCT
cblr-7159	521	35	market	market	NOUN
cblr-7159	521	36	discipline	discipline	NOUN
cblr-7159	521	37	and	and	CCONJ
cblr-7159	521	38	disclosure	disclosure	NOUN
cblr-7159	521	39	requirements	requirement	NOUN
cblr-7159	521	40	,	,	PUNCT
cblr-7159	521	41	advanced	advanced	ADJ
cblr-7159	521	42	approaches	approach	NOUN
cblr-7159	521	43	risk	risk	NOUN
cblr-7159	521	44	-	-	PUNCT
cblr-7159	521	45	based	base	VERB
cblr-7159	521	46	capital	capital	NOUN
cblr-7159	521	47	rule	rule	NOUN
cblr-7159	521	48	,	,	PUNCT
cblr-7159	521	49	and	and	CCONJ
cblr-7159	521	50	market	market	NOUN
cblr-7159	521	51	risk	risk	NOUN
cblr-7159	521	52	capital	capital	NOUN
cblr-7159	521	53	rule	rule	NOUN
cblr-7159	521	54	,	,	PUNCT
cblr-7159	521	55	78	78	NUM
cblr-7159	521	56	fed	feed	VERB
cblr-7159	521	57	.	.	PUNCT
cblr-7159	522	1	reg	reg	PROPN
cblr-7159	522	2	.	.	PROPN
cblr-7159	523	1	62,018	62,018	NUM
cblr-7159	523	2	,	,	PUNCT
cblr-7159	523	3	62,029–082	62,029–082	PROPN
cblr-7159	523	4	(	(	PUNCT
cblr-7159	523	5	oct	oct	PROPN
cblr-7159	523	6	.	.	PROPN
cblr-7159	523	7	11	11	NUM
cblr-7159	523	8	,	,	PUNCT
cblr-7159	523	9	2013	2013	NUM
cblr-7159	523	10	)	)	PUNCT
cblr-7159	523	11	(	(	PUNCT
cblr-7159	523	12	to	to	PART
cblr-7159	523	13	be	be	AUX
cblr-7159	523	14	codified	codify	VERB
cblr-7159	523	15	at	at	ADP
cblr-7159	523	16	12	12	NUM
cblr-7159	523	17	c.f.r	c.f.r	NOUN
cblr-7159	523	18	.	.	PUNCT
cblr-7159	524	1	pts	pts	PROPN
cblr-7159	524	2	.	.	PROPN
cblr-7159	524	3	208	208	NUM
cblr-7159	524	4	,	,	PUNCT
cblr-7159	524	5	217	217	NUM
cblr-7159	524	6	,	,	PUNCT
cblr-7159	524	7	225	225	NUM
cblr-7159	524	8	)	)	PUNCT
cblr-7159	524	9	;	;	PUNCT
cblr-7159	525	1	basel	basel	PROPN
cblr-7159	525	2	comm	comm	NOUN
cblr-7159	525	3	.	.	PUNCT
cblr-7159	526	1	on	on	ADP
cblr-7159	526	2	banking	banking	NOUN
cblr-7159	526	3	supervision	supervision	NOUN
cblr-7159	526	4	,	,	PUNCT
cblr-7159	526	5	basel	basel	PROPN
cblr-7159	526	6	iii	iii	PROPN
cblr-7159	526	7	:	:	PUNCT
cblr-7159	526	8	a	a	DET
cblr-7159	526	9	global	global	ADJ
cblr-7159	526	10	regulatory	regulatory	ADJ
cblr-7159	526	11	framework	framework	NOUN
cblr-7159	526	12	for	for	ADP
cblr-7159	526	13	more	more	ADV
cblr-7159	526	14	resilient	resilient	ADJ
cblr-7159	526	15	banks	bank	NOUN
cblr-7159	526	16	and	and	CCONJ
cblr-7159	526	17	banking	banking	NOUN
cblr-7159	526	18	systems	system	NOUN
cblr-7159	526	19	12–29	12–29	NUM
cblr-7159	526	20	(	(	PUNCT
cblr-7159	526	21	2011	2011	NUM
cblr-7159	526	22	)	)	PUNCT
cblr-7159	526	23	.	.	PUNCT
cblr-7159	527	1	184	184	NUM
cblr-7159	527	2	see	see	VERB
cblr-7159	527	3	gorton	gorton	PROPN
cblr-7159	527	4	&	&	CCONJ
cblr-7159	527	5	metrick	metrick	ADJ
cblr-7159	527	6	,	,	PUNCT
cblr-7159	527	7	supra	supra	PROPN
cblr-7159	527	8	note	note	PROPN
cblr-7159	527	9	163	163	NUM
cblr-7159	527	10	,	,	PUNCT
cblr-7159	527	11	at	at	ADP
cblr-7159	527	12	430	430	NUM
cblr-7159	527	13	(	(	PUNCT
cblr-7159	527	14	“	"	PUNCT
cblr-7159	527	15	the	the	DET
cblr-7159	527	16	bank	bank	NOUN
cblr-7159	527	17	does	do	AUX
cblr-7159	527	18	not	not	PART
cblr-7159	527	19	have	have	VERB
cblr-7159	527	20	the	the	DET
cblr-7159	527	21	resources	resource	NOUN
cblr-7159	527	22	to	to	PART
cblr-7159	527	23	keep	keep	VERB
cblr-7159	527	24	all	all	PRON
cblr-7159	527	25	of	of	ADP
cblr-7159	527	26	these	these	DET
cblr-7159	527	27	loans	loan	NOUN
cblr-7159	527	28	on	on	ADP
cblr-7159	527	29	its	its	PRON
cblr-7159	527	30	balance	balance	NOUN
cblr-7159	527	31	sheet	sheet	NOUN
cblr-7159	527	32	.	.	PUNCT
cblr-7159	528	1	in	in	ADP
cblr-7159	528	2	securitized	securitized	ADJ
cblr-7159	528	3	banking	banking	NOUN
cblr-7159	528	4	the	the	DET
cblr-7159	528	5	profit	profit	NOUN
cblr-7159	528	6	comes	come	VERB
cblr-7159	528	7	from	from	ADP
cblr-7159	528	8	the	the	DET
cblr-7159	528	9	intermediation	intermediation	NOUN
cblr-7159	528	10	,	,	PUNCT
cblr-7159	528	11	not	not	PART
cblr-7159	528	12	from	from	ADP
cblr-7159	528	13	holding	hold	VERB
cblr-7159	528	14	the	the	DET
cblr-7159	528	15	loans	loan	NOUN
cblr-7159	528	16	.	.	PUNCT
cblr-7159	528	17	”	"	PUNCT
cblr-7159	528	18	)	)	PUNCT
cblr-7159	528	19	.	.	PUNCT
cblr-7159	529	1	185	185	NUM
cblr-7159	529	2	andreas	andreas	PROPN
cblr-7159	529	3	a.	a.	PROPN
cblr-7159	529	4	jobst	jobst	PROPN
cblr-7159	529	5	,	,	PUNCT
cblr-7159	529	6	collateralized	collateralized	ADJ
cblr-7159	529	7	loan	loan	NOUN
cblr-7159	529	8	obligations	obligation	NOUN
cblr-7159	529	9	(	(	PUNCT
cblr-7159	529	10	clos)—a	clos)—a	ADV
cblr-7159	529	11	primer	primer	NOUN
cblr-7159	529	12	13	13	NUM
cblr-7159	529	13	(	(	PUNCT
cblr-7159	529	14	ctr	ctr	PROPN
cblr-7159	529	15	.	.	PUNCT
cblr-7159	530	1	fin	fin	PROPN
cblr-7159	530	2	.	.	PUNCT
cblr-7159	531	1	studies	study	NOUN
cblr-7159	531	2	,	,	PUNCT
cblr-7159	531	3	working	work	VERB
cblr-7159	531	4	paper	paper	NOUN
cblr-7159	531	5	no	no	INTJ
cblr-7159	531	6	.	.	PROPN
cblr-7159	531	7	2002/13	2002/13	NUM
cblr-7159	531	8	,	,	PUNCT
cblr-7159	531	9	2002	2002	NUM
cblr-7159	531	10	)	)	PUNCT
cblr-7159	531	11	,	,	PUNCT
cblr-7159	531	12	https://www.researchgate.net/publication/5057386_collateralized_loan_obligations_clos_-_a_primer	https://www.researchgate.net/publication/5057386_collateralized_loan_obligations_clos_-_a_primer	PRON
cblr-7159	531	13	[	[	X
cblr-7159	531	14	https://perma.cc/yy4h-4gh2	https://perma.cc/yy4h-4gh2	X
cblr-7159	531	15	]	]	PUNCT
cblr-7159	531	16	.	.	PUNCT
cblr-7159	532	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	532	2	(	(	PUNCT
cblr-7159	532	3	do	do	AUX
cblr-7159	532	4	not	not	PART
cblr-7159	532	5	delte	delte	VERB
cblr-7159	532	6	)	)	PUNCT
cblr-7159	532	7	9/28/2020	9/28/2020	NUM
cblr-7159	532	8	6:35	6:35	NUM
cblr-7159	532	9	pm	pm	NOUN
cblr-7159	532	10	232	232	NUM
cblr-7159	532	11	columbia	columbia	PROPN
cblr-7159	532	12	business	business	NOUN
cblr-7159	532	13	law	law	PROPN
cblr-7159	532	14	review	review	NOUN
cblr-7159	532	15	[	[	X
cblr-7159	532	16	vol	vol	NOUN
cblr-7159	532	17	.	.	PUNCT
cblr-7159	532	18	2020	2020	NUM
cblr-7159	532	19	required	require	VERB
cblr-7159	532	20	to	to	AUX
cblr-7159	532	21	hold.186	hold.186	VERB
cblr-7159	532	22	it	it	PRON
cblr-7159	532	23	also	also	ADV
cblr-7159	532	24	has	have	VERB
cblr-7159	532	25	the	the	DET
cblr-7159	532	26	effect	effect	NOUN
cblr-7159	532	27	of	of	ADP
cblr-7159	532	28	converting	convert	VERB
cblr-7159	532	29	illiquid	illiquid	ADJ
cblr-7159	532	30	assets	asset	NOUN
cblr-7159	532	31	(	(	PUNCT
cblr-7159	532	32	loans	loan	NOUN
cblr-7159	532	33	)	)	PUNCT
cblr-7159	532	34	to	to	PART
cblr-7159	532	35	tradeable	tradeable	VERB
cblr-7159	532	36	debt	debt	NOUN
cblr-7159	532	37	securities	security	NOUN
cblr-7159	532	38	(	(	PUNCT
cblr-7159	532	39	notes).187	notes).187	PROPN
cblr-7159	532	40	consequently	consequently	ADV
cblr-7159	532	41	,	,	PUNCT
cblr-7159	532	42	banks	bank	NOUN
cblr-7159	532	43	can	can	AUX
cblr-7159	532	44	continue	continue	VERB
cblr-7159	532	45	to	to	PART
cblr-7159	532	46	lend	lend	VERB
cblr-7159	532	47	while	while	SCONJ
cblr-7159	532	48	minimizing	minimize	VERB
cblr-7159	532	49	the	the	DET
cblr-7159	532	50	growth	growth	NOUN
cblr-7159	532	51	of	of	ADP
cblr-7159	532	52	their	their	PRON
cblr-7159	532	53	balance	balance	NOUN
cblr-7159	532	54	sheets	sheet	NOUN
cblr-7159	532	55	,	,	PUNCT
cblr-7159	532	56	which	which	PRON
cblr-7159	532	57	in	in	ADP
cblr-7159	532	58	turn	turn	NOUN
cblr-7159	532	59	increases	increase	VERB
cblr-7159	532	60	the	the	DET
cblr-7159	532	61	availability	availability	NOUN
cblr-7159	532	62	of	of	ADP
cblr-7159	532	63	credit	credit	NOUN
cblr-7159	532	64	for	for	ADP
cblr-7159	532	65	corporate	corporate	ADJ
cblr-7159	532	66	borrowers.188	borrowers.188	NOUN
cblr-7159	532	67	this	this	PRON
cblr-7159	532	68	has	have	VERB
cblr-7159	532	69	the	the	DET
cblr-7159	532	70	added	add	VERB
cblr-7159	532	71	benefit	benefit	NOUN
cblr-7159	532	72	of	of	ADP
cblr-7159	532	73	increasing	increase	VERB
cblr-7159	532	74	liquidity	liquidity	NOUN
cblr-7159	532	75	in	in	ADP
cblr-7159	532	76	the	the	DET
cblr-7159	532	77	secondary	secondary	ADJ
cblr-7159	532	78	loan	loan	NOUN
cblr-7159	532	79	market	market	NOUN
cblr-7159	532	80	,	,	PUNCT
cblr-7159	532	81	as	as	SCONJ
cblr-7159	532	82	clo	clo	PROPN
cblr-7159	532	83	managers	manager	NOUN
cblr-7159	532	84	and	and	CCONJ
cblr-7159	532	85	others	other	NOUN
cblr-7159	532	86	create	create	VERB
cblr-7159	532	87	a	a	DET
cblr-7159	532	88	robust	robust	ADJ
cblr-7159	532	89	market	market	NOUN
cblr-7159	532	90	for	for	ADP
cblr-7159	532	91	loans.189	loans.189	PROPN
cblr-7159	532	92	d.	d.	NOUN
cblr-7159	532	93	securitization	securitization	NOUN
cblr-7159	532	94	and	and	CCONJ
cblr-7159	532	95	governance	governance	NOUN
cblr-7159	532	96	synthesizing	synthesize	VERB
cblr-7159	532	97	the	the	DET
cblr-7159	532	98	foregoing	forego	VERB
cblr-7159	532	99	discussion	discussion	NOUN
cblr-7159	532	100	of	of	ADP
cblr-7159	532	101	shifting	shift	VERB
cblr-7159	532	102	loan	loan	NOUN
cblr-7159	532	103	market	market	NOUN
cblr-7159	532	104	dynamics	dynamic	NOUN
cblr-7159	532	105	leads	lead	VERB
cblr-7159	532	106	to	to	ADP
cblr-7159	532	107	several	several	ADJ
cblr-7159	532	108	possible	possible	ADJ
cblr-7159	532	109	hypotheses	hypothesis	NOUN
cblr-7159	532	110	about	about	ADP
cblr-7159	532	111	corporate	corporate	ADJ
cblr-7159	532	112	governance	governance	NOUN
cblr-7159	532	113	.	.	PUNCT
cblr-7159	533	1	generally	generally	ADV
cblr-7159	533	2	speaking	speak	VERB
cblr-7159	533	3	,	,	PUNCT
cblr-7159	533	4	the	the	DET
cblr-7159	533	5	rise	rise	NOUN
cblr-7159	533	6	in	in	ADP
cblr-7159	533	7	securitization	securitization	NOUN
cblr-7159	533	8	,	,	PUNCT
cblr-7159	533	9	the	the	DET
cblr-7159	533	10	competition	competition	NOUN
cblr-7159	533	11	for	for	ADP
cblr-7159	533	12	lending	lending	NOUN
cblr-7159	533	13	,	,	PUNCT
cblr-7159	533	14	and	and	CCONJ
cblr-7159	533	15	the	the	DET
cblr-7159	533	16	trend	trend	NOUN
cblr-7159	533	17	toward	toward	ADP
cblr-7159	533	18	an	an	DET
cblr-7159	533	19	originate	originate	NOUN
cblr-7159	533	20	-	-	PUNCT
cblr-7159	533	21	to	to	AUX
cblr-7159	533	22	-	-	PUNCT
cblr-7159	533	23	distribute	distribute	VERB
cblr-7159	533	24	model	model	NOUN
cblr-7159	533	25	might	might	AUX
cblr-7159	533	26	lead	lead	VERB
cblr-7159	533	27	to	to	ADP
cblr-7159	533	28	less	less	ADJ
cblr-7159	533	29	lender	lender	NOUN
cblr-7159	533	30	driven	drive	VERB
cblr-7159	533	31	governance	governance	NOUN
cblr-7159	533	32	,	,	PUNCT
cblr-7159	533	33	but	but	CCONJ
cblr-7159	533	34	it	it	PRON
cblr-7159	533	35	is	be	AUX
cblr-7159	533	36	also	also	ADV
cblr-7159	533	37	possible	possible	ADJ
cblr-7159	533	38	that	that	SCONJ
cblr-7159	533	39	these	these	DET
cblr-7159	533	40	changes	change	NOUN
cblr-7159	533	41	have	have	AUX
cblr-7159	533	42	had	have	VERB
cblr-7159	533	43	little	little	ADJ
cblr-7159	533	44	or	or	CCONJ
cblr-7159	533	45	no	no	PRON
cblr-7159	533	46	impact	impact	NOUN
cblr-7159	533	47	.	.	PUNCT
cblr-7159	534	1	there	there	PRON
cblr-7159	534	2	may	may	AUX
cblr-7159	534	3	be	be	AUX
cblr-7159	534	4	less	less	ADJ
cblr-7159	534	5	creditor	creditor	NOUN
cblr-7159	534	6	governance	governance	NOUN
cblr-7159	534	7	for	for	ADP
cblr-7159	534	8	both	both	CCONJ
cblr-7159	534	9	contractual	contractual	ADJ
cblr-7159	534	10	and	and	CCONJ
cblr-7159	534	11	practical	practical	ADJ
cblr-7159	534	12	reasons	reason	NOUN
cblr-7159	534	13	.	.	PUNCT
cblr-7159	535	1	the	the	DET
cblr-7159	535	2	increase	increase	NOUN
cblr-7159	535	3	in	in	ADP
cblr-7159	535	4	cov	cov	NOUN
cblr-7159	535	5	-	-	PUNCT
cblr-7159	535	6	lite	lite	NOUN
cblr-7159	535	7	loans	loan	NOUN
cblr-7159	535	8	means	mean	VERB
cblr-7159	535	9	that	that	SCONJ
cblr-7159	535	10	both	both	PRON
cblr-7159	535	11	bank	bank	NOUN
cblr-7159	535	12	and	and	CCONJ
cblr-7159	535	13	non	non	ADJ
cblr-7159	535	14	-	-	ADJ
cblr-7159	535	15	bank	bank	ADJ
cblr-7159	535	16	lenders	lender	NOUN
cblr-7159	535	17	might	might	AUX
cblr-7159	535	18	have	have	VERB
cblr-7159	535	19	fewer	few	ADJ
cblr-7159	535	20	opportunities	opportunity	NOUN
cblr-7159	535	21	to	to	PART
cblr-7159	535	22	intervene	intervene	VERB
cblr-7159	535	23	,	,	PUNCT
cblr-7159	535	24	since	since	SCONJ
cblr-7159	535	25	covenant	covenant	ADJ
cblr-7159	535	26	violations	violation	NOUN
cblr-7159	535	27	and	and	CCONJ
cblr-7159	535	28	their	their	PRON
cblr-7159	535	29	waiver	waiver	NOUN
cblr-7159	535	30	and	and	CCONJ
cblr-7159	535	31	renegotiation	renegotiation	NOUN
cblr-7159	535	32	are	be	AUX
cblr-7159	535	33	lenders	lender	NOUN
cblr-7159	535	34	’	’	PART
cblr-7159	535	35	primary	primary	ADJ
cblr-7159	535	36	means	mean	NOUN
cblr-7159	535	37	for	for	ADP
cblr-7159	535	38	doing	do	VERB
cblr-7159	535	39	so	so	ADV
cblr-7159	535	40	.	.	PUNCT
cblr-7159	536	1	even	even	ADV
cblr-7159	536	2	where	where	SCONJ
cblr-7159	536	3	lenders	lender	NOUN
cblr-7159	536	4	retain	retain	VERB
cblr-7159	536	5	mechanisms	mechanism	NOUN
cblr-7159	536	6	to	to	PART
cblr-7159	536	7	intervene	intervene	VERB
cblr-7159	536	8	,	,	PUNCT
cblr-7159	536	9	they	they	PRON
cblr-7159	536	10	may	may	AUX
cblr-7159	536	11	lack	lack	VERB
cblr-7159	536	12	the	the	DET
cblr-7159	536	13	incentive	incentive	NOUN
cblr-7159	536	14	to	to	PART
cblr-7159	536	15	do	do	AUX
cblr-7159	536	16	so	so	ADV
cblr-7159	536	17	for	for	ADP
cblr-7159	536	18	several	several	ADJ
cblr-7159	536	19	reasons	reason	NOUN
cblr-7159	536	20	.	.	PUNCT
cblr-7159	537	1	first	first	ADV
cblr-7159	537	2	,	,	PUNCT
cblr-7159	537	3	as	as	SCONJ
cblr-7159	537	4	bank	bank	NOUN
cblr-7159	537	5	lenders	lender	NOUN
cblr-7159	537	6	retain	retain	VERB
cblr-7159	537	7	smaller	small	ADJ
cblr-7159	537	8	portions	portion	NOUN
cblr-7159	537	9	of	of	ADP
cblr-7159	537	10	the	the	DET
cblr-7159	537	11	loans	loan	NOUN
cblr-7159	537	12	they	they	PRON
cblr-7159	537	13	originate	originate	VERB
cblr-7159	537	14	or	or	CCONJ
cblr-7159	537	15	arrange	arrange	NOUN
cblr-7159	537	16	(	(	PUNCT
cblr-7159	537	17	and	and	CCONJ
cblr-7159	537	18	increasingly	increasingly	ADV
cblr-7159	537	19	alienate	alienate	VERB
cblr-7159	537	20	their	their	PRON
cblr-7159	537	21	interests	interest	NOUN
cblr-7159	537	22	in	in	ADP
cblr-7159	537	23	loans	loan	NOUN
cblr-7159	537	24	via	via	ADP
cblr-7159	537	25	securitization	securitization	NOUN
cblr-7159	537	26	and	and	CCONJ
cblr-7159	537	27	loan	loan	NOUN
cblr-7159	537	28	trading	trading	NOUN
cblr-7159	537	29	with	with	ADP
cblr-7159	537	30	non	non	NOUN
cblr-7159	537	31	-	-	NOUN
cblr-7159	537	32	banks	bank	NOUN
cblr-7159	537	33	)	)	PUNCT
cblr-7159	537	34	,	,	PUNCT
cblr-7159	537	35	they	they	PRON
cblr-7159	537	36	may	may	AUX
cblr-7159	537	37	have	have	VERB
cblr-7159	537	38	less	less	ADJ
cblr-7159	537	39	reason	reason	NOUN
cblr-7159	537	40	to	to	PART
cblr-7159	537	41	engage	engage	VERB
cblr-7159	537	42	in	in	ADP
cblr-7159	537	43	monitoring	monitoring	NOUN
cblr-7159	537	44	,	,	PUNCT
cblr-7159	537	45	even	even	ADV
cblr-7159	537	46	though	though	SCONJ
cblr-7159	537	47	they	they	PRON
cblr-7159	537	48	are	be	AUX
cblr-7159	537	49	in	in	ADP
cblr-7159	537	50	the	the	DET
cblr-7159	537	51	best	good	ADJ
cblr-7159	537	52	position	position	NOUN
cblr-7159	537	53	to	to	PART
cblr-7159	537	54	do	do	VERB
cblr-7159	537	55	so.190	so.190	VERB
cblr-7159	537	56	this	this	PRON
cblr-7159	537	57	is	be	AUX
cblr-7159	537	58	because	because	SCONJ
cblr-7159	537	59	monitoring	monitoring	NOUN
cblr-7159	537	60	is	be	AUX
cblr-7159	537	61	costly	costly	ADJ
cblr-7159	537	62	,	,	PUNCT
cblr-7159	537	63	and	and	CCONJ
cblr-7159	537	64	as	as	ADP
cblr-7159	537	65	the	the	DET
cblr-7159	537	66	loan	loan	NOUN
cblr-7159	537	67	risk	risk	NOUN
cblr-7159	537	68	they	they	PRON
cblr-7159	537	69	retain	retain	VERB
cblr-7159	537	70	186	186	NUM
cblr-7159	538	1	i	i	PROPN
cblr-7159	538	2	d.	d.	PROPN
cblr-7159	538	3	187	187	NUM
cblr-7159	539	1	i	i	PRON
cblr-7159	539	2	d.	d.	PROPN
cblr-7159	539	3	at	at	ADP
cblr-7159	539	4	14	14	NUM
cblr-7159	539	5	.	.	PUNCT
cblr-7159	540	1	188	188	NUM
cblr-7159	540	2	i	i	PRON
cblr-7159	540	3	d.	d.	PROPN
cblr-7159	540	4	at	at	ADP
cblr-7159	540	5	16	16	NUM
cblr-7159	540	6	.	.	PUNCT
cblr-7159	540	7	189	189	NUM
cblr-7159	540	8	see	see	PROPN
cblr-7159	540	9	paladino	paladino	PROPN
cblr-7159	540	10	,	,	PUNCT
cblr-7159	540	11	supra	supra	PROPN
cblr-7159	540	12	note	note	PROPN
cblr-7159	540	13	178	178	NUM
cblr-7159	540	14	,	,	PUNCT
cblr-7159	540	15	at	at	ADP
cblr-7159	540	16	3	3	NUM
cblr-7159	540	17	(	(	PUNCT
cblr-7159	540	18	noting	note	VERB
cblr-7159	540	19	that	that	SCONJ
cblr-7159	540	20	clos	clo	NOUN
cblr-7159	540	21	are	be	AUX
cblr-7159	540	22	the	the	DET
cblr-7159	540	23	largest	large	ADJ
cblr-7159	540	24	drivers	driver	NOUN
cblr-7159	540	25	of	of	ADP
cblr-7159	540	26	demand	demand	NOUN
cblr-7159	540	27	for	for	ADP
cblr-7159	540	28	new	new	ADJ
cblr-7159	540	29	leveraged	leveraged	ADJ
cblr-7159	540	30	loans	loan	NOUN
cblr-7159	540	31	)	)	PUNCT
cblr-7159	540	32	.	.	PUNCT
cblr-7159	541	1	190	190	NUM
cblr-7159	541	2	see	see	VERB
cblr-7159	541	3	bord	bord	PROPN
cblr-7159	541	4	&	&	CCONJ
cblr-7159	541	5	santos	santos	PROPN
cblr-7159	541	6	,	,	PUNCT
cblr-7159	541	7	supra	supra	PROPN
cblr-7159	541	8	note	note	PROPN
cblr-7159	541	9	88	88	NUM
cblr-7159	541	10	,	,	PUNCT
cblr-7159	541	11	at	at	ADP
cblr-7159	541	12	22–23	22–23	PROPN
cblr-7159	541	13	(	(	PUNCT
cblr-7159	541	14	“	"	PUNCT
cblr-7159	541	15	[	[	X
cblr-7159	541	16	b]anks	b]ank	NOUN
cblr-7159	541	17	add	add	VERB
cblr-7159	541	18	value	value	NOUN
cblr-7159	541	19	because	because	SCONJ
cblr-7159	541	20	of	of	ADP
cblr-7159	541	21	their	their	PRON
cblr-7159	541	22	comparative	comparative	ADJ
cblr-7159	541	23	advantage	advantage	NOUN
cblr-7159	541	24	in	in	ADP
cblr-7159	541	25	monitoring	monitor	VERB
cblr-7159	541	26	borrowers	borrower	NOUN
cblr-7159	541	27	.	.	PUNCT
cblr-7159	541	28	.	.	PUNCT
cblr-7159	541	29	.	.	PUNCT
cblr-7159	542	1	.	.	PUNCT
cblr-7159	543	1	if	if	SCONJ
cblr-7159	543	2	they	they	PRON
cblr-7159	543	3	instead	instead	ADV
cblr-7159	543	4	anticipate	anticipate	VERB
cblr-7159	543	5	keeping	keep	VERB
cblr-7159	543	6	only	only	ADV
cblr-7159	543	7	a	a	DET
cblr-7159	543	8	small	small	ADJ
cblr-7159	543	9	portion	portion	NOUN
cblr-7159	543	10	of	of	ADP
cblr-7159	543	11	a	a	DET
cblr-7159	543	12	loan	loan	NOUN
cblr-7159	543	13	.	.	PUNCT
cblr-7159	543	14	.	.	PUNCT
cblr-7159	544	1	.	.	PUNCT
cblr-7159	545	1	[	[	X
cblr-7159	545	2	t]hey	t]hey	PRON
cblr-7159	545	3	will	will	AUX
cblr-7159	545	4	also	also	ADV
cblr-7159	545	5	have	have	VERB
cblr-7159	545	6	less	less	ADJ
cblr-7159	545	7	incentive	incentive	NOUN
cblr-7159	545	8	to	to	PART
cblr-7159	545	9	monitor	monitor	VERB
cblr-7159	545	10	borrowers	borrower	NOUN
cblr-7159	545	11	.	.	PUNCT
cblr-7159	545	12	.	.	PUNCT
cblr-7159	545	13	.	.	PUNCT
cblr-7159	545	14	.	.	PUNCT
cblr-7159	545	15	”	"	PUNCT
cblr-7159	545	16	)	)	PUNCT
cblr-7159	545	17	.	.	PUNCT
cblr-7159	546	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	546	2	(	(	PUNCT
cblr-7159	546	3	do	do	AUX
cblr-7159	546	4	not	not	PART
cblr-7159	546	5	delete	delete	VERB
cblr-7159	546	6	)	)	PUNCT
cblr-7159	546	7	9/28/2020	9/28/2020	NUM
cblr-7159	546	8	6:35	6:35	NUM
cblr-7159	546	9	pm	pm	NOUN
cblr-7159	546	10	no	no	INTJ
cblr-7159	546	11	.	.	PUNCT
cblr-7159	547	1	1:192	1:192	X
cblr-7159	547	2	]	]	X
cblr-7159	547	3	reconsidering	reconsider	VERB
cblr-7159	547	4	creditor	creditor	NOUN
cblr-7159	547	5	governance	governance	NOUN
cblr-7159	547	6	233	233	NUM
cblr-7159	547	7	decreases	decrease	NOUN
cblr-7159	547	8	,	,	PUNCT
cblr-7159	547	9	monitoring	monitoring	NOUN
cblr-7159	547	10	and	and	CCONJ
cblr-7159	547	11	intervention	intervention	NOUN
cblr-7159	547	12	costs	cost	NOUN
cblr-7159	547	13	may	may	AUX
cblr-7159	547	14	outweigh	outweigh	VERB
cblr-7159	547	15	their	their	PRON
cblr-7159	547	16	benefits	benefit	NOUN
cblr-7159	547	17	.	.	PUNCT
cblr-7159	548	1	second	second	ADJ
cblr-7159	548	2	,	,	PUNCT
cblr-7159	548	3	even	even	ADV
cblr-7159	548	4	if	if	SCONJ
cblr-7159	548	5	banks	bank	NOUN
cblr-7159	548	6	retain	retain	VERB
cblr-7159	548	7	the	the	DET
cblr-7159	548	8	incentive	incentive	NOUN
cblr-7159	548	9	to	to	PART
cblr-7159	548	10	intervene	intervene	VERB
cblr-7159	548	11	,	,	PUNCT
cblr-7159	548	12	they	they	PRON
cblr-7159	548	13	may	may	AUX
cblr-7159	548	14	find	find	VERB
cblr-7159	548	15	it	it	PRON
cblr-7159	548	16	difficult	difficult	ADJ
cblr-7159	548	17	or	or	CCONJ
cblr-7159	548	18	impracticable	impracticable	ADJ
cblr-7159	548	19	to	to	PART
cblr-7159	548	20	impose	impose	VERB
cblr-7159	548	21	the	the	DET
cblr-7159	548	22	kinds	kind	NOUN
cblr-7159	548	23	of	of	ADP
cblr-7159	548	24	demands	demand	NOUN
cblr-7159	548	25	on	on	ADP
cblr-7159	548	26	borrowers	borrower	NOUN
cblr-7159	548	27	that	that	SCONJ
cblr-7159	548	28	they	they	PRON
cblr-7159	548	29	once	once	ADV
cblr-7159	548	30	did	do	VERB
cblr-7159	548	31	.	.	PUNCT
cblr-7159	549	1	in	in	ADP
cblr-7159	549	2	a	a	DET
cblr-7159	549	3	potential	potential	ADJ
cblr-7159	549	4	renegotiation	renegotiation	NOUN
cblr-7159	549	5	,	,	PUNCT
cblr-7159	549	6	the	the	DET
cblr-7159	549	7	competitiveness	competitiveness	NOUN
cblr-7159	549	8	of	of	ADP
cblr-7159	549	9	the	the	DET
cblr-7159	549	10	market	market	NOUN
cblr-7159	549	11	often	often	ADV
cblr-7159	549	12	allows	allow	VERB
cblr-7159	549	13	borrowers	borrower	NOUN
cblr-7159	549	14	to	to	PART
cblr-7159	549	15	readily	readily	ADV
cblr-7159	549	16	find	find	VERB
cblr-7159	549	17	other	other	ADJ
cblr-7159	549	18	lenders	lender	NOUN
cblr-7159	549	19	(	(	PUNCT
cblr-7159	549	20	especially	especially	ADV
cblr-7159	549	21	non	non	ADJ
cblr-7159	549	22	-	-	ADJ
cblr-7159	549	23	banks	bank	NOUN
cblr-7159	549	24	)	)	PUNCT
cblr-7159	549	25	willing	willing	ADJ
cblr-7159	549	26	to	to	PART
cblr-7159	549	27	lend	lend	VERB
cblr-7159	549	28	on	on	ADP
cblr-7159	549	29	less	less	ADV
cblr-7159	549	30	onerous	onerous	ADJ
cblr-7159	549	31	terms	term	NOUN
cblr-7159	549	32	than	than	ADP
cblr-7159	549	33	what	what	PRON
cblr-7159	549	34	a	a	DET
cblr-7159	549	35	bank	bank	NOUN
cblr-7159	549	36	might	might	AUX
cblr-7159	549	37	want.191	want.191	VERB
cblr-7159	549	38	given	give	VERB
cblr-7159	549	39	this	this	DET
cblr-7159	549	40	reality	reality	NOUN
cblr-7159	549	41	,	,	PUNCT
cblr-7159	549	42	banks	bank	NOUN
cblr-7159	549	43	may	may	AUX
cblr-7159	549	44	be	be	AUX
cblr-7159	549	45	reluctant	reluctant	ADJ
cblr-7159	549	46	to	to	PART
cblr-7159	549	47	intervene	intervene	VERB
cblr-7159	549	48	too	too	ADV
cblr-7159	549	49	forcefully	forcefully	ADV
cblr-7159	549	50	in	in	ADP
cblr-7159	549	51	the	the	DET
cblr-7159	549	52	first	first	ADJ
cblr-7159	549	53	place	place	NOUN
cblr-7159	549	54	,	,	PUNCT
cblr-7159	549	55	for	for	ADP
cblr-7159	549	56	fear	fear	NOUN
cblr-7159	549	57	that	that	SCONJ
cblr-7159	549	58	borrowers	borrower	NOUN
cblr-7159	549	59	will	will	AUX
cblr-7159	549	60	take	take	VERB
cblr-7159	549	61	their	their	PRON
cblr-7159	549	62	business	business	NOUN
cblr-7159	549	63	elsewhere.192	elsewhere.192	NUM
cblr-7159	549	64	third	third	ADJ
cblr-7159	549	65	,	,	PUNCT
cblr-7159	549	66	to	to	ADP
cblr-7159	549	67	the	the	DET
cblr-7159	549	68	extent	extent	NOUN
cblr-7159	549	69	that	that	SCONJ
cblr-7159	549	70	non	non	ADJ
cblr-7159	549	71	-	-	ADJ
cblr-7159	549	72	bank	bank	ADJ
cblr-7159	549	73	lenders	lender	NOUN
cblr-7159	549	74	such	such	ADJ
cblr-7159	549	75	as	as	ADP
cblr-7159	549	76	clos	clo	NOUN
cblr-7159	549	77	have	have	AUX
cblr-7159	549	78	the	the	DET
cblr-7159	549	79	power	power	NOUN
cblr-7159	549	80	to	to	PART
cblr-7159	549	81	affect	affect	VERB
cblr-7159	549	82	governance	governance	NOUN
cblr-7159	549	83	,	,	PUNCT
cblr-7159	549	84	they	they	PRON
cblr-7159	549	85	may	may	AUX
cblr-7159	549	86	have	have	VERB
cblr-7159	549	87	even	even	ADV
cblr-7159	549	88	less	less	ADV
cblr-7159	549	89	practical	practical	ADJ
cblr-7159	549	90	ability	ability	NOUN
cblr-7159	549	91	and	and	CCONJ
cblr-7159	549	92	incentive	incentive	NOUN
cblr-7159	549	93	to	to	PART
cblr-7159	549	94	do	do	AUX
cblr-7159	549	95	so	so	ADV
cblr-7159	549	96	.	.	PUNCT
cblr-7159	550	1	many	many	ADJ
cblr-7159	550	2	of	of	ADP
cblr-7159	550	3	these	these	DET
cblr-7159	550	4	entities	entity	NOUN
cblr-7159	550	5	view	view	VERB
cblr-7159	550	6	themselves	themselves	PRON
cblr-7159	550	7	as	as	ADP
cblr-7159	550	8	investors	investor	NOUN
cblr-7159	550	9	,	,	PUNCT
cblr-7159	550	10	not	not	PART
cblr-7159	550	11	lenders	lender	NOUN
cblr-7159	550	12	per	per	ADP
cblr-7159	550	13	se	se	ADV
cblr-7159	550	14	,	,	PUNCT
cblr-7159	550	15	and	and	CCONJ
cblr-7159	550	16	they	they	PRON
cblr-7159	550	17	often	often	ADV
cblr-7159	550	18	lack	lack	VERB
cblr-7159	550	19	the	the	DET
cblr-7159	550	20	expertise	expertise	NOUN
cblr-7159	550	21	and	and	CCONJ
cblr-7159	550	22	resources	resource	NOUN
cblr-7159	550	23	to	to	PART
cblr-7159	550	24	monitor	monitor	VERB
cblr-7159	550	25	or	or	CCONJ
cblr-7159	550	26	intervene.193	intervene.193	NOUN
cblr-7159	550	27	clo	clo	PROPN
cblr-7159	550	28	managers	manager	NOUN
cblr-7159	550	29	in	in	ADP
cblr-7159	550	30	particular	particular	ADJ
cblr-7159	550	31	may	may	AUX
cblr-7159	550	32	have	have	VERB
cblr-7159	550	33	even	even	ADV
cblr-7159	550	34	less	less	ADJ
cblr-7159	550	35	reason	reason	NOUN
cblr-7159	550	36	to	to	PART
cblr-7159	550	37	intervene	intervene	VERB
cblr-7159	550	38	than	than	ADP
cblr-7159	550	39	other	other	ADJ
cblr-7159	550	40	types	type	NOUN
cblr-7159	550	41	of	of	ADP
cblr-7159	550	42	non	non	ADJ
cblr-7159	550	43	-	-	ADJ
cblr-7159	550	44	bank	bank	ADJ
cblr-7159	550	45	institutions	institution	NOUN
cblr-7159	550	46	because	because	SCONJ
cblr-7159	550	47	their	their	PRON
cblr-7159	550	48	compensation	compensation	NOUN
cblr-7159	550	49	is	be	AUX
cblr-7159	550	50	only	only	ADV
cblr-7159	550	51	weakly	weakly	ADV
cblr-7159	550	52	tied	tie	VERB
cblr-7159	550	53	to	to	ADP
cblr-7159	550	54	performance	performance	NOUN
cblr-7159	550	55	;	;	PUNCT
cblr-7159	550	56	they	they	PRON
cblr-7159	550	57	receive	receive	VERB
cblr-7159	550	58	a	a	DET
cblr-7159	550	59	base	base	NOUN
cblr-7159	550	60	fee	fee	NOUN
cblr-7159	550	61	,	,	PUNCT
cblr-7159	550	62	typically	typically	ADV
cblr-7159	550	63	senior	senior	ADJ
cblr-7159	550	64	to	to	ADP
cblr-7159	550	65	that	that	PRON
cblr-7159	550	66	of	of	ADP
cblr-7159	550	67	all	all	DET
cblr-7159	550	68	notes	note	NOUN
cblr-7159	550	69	,	,	PUNCT
cblr-7159	550	70	simply	simply	ADV
cblr-7159	550	71	for	for	ADP
cblr-7159	550	72	managing	manage	VERB
cblr-7159	550	73	the	the	DET
cblr-7159	550	74	loans	loan	NOUN
cblr-7159	550	75	,	,	PUNCT
cblr-7159	550	76	regardless	regardless	ADV
cblr-7159	550	77	of	of	ADP
cblr-7159	550	78	how	how	SCONJ
cblr-7159	550	79	they	they	PRON
cblr-7159	550	80	perform.194	perform.194	VERB
cblr-7159	550	81	moreover	moreover	ADV
cblr-7159	550	82	,	,	PUNCT
cblr-7159	550	83	although	although	SCONJ
cblr-7159	550	84	many	many	ADJ
cblr-7159	550	85	managers	manager	NOUN
cblr-7159	550	86	invest	invest	VERB
cblr-7159	550	87	in	in	ADP
cblr-7159	550	88	the	the	DET
cblr-7159	550	89	low	low	ADV
cblr-7159	550	90	-	-	PUNCT
cblr-7159	550	91	rated	rate	VERB
cblr-7159	550	92	equity	equity	NOUN
cblr-7159	550	93	tranches	tranche	NOUN
cblr-7159	550	94	of	of	ADP
cblr-7159	550	95	their	their	PRON
cblr-7159	550	96	clos	clo	NOUN
cblr-7159	550	97	,	,	PUNCT
cblr-7159	550	98	their	their	PRON
cblr-7159	550	99	return	return	NOUN
cblr-7159	550	100	is	be	AUX
cblr-7159	550	101	still	still	ADV
cblr-7159	550	102	based	base	VERB
cblr-7159	550	103	on	on	ADP
cblr-7159	550	104	diversified	diversified	ADJ
cblr-7159	550	105	portfolios	portfolio	NOUN
cblr-7159	550	106	of	of	ADP
cblr-7159	550	107	loans	loan	NOUN
cblr-7159	550	108	,	,	PUNCT
cblr-7159	550	109	and	and	CCONJ
cblr-7159	550	110	they	they	PRON
cblr-7159	550	111	may	may	AUX
cblr-7159	550	112	not	not	PART
cblr-7159	550	113	find	find	VERB
cblr-7159	550	114	it	it	PRON
cblr-7159	550	115	worthwhile	worthwhile	ADJ
cblr-7159	550	116	to	to	PART
cblr-7159	550	117	invest	invest	VERB
cblr-7159	550	118	time	time	NOUN
cblr-7159	550	119	and	and	CCONJ
cblr-7159	550	120	effort	effort	NOUN
cblr-7159	550	121	into	into	ADP
cblr-7159	550	122	any	any	DET
cblr-7159	550	123	particular	particular	ADJ
cblr-7159	550	124	borrower.195	borrower.195	NOUN
cblr-7159	550	125	to	to	ADP
cblr-7159	550	126	the	the	DET
cblr-7159	550	127	extent	extent	NOUN
cblr-7159	550	128	that	that	SCONJ
cblr-7159	550	129	any	any	DET
cblr-7159	550	130	single	single	ADJ
cblr-7159	550	131	borrower	borrower	NOUN
cblr-7159	550	132	’s	’s	PART
cblr-7159	550	133	financial	financial	ADJ
cblr-7159	550	134	distress	distress	NOUN
cblr-7159	550	135	might	might	AUX
cblr-7159	550	136	make	make	VERB
cblr-7159	550	137	a	a	DET
cblr-7159	550	138	difference	difference	NOUN
cblr-7159	550	139	,	,	PUNCT
cblr-7159	550	140	clo	clo	PROPN
cblr-7159	550	141	managers	manager	NOUN
cblr-7159	550	142	and	and	CCONJ
cblr-7159	550	143	other	other	ADJ
cblr-7159	550	144	non	non	ADJ
cblr-7159	550	145	-	-	ADJ
cblr-7159	550	146	bank	bank	ADJ
cblr-7159	550	147	investors	investor	NOUN
cblr-7159	550	148	can	can	AUX
cblr-7159	550	149	often	often	ADV
cblr-7159	550	150	trade	trade	VERB
cblr-7159	550	151	the	the	DET
cblr-7159	550	152	loan	loan	NOUN
cblr-7159	550	153	out	out	ADP
cblr-7159	550	154	of	of	ADP
cblr-7159	550	155	their	their	PRON
cblr-7159	550	156	portfolio	portfolio	NOUN
cblr-7159	550	157	.	.	PUNCT
cblr-7159	551	1	191	191	NUM
cblr-7159	551	2	cathy	cathy	PROPN
cblr-7159	551	3	cunningham	cunningham	PROPN
cblr-7159	551	4	,	,	PUNCT
cblr-7159	551	5	the	the	DET
cblr-7159	551	6	cuffs	cuff	NOUN
cblr-7159	551	7	come	come	VERB
cblr-7159	551	8	off	off	ADP
cblr-7159	551	9	:	:	PUNCT
cblr-7159	551	10	the	the	DET
cblr-7159	551	11	new	new	ADJ
cblr-7159	551	12	decade	decade	NOUN
cblr-7159	551	13	brings	bring	VERB
cblr-7159	551	14	an	an	DET
cblr-7159	551	15	uptick	uptick	NOUN
cblr-7159	551	16	in	in	ADP
cblr-7159	551	17	cov	cov	NOUN
cblr-7159	551	18	-	-	PUNCT
cblr-7159	551	19	lite	lite	NOUN
cblr-7159	551	20	loans	loan	NOUN
cblr-7159	551	21	,	,	PUNCT
cblr-7159	551	22	com	com	NOUN
cblr-7159	551	23	.	.	PROPN
cblr-7159	551	24	observer	observer	PROPN
cblr-7159	551	25	(	(	PUNCT
cblr-7159	551	26	jan	jan	PROPN
cblr-7159	551	27	.	.	PROPN
cblr-7159	551	28	7	7	NUM
cblr-7159	551	29	,	,	PUNCT
cblr-7159	551	30	2020	2020	NUM
cblr-7159	551	31	)	)	PUNCT
cblr-7159	551	32	,	,	PUNCT
cblr-7159	551	33	https://commercialobserver.com/2020/01/the-cuffs-come-off-the-new-decade-brings-an-uptick-in-cov-lite-loans/	https://commercialobserver.com/2020/01/the-cuffs-come-off-the-new-decade-brings-an-uptick-in-cov-lite-loans/	X
cblr-7159	552	1	[	[	X
cblr-7159	552	2	https://perma.cc/ux76-3vlc	https://perma.cc/ux76-3vlc	X
cblr-7159	552	3	]	]	X
cblr-7159	552	4	(	(	PUNCT
cblr-7159	552	5	“	"	PUNCT
cblr-7159	552	6	knowing	know	VERB
cblr-7159	552	7	they	they	PRON
cblr-7159	552	8	’re	’re	VERB
cblr-7159	552	9	in	in	ADP
cblr-7159	552	10	the	the	DET
cblr-7159	552	11	driver	driver	NOUN
cblr-7159	552	12	’s	’s	PART
cblr-7159	552	13	seat	seat	NOUN
cblr-7159	552	14	,	,	PUNCT
cblr-7159	552	15	borrowers	borrower	NOUN
cblr-7159	552	16	are	be	AUX
cblr-7159	552	17	routinely	routinely	ADV
cblr-7159	552	18	pushing	push	VERB
cblr-7159	552	19	back	back	ADP
cblr-7159	552	20	on	on	ADP
cblr-7159	552	21	covenants	covenant	NOUN
cblr-7159	552	22	.	.	PUNCT
cblr-7159	552	23	.	.	PUNCT
cblr-7159	552	24	.	.	PUNCT
cblr-7159	552	25	.	.	PUNCT
cblr-7159	552	26	”	"	PUNCT
cblr-7159	552	27	)	)	PUNCT
cblr-7159	552	28	.	.	PUNCT
cblr-7159	553	1	192	192	NUM
cblr-7159	554	1	i	i	PRON
cblr-7159	554	2	d.	d.	PROPN
cblr-7159	554	3	(	(	PUNCT
cblr-7159	554	4	“	"	PUNCT
cblr-7159	554	5	you	you	PRON
cblr-7159	554	6	can	can	AUX
cblr-7159	554	7	be	be	AUX
cblr-7159	554	8	in	in	ADP
cblr-7159	554	9	a	a	DET
cblr-7159	554	10	very	very	ADV
cblr-7159	554	11	tough	tough	ADJ
cblr-7159	554	12	position	position	NOUN
cblr-7159	554	13	where	where	SCONJ
cblr-7159	554	14	your	your	PRON
cblr-7159	554	15	borrower	borrower	NOUN
cblr-7159	554	16	is	be	AUX
cblr-7159	554	17	seeing	see	VERB
cblr-7159	554	18	value	value	NOUN
cblr-7159	554	19	erode	erode	VERB
cblr-7159	554	20	and	and	CCONJ
cblr-7159	554	21	your	your	PRON
cblr-7159	554	22	hands	hand	NOUN
cblr-7159	554	23	are	be	AUX
cblr-7159	554	24	tied	tie	VERB
cblr-7159	554	25	—	—	PUNCT
cblr-7159	554	26	you	you	PRON
cblr-7159	554	27	ca	can	AUX
cblr-7159	554	28	n’t	not	PART
cblr-7159	554	29	do	do	VERB
cblr-7159	554	30	anything	anything	PRON
cblr-7159	554	31	about	about	ADP
cblr-7159	554	32	it	it	PRON
cblr-7159	554	33	.	.	PUNCT
cblr-7159	554	34	”	"	PUNCT
cblr-7159	555	1	(	(	PUNCT
cblr-7159	555	2	internal	internal	ADJ
cblr-7159	555	3	quotation	quotation	NOUN
cblr-7159	555	4	marks	mark	NOUN
cblr-7159	555	5	omitted	omit	VERB
cblr-7159	555	6	)	)	PUNCT
cblr-7159	555	7	)	)	PUNCT
cblr-7159	555	8	.	.	PUNCT
cblr-7159	556	1	193	193	NUM
cblr-7159	556	2	see	see	VERB
cblr-7159	556	3	bord	bord	PROPN
cblr-7159	556	4	&	&	CCONJ
cblr-7159	556	5	santos	santos	PROPN
cblr-7159	556	6	,	,	PUNCT
cblr-7159	556	7	supra	supra	PROPN
cblr-7159	556	8	note	note	PROPN
cblr-7159	556	9	88	88	NUM
cblr-7159	556	10	,	,	PUNCT
cblr-7159	556	11	at	at	ADP
cblr-7159	556	12	22–23	22–23	NUM
cblr-7159	556	13	,	,	PUNCT
cblr-7159	556	14	28	28	NUM
cblr-7159	556	15	;	;	PUNCT
cblr-7159	556	16	see	see	VERB
cblr-7159	556	17	also	also	ADV
cblr-7159	556	18	benmelech	benmelech	VERB
cblr-7159	556	19	et	et	PROPN
cblr-7159	556	20	al	al	PROPN
cblr-7159	556	21	.	.	PROPN
cblr-7159	556	22	,	,	PUNCT
cblr-7159	556	23	supra	supra	PROPN
cblr-7159	556	24	note	note	PROPN
cblr-7159	556	25	151	151	NUM
cblr-7159	556	26	,	,	PUNCT
cblr-7159	556	27	at	at	ADP
cblr-7159	556	28	94–95	94–95	NUM
cblr-7159	556	29	(	(	PUNCT
cblr-7159	556	30	discussing	discuss	VERB
cblr-7159	556	31	reasons	reason	NOUN
cblr-7159	556	32	that	that	PRON
cblr-7159	556	33	clo	clo	PROPN
cblr-7159	556	34	managers	manager	NOUN
cblr-7159	556	35	may	may	AUX
cblr-7159	556	36	be	be	AUX
cblr-7159	556	37	less	less	ADV
cblr-7159	556	38	able	able	ADJ
cblr-7159	556	39	or	or	CCONJ
cblr-7159	556	40	willing	willing	ADJ
cblr-7159	556	41	to	to	PART
cblr-7159	556	42	monitor	monitor	VERB
cblr-7159	556	43	borrowers	borrower	NOUN
cblr-7159	556	44	)	)	PUNCT
cblr-7159	556	45	.	.	PUNCT
cblr-7159	557	1	194	194	NUM
cblr-7159	557	2	see	see	VERB
cblr-7159	557	3	benmelech	benmelech	NOUN
cblr-7159	557	4	et	et	PROPN
cblr-7159	557	5	al	al	PROPN
cblr-7159	557	6	.	.	PROPN
cblr-7159	557	7	,	,	PUNCT
cblr-7159	557	8	supra	supra	PROPN
cblr-7159	557	9	note	note	PROPN
cblr-7159	557	10	151	151	NUM
cblr-7159	557	11	,	,	PUNCT
cblr-7159	557	12	at	at	ADP
cblr-7159	557	13	94	94	NUM
cblr-7159	557	14	(	(	PUNCT
cblr-7159	557	15	noting	note	VERB
cblr-7159	557	16	the	the	DET
cblr-7159	557	17	clo	clo	PROPN
cblr-7159	557	18	manager	manager	PROPN
cblr-7159	557	19	compensation	compensation	PROPN
cblr-7159	557	20	is	be	AUX
cblr-7159	557	21	weakly	weakly	ADV
cblr-7159	557	22	tied	tie	VERB
cblr-7159	557	23	to	to	PART
cblr-7159	557	24	deal	deal	VERB
cblr-7159	557	25	performance	performance	NOUN
cblr-7159	557	26	)	)	PUNCT
cblr-7159	557	27	.	.	PUNCT
cblr-7159	558	1	195	195	NUM
cblr-7159	558	2	see	see	VERB
cblr-7159	558	3	i	i	PRON
cblr-7159	558	4	d.	d.	PROPN
cblr-7159	558	5	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	558	6	(	(	PUNCT
cblr-7159	558	7	do	do	AUX
cblr-7159	558	8	not	not	PART
cblr-7159	558	9	delte	delte	VERB
cblr-7159	558	10	)	)	PUNCT
cblr-7159	558	11	9/28/2020	9/28/2020	NUM
cblr-7159	558	12	6:35	6:35	NUM
cblr-7159	558	13	pm	pm	NOUN
cblr-7159	558	14	234	234	NUM
cblr-7159	558	15	columbia	columbia	PROPN
cblr-7159	558	16	business	business	NOUN
cblr-7159	558	17	law	law	PROPN
cblr-7159	558	18	review	review	NOUN
cblr-7159	558	19	[	[	X
cblr-7159	558	20	vol	vol	NOUN
cblr-7159	558	21	.	.	PUNCT
cblr-7159	558	22	2020	2020	NUM
cblr-7159	558	23	however	however	ADV
cblr-7159	558	24	,	,	PUNCT
cblr-7159	558	25	it	it	PRON
cblr-7159	558	26	is	be	AUX
cblr-7159	558	27	also	also	ADV
cblr-7159	558	28	possible	possible	ADJ
cblr-7159	558	29	that	that	SCONJ
cblr-7159	558	30	the	the	DET
cblr-7159	558	31	recent	recent	ADJ
cblr-7159	558	32	evolution	evolution	NOUN
cblr-7159	558	33	in	in	ADP
cblr-7159	558	34	the	the	DET
cblr-7159	558	35	lending	lending	NOUN
cblr-7159	558	36	market	market	NOUN
cblr-7159	558	37	has	have	AUX
cblr-7159	558	38	had	have	VERB
cblr-7159	558	39	little	little	ADJ
cblr-7159	558	40	or	or	CCONJ
cblr-7159	558	41	no	no	PRON
cblr-7159	558	42	impact	impact	NOUN
cblr-7159	558	43	on	on	ADP
cblr-7159	558	44	lender	lender	NOUN
cblr-7159	558	45	governance	governance	NOUN
cblr-7159	558	46	.	.	PUNCT
cblr-7159	559	1	bank	bank	NOUN
cblr-7159	559	2	lenders	lender	NOUN
cblr-7159	559	3	retain	retain	VERB
cblr-7159	559	4	full	full	ADJ
cblr-7159	559	5	-	-	PUNCT
cblr-7159	559	6	covenant	covenant	ADJ
cblr-7159	559	7	portions	portion	NOUN
cblr-7159	559	8	of	of	ADP
cblr-7159	559	9	most	most	ADJ
cblr-7159	559	10	the	the	DET
cblr-7159	559	11	loans	loan	NOUN
cblr-7159	559	12	they	they	PRON
cblr-7159	559	13	originate,196	originate,196	VERB
cblr-7159	560	1	so	so	ADV
cblr-7159	560	2	it	it	PRON
cblr-7159	560	3	is	be	AUX
cblr-7159	560	4	likely	likely	ADJ
cblr-7159	560	5	that	that	SCONJ
cblr-7159	560	6	most	most	ADJ
cblr-7159	560	7	of	of	ADP
cblr-7159	560	8	the	the	DET
cblr-7159	560	9	cov	cov	NOUN
cblr-7159	560	10	-	-	PUNCT
cblr-7159	560	11	lite	lite	NOUN
cblr-7159	560	12	loans	loan	NOUN
cblr-7159	560	13	held	hold	VERB
cblr-7159	560	14	by	by	ADP
cblr-7159	560	15	non	non	NOUN
cblr-7159	560	16	-	-	NOUN
cblr-7159	560	17	banks	bank	NOUN
cblr-7159	560	18	have	have	AUX
cblr-7159	560	19	parallel	parallel	VERB
cblr-7159	560	20	“	"	PUNCT
cblr-7159	560	21	cov	cov	NOUN
cblr-7159	560	22	-	-	PUNCT
cblr-7159	560	23	heavy	heavy	ADJ
cblr-7159	560	24	”	"	PUNCT
cblr-7159	560	25	tranches	tranche	NOUN
cblr-7159	560	26	,	,	PUNCT
cblr-7159	560	27	and	and	CCONJ
cblr-7159	560	28	indeed	indeed	ADV
cblr-7159	560	29	,	,	PUNCT
cblr-7159	560	30	recent	recent	ADJ
cblr-7159	560	31	research	research	NOUN
cblr-7159	560	32	has	have	AUX
cblr-7159	560	33	suggested	suggest	VERB
cblr-7159	560	34	that	that	SCONJ
cblr-7159	560	35	this	this	PRON
cblr-7159	560	36	is	be	AUX
cblr-7159	560	37	true.197	true.197	NOUN
cblr-7159	560	38	this	this	PRON
cblr-7159	560	39	means	mean	VERB
cblr-7159	560	40	that	that	SCONJ
cblr-7159	560	41	contractual	contractual	ADJ
cblr-7159	560	42	mechanisms	mechanism	NOUN
cblr-7159	560	43	still	still	ADV
cblr-7159	560	44	exist	exist	VERB
cblr-7159	560	45	to	to	PART
cblr-7159	560	46	monitor	monitor	VERB
cblr-7159	560	47	most	most	ADJ
cblr-7159	560	48	borrowers	borrower	NOUN
cblr-7159	560	49	and	and	CCONJ
cblr-7159	560	50	intervene	intervene	VERB
cblr-7159	560	51	in	in	ADP
cblr-7159	560	52	their	their	PRON
cblr-7159	560	53	affairs	affair	NOUN
cblr-7159	560	54	,	,	PUNCT
cblr-7159	560	55	even	even	ADV
cblr-7159	560	56	given	give	VERB
cblr-7159	560	57	the	the	DET
cblr-7159	560	58	move	move	NOUN
cblr-7159	560	59	toward	toward	ADP
cblr-7159	560	60	cov	cov	NOUN
cblr-7159	560	61	-	-	PUNCT
cblr-7159	560	62	lite	lite	NOUN
cblr-7159	560	63	.	.	PUNCT
cblr-7159	561	1	even	even	ADV
cblr-7159	561	2	where	where	SCONJ
cblr-7159	561	3	there	there	PRON
cblr-7159	561	4	is	be	VERB
cblr-7159	561	5	no	no	DET
cblr-7159	561	6	cov	cov	NOUN
cblr-7159	561	7	-	-	PUNCT
cblr-7159	561	8	heavy	heavy	ADJ
cblr-7159	561	9	loan	loan	NOUN
cblr-7159	561	10	and	and	CCONJ
cblr-7159	561	11	a	a	DET
cblr-7159	561	12	borrower	borrower	NOUN
cblr-7159	561	13	’s	’s	PART
cblr-7159	561	14	terms	term	NOUN
cblr-7159	561	15	are	be	AUX
cblr-7159	561	16	entirely	entirely	ADV
cblr-7159	561	17	cov	cov	NOUN
cblr-7159	561	18	-	-	PUNCT
cblr-7159	561	19	lite	lite	NOUN
cblr-7159	561	20	,	,	PUNCT
cblr-7159	561	21	incurrence	incurrence	NOUN
cblr-7159	561	22	covenants	covenant	NOUN
cblr-7159	561	23	can	can	AUX
cblr-7159	561	24	still	still	ADV
cblr-7159	561	25	be	be	AUX
cblr-7159	561	26	violated	violate	VERB
cblr-7159	561	27	.	.	PUNCT
cblr-7159	562	1	incurrence	incurrence	NOUN
cblr-7159	562	2	covenant	covenant	ADJ
cblr-7159	562	3	violations	violation	NOUN
cblr-7159	562	4	are	be	AUX
cblr-7159	562	5	more	more	ADV
cblr-7159	562	6	likely	likely	ADJ
cblr-7159	562	7	to	to	PART
cblr-7159	562	8	be	be	AUX
cblr-7159	562	9	intentional	intentional	ADJ
cblr-7159	562	10	on	on	ADP
cblr-7159	562	11	the	the	DET
cblr-7159	562	12	part	part	NOUN
cblr-7159	562	13	of	of	ADP
cblr-7159	562	14	the	the	DET
cblr-7159	562	15	borrower	borrower	NOUN
cblr-7159	562	16	,	,	PUNCT
cblr-7159	562	17	because	because	SCONJ
cblr-7159	562	18	the	the	DET
cblr-7159	562	19	financial	financial	ADJ
cblr-7159	562	20	ratios	ratio	NOUN
cblr-7159	562	21	are	be	AUX
cblr-7159	562	22	tested	test	VERB
cblr-7159	562	23	upon	upon	SCONJ
cblr-7159	562	24	the	the	DET
cblr-7159	562	25	occurrence	occurrence	NOUN
cblr-7159	562	26	of	of	ADP
cblr-7159	562	27	a	a	DET
cblr-7159	562	28	transaction	transaction	NOUN
cblr-7159	562	29	instead	instead	ADV
cblr-7159	562	30	of	of	ADP
cblr-7159	562	31	on	on	ADP
cblr-7159	562	32	an	an	DET
cblr-7159	562	33	ongoing	ongoing	ADJ
cblr-7159	562	34	basis.198	basis.198	NOUN
cblr-7159	562	35	in	in	ADP
cblr-7159	562	36	such	such	ADJ
cblr-7159	562	37	cases	case	NOUN
cblr-7159	562	38	,	,	PUNCT
cblr-7159	562	39	borrowers	borrower	NOUN
cblr-7159	562	40	may	may	AUX
cblr-7159	562	41	expect	expect	VERB
cblr-7159	562	42	lenders	lender	NOUN
cblr-7159	562	43	to	to	PART
cblr-7159	562	44	waive	waive	VERB
cblr-7159	562	45	the	the	DET
cblr-7159	562	46	violation	violation	NOUN
cblr-7159	562	47	,	,	PUNCT
cblr-7159	562	48	and	and	CCONJ
cblr-7159	562	49	may	may	AUX
cblr-7159	562	50	have	have	AUX
cblr-7159	562	51	even	even	ADV
cblr-7159	562	52	arranged	arrange	VERB
cblr-7159	562	53	it	it	PRON
cblr-7159	562	54	beforehand	beforehand	ADV
cblr-7159	562	55	,	,	PUNCT
cblr-7159	562	56	but	but	CCONJ
cblr-7159	562	57	the	the	DET
cblr-7159	562	58	episode	episode	NOUN
cblr-7159	562	59	nonetheless	nonetheless	ADV
cblr-7159	562	60	would	would	AUX
cblr-7159	562	61	provide	provide	VERB
cblr-7159	562	62	an	an	DET
cblr-7159	562	63	opportunity	opportunity	NOUN
cblr-7159	562	64	for	for	ADP
cblr-7159	562	65	lender	lender	NOUN
cblr-7159	562	66	involvement	involvement	NOUN
cblr-7159	562	67	in	in	ADP
cblr-7159	562	68	firm	firm	ADJ
cblr-7159	562	69	management	management	NOUN
cblr-7159	562	70	.	.	PUNCT
cblr-7159	563	1	moreover	moreover	ADV
cblr-7159	563	2	,	,	PUNCT
cblr-7159	563	3	even	even	ADV
cblr-7159	563	4	though	though	SCONJ
cblr-7159	563	5	most	most	ADJ
cblr-7159	563	6	tlbs	tlb	NOUN
cblr-7159	563	7	originated	originate	VERB
cblr-7159	563	8	in	in	ADP
cblr-7159	563	9	today	today	NOUN
cblr-7159	563	10	’s	’s	PART
cblr-7159	563	11	market	market	NOUN
cblr-7159	563	12	are	be	AUX
cblr-7159	563	13	cov	cov	NOUN
cblr-7159	563	14	-	-	PUNCT
cblr-7159	563	15	lite	lite	NOUN
cblr-7159	563	16	,	,	PUNCT
cblr-7159	563	17	this	this	DET
cblr-7159	563	18	change	change	NOUN
cblr-7159	563	19	has	have	AUX
cblr-7159	563	20	occurred	occur	VERB
cblr-7159	563	21	iteratively	iteratively	ADV
cblr-7159	563	22	over	over	ADP
cblr-7159	563	23	several	several	ADJ
cblr-7159	563	24	years	year	NOUN
cblr-7159	563	25	;	;	PUNCT
cblr-7159	563	26	thus	thus	ADV
cblr-7159	563	27	it	it	PRON
cblr-7159	563	28	is	be	AUX
cblr-7159	563	29	possible	possible	ADJ
cblr-7159	563	30	that	that	SCONJ
cblr-7159	563	31	some	some	DET
cblr-7159	563	32	nonbank	nonbank	NOUN
cblr-7159	563	33	lenders	lender	NOUN
cblr-7159	563	34	have	have	AUX
cblr-7159	563	35	held	hold	VERB
cblr-7159	563	36	(	(	PUNCT
cblr-7159	563	37	and	and	CCONJ
cblr-7159	563	38	may	may	AUX
cblr-7159	563	39	still	still	ADV
cblr-7159	563	40	hold	hold	VERB
cblr-7159	563	41	)	)	PUNCT
cblr-7159	563	42	loan	loan	NOUN
cblr-7159	563	43	interests	interest	NOUN
cblr-7159	563	44	that	that	PRON
cblr-7159	563	45	retain	retain	VERB
cblr-7159	563	46	full	full	ADJ
cblr-7159	563	47	covenants	covenant	NOUN
cblr-7159	563	48	.	.	PUNCT
cblr-7159	564	1	if	if	SCONJ
cblr-7159	564	2	this	this	PRON
cblr-7159	564	3	is	be	AUX
cblr-7159	564	4	the	the	DET
cblr-7159	564	5	case	case	NOUN
cblr-7159	564	6	,	,	PUNCT
cblr-7159	564	7	non	non	ADJ
cblr-7159	564	8	-	-	ADJ
cblr-7159	564	9	bank	bank	ADJ
cblr-7159	564	10	lenders	lender	NOUN
cblr-7159	564	11	may	may	AUX
cblr-7159	564	12	have	have	VERB
cblr-7159	564	13	the	the	DET
cblr-7159	564	14	ability	ability	NOUN
cblr-7159	564	15	to	to	PART
cblr-7159	564	16	intervene	intervene	VERB
cblr-7159	564	17	in	in	ADP
cblr-7159	564	18	the	the	DET
cblr-7159	564	19	event	event	NOUN
cblr-7159	564	20	of	of	ADP
cblr-7159	564	21	a	a	DET
cblr-7159	564	22	covenant	covenant	ADJ
cblr-7159	564	23	violation	violation	NOUN
cblr-7159	564	24	for	for	ADP
cblr-7159	564	25	some	some	PRON
cblr-7159	564	26	of	of	ADP
cblr-7159	564	27	the	the	DET
cblr-7159	564	28	loans	loan	NOUN
cblr-7159	564	29	they	they	PRON
cblr-7159	564	30	hold	hold	VERB
cblr-7159	564	31	.	.	PUNCT
cblr-7159	565	1	bank	bank	NOUN
cblr-7159	565	2	lenders	lender	NOUN
cblr-7159	565	3	may	may	AUX
cblr-7159	565	4	find	find	VERB
cblr-7159	565	5	it	it	PRON
cblr-7159	565	6	advantageous	advantageous	ADJ
cblr-7159	565	7	to	to	PART
cblr-7159	565	8	try	try	VERB
cblr-7159	565	9	to	to	PART
cblr-7159	565	10	impose	impose	VERB
cblr-7159	565	11	their	their	PRON
cblr-7159	565	12	preferences	preference	NOUN
cblr-7159	565	13	on	on	ADP
cblr-7159	565	14	borrowers	borrower	NOUN
cblr-7159	565	15	even	even	ADV
cblr-7159	565	16	if	if	SCONJ
cblr-7159	565	17	they	they	PRON
cblr-7159	565	18	retain	retain	VERB
cblr-7159	565	19	only	only	ADV
cblr-7159	565	20	a	a	DET
cblr-7159	565	21	small	small	ADJ
cblr-7159	565	22	portion	portion	NOUN
cblr-7159	565	23	of	of	ADP
cblr-7159	565	24	the	the	DET
cblr-7159	565	25	loan	loan	NOUN
cblr-7159	565	26	because	because	SCONJ
cblr-7159	565	27	they	they	PRON
cblr-7159	565	28	are	be	AUX
cblr-7159	565	29	concerned	concerned	ADJ
cblr-7159	565	30	about	about	ADP
cblr-7159	565	31	their	their	PRON
cblr-7159	565	32	reputation	reputation	NOUN
cblr-7159	565	33	,	,	PUNCT
cblr-7159	565	34	or	or	CCONJ
cblr-7159	565	35	because	because	SCONJ
cblr-7159	565	36	they	they	PRON
cblr-7159	565	37	want	want	VERB
cblr-7159	565	38	to	to	PART
cblr-7159	565	39	establish	establish	VERB
cblr-7159	565	40	a	a	DET
cblr-7159	565	41	long	long	ADJ
cblr-7159	565	42	-	-	PUNCT
cblr-7159	565	43	term	term	NOUN
cblr-7159	565	44	relationship	relationship	NOUN
cblr-7159	565	45	with	with	ADP
cblr-7159	565	46	the	the	DET
cblr-7159	565	47	borrower	borrower	NOUN
cblr-7159	565	48	.	.	PUNCT
cblr-7159	566	1	borrowers	borrower	NOUN
cblr-7159	566	2	who	who	PRON
cblr-7159	566	3	similarly	similarly	ADV
cblr-7159	566	4	value	value	VERB
cblr-7159	566	5	a	a	DET
cblr-7159	566	6	bank	bank	NOUN
cblr-7159	566	7	’s	’s	PART
cblr-7159	566	8	advice	advice	NOUN
cblr-7159	566	9	as	as	ADV
cblr-7159	566	10	well	well	ADV
cblr-7159	566	11	as	as	ADP
cblr-7159	566	12	their	their	PRON
cblr-7159	566	13	relationship	relationship	NOUN
cblr-7159	566	14	with	with	ADP
cblr-7159	566	15	the	the	DET
cblr-7159	566	16	bank	bank	NOUN
cblr-7159	566	17	may	may	AUX
cblr-7159	566	18	be	be	AUX
cblr-7159	566	19	less	less	ADV
cblr-7159	566	20	inclined	inclined	ADJ
cblr-7159	566	21	to	to	PART
cblr-7159	566	22	move	move	VERB
cblr-7159	566	23	to	to	ADP
cblr-7159	566	24	a	a	DET
cblr-7159	566	25	new	new	ADJ
cblr-7159	566	26	lender	lender	NOUN
cblr-7159	566	27	.	.	PUNCT
cblr-7159	567	1	it	it	PRON
cblr-7159	567	2	is	be	AUX
cblr-7159	567	3	also	also	ADV
cblr-7159	567	4	possible	possible	ADJ
cblr-7159	567	5	that	that	SCONJ
cblr-7159	567	6	the	the	DET
cblr-7159	567	7	lack	lack	NOUN
cblr-7159	567	8	of	of	ADP
cblr-7159	567	9	power	power	NOUN
cblr-7159	567	10	or	or	CCONJ
cblr-7159	567	11	incentives	incentive	NOUN
cblr-7159	567	12	for	for	ADP
cblr-7159	567	13	clos	clo	NOUN
cblr-7159	567	14	(	(	PUNCT
cblr-7159	567	15	and	and	CCONJ
cblr-7159	567	16	indeed	indeed	ADV
cblr-7159	567	17	,	,	PUNCT
cblr-7159	567	18	all	all	DET
cblr-7159	567	19	non	non	ADJ
cblr-7159	567	20	-	-	ADJ
cblr-7159	567	21	bank	bank	ADJ
cblr-7159	567	22	institutional	institutional	ADJ
cblr-7159	567	23	investors	investor	NOUN
cblr-7159	567	24	)	)	PUNCT
cblr-7159	567	25	to	to	PART
cblr-7159	567	26	act	act	VERB
cblr-7159	567	27	in	in	ADP
cblr-7159	567	28	the	the	DET
cblr-7159	567	29	event	event	NOUN
cblr-7159	567	30	of	of	ADP
cblr-7159	567	31	a	a	DET
cblr-7159	567	32	covenant	covenant	ADJ
cblr-7159	567	33	violation	violation	NOUN
cblr-7159	567	34	may	may	AUX
cblr-7159	567	35	not	not	PART
cblr-7159	567	36	be	be	AUX
cblr-7159	567	37	a	a	DET
cblr-7159	567	38	problem	problem	NOUN
cblr-7159	567	39	because	because	SCONJ
cblr-7159	567	40	relationship	relationship	NOUN
cblr-7159	567	41	banks	bank	NOUN
cblr-7159	567	42	continue	continue	VERB
cblr-7159	567	43	to	to	PART
cblr-7159	567	44	provide	provide	VERB
cblr-7159	567	45	this	this	DET
cblr-7159	567	46	monitoring	monitoring	NOUN
cblr-7159	568	1	196	196	NUM
cblr-7159	568	2	see	see	NOUN
cblr-7159	568	3	berlin	berlin	PROPN
cblr-7159	568	4	,	,	PUNCT
cblr-7159	568	5	supra	supra	PROPN
cblr-7159	568	6	note	note	PROPN
cblr-7159	568	7	24	24	NUM
cblr-7159	568	8	(	(	PUNCT
cblr-7159	568	9	manuscript	manuscript	NOUN
cblr-7159	568	10	at	at	ADP
cblr-7159	568	11	35	35	NUM
cblr-7159	568	12	)	)	PUNCT
cblr-7159	568	13	.	.	PUNCT
cblr-7159	569	1	197	197	NUM
cblr-7159	569	2	see	see	VERB
cblr-7159	569	3	yu	yu	PROPN
cblr-7159	569	4	,	,	PUNCT
cblr-7159	569	5	supra	supra	PROPN
cblr-7159	569	6	note	note	PROPN
cblr-7159	569	7	127	127	NUM
cblr-7159	569	8	,	,	PUNCT
cblr-7159	569	9	at	at	ADP
cblr-7159	569	10	3–4	3–4	NUM
cblr-7159	569	11	.	.	NOUN
cblr-7159	569	12	198	198	NUM
cblr-7159	569	13	see	see	VERB
cblr-7159	569	14	dworkin	dworkin	PROPN
cblr-7159	569	15	&	&	CCONJ
cblr-7159	569	16	holland	holland	PROPN
cblr-7159	569	17	,	,	PUNCT
cblr-7159	569	18	supra	supra	PROPN
cblr-7159	569	19	note	note	PROPN
cblr-7159	569	20	131	131	NUM
cblr-7159	569	21	,	,	PUNCT
cblr-7159	569	22	at	at	ADP
cblr-7159	569	23	27	27	NUM
cblr-7159	569	24	.	.	PUNCT
cblr-7159	570	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	570	2	(	(	PUNCT
cblr-7159	570	3	do	do	AUX
cblr-7159	570	4	not	not	PART
cblr-7159	570	5	delete	delete	VERB
cblr-7159	570	6	)	)	PUNCT
cblr-7159	570	7	9/28/2020	9/28/2020	NUM
cblr-7159	570	8	6:35	6:35	NUM
cblr-7159	570	9	pm	pm	NOUN
cblr-7159	570	10	no	no	INTJ
cblr-7159	570	11	.	.	PUNCT
cblr-7159	571	1	1:192	1:192	X
cblr-7159	571	2	]	]	X
cblr-7159	571	3	reconsidering	reconsider	VERB
cblr-7159	571	4	creditor	creditor	NOUN
cblr-7159	571	5	governance	governance	NOUN
cblr-7159	571	6	235	235	NUM
cblr-7159	571	7	function	function	NOUN
cblr-7159	571	8	through	through	ADP
cblr-7159	571	9	their	their	PRON
cblr-7159	571	10	cov	cov	NOUN
cblr-7159	571	11	-	-	PUNCT
cblr-7159	571	12	heavy	heavy	ADJ
cblr-7159	571	13	credit	credit	NOUN
cblr-7159	571	14	facilities.199	facilities.199	NOUN
cblr-7159	571	15	if	if	SCONJ
cblr-7159	571	16	this	this	PRON
cblr-7159	571	17	is	be	AUX
cblr-7159	571	18	the	the	DET
cblr-7159	571	19	case	case	NOUN
cblr-7159	571	20	,	,	PUNCT
cblr-7159	571	21	relationship	relationship	NOUN
cblr-7159	571	22	banks	bank	NOUN
cblr-7159	571	23	should	should	AUX
cblr-7159	571	24	retain	retain	VERB
cblr-7159	571	25	incentives	incentive	NOUN
cblr-7159	571	26	to	to	PART
cblr-7159	571	27	continue	continue	VERB
cblr-7159	571	28	to	to	PART
cblr-7159	571	29	monitor	monitor	VERB
cblr-7159	571	30	,	,	PUNCT
cblr-7159	571	31	and	and	CCONJ
cblr-7159	571	32	other	other	ADJ
cblr-7159	571	33	lenders	lender	NOUN
cblr-7159	571	34	(	(	PUNCT
cblr-7159	571	35	like	like	ADP
cblr-7159	571	36	clos	clo	NOUN
cblr-7159	571	37	and	and	CCONJ
cblr-7159	571	38	other	other	ADJ
cblr-7159	571	39	shadow	shadow	NOUN
cblr-7159	571	40	banks	bank	NOUN
cblr-7159	571	41	)	)	PUNCT
cblr-7159	571	42	may	may	AUX
cblr-7159	571	43	free	free	VERB
cblr-7159	571	44	ride	ride	VERB
cblr-7159	571	45	off	off	ADP
cblr-7159	571	46	the	the	DET
cblr-7159	571	47	banks	bank	NOUN
cblr-7159	571	48	’	'	PUNCT
cblr-7159	571	49	work.200	work.200	ADP
cblr-7159	571	50	for	for	ADP
cblr-7159	571	51	these	these	DET
cblr-7159	571	52	reasons	reason	NOUN
cblr-7159	571	53	,	,	PUNCT
cblr-7159	571	54	it	it	PRON
cblr-7159	571	55	is	be	AUX
cblr-7159	571	56	not	not	PART
cblr-7159	571	57	clear	clear	ADJ
cblr-7159	571	58	ex	ex	X
cblr-7159	571	59	ante	ante	NOUN
cblr-7159	571	60	whether	whether	SCONJ
cblr-7159	571	61	the	the	DET
cblr-7159	571	62	economics	economic	NOUN
cblr-7159	571	63	of	of	ADP
cblr-7159	571	64	lending	lending	NOUN
cblr-7159	571	65	,	,	PUNCT
cblr-7159	571	66	the	the	DET
cblr-7159	571	67	involvement	involvement	NOUN
cblr-7159	571	68	of	of	ADP
cblr-7159	571	69	non	non	ADJ
cblr-7159	571	70	-	-	ADJ
cblr-7159	571	71	bank	bank	ADJ
cblr-7159	571	72	lenders	lender	NOUN
cblr-7159	571	73	,	,	PUNCT
cblr-7159	571	74	the	the	DET
cblr-7159	571	75	rise	rise	NOUN
cblr-7159	571	76	of	of	ADP
cblr-7159	571	77	securitization	securitization	NOUN
cblr-7159	571	78	,	,	PUNCT
cblr-7159	571	79	or	or	CCONJ
cblr-7159	571	80	a	a	DET
cblr-7159	571	81	combination	combination	NOUN
cblr-7159	571	82	of	of	ADP
cblr-7159	571	83	these	these	DET
cblr-7159	571	84	forces	force	NOUN
cblr-7159	571	85	affects	affect	VERB
cblr-7159	571	86	creditor	creditor	NOUN
cblr-7159	571	87	driven	drive	VERB
cblr-7159	571	88	corporate	corporate	ADJ
cblr-7159	571	89	governance	governance	NOUN
cblr-7159	571	90	.	.	PUNCT
cblr-7159	572	1	the	the	DET
cblr-7159	572	2	analysis	analysis	NOUN
cblr-7159	572	3	in	in	ADP
cblr-7159	572	4	part	part	NOUN
cblr-7159	572	5	ii	ii	NOUN
cblr-7159	572	6	below	below	ADP
cblr-7159	572	7	attempts	attempt	NOUN
cblr-7159	572	8	to	to	PART
cblr-7159	572	9	assess	assess	VERB
cblr-7159	572	10	whether	whether	SCONJ
cblr-7159	572	11	this	this	PRON
cblr-7159	572	12	has	have	AUX
cblr-7159	572	13	happened	happen	VERB
cblr-7159	572	14	and	and	CCONJ
cblr-7159	572	15	if	if	SCONJ
cblr-7159	572	16	so	so	ADV
cblr-7159	572	17	,	,	PUNCT
cblr-7159	572	18	to	to	ADP
cblr-7159	572	19	what	what	DET
cblr-7159	572	20	extent	extent	NOUN
cblr-7159	572	21	.	.	PUNCT
cblr-7159	573	1	iii	iii	X
cblr-7159	573	2	.	.	PUNCT
cblr-7159	573	3	empirical	empirical	ADJ
cblr-7159	573	4	case	case	NOUN
cblr-7159	573	5	study	study	NOUN
cblr-7159	573	6	in	in	ADP
cblr-7159	573	7	nongovernance	nongovernance	NOUN
cblr-7159	573	8	:	:	PUNCT
cblr-7159	573	9	data	datum	NOUN
cblr-7159	573	10	and	and	CCONJ
cblr-7159	573	11	analysis	analysis	NOUN
cblr-7159	573	12	this	this	DET
cblr-7159	573	13	part	part	NOUN
cblr-7159	573	14	discusses	discuss	VERB
cblr-7159	573	15	the	the	DET
cblr-7159	573	16	analysis	analysis	NOUN
cblr-7159	573	17	of	of	ADP
cblr-7159	573	18	a	a	DET
cblr-7159	573	19	large	large	ADJ
cblr-7159	573	20	original	original	ADJ
cblr-7159	573	21	dataset	dataset	NOUN
cblr-7159	573	22	of	of	ADP
cblr-7159	573	23	corporate	corporate	ADJ
cblr-7159	573	24	loans	loan	NOUN
cblr-7159	573	25	to	to	PART
cblr-7159	573	26	assess	assess	VERB
cblr-7159	573	27	the	the	DET
cblr-7159	573	28	extent	extent	NOUN
cblr-7159	573	29	to	to	PART
cblr-7159	573	30	which	which	PRON
cblr-7159	573	31	corporate	corporate	ADJ
cblr-7159	573	32	governance	governance	NOUN
cblr-7159	573	33	intervention	intervention	NOUN
cblr-7159	573	34	by	by	ADP
cblr-7159	573	35	lenders	lender	NOUN
cblr-7159	573	36	occurs	occur	VERB
cblr-7159	573	37	,	,	PUNCT
cblr-7159	573	38	and	and	CCONJ
cblr-7159	573	39	how	how	SCONJ
cblr-7159	573	40	it	it	PRON
cblr-7159	573	41	has	have	AUX
cblr-7159	573	42	changed	change	VERB
cblr-7159	573	43	in	in	ADP
cblr-7159	573	44	the	the	DET
cblr-7159	573	45	past	past	ADJ
cblr-7159	573	46	decade	decade	NOUN
cblr-7159	573	47	with	with	ADP
cblr-7159	573	48	the	the	DET
cblr-7159	573	49	changing	change	VERB
cblr-7159	573	50	supply	supply	NOUN
cblr-7159	573	51	of	of	ADP
cblr-7159	573	52	credit	credit	NOUN
cblr-7159	573	53	and	and	CCONJ
cblr-7159	573	54	the	the	DET
cblr-7159	573	55	rising	rise	VERB
cblr-7159	573	56	loan	loan	NOUN
cblr-7159	573	57	securitization	securitization	NOUN
cblr-7159	573	58	market	market	NOUN
cblr-7159	573	59	.	.	PUNCT
cblr-7159	574	1	i	i	PRON
cblr-7159	574	2	do	do	VERB
cblr-7159	574	3	this	this	PRON
cblr-7159	574	4	by	by	ADP
cblr-7159	574	5	looking	look	VERB
cblr-7159	574	6	at	at	ADP
cblr-7159	574	7	what	what	PRON
cblr-7159	574	8	happens	happen	VERB
cblr-7159	574	9	to	to	ADP
cblr-7159	574	10	companies	company	NOUN
cblr-7159	574	11	when	when	SCONJ
cblr-7159	574	12	they	they	PRON
cblr-7159	574	13	violate	violate	VERB
cblr-7159	574	14	loan	loan	NOUN
cblr-7159	574	15	covenants	covenant	NOUN
cblr-7159	574	16	,	,	PUNCT
cblr-7159	574	17	or	or	CCONJ
cblr-7159	574	18	have	have	VERB
cblr-7159	574	19	covenant	covenant	ADJ
cblr-7159	574	20	violations	violation	NOUN
cblr-7159	574	21	waived	waive	VERB
cblr-7159	574	22	,	,	PUNCT
cblr-7159	574	23	because	because	SCONJ
cblr-7159	574	24	these	these	PRON
cblr-7159	574	25	are	be	AUX
cblr-7159	574	26	the	the	DET
cblr-7159	574	27	key	key	ADJ
cblr-7159	574	28	moments	moment	NOUN
cblr-7159	574	29	when	when	SCONJ
cblr-7159	574	30	lenders	lender	NOUN
cblr-7159	574	31	have	have	VERB
cblr-7159	574	32	power	power	NOUN
cblr-7159	574	33	to	to	PART
cblr-7159	574	34	intervene	intervene	VERB
cblr-7159	574	35	and	and	CCONJ
cblr-7159	574	36	when	when	SCONJ
cblr-7159	574	37	they	they	PRON
cblr-7159	574	38	traditionally	traditionally	ADV
cblr-7159	574	39	have	have	AUX
cblr-7159	574	40	done	do	VERB
cblr-7159	574	41	so.201	so.201	VERB
cblr-7159	574	42	the	the	DET
cblr-7159	574	43	empirical	empirical	ADJ
cblr-7159	574	44	analysis	analysis	NOUN
cblr-7159	574	45	consists	consist	VERB
cblr-7159	574	46	of	of	ADP
cblr-7159	574	47	three	three	NUM
cblr-7159	574	48	parts	part	NOUN
cblr-7159	574	49	.	.	PUNCT
cblr-7159	575	1	in	in	ADP
cblr-7159	575	2	the	the	DET
cblr-7159	575	3	first	first	ADJ
cblr-7159	575	4	part	part	NOUN
cblr-7159	575	5	,	,	PUNCT
cblr-7159	575	6	i	i	PRON
cblr-7159	575	7	investigate	investigate	VERB
cblr-7159	575	8	whether	whether	SCONJ
cblr-7159	575	9	the	the	DET
cblr-7159	575	10	lender	lender	NOUN
cblr-7159	575	11	governance	governance	NOUN
cblr-7159	575	12	interventions	intervention	NOUN
cblr-7159	575	13	that	that	PRON
cblr-7159	575	14	were	be	AUX
cblr-7159	575	15	documented	document	VERB
cblr-7159	575	16	in	in	ADP
cblr-7159	575	17	the	the	DET
cblr-7159	575	18	period	period	NOUN
cblr-7159	575	19	before	before	SCONJ
cblr-7159	575	20	the	the	DET
cblr-7159	575	21	financial	financial	ADJ
cblr-7159	575	22	crisis	crisis	NOUN
cblr-7159	575	23	are	be	AUX
cblr-7159	575	24	still	still	ADV
cblr-7159	575	25	apparent	apparent	ADJ
cblr-7159	575	26	in	in	ADP
cblr-7159	575	27	the	the	DET
cblr-7159	575	28	post	post	NOUN
cblr-7159	575	29	crisis	crisis	NOUN
cblr-7159	575	30	period	period	NOUN
cblr-7159	575	31	.	.	PUNCT
cblr-7159	576	1	the	the	DET
cblr-7159	576	2	goal	goal	NOUN
cblr-7159	576	3	is	be	AUX
cblr-7159	576	4	to	to	PART
cblr-7159	576	5	assess	assess	VERB
cblr-7159	576	6	whether	whether	SCONJ
cblr-7159	576	7	the	the	DET
cblr-7159	576	8	changing	change	VERB
cblr-7159	576	9	lending	lending	NOUN
cblr-7159	576	10	environment	environment	NOUN
cblr-7159	576	11	has	have	AUX
cblr-7159	576	12	altered	alter	VERB
cblr-7159	576	13	banks	bank	NOUN
cblr-7159	576	14	’	'	PUNCT
cblr-7159	576	15	intervention	intervention	NOUN
cblr-7159	576	16	patterns	pattern	NOUN
cblr-7159	576	17	over	over	ADP
cblr-7159	576	18	time	time	NOUN
cblr-7159	576	19	,	,	PUNCT
cblr-7159	576	20	irrespective	irrespective	ADV
cblr-7159	576	21	of	of	ADP
cblr-7159	576	22	whether	whether	SCONJ
cblr-7159	576	23	borrowers	borrower	NOUN
cblr-7159	576	24	’	'	PUNCT
cblr-7159	576	25	199	199	NUM
cblr-7159	576	26	see	see	VERB
cblr-7159	576	27	yu	yu	PROPN
cblr-7159	576	28	,	,	PUNCT
cblr-7159	576	29	supra	supra	PROPN
cblr-7159	576	30	note	note	PROPN
cblr-7159	576	31	127	127	NUM
cblr-7159	576	32	,	,	PUNCT
cblr-7159	576	33	at	at	ADP
cblr-7159	576	34	3–4	3–4	NUM
cblr-7159	576	35	.	.	NOUN
cblr-7159	576	36	200	200	NUM
cblr-7159	576	37	see	see	VERB
cblr-7159	576	38	i	i	PRON
cblr-7159	576	39	d.	d.	PROPN
cblr-7159	576	40	at	at	ADP
cblr-7159	576	41	4–5	4–5	PROPN
cblr-7159	576	42	.	.	PUNCT
cblr-7159	576	43	201	201	NUM
cblr-7159	576	44	see	see	VERB
cblr-7159	576	45	,	,	PUNCT
cblr-7159	576	46	e.g.	e.g.	ADV
cblr-7159	576	47	,	,	PUNCT
cblr-7159	576	48	nini	nini	PROPN
cblr-7159	576	49	et	et	PROPN
cblr-7159	576	50	al	al	PROPN
cblr-7159	576	51	,	,	PUNCT
cblr-7159	576	52	creditor	creditor	NOUN
cblr-7159	576	53	control	control	NOUN
cblr-7159	576	54	rights	right	NOUN
cblr-7159	576	55	,	,	PUNCT
cblr-7159	576	56	supra	supra	PROPN
cblr-7159	576	57	note	note	NOUN
cblr-7159	576	58	14	14	NUM
cblr-7159	576	59	.	.	PUNCT
cblr-7159	577	1	i	i	PRON
cblr-7159	577	2	note	note	VERB
cblr-7159	577	3	that	that	SCONJ
cblr-7159	577	4	for	for	ADP
cblr-7159	577	5	purposes	purpose	NOUN
cblr-7159	577	6	of	of	ADP
cblr-7159	577	7	this	this	DET
cblr-7159	577	8	analysis	analysis	NOUN
cblr-7159	577	9	,	,	PUNCT
cblr-7159	577	10	i	i	PRON
cblr-7159	577	11	do	do	AUX
cblr-7159	577	12	not	not	PART
cblr-7159	577	13	consider	consider	VERB
cblr-7159	577	14	whether	whether	SCONJ
cblr-7159	577	15	loans	loan	NOUN
cblr-7159	577	16	are	be	AUX
cblr-7159	577	17	covlite	covlite	ADJ
cblr-7159	577	18	.	.	PUNCT
cblr-7159	578	1	if	if	SCONJ
cblr-7159	578	2	a	a	DET
cblr-7159	578	3	covenant	covenant	ADJ
cblr-7159	578	4	violation	violation	NOUN
cblr-7159	578	5	or	or	CCONJ
cblr-7159	578	6	waiver	waiver	NOUN
cblr-7159	578	7	has	have	AUX
cblr-7159	578	8	occurred	occur	VERB
cblr-7159	578	9	,	,	PUNCT
cblr-7159	578	10	it	it	PRON
cblr-7159	578	11	means	mean	VERB
cblr-7159	578	12	either	either	CCONJ
cblr-7159	578	13	that	that	SCONJ
cblr-7159	578	14	there	there	PRON
cblr-7159	578	15	is	be	VERB
cblr-7159	578	16	a	a	DET
cblr-7159	578	17	cov	cov	NOUN
cblr-7159	578	18	-	-	PUNCT
cblr-7159	578	19	heavy	heavy	ADJ
cblr-7159	578	20	loan	loan	NOUN
cblr-7159	578	21	(	(	PUNCT
cblr-7159	578	22	even	even	ADV
cblr-7159	578	23	if	if	SCONJ
cblr-7159	578	24	there	there	PRON
cblr-7159	578	25	are	be	VERB
cblr-7159	578	26	also	also	ADV
cblr-7159	578	27	cov	cov	NOUN
cblr-7159	578	28	lite	lite	NOUN
cblr-7159	578	29	portions	portion	NOUN
cblr-7159	578	30	of	of	ADP
cblr-7159	578	31	the	the	DET
cblr-7159	578	32	loan	loan	NOUN
cblr-7159	578	33	)	)	PUNCT
cblr-7159	578	34	or	or	CCONJ
cblr-7159	578	35	that	that	SCONJ
cblr-7159	578	36	the	the	DET
cblr-7159	578	37	borrower	borrower	NOUN
cblr-7159	578	38	has	have	AUX
cblr-7159	578	39	violated	violate	VERB
cblr-7159	578	40	(	(	PUNCT
cblr-7159	578	41	or	or	CCONJ
cblr-7159	578	42	nearly	nearly	ADV
cblr-7159	578	43	violated	violate	VERB
cblr-7159	578	44	)	)	PUNCT
cblr-7159	578	45	a	a	DET
cblr-7159	578	46	covenant	covenant	NOUN
cblr-7159	578	47	in	in	ADP
cblr-7159	578	48	a	a	DET
cblr-7159	578	49	covlite	covlite	ADJ
cblr-7159	578	50	loan	loan	NOUN
cblr-7159	578	51	,	,	PUNCT
cblr-7159	578	52	which	which	PRON
cblr-7159	578	53	is	be	AUX
cblr-7159	578	54	still	still	ADV
cblr-7159	578	55	possible	possible	ADJ
cblr-7159	578	56	to	to	PART
cblr-7159	578	57	do	do	VERB
cblr-7159	578	58	.	.	PUNCT
cblr-7159	579	1	in	in	ADP
cblr-7159	579	2	either	either	DET
cblr-7159	579	3	case	case	NOUN
cblr-7159	579	4	,	,	PUNCT
cblr-7159	579	5	at	at	ADP
cblr-7159	579	6	that	that	DET
cblr-7159	579	7	moment	moment	NOUN
cblr-7159	579	8	lenders	lender	NOUN
cblr-7159	579	9	have	have	VERB
cblr-7159	579	10	the	the	DET
cblr-7159	579	11	ability	ability	NOUN
cblr-7159	579	12	to	to	PART
cblr-7159	579	13	intervene	intervene	VERB
cblr-7159	579	14	—	—	PUNCT
cblr-7159	579	15	cov	cov	NOUN
cblr-7159	579	16	-	-	PUNCT
cblr-7159	579	17	lite	lite	NOUN
cblr-7159	579	18	and	and	CCONJ
cblr-7159	579	19	cov	cov	NOUN
cblr-7159	579	20	-	-	PUNCT
cblr-7159	579	21	heavy	heavy	ADJ
cblr-7159	579	22	borrowers	borrower	NOUN
cblr-7159	579	23	are	be	AUX
cblr-7159	579	24	on	on	ADP
cblr-7159	579	25	equal	equal	ADJ
cblr-7159	579	26	footing	footing	NOUN
cblr-7159	579	27	in	in	ADP
cblr-7159	579	28	that	that	DET
cblr-7159	579	29	respect	respect	NOUN
cblr-7159	579	30	.	.	PUNCT
cblr-7159	580	1	indeed	indeed	ADV
cblr-7159	580	2	,	,	PUNCT
cblr-7159	580	3	manual	manual	ADJ
cblr-7159	580	4	inspection	inspection	NOUN
cblr-7159	580	5	of	of	ADP
cblr-7159	580	6	the	the	DET
cblr-7159	580	7	covenant	covenant	ADJ
cblr-7159	580	8	violations	violation	NOUN
cblr-7159	580	9	for	for	ADP
cblr-7159	580	10	which	which	PRON
cblr-7159	580	11	details	detail	NOUN
cblr-7159	580	12	are	be	AUX
cblr-7159	580	13	reported	report	VERB
cblr-7159	580	14	reveals	reveal	NOUN
cblr-7159	580	15	that	that	SCONJ
cblr-7159	580	16	generally	generally	ADV
cblr-7159	580	17	covenant	covenant	ADJ
cblr-7159	580	18	violations	violation	NOUN
cblr-7159	580	19	are	be	AUX
cblr-7159	580	20	violations	violation	NOUN
cblr-7159	580	21	of	of	ADP
cblr-7159	580	22	terms	term	NOUN
cblr-7159	580	23	typically	typically	ADV
cblr-7159	580	24	found	find	VERB
cblr-7159	580	25	in	in	ADP
cblr-7159	580	26	cov	cov	NOUN
cblr-7159	580	27	-	-	PUNCT
cblr-7159	580	28	heavy	heavy	ADJ
cblr-7159	580	29	loans	loan	NOUN
cblr-7159	580	30	.	.	PUNCT
cblr-7159	581	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	581	2	(	(	PUNCT
cblr-7159	581	3	do	do	AUX
cblr-7159	581	4	not	not	PART
cblr-7159	581	5	delte	delte	VERB
cblr-7159	581	6	)	)	PUNCT
cblr-7159	581	7	9/28/2020	9/28/2020	PROPN
cblr-7159	581	8	6:35	6:35	NUM
cblr-7159	581	9	pm	pm	NOUN
cblr-7159	581	10	236	236	NUM
cblr-7159	581	11	columbia	columbia	PROPN
cblr-7159	581	12	business	business	NOUN
cblr-7159	581	13	law	law	NOUN
cblr-7159	581	14	review	review	NOUN
cblr-7159	581	15	[	[	X
cblr-7159	581	16	vol	vol	NOUN
cblr-7159	581	17	.	.	PUNCT
cblr-7159	581	18	2020	2020	NUM
cblr-7159	581	19	loans	loan	NOUN
cblr-7159	581	20	are	be	AUX
cblr-7159	581	21	securitized	securitize	VERB
cblr-7159	581	22	,	,	PUNCT
cblr-7159	581	23	sold	sell	VERB
cblr-7159	581	24	to	to	ADP
cblr-7159	581	25	non	non	NOUN
cblr-7159	581	26	-	-	NOUN
cblr-7159	581	27	banks	bank	NOUN
cblr-7159	581	28	or	or	CCONJ
cblr-7159	581	29	primarily	primarily	ADV
cblr-7159	581	30	retained	retain	VERB
cblr-7159	581	31	by	by	ADP
cblr-7159	581	32	bank	bank	NOUN
cblr-7159	581	33	lenders	lender	NOUN
cblr-7159	581	34	.	.	PUNCT
cblr-7159	582	1	following	follow	VERB
cblr-7159	582	2	the	the	DET
cblr-7159	582	3	methods	method	NOUN
cblr-7159	582	4	used	use	VERB
cblr-7159	582	5	in	in	ADP
cblr-7159	582	6	prior	prior	ADJ
cblr-7159	582	7	research	research	NOUN
cblr-7159	582	8	,	,	PUNCT
cblr-7159	582	9	i	i	PRON
cblr-7159	582	10	seek	seek	VERB
cblr-7159	582	11	to	to	PART
cblr-7159	582	12	establish	establish	VERB
cblr-7159	582	13	whether	whether	SCONJ
cblr-7159	582	14	patterns	pattern	NOUN
cblr-7159	582	15	that	that	PRON
cblr-7159	582	16	held	hold	VERB
cblr-7159	582	17	before	before	ADP
cblr-7159	582	18	the	the	DET
cblr-7159	582	19	financial	financial	ADJ
cblr-7159	582	20	crisis	crisis	NOUN
cblr-7159	582	21	still	still	ADV
cblr-7159	582	22	hold	hold	VERB
cblr-7159	582	23	today	today	NOUN
cblr-7159	582	24	.	.	PUNCT
cblr-7159	583	1	in	in	ADP
cblr-7159	583	2	this	this	DET
cblr-7159	583	3	first	first	ADJ
cblr-7159	583	4	component	component	NOUN
cblr-7159	583	5	of	of	ADP
cblr-7159	583	6	the	the	DET
cblr-7159	583	7	investigation	investigation	NOUN
cblr-7159	583	8	,	,	PUNCT
cblr-7159	583	9	i	i	PRON
cblr-7159	583	10	use	use	VERB
cblr-7159	583	11	a	a	DET
cblr-7159	583	12	firstdifference	firstdifference	NOUN
cblr-7159	583	13	analysis	analysis	NOUN
cblr-7159	583	14	(	(	PUNCT
cblr-7159	583	15	an	an	DET
cblr-7159	583	16	approach	approach	NOUN
cblr-7159	583	17	that	that	PRON
cblr-7159	583	18	can	can	AUX
cblr-7159	583	19	detect	detect	VERB
cblr-7159	583	20	event	event	NOUN
cblr-7159	583	21	-	-	PUNCT
cblr-7159	583	22	driven	drive	VERB
cblr-7159	583	23	changes	change	NOUN
cblr-7159	583	24	,	,	PUNCT
cblr-7159	583	25	while	while	SCONJ
cblr-7159	583	26	still	still	ADV
cblr-7159	583	27	allowing	allow	VERB
cblr-7159	583	28	for	for	ADP
cblr-7159	583	29	other	other	ADJ
cblr-7159	583	30	changes	change	NOUN
cblr-7159	583	31	or	or	CCONJ
cblr-7159	583	32	trends	trend	NOUN
cblr-7159	583	33	in	in	ADP
cblr-7159	583	34	each	each	DET
cblr-7159	583	35	company	company	NOUN
cblr-7159	583	36	over	over	ADP
cblr-7159	583	37	time	time	NOUN
cblr-7159	583	38	,	,	PUNCT
cblr-7159	583	39	as	as	ADP
cblr-7159	583	40	per	per	ADP
cblr-7159	583	41	prior	prior	ADV
cblr-7159	583	42	studies),202	studies),202	PROPN
cblr-7159	583	43	controlling	control	VERB
cblr-7159	583	44	for	for	ADP
cblr-7159	583	45	a	a	DET
cblr-7159	583	46	number	number	NOUN
cblr-7159	583	47	of	of	ADP
cblr-7159	583	48	factors	factor	NOUN
cblr-7159	583	49	(	(	PUNCT
cblr-7159	583	50	further	far	ADV
cblr-7159	583	51	described	describe	VERB
cblr-7159	583	52	below	below	ADV
cblr-7159	583	53	)	)	PUNCT
cblr-7159	583	54	that	that	PRON
cblr-7159	583	55	proxy	proxy	NOUN
cblr-7159	583	56	for	for	ADP
cblr-7159	583	57	firm	firm	ADJ
cblr-7159	583	58	quality	quality	NOUN
cblr-7159	583	59	and	and	CCONJ
cblr-7159	583	60	performance	performance	NOUN
cblr-7159	583	61	,	,	PUNCT
cblr-7159	583	62	and	and	CCONJ
cblr-7159	583	63	financial	financial	ADJ
cblr-7159	583	64	ratios	ratio	NOUN
cblr-7159	583	65	found	find	VERB
cblr-7159	583	66	in	in	ADP
cblr-7159	583	67	loan	loan	NOUN
cblr-7159	583	68	agreements	agreement	NOUN
cblr-7159	583	69	to	to	PART
cblr-7159	583	70	which	which	PRON
cblr-7159	583	71	both	both	PRON
cblr-7159	583	72	violators	violator	NOUN
cblr-7159	583	73	and	and	CCONJ
cblr-7159	583	74	non	non	NOUN
cblr-7159	583	75	-	-	NOUN
cblr-7159	583	76	violators	violator	NOUN
cblr-7159	583	77	are	be	AUX
cblr-7159	583	78	commonly	commonly	ADV
cblr-7159	583	79	subject	subject	ADJ
cblr-7159	583	80	.	.	PUNCT
cblr-7159	584	1	the	the	DET
cblr-7159	584	2	objective	objective	NOUN
cblr-7159	584	3	is	be	AUX
cblr-7159	584	4	to	to	PART
cblr-7159	584	5	see	see	VERB
cblr-7159	584	6	how	how	SCONJ
cblr-7159	584	7	indicia	indicia	NOUN
cblr-7159	584	8	of	of	ADP
cblr-7159	584	9	firm	firm	ADJ
cblr-7159	584	10	management	management	NOUN
cblr-7159	584	11	change	change	NOUN
cblr-7159	584	12	following	follow	VERB
cblr-7159	584	13	a	a	DET
cblr-7159	584	14	violation	violation	NOUN
cblr-7159	584	15	.	.	PUNCT
cblr-7159	585	1	if	if	SCONJ
cblr-7159	585	2	there	there	PRON
cblr-7159	585	3	is	be	VERB
cblr-7159	585	4	a	a	DET
cblr-7159	585	5	significant	significant	ADJ
cblr-7159	585	6	and	and	CCONJ
cblr-7159	585	7	relatively	relatively	ADV
cblr-7159	585	8	sudden	sudden	ADJ
cblr-7159	585	9	improvement	improvement	NOUN
cblr-7159	585	10	after	after	ADP
cblr-7159	585	11	the	the	DET
cblr-7159	585	12	violation	violation	NOUN
cblr-7159	585	13	or	or	CCONJ
cblr-7159	585	14	waiver	waiver	NOUN
cblr-7159	585	15	,	,	PUNCT
cblr-7159	585	16	it	it	PRON
cblr-7159	585	17	is	be	AUX
cblr-7159	585	18	an	an	DET
cblr-7159	585	19	indication	indication	NOUN
cblr-7159	585	20	that	that	SCONJ
cblr-7159	585	21	the	the	DET
cblr-7159	585	22	lenders	lender	NOUN
cblr-7159	585	23	intervened	intervene	VERB
cblr-7159	585	24	and	and	CCONJ
cblr-7159	585	25	that	that	SCONJ
cblr-7159	585	26	the	the	DET
cblr-7159	585	27	intervention	intervention	NOUN
cblr-7159	585	28	improved	improve	VERB
cblr-7159	585	29	the	the	DET
cblr-7159	585	30	company	company	NOUN
cblr-7159	585	31	’s	’s	PART
cblr-7159	585	32	governance	governance	NOUN
cblr-7159	585	33	and	and	CCONJ
cblr-7159	585	34	management	management	NOUN
cblr-7159	585	35	.	.	PUNCT
cblr-7159	586	1	the	the	DET
cblr-7159	586	2	second	second	ADJ
cblr-7159	586	3	part	part	NOUN
cblr-7159	586	4	of	of	ADP
cblr-7159	586	5	the	the	DET
cblr-7159	586	6	analysis	analysis	NOUN
cblr-7159	586	7	examines	examine	VERB
cblr-7159	586	8	whether	whether	SCONJ
cblr-7159	586	9	or	or	CCONJ
cblr-7159	586	10	not	not	PART
cblr-7159	586	11	there	there	PRON
cblr-7159	586	12	is	be	VERB
cblr-7159	586	13	a	a	DET
cblr-7159	586	14	divergence	divergence	NOUN
cblr-7159	586	15	between	between	ADP
cblr-7159	586	16	the	the	DET
cblr-7159	586	17	governance	governance	NOUN
cblr-7159	586	18	changes	change	NOUN
cblr-7159	586	19	of	of	ADP
cblr-7159	586	20	covenant	covenant	ADJ
cblr-7159	586	21	violators	violator	NOUN
cblr-7159	586	22	whose	whose	DET
cblr-7159	586	23	loans	loan	NOUN
cblr-7159	586	24	are	be	AUX
cblr-7159	586	25	primarily	primarily	ADV
cblr-7159	586	26	sold	sell	VERB
cblr-7159	586	27	to	to	ADP
cblr-7159	586	28	non	non	NOUN
cblr-7159	586	29	-	-	NOUN
cblr-7159	586	30	banks	bank	NOUN
cblr-7159	586	31	or	or	CCONJ
cblr-7159	586	32	securitized	securitize	VERB
cblr-7159	586	33	,	,	PUNCT
cblr-7159	586	34	and	and	CCONJ
cblr-7159	586	35	those	those	PRON
cblr-7159	586	36	that	that	PRON
cblr-7159	586	37	are	be	AUX
cblr-7159	586	38	primarily	primarily	ADV
cblr-7159	586	39	retained	retain	VERB
cblr-7159	586	40	by	by	ADP
cblr-7159	586	41	banks	bank	NOUN
cblr-7159	586	42	.	.	PUNCT
cblr-7159	587	1	if	if	SCONJ
cblr-7159	587	2	securitizing	securitize	VERB
cblr-7159	587	3	loans	loan	NOUN
cblr-7159	587	4	into	into	ADP
cblr-7159	587	5	clos	clo	NOUN
cblr-7159	587	6	or	or	CCONJ
cblr-7159	587	7	otherwise	otherwise	ADV
cblr-7159	587	8	selling	sell	VERB
cblr-7159	587	9	them	they	PRON
cblr-7159	587	10	to	to	ADP
cblr-7159	587	11	other	other	ADJ
cblr-7159	587	12	non	non	ADJ
cblr-7159	587	13	-	-	ADJ
cblr-7159	587	14	banks	bank	NOUN
cblr-7159	587	15	reduces	reduce	VERB
cblr-7159	587	16	incentives	incentive	NOUN
cblr-7159	587	17	to	to	PART
cblr-7159	587	18	monitor	monitor	VERB
cblr-7159	587	19	,	,	PUNCT
cblr-7159	587	20	one	one	PRON
cblr-7159	587	21	might	might	AUX
cblr-7159	587	22	expect	expect	VERB
cblr-7159	587	23	to	to	PART
cblr-7159	587	24	see	see	VERB
cblr-7159	587	25	a	a	DET
cblr-7159	587	26	difference	difference	NOUN
cblr-7159	587	27	in	in	ADP
cblr-7159	587	28	post	post	ADJ
cblr-7159	587	29	-	-	ADJ
cblr-7159	587	30	violation	violation	ADJ
cblr-7159	587	31	outcomes	outcome	NOUN
cblr-7159	587	32	between	between	ADP
cblr-7159	587	33	borrowers	borrower	NOUN
cblr-7159	587	34	in	in	ADP
cblr-7159	587	35	these	these	DET
cblr-7159	587	36	different	different	ADJ
cblr-7159	587	37	groups	group	NOUN
cblr-7159	587	38	.	.	PUNCT
cblr-7159	588	1	i	i	PRON
cblr-7159	588	2	assess	assess	VERB
cblr-7159	588	3	whether	whether	SCONJ
cblr-7159	588	4	this	this	PRON
cblr-7159	588	5	is	be	AUX
cblr-7159	588	6	so	so	ADV
cblr-7159	588	7	by	by	ADP
cblr-7159	588	8	breaking	break	VERB
cblr-7159	588	9	the	the	DET
cblr-7159	588	10	sample	sample	NOUN
cblr-7159	588	11	of	of	ADP
cblr-7159	588	12	covenant	covenant	ADJ
cblr-7159	588	13	violators	violator	NOUN
cblr-7159	588	14	and	and	CCONJ
cblr-7159	588	15	waiver	waiver	NOUN
cblr-7159	588	16	recipients	recipient	NOUN
cblr-7159	588	17	into	into	ADP
cblr-7159	588	18	subsamples	subsample	NOUN
cblr-7159	588	19	reflecting	reflect	VERB
cblr-7159	588	20	each	each	DET
cblr-7159	588	21	group	group	NOUN
cblr-7159	588	22	,	,	PUNCT
cblr-7159	588	23	and	and	CCONJ
cblr-7159	588	24	observing	observe	VERB
cblr-7159	588	25	whether	whether	SCONJ
cblr-7159	588	26	or	or	CCONJ
cblr-7159	588	27	not	not	PART
cblr-7159	588	28	there	there	PRON
cblr-7159	588	29	is	be	VERB
cblr-7159	588	30	a	a	DET
cblr-7159	588	31	statistically	statistically	ADV
cblr-7159	588	32	significant	significant	ADJ
cblr-7159	588	33	difference	difference	NOUN
cblr-7159	588	34	in	in	ADP
cblr-7159	588	35	the	the	DET
cblr-7159	588	36	proxies	proxy	NOUN
cblr-7159	588	37	of	of	ADP
cblr-7159	588	38	lender	lender	NOUN
cblr-7159	588	39	intervention	intervention	NOUN
cblr-7159	588	40	at	at	ADP
cblr-7159	588	41	the	the	DET
cblr-7159	588	42	time	time	NOUN
cblr-7159	588	43	of	of	ADP
cblr-7159	588	44	the	the	DET
cblr-7159	588	45	violation	violation	NOUN
cblr-7159	588	46	or	or	CCONJ
cblr-7159	588	47	waiver	waiver	NOUN
cblr-7159	588	48	.	.	PUNCT
cblr-7159	589	1	this	this	DET
cblr-7159	589	2	portion	portion	NOUN
cblr-7159	589	3	of	of	ADP
cblr-7159	589	4	the	the	DET
cblr-7159	589	5	study	study	NOUN
cblr-7159	589	6	uses	use	VERB
cblr-7159	589	7	a	a	DET
cblr-7159	589	8	difference	difference	NOUN
cblr-7159	589	9	-	-	PUNCT
cblr-7159	589	10	indifference	indifference	NOUN
cblr-7159	589	11	and	and	CCONJ
cblr-7159	589	12	triple	triple	ADJ
cblr-7159	589	13	difference	difference	NOUN
cblr-7159	589	14	analysis	analysis	NOUN
cblr-7159	589	15	,	,	PUNCT
cblr-7159	589	16	using	use	VERB
cblr-7159	589	17	preand	preand	NOUN
cblr-7159	589	18	postviolation	postviolation	NOUN
cblr-7159	589	19	governance	governance	NOUN
cblr-7159	589	20	and	and	CCONJ
cblr-7159	589	21	financial	financial	ADJ
cblr-7159	589	22	metrics	metric	NOUN
cblr-7159	589	23	as	as	ADP
cblr-7159	589	24	the	the	DET
cblr-7159	589	25	first	first	ADJ
cblr-7159	589	26	difference	difference	NOUN
cblr-7159	589	27	,	,	PUNCT
cblr-7159	589	28	and	and	CCONJ
cblr-7159	589	29	whether	whether	SCONJ
cblr-7159	589	30	the	the	DET
cblr-7159	589	31	loans	loan	NOUN
cblr-7159	589	32	are	be	AUX
cblr-7159	589	33	primarily	primarily	ADV
cblr-7159	589	34	institutional	institutional	ADJ
cblr-7159	589	35	or	or	CCONJ
cblr-7159	589	36	securitized	securitized	ADJ
cblr-7159	589	37	(	(	PUNCT
cblr-7159	589	38	i.e.	i.e.	X
cblr-7159	589	39	,	,	PUNCT
cblr-7159	589	40	included	include	VERB
cblr-7159	589	41	in	in	ADP
cblr-7159	589	42	a	a	DET
cblr-7159	589	43	clo	clo	NOUN
cblr-7159	589	44	)	)	PUNCT
cblr-7159	589	45	as	as	ADP
cblr-7159	589	46	the	the	DET
cblr-7159	589	47	second	second	ADJ
cblr-7159	589	48	and	and	CCONJ
cblr-7159	589	49	third	third	ADJ
cblr-7159	589	50	differences	difference	NOUN
cblr-7159	589	51	.	.	PUNCT
cblr-7159	590	1	the	the	DET
cblr-7159	590	2	technique	technique	NOUN
cblr-7159	590	3	helps	help	VERB
cblr-7159	590	4	to	to	PART
cblr-7159	590	5	distinguish	distinguish	VERB
cblr-7159	590	6	statistically	statistically	ADV
cblr-7159	590	7	significant	significant	ADJ
cblr-7159	590	8	differences	difference	NOUN
cblr-7159	590	9	in	in	ADP
cblr-7159	590	10	trends	trend	NOUN
cblr-7159	590	11	between	between	ADP
cblr-7159	590	12	the	the	DET
cblr-7159	590	13	two	two	NUM
cblr-7159	590	14	types	type	NOUN
cblr-7159	590	15	of	of	ADP
cblr-7159	590	16	loans	loan	NOUN
cblr-7159	590	17	from	from	ADP
cblr-7159	590	18	differences	difference	NOUN
cblr-7159	590	19	that	that	PRON
cblr-7159	590	20	are	be	AUX
cblr-7159	590	21	spurious	spurious	ADJ
cblr-7159	590	22	or	or	CCONJ
cblr-7159	590	23	explained	explain	VERB
cblr-7159	590	24	by	by	ADP
cblr-7159	590	25	other	other	ADJ
cblr-7159	590	26	confounding	confound	VERB
cblr-7159	590	27	factors	factor	NOUN
cblr-7159	590	28	.	.	PUNCT
cblr-7159	591	1	i	i	PRON
cblr-7159	591	2	note	note	VERB
cblr-7159	591	3	that	that	SCONJ
cblr-7159	591	4	i	i	PRON
cblr-7159	591	5	do	do	AUX
cblr-7159	591	6	not	not	PART
cblr-7159	591	7	attempt	attempt	VERB
cblr-7159	591	8	to	to	PART
cblr-7159	591	9	prove	prove	VERB
cblr-7159	591	10	a	a	DET
cblr-7159	591	11	202	202	NUM
cblr-7159	591	12	see	see	NOUN
cblr-7159	591	13	i	i	PRON
cblr-7159	591	14	d.	d.	PROPN
cblr-7159	591	15	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	591	16	(	(	PUNCT
cblr-7159	591	17	do	do	AUX
cblr-7159	591	18	not	not	PART
cblr-7159	591	19	delete	delete	VERB
cblr-7159	591	20	)	)	PUNCT
cblr-7159	591	21	9/28/2020	9/28/2020	NUM
cblr-7159	591	22	6:35	6:35	NUM
cblr-7159	591	23	pm	pm	NOUN
cblr-7159	591	24	no	no	INTJ
cblr-7159	591	25	.	.	PUNCT
cblr-7159	592	1	1:192	1:192	X
cblr-7159	592	2	]	]	X
cblr-7159	592	3	reconsidering	reconsider	VERB
cblr-7159	592	4	creditor	creditor	NOUN
cblr-7159	592	5	governance	governance	NOUN
cblr-7159	592	6	237	237	NUM
cblr-7159	592	7	causal	causal	ADJ
cblr-7159	592	8	effect	effect	NOUN
cblr-7159	592	9	with	with	ADP
cblr-7159	592	10	this	this	DET
cblr-7159	592	11	analysis	analysis	NOUN
cblr-7159	592	12	;	;	PUNCT
cblr-7159	592	13	i	i	PRON
cblr-7159	592	14	simply	simply	ADV
cblr-7159	592	15	use	use	VERB
cblr-7159	592	16	it	it	PRON
cblr-7159	592	17	to	to	PART
cblr-7159	592	18	test	test	VERB
cblr-7159	592	19	whether	whether	SCONJ
cblr-7159	592	20	there	there	PRON
cblr-7159	592	21	are	be	VERB
cblr-7159	592	22	statistically	statistically	ADV
cblr-7159	592	23	significant	significant	ADJ
cblr-7159	592	24	differences	difference	NOUN
cblr-7159	592	25	in	in	ADP
cblr-7159	592	26	the	the	DET
cblr-7159	592	27	outcomes	outcome	NOUN
cblr-7159	592	28	between	between	ADP
cblr-7159	592	29	the	the	DET
cblr-7159	592	30	groups	group	NOUN
cblr-7159	592	31	,	,	PUNCT
cblr-7159	592	32	and	and	CCONJ
cblr-7159	592	33	compare	compare	VERB
cblr-7159	592	34	these	these	DET
cblr-7159	592	35	outcomes	outcome	NOUN
cblr-7159	592	36	with	with	ADP
cblr-7159	592	37	what	what	PRON
cblr-7159	592	38	the	the	DET
cblr-7159	592	39	hypotheses	hypothesis	NOUN
cblr-7159	592	40	described	describe	VERB
cblr-7159	592	41	above	above	ADV
cblr-7159	592	42	might	might	AUX
cblr-7159	592	43	predict	predict	VERB
cblr-7159	592	44	.	.	PUNCT
cblr-7159	593	1	the	the	DET
cblr-7159	593	2	third	third	ADJ
cblr-7159	593	3	section	section	NOUN
cblr-7159	593	4	of	of	ADP
cblr-7159	593	5	the	the	DET
cblr-7159	593	6	analysis	analysis	NOUN
cblr-7159	593	7	looks	look	VERB
cblr-7159	593	8	at	at	ADP
cblr-7159	593	9	ceo	ceo	NOUN
cblr-7159	593	10	and	and	CCONJ
cblr-7159	593	11	cfo	cfo	VERB
cblr-7159	593	12	turnover	turnover	NOUN
cblr-7159	593	13	in	in	ADP
cblr-7159	593	14	the	the	DET
cblr-7159	593	15	wake	wake	NOUN
cblr-7159	593	16	of	of	ADP
cblr-7159	593	17	a	a	DET
cblr-7159	593	18	loan	loan	NOUN
cblr-7159	593	19	covenant	covenant	NOUN
cblr-7159	593	20	violation	violation	NOUN
cblr-7159	593	21	.	.	PUNCT
cblr-7159	594	1	lenders	lender	NOUN
cblr-7159	594	2	sometimes	sometimes	ADV
cblr-7159	594	3	exert	exert	VERB
cblr-7159	594	4	their	their	PRON
cblr-7159	594	5	influence	influence	NOUN
cblr-7159	594	6	over	over	ADP
cblr-7159	594	7	borrowers	borrower	NOUN
cblr-7159	594	8	by	by	ADP
cblr-7159	594	9	forcing	force	VERB
cblr-7159	594	10	a	a	DET
cblr-7159	594	11	change	change	NOUN
cblr-7159	594	12	in	in	ADP
cblr-7159	594	13	management	management	NOUN
cblr-7159	594	14	,	,	PUNCT
cblr-7159	594	15	a	a	DET
cblr-7159	594	16	phenomenon	phenomenon	NOUN
cblr-7159	594	17	that	that	PRON
cblr-7159	594	18	was	be	AUX
cblr-7159	594	19	documented	document	VERB
cblr-7159	594	20	in	in	ADP
cblr-7159	594	21	the	the	DET
cblr-7159	594	22	pre	pre	NOUN
cblr-7159	594	23	-	-	ADJ
cblr-7159	594	24	crisis	crisis	ADJ
cblr-7159	594	25	era	era	NOUN
cblr-7159	594	26	with	with	ADP
cblr-7159	594	27	respect	respect	NOUN
cblr-7159	594	28	to	to	ADP
cblr-7159	594	29	loan	loan	NOUN
cblr-7159	594	30	covenant	covenant	NOUN
cblr-7159	594	31	violations.203	violations.203	NOUN
cblr-7159	595	1	if	if	SCONJ
cblr-7159	595	2	lenders	lender	NOUN
cblr-7159	595	3	have	have	VERB
cblr-7159	595	4	less	less	ADJ
cblr-7159	595	5	bargaining	bargaining	NOUN
cblr-7159	595	6	power	power	NOUN
cblr-7159	595	7	(	(	PUNCT
cblr-7159	595	8	or	or	CCONJ
cblr-7159	595	9	less	less	ADJ
cblr-7159	595	10	interest	interest	NOUN
cblr-7159	595	11	in	in	ADP
cblr-7159	595	12	monitoring	monitoring	NOUN
cblr-7159	595	13	)	)	PUNCT
cblr-7159	595	14	,	,	PUNCT
cblr-7159	595	15	one	one	PRON
cblr-7159	595	16	might	might	AUX
cblr-7159	595	17	expect	expect	VERB
cblr-7159	595	18	to	to	PART
cblr-7159	595	19	see	see	VERB
cblr-7159	595	20	fewer	few	ADJ
cblr-7159	595	21	high	high	ADJ
cblr-7159	595	22	-	-	PUNCT
cblr-7159	595	23	level	level	NOUN
cblr-7159	595	24	turnovers	turnover	NOUN
cblr-7159	595	25	following	follow	VERB
cblr-7159	595	26	a	a	DET
cblr-7159	595	27	violation	violation	NOUN
cblr-7159	595	28	.	.	PUNCT
cblr-7159	596	1	in	in	ADP
cblr-7159	596	2	the	the	DET
cblr-7159	596	3	analysis	analysis	NOUN
cblr-7159	596	4	below	below	ADV
cblr-7159	596	5	,	,	PUNCT
cblr-7159	596	6	i	i	PRON
cblr-7159	596	7	investigate	investigate	VERB
cblr-7159	596	8	whether	whether	SCONJ
cblr-7159	596	9	the	the	DET
cblr-7159	596	10	lenders	lender	NOUN
cblr-7159	596	11	continue	continue	VERB
cblr-7159	596	12	to	to	PART
cblr-7159	596	13	force	force	VERB
cblr-7159	596	14	management	management	NOUN
cblr-7159	596	15	changes	change	NOUN
cblr-7159	596	16	in	in	ADP
cblr-7159	596	17	the	the	DET
cblr-7159	596	18	wake	wake	NOUN
cblr-7159	596	19	of	of	ADP
cblr-7159	596	20	covenant	covenant	ADJ
cblr-7159	596	21	violations	violation	NOUN
cblr-7159	596	22	as	as	SCONJ
cblr-7159	596	23	they	they	PRON
cblr-7159	596	24	did	do	VERB
cblr-7159	596	25	in	in	ADP
cblr-7159	596	26	the	the	DET
cblr-7159	596	27	pre	pre	ADJ
cblr-7159	596	28	-	-	ADJ
cblr-7159	596	29	crisis	crisis	ADJ
cblr-7159	596	30	era	era	NOUN
cblr-7159	596	31	.	.	PUNCT
cblr-7159	597	1	i	i	PRON
cblr-7159	597	2	also	also	ADV
cblr-7159	597	3	examine	examine	VERB
cblr-7159	597	4	whether	whether	SCONJ
cblr-7159	597	5	the	the	DET
cblr-7159	597	6	incidence	incidence	NOUN
cblr-7159	597	7	of	of	ADP
cblr-7159	597	8	ceo	ceo	NOUN
cblr-7159	597	9	/	/	SYM
cblr-7159	597	10	cfo	cfo	NOUN
cblr-7159	597	11	turnover	turnover	NOUN
cblr-7159	597	12	with	with	ADP
cblr-7159	597	13	respect	respect	NOUN
cblr-7159	597	14	to	to	ADP
cblr-7159	597	15	securitized	securitized	ADJ
cblr-7159	597	16	loans	loan	NOUN
cblr-7159	597	17	varies	vary	VERB
cblr-7159	597	18	significantly	significantly	ADV
cblr-7159	597	19	from	from	ADP
cblr-7159	597	20	the	the	DET
cblr-7159	597	21	incidence	incidence	NOUN
cblr-7159	597	22	in	in	ADP
cblr-7159	597	23	the	the	DET
cblr-7159	597	24	case	case	NOUN
cblr-7159	597	25	of	of	ADP
cblr-7159	597	26	non	non	ADJ
cblr-7159	597	27	-	-	ADJ
cblr-7159	597	28	securitized	securitized	ADJ
cblr-7159	597	29	loans	loan	NOUN
cblr-7159	597	30	.	.	PUNCT
cblr-7159	598	1	a.	a.	NOUN
cblr-7159	598	2	loan	loan	PROPN
cblr-7159	598	3	and	and	CCONJ
cblr-7159	598	4	covenant	covenant	ADJ
cblr-7159	598	5	violation	violation	NOUN
cblr-7159	598	6	data	datum	NOUN
cblr-7159	598	7	to	to	PART
cblr-7159	598	8	create	create	VERB
cblr-7159	598	9	the	the	DET
cblr-7159	598	10	dataset	dataset	NOUN
cblr-7159	598	11	,	,	PUNCT
cblr-7159	598	12	i	i	PRON
cblr-7159	598	13	start	start	VERB
cblr-7159	598	14	with	with	ADP
cblr-7159	598	15	a	a	DET
cblr-7159	598	16	sample	sample	NOUN
cblr-7159	598	17	of	of	ADP
cblr-7159	598	18	firms	firm	NOUN
cblr-7159	598	19	with	with	ADP
cblr-7159	598	20	quarterly	quarterly	ADJ
cblr-7159	598	21	financial	financial	ADJ
cblr-7159	598	22	data	datum	NOUN
cblr-7159	598	23	available	available	ADJ
cblr-7159	598	24	from	from	ADP
cblr-7159	598	25	the	the	DET
cblr-7159	598	26	compustat	compustat	NOUN
cblr-7159	598	27	fundamental	fundamental	ADJ
cblr-7159	598	28	quarterly	quarterly	ADJ
cblr-7159	598	29	dataset	dataset	NOUN
cblr-7159	598	30	,	,	PUNCT
cblr-7159	598	31	from	from	ADP
cblr-7159	598	32	july	july	PROPN
cblr-7159	598	33	2008	2008	NUM
cblr-7159	598	34	through	through	ADP
cblr-7159	598	35	june	june	PROPN
cblr-7159	598	36	2019.204	2019.204	PROPN
cblr-7159	598	37	i	i	PRON
cblr-7159	598	38	remove	remove	VERB
cblr-7159	598	39	any	any	DET
cblr-7159	598	40	firm	firm	ADJ
cblr-7159	598	41	-	-	PUNCT
cblr-7159	598	42	quarter	quarter	NOUN
cblr-7159	598	43	observations	observation	NOUN
cblr-7159	598	44	for	for	ADP
cblr-7159	598	45	which	which	PRON
cblr-7159	598	46	certain	certain	ADJ
cblr-7159	598	47	fundamental	fundamental	ADJ
cblr-7159	598	48	accounting	accounting	NOUN
cblr-7159	598	49	information	information	NOUN
cblr-7159	598	50	is	be	AUX
cblr-7159	598	51	missing	miss	VERB
cblr-7159	598	52	;	;	PUNCT
cblr-7159	598	53	in	in	ADP
cblr-7159	598	54	particular	particular	ADJ
cblr-7159	598	55	,	,	PUNCT
cblr-7159	598	56	i	i	PRON
cblr-7159	598	57	remove	remove	VERB
cblr-7159	598	58	firm	firm	ADJ
cblr-7159	598	59	-	-	PUNCT
cblr-7159	598	60	quarters	quarter	NOUN
cblr-7159	598	61	that	that	PRON
cblr-7159	598	62	have	have	VERB
cblr-7159	598	63	no	no	DET
cblr-7159	598	64	information	information	NOUN
cblr-7159	598	65	for	for	ADP
cblr-7159	598	66	a	a	DET
cblr-7159	598	67	firm	firm	NOUN
cblr-7159	598	68	’s	’s	PART
cblr-7159	598	69	total	total	ADJ
cblr-7159	598	70	assets	asset	NOUN
cblr-7159	598	71	,	,	PUNCT
cblr-7159	598	72	total	total	ADJ
cblr-7159	598	73	sales	sale	NOUN
cblr-7159	598	74	,	,	PUNCT
cblr-7159	598	75	and	and	CCONJ
cblr-7159	598	76	common	common	ADJ
cblr-7159	598	77	shares	share	NOUN
cblr-7159	598	78	outstanding	outstanding	ADJ
cblr-7159	598	79	at	at	ADP
cblr-7159	598	80	the	the	DET
cblr-7159	598	81	end	end	NOUN
cblr-7159	598	82	of	of	ADP
cblr-7159	598	83	a	a	DET
cblr-7159	598	84	quarter.205	quarter.205	NOUN
cblr-7159	598	85	these	these	PRON
cblr-7159	598	86	are	be	AUX
cblr-7159	598	87	dropped	drop	VERB
cblr-7159	598	88	because	because	SCONJ
cblr-7159	598	89	without	without	ADP
cblr-7159	598	90	this	this	DET
cblr-7159	598	91	information	information	NOUN
cblr-7159	598	92	it	it	PRON
cblr-7159	598	93	is	be	AUX
cblr-7159	598	94	difficult	difficult	ADJ
cblr-7159	598	95	to	to	PART
cblr-7159	598	96	conduct	conduct	VERB
cblr-7159	598	97	any	any	DET
cblr-7159	598	98	meaningful	meaningful	ADJ
cblr-7159	598	99	analysis	analysis	NOUN
cblr-7159	598	100	with	with	ADP
cblr-7159	598	101	respect	respect	NOUN
cblr-7159	598	102	to	to	ADP
cblr-7159	598	103	a	a	DET
cblr-7159	598	104	firm	firm	NOUN
cblr-7159	598	105	’s	’s	PART
cblr-7159	598	106	performance	performance	NOUN
cblr-7159	598	107	or	or	CCONJ
cblr-7159	598	108	to	to	PART
cblr-7159	598	109	compare	compare	VERB
cblr-7159	598	110	firms	firm	NOUN
cblr-7159	598	111	to	to	ADP
cblr-7159	598	112	others	other	NOUN
cblr-7159	598	113	for	for	ADP
cblr-7159	598	114	that	that	DET
cblr-7159	598	115	quarter	quarter	NOUN
cblr-7159	598	116	.	.	PUNCT
cblr-7159	599	1	using	use	VERB
cblr-7159	599	2	this	this	DET
cblr-7159	599	3	preliminary	preliminary	ADJ
cblr-7159	599	4	203	203	NUM
cblr-7159	599	5	see	see	NOUN
cblr-7159	599	6	nini	nini	PROPN
cblr-7159	599	7	et	et	PROPN
cblr-7159	599	8	al	al	PROPN
cblr-7159	599	9	.	.	PROPN
cblr-7159	599	10	,	,	PUNCT
cblr-7159	599	11	creditor	creditor	NOUN
cblr-7159	599	12	control	control	NOUN
cblr-7159	599	13	rights	right	NOUN
cblr-7159	599	14	,	,	PUNCT
cblr-7159	599	15	supra	supra	PROPN
cblr-7159	599	16	note	note	NOUN
cblr-7159	599	17	14	14	NUM
cblr-7159	599	18	,	,	PUNCT
cblr-7159	599	19	at	at	ADP
cblr-7159	599	20	1715	1715	NUM
cblr-7159	599	21	(	(	PUNCT
cblr-7159	599	22	“	"	PUNCT
cblr-7159	599	23	[	[	X
cblr-7159	599	24	w]e	w]e	NOUN
cblr-7159	599	25	show	show	VERB
cblr-7159	599	26	that	that	SCONJ
cblr-7159	599	27	violations	violation	NOUN
cblr-7159	599	28	are	be	AUX
cblr-7159	599	29	associated	associate	VERB
cblr-7159	599	30	with	with	ADP
cblr-7159	599	31	more	more	ADV
cblr-7159	599	32	conservative	conservative	ADJ
cblr-7159	599	33	financial	financial	ADJ
cblr-7159	599	34	and	and	CCONJ
cblr-7159	599	35	investment	investment	NOUN
cblr-7159	599	36	policy	policy	NOUN
cblr-7159	599	37	and	and	CCONJ
cblr-7159	599	38	a	a	DET
cblr-7159	599	39	sharp	sharp	ADJ
cblr-7159	599	40	increase	increase	NOUN
cblr-7159	599	41	in	in	ADP
cblr-7159	599	42	ceo	ceo	NOUN
cblr-7159	599	43	turnover	turnover	NOUN
cblr-7159	599	44	.	.	PUNCT
cblr-7159	599	45	”	"	PUNCT
cblr-7159	599	46	)	)	PUNCT
cblr-7159	599	47	.	.	PUNCT
cblr-7159	600	1	204	204	NUM
cblr-7159	600	2	see	see	VERB
cblr-7159	600	3	crsp	crsp	NOUN
cblr-7159	600	4	/	/	SYM
cblr-7159	600	5	compustat	compustat	NOUN
cblr-7159	600	6	merged	merge	VERB
cblr-7159	600	7	database	database	NOUN
cblr-7159	600	8	(	(	PUNCT
cblr-7159	600	9	2008–2019	2008–2019	NUM
cblr-7159	600	10	)	)	PUNCT
cblr-7159	600	11	,	,	PUNCT
cblr-7159	600	12	ctr	ctr	PROPN
cblr-7159	600	13	.	.	PUNCT
cblr-7159	601	1	for	for	ADP
cblr-7159	601	2	res	re	NOUN
cblr-7159	601	3	.	.	PUNCT
cblr-7159	602	1	in	in	ADP
cblr-7159	602	2	sec	sec	PROPN
cblr-7159	602	3	.	.	PUNCT
cblr-7159	603	1	prices	price	NOUN
cblr-7159	603	2	,	,	PUNCT
cblr-7159	603	3	llc	llc	PROPN
cblr-7159	603	4	,	,	PUNCT
cblr-7159	603	5	http://www.crsp.org./products	http://www.crsp.org./product	NOUN
cblr-7159	603	6	/	/	SYM
cblr-7159	603	7	research	research	NOUN
cblr-7159	603	8	-	-	PUNCT
cblr-7159	603	9	products	product	NOUN
cblr-7159	603	10	/	/	SYM
cblr-7159	603	11	crspcompustat	crspcompustat	NOUN
cblr-7159	603	12	-	-	PUNCT
cblr-7159	603	13	merged	merge	VERB
cblr-7159	603	14	-	-	PUNCT
cblr-7159	603	15	database	database	NOUN
cblr-7159	603	16	[	[	X
cblr-7159	603	17	https://perma.cc/rdz7-wy55	https://perma.cc/rdz7-wy55	X
cblr-7159	603	18	]	]	PUNCT
cblr-7159	603	19	.	.	PUNCT
cblr-7159	603	20	205	205	NUM
cblr-7159	604	1	this	this	DET
cblr-7159	604	2	method	method	NOUN
cblr-7159	604	3	tracks	track	VERB
cblr-7159	604	4	the	the	DET
cblr-7159	604	5	one	one	NOUN
cblr-7159	604	6	used	use	VERB
cblr-7159	604	7	by	by	ADP
cblr-7159	604	8	other	other	ADJ
cblr-7159	604	9	researchers	researcher	NOUN
cblr-7159	604	10	with	with	ADP
cblr-7159	604	11	data	datum	NOUN
cblr-7159	604	12	sourced	source	VERB
cblr-7159	604	13	before	before	ADP
cblr-7159	604	14	the	the	DET
cblr-7159	604	15	financial	financial	ADJ
cblr-7159	604	16	crisis	crisis	NOUN
cblr-7159	604	17	.	.	PUNCT
cblr-7159	605	1	see	see	VERB
cblr-7159	605	2	nini	nini	PROPN
cblr-7159	605	3	et	et	PROPN
cblr-7159	605	4	al	al	PROPN
cblr-7159	605	5	.	.	PROPN
cblr-7159	605	6	,	,	PUNCT
cblr-7159	605	7	creditor	creditor	NOUN
cblr-7159	605	8	control	control	NOUN
cblr-7159	605	9	rights	right	NOUN
cblr-7159	605	10	,	,	PUNCT
cblr-7159	605	11	supra	supra	PROPN
cblr-7159	605	12	note	note	NOUN
cblr-7159	605	13	14	14	NUM
cblr-7159	605	14	,	,	PUNCT
cblr-7159	605	15	at	at	ADP
cblr-7159	605	16	1724	1724	NUM
cblr-7159	605	17	.	.	PUNCT
cblr-7159	606	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	606	2	(	(	PUNCT
cblr-7159	606	3	do	do	AUX
cblr-7159	606	4	not	not	PART
cblr-7159	606	5	delte	delte	VERB
cblr-7159	606	6	)	)	PUNCT
cblr-7159	607	1	9/28/2020	9/28/2020	NUM
cblr-7159	607	2	6:35	6:35	NUM
cblr-7159	607	3	pm	pm	NOUN
cblr-7159	607	4	238	238	NUM
cblr-7159	607	5	columbia	columbia	PROPN
cblr-7159	607	6	business	business	NOUN
cblr-7159	607	7	law	law	PROPN
cblr-7159	607	8	review	review	NOUN
cblr-7159	607	9	[	[	X
cblr-7159	607	10	vol	vol	NOUN
cblr-7159	607	11	.	.	PUNCT
cblr-7159	607	12	2020	2020	NUM
cblr-7159	607	13	dataset	dataset	NOUN
cblr-7159	607	14	,	,	PUNCT
cblr-7159	607	15	i	i	PRON
cblr-7159	607	16	extract	extract	VERB
cblr-7159	607	17	every	every	DET
cblr-7159	607	18	annual	annual	ADJ
cblr-7159	607	19	report	report	NOUN
cblr-7159	607	20	on	on	ADP
cblr-7159	607	21	form	form	NOUN
cblr-7159	607	22	10	10	NUM
cblr-7159	607	23	-	-	PUNCT
cblr-7159	607	24	k	k	NOUN
cblr-7159	607	25	and	and	CCONJ
cblr-7159	607	26	quarterly	quarterly	ADJ
cblr-7159	607	27	report	report	NOUN
cblr-7159	607	28	on	on	ADP
cblr-7159	607	29	form	form	NOUN
cblr-7159	607	30	10	10	NUM
cblr-7159	607	31	-	-	PUNCT
cblr-7159	607	32	q	q	NOUN
cblr-7159	607	33	for	for	ADP
cblr-7159	607	34	each	each	DET
cblr-7159	607	35	firm	firm	NOUN
cblr-7159	607	36	from	from	ADP
cblr-7159	607	37	july	july	PROPN
cblr-7159	607	38	2008	2008	NUM
cblr-7159	607	39	through	through	ADP
cblr-7159	607	40	june	june	PROPN
cblr-7159	607	41	2019	2019	NUM
cblr-7159	607	42	from	from	ADP
cblr-7159	607	43	the	the	DET
cblr-7159	607	44	sec	sec	PROPN
cblr-7159	607	45	’s	’s	PART
cblr-7159	607	46	edgar	edgar	ADJ
cblr-7159	607	47	database.206	database.206	PROPN
cblr-7159	607	48	i	i	PRON
cblr-7159	607	49	match	match	VERB
cblr-7159	607	50	these	these	DET
cblr-7159	607	51	filings	filing	NOUN
cblr-7159	607	52	to	to	ADP
cblr-7159	607	53	the	the	DET
cblr-7159	607	54	initial	initial	ADJ
cblr-7159	607	55	list	list	NOUN
cblr-7159	607	56	of	of	ADP
cblr-7159	607	57	firms	firm	NOUN
cblr-7159	607	58	taken	take	VERB
cblr-7159	607	59	from	from	ADP
cblr-7159	607	60	compustat	compustat	NOUN
cblr-7159	607	61	using	use	VERB
cblr-7159	607	62	the	the	DET
cblr-7159	607	63	sec	sec	PROPN
cblr-7159	607	64	’s	’s	PART
cblr-7159	607	65	central	central	ADJ
cblr-7159	607	66	indexing	indexing	NOUN
cblr-7159	607	67	key	key	NOUN
cblr-7159	607	68	(	(	PUNCT
cblr-7159	607	69	“	"	PUNCT
cblr-7159	607	70	cik	cik	PROPN
cblr-7159	607	71	”	"	PUNCT
cblr-7159	607	72	)	)	PUNCT
cblr-7159	607	73	where	where	SCONJ
cblr-7159	607	74	this	this	PRON
cblr-7159	607	75	is	be	AUX
cblr-7159	607	76	available	available	ADJ
cblr-7159	607	77	in	in	ADP
cblr-7159	607	78	the	the	DET
cblr-7159	607	79	database	database	NOUN
cblr-7159	607	80	,	,	PUNCT
cblr-7159	607	81	and	and	CCONJ
cblr-7159	607	82	the	the	DET
cblr-7159	607	83	irs	irs	PROPN
cblr-7159	607	84	’s	’s	PART
cblr-7159	607	85	employer	employer	NOUN
cblr-7159	607	86	identification	identification	NOUN
cblr-7159	607	87	number	number	NOUN
cblr-7159	607	88	(	(	PUNCT
cblr-7159	607	89	“	"	PUNCT
cblr-7159	607	90	ein	ein	PROPN
cblr-7159	607	91	”	"	PUNCT
cblr-7159	607	92	)	)	PUNCT
cblr-7159	607	93	where	where	SCONJ
cblr-7159	607	94	the	the	DET
cblr-7159	607	95	cik	cik	PROPN
cblr-7159	607	96	is	be	AUX
cblr-7159	607	97	not	not	PART
cblr-7159	607	98	listed	list	VERB
cblr-7159	607	99	in	in	ADP
cblr-7159	607	100	compustat.207	compustat.207	NOUN
cblr-7159	607	101	this	this	PRON
cblr-7159	607	102	results	result	VERB
cblr-7159	607	103	in	in	ADP
cblr-7159	607	104	a	a	DET
cblr-7159	607	105	dataset	dataset	NOUN
cblr-7159	607	106	of	of	ADP
cblr-7159	607	107	316,707	316,707	NUM
cblr-7159	607	108	sec	sec	PROPN
cblr-7159	607	109	filings	filing	NOUN
cblr-7159	607	110	,	,	PUNCT
cblr-7159	607	111	each	each	PRON
cblr-7159	607	112	constituting	constitute	VERB
cblr-7159	607	113	a	a	DET
cblr-7159	607	114	firm	firm	ADJ
cblr-7159	607	115	-	-	PUNCT
cblr-7159	607	116	quarter	quarter	NOUN
cblr-7159	607	117	observation.208	observation.208	NOUN
cblr-7159	607	118	most	most	ADJ
cblr-7159	607	119	of	of	ADP
cblr-7159	607	120	the	the	DET
cblr-7159	607	121	filings	filing	NOUN
cblr-7159	607	122	are	be	AUX
cblr-7159	607	123	in	in	ADP
cblr-7159	607	124	html	html	NOUN
cblr-7159	607	125	format	format	NOUN
cblr-7159	607	126	,	,	PUNCT
cblr-7159	607	127	which	which	PRON
cblr-7159	607	128	makes	make	VERB
cblr-7159	607	129	them	they	PRON
cblr-7159	607	130	difficult	difficult	ADJ
cblr-7159	607	131	to	to	PART
cblr-7159	607	132	read	read	VERB
cblr-7159	607	133	or	or	CCONJ
cblr-7159	607	134	parse	parse	VERB
cblr-7159	607	135	naturally	naturally	ADV
cblr-7159	607	136	.	.	PUNCT
cblr-7159	608	1	i	i	PRON
cblr-7159	608	2	therefore	therefore	ADV
cblr-7159	608	3	use	use	VERB
cblr-7159	608	4	an	an	DET
cblr-7159	608	5	algorithm	algorithm	NOUN
cblr-7159	608	6	to	to	PART
cblr-7159	608	7	remove	remove	VERB
cblr-7159	608	8	all	all	DET
cblr-7159	608	9	html	html	NOUN
cblr-7159	608	10	tags	tag	NOUN
cblr-7159	608	11	(	(	PUNCT
cblr-7159	608	12	a	a	DET
cblr-7159	608	13	process	process	NOUN
cblr-7159	608	14	commonly	commonly	ADV
cblr-7159	608	15	referred	refer	VERB
cblr-7159	608	16	to	to	ADP
cblr-7159	608	17	as	as	ADP
cblr-7159	608	18	cleaning	clean	VERB
cblr-7159	608	19	)	)	PUNCT
cblr-7159	608	20	in	in	ADP
cblr-7159	608	21	order	order	NOUN
cblr-7159	608	22	to	to	PART
cblr-7159	608	23	render	render	VERB
cblr-7159	608	24	the	the	DET
cblr-7159	608	25	filings	filing	NOUN
cblr-7159	608	26	readable	readable	ADJ
cblr-7159	608	27	and	and	CCONJ
cblr-7159	608	28	searchable	searchable	ADJ
cblr-7159	608	29	.	.	PUNCT
cblr-7159	609	1	reading	read	VERB
cblr-7159	609	2	over	over	ADP
cblr-7159	609	3	300,000	300,000	NUM
cblr-7159	609	4	filings	filing	NOUN
cblr-7159	609	5	to	to	PART
cblr-7159	609	6	find	find	VERB
cblr-7159	609	7	information	information	NOUN
cblr-7159	609	8	on	on	ADP
cblr-7159	609	9	loan	loan	NOUN
cblr-7159	609	10	covenant	covenant	ADJ
cblr-7159	609	11	violations	violation	NOUN
cblr-7159	609	12	would	would	AUX
cblr-7159	609	13	be	be	AUX
cblr-7159	609	14	a	a	DET
cblr-7159	609	15	daunting	daunting	ADJ
cblr-7159	609	16	task	task	NOUN
cblr-7159	609	17	and	and	CCONJ
cblr-7159	609	18	therefore	therefore	ADV
cblr-7159	609	19	,	,	PUNCT
cblr-7159	609	20	i	i	PRON
cblr-7159	609	21	use	use	VERB
cblr-7159	609	22	a	a	DET
cblr-7159	609	23	combination	combination	NOUN
cblr-7159	609	24	of	of	ADP
cblr-7159	609	25	text	text	NOUN
cblr-7159	609	26	mining	mining	NOUN
cblr-7159	609	27	and	and	CCONJ
cblr-7159	609	28	machine	machine	NOUN
cblr-7159	609	29	learning	learn	VERB
cblr-7159	609	30	techniques	technique	NOUN
cblr-7159	609	31	to	to	PART
cblr-7159	609	32	identify	identify	VERB
cblr-7159	609	33	the	the	DET
cblr-7159	609	34	violations	violation	NOUN
cblr-7159	609	35	and	and	CCONJ
cblr-7159	609	36	pull	pull	VERB
cblr-7159	609	37	out	out	ADP
cblr-7159	609	38	the	the	DET
cblr-7159	609	39	corresponding	corresponding	ADJ
cblr-7159	609	40	data	datum	NOUN
cblr-7159	609	41	.	.	PUNCT
cblr-7159	610	1	first	first	ADV
cblr-7159	610	2	,	,	PUNCT
cblr-7159	610	3	i	i	PRON
cblr-7159	610	4	search	search	VERB
cblr-7159	610	5	the	the	DET
cblr-7159	610	6	“	"	PUNCT
cblr-7159	610	7	cleaned	clean	VERB
cblr-7159	610	8	”	"	PUNCT
cblr-7159	610	9	sec	sec	PROPN
cblr-7159	610	10	filings	filing	NOUN
cblr-7159	610	11	for	for	ADP
cblr-7159	610	12	information	information	NOUN
cblr-7159	610	13	about	about	ADP
cblr-7159	610	14	loan	loan	NOUN
cblr-7159	610	15	covenant	covenant	ADJ
cblr-7159	610	16	violations	violation	NOUN
cblr-7159	610	17	.	.	PUNCT
cblr-7159	611	1	such	such	ADJ
cblr-7159	611	2	violations	violation	NOUN
cblr-7159	611	3	must	must	AUX
cblr-7159	611	4	be	be	AUX
cblr-7159	611	5	disclosed	disclose	VERB
cblr-7159	611	6	pursuant	pursuant	ADV
cblr-7159	611	7	to	to	ADP
cblr-7159	611	8	regulation	regulation	NOUN
cblr-7159	611	9	s	s	NOUN
cblr-7159	611	10	-	-	PUNCT
cblr-7159	611	11	x	x	ADJ
cblr-7159	611	12	,	,	PUNCT
cblr-7159	611	13	even	even	ADV
cblr-7159	611	14	if	if	SCONJ
cblr-7159	611	15	they	they	PRON
cblr-7159	611	16	have	have	AUX
cblr-7159	611	17	been	be	AUX
cblr-7159	611	18	waived	waive	VERB
cblr-7159	611	19	by	by	ADP
cblr-7159	611	20	the	the	DET
cblr-7159	611	21	lender.209	lender.209	NOUN
cblr-7159	611	22	in	in	ADP
cblr-7159	611	23	addition	addition	NOUN
cblr-7159	611	24	,	,	PUNCT
cblr-7159	611	25	sec	sec	PROPN
cblr-7159	611	26	guidance	guidance	NOUN
cblr-7159	611	27	states	state	NOUN
cblr-7159	611	28	206	206	NUM
cblr-7159	611	29	see	see	VERB
cblr-7159	611	30	electronic	electronic	ADJ
cblr-7159	611	31	data	datum	NOUN
cblr-7159	611	32	gathering	gathering	NOUN
cblr-7159	611	33	,	,	PUNCT
cblr-7159	611	34	analysis	analysis	NOUN
cblr-7159	611	35	,	,	PUNCT
cblr-7159	611	36	and	and	CCONJ
cblr-7159	611	37	retrieval	retrieval	NOUN
cblr-7159	611	38	(	(	PUNCT
cblr-7159	611	39	“	"	PUNCT
cblr-7159	611	40	edgar	edgar	NOUN
cblr-7159	611	41	”	"	PUNCT
cblr-7159	611	42	)	)	PUNCT
cblr-7159	611	43	company	company	NOUN
cblr-7159	611	44	filings	filing	NOUN
cblr-7159	611	45	database	database	NOUN
cblr-7159	611	46	(	(	PUNCT
cblr-7159	611	47	2008–2019	2008–2019	NUM
cblr-7159	611	48	)	)	PUNCT
cblr-7159	611	49	,	,	PUNCT
cblr-7159	611	50	sec	sec	PROPN
cblr-7159	611	51	.	.	PROPN
cblr-7159	611	52	&	&	CCONJ
cblr-7159	611	53	exchange	exchange	PROPN
cblr-7159	611	54	commission	commission	PROPN
cblr-7159	611	55	,	,	PUNCT
cblr-7159	611	56	https://www.sec.gov/edgar/searchedgar/companysearch.html	https://www.sec.gov/edgar/searchedgar/companysearch.html	VERB
cblr-7159	612	1	[	[	X
cblr-7159	612	2	https://perma.cc/z54g-knll	https://perma.cc/z54g-knll	PROPN
cblr-7159	612	3	]	]	PUNCT
cblr-7159	612	4	.	.	PUNCT
cblr-7159	613	1	data	datum	NOUN
cblr-7159	613	2	from	from	ADP
cblr-7159	613	3	2019	2019	NUM
cblr-7159	613	4	was	be	AUX
cblr-7159	613	5	gathered	gather	VERB
cblr-7159	613	6	even	even	ADV
cblr-7159	613	7	though	though	SCONJ
cblr-7159	613	8	violations	violation	NOUN
cblr-7159	613	9	were	be	AUX
cblr-7159	613	10	only	only	ADV
cblr-7159	613	11	collected	collect	VERB
cblr-7159	613	12	through	through	ADP
cblr-7159	613	13	2018	2018	NUM
cblr-7159	613	14	in	in	ADP
cblr-7159	613	15	order	order	NOUN
cblr-7159	613	16	to	to	PART
cblr-7159	613	17	measure	measure	VERB
cblr-7159	613	18	financial	financial	ADJ
cblr-7159	613	19	outcomes	outcome	NOUN
cblr-7159	613	20	that	that	PRON
cblr-7159	613	21	lag	lag	VERB
cblr-7159	613	22	the	the	DET
cblr-7159	613	23	2018	2018	NUM
cblr-7159	613	24	violations	violation	NOUN
cblr-7159	613	25	.	.	PUNCT
cblr-7159	614	1	207	207	NUM
cblr-7159	614	2	abbreviations	abbreviation	NOUN
cblr-7159	614	3	in	in	ADP
cblr-7159	614	4	parentheses	parenthesis	NOUN
cblr-7159	614	5	denote	denote	VERB
cblr-7159	614	6	the	the	DET
cblr-7159	614	7	compustat	compustat	NOUN
cblr-7159	614	8	codes	code	NOUN
cblr-7159	614	9	for	for	ADP
cblr-7159	614	10	these	these	DET
cblr-7159	614	11	accounting	accounting	NOUN
cblr-7159	614	12	items	item	NOUN
cblr-7159	614	13	.	.	PUNCT
cblr-7159	615	1	208	208	NUM
cblr-7159	615	2	see	see	VERB
cblr-7159	615	3	electronic	electronic	ADJ
cblr-7159	615	4	data	datum	NOUN
cblr-7159	615	5	gathering	gathering	NOUN
cblr-7159	615	6	,	,	PUNCT
cblr-7159	615	7	analysis	analysis	NOUN
cblr-7159	615	8	,	,	PUNCT
cblr-7159	615	9	and	and	CCONJ
cblr-7159	615	10	retrieval	retrieval	NOUN
cblr-7159	615	11	(	(	PUNCT
cblr-7159	615	12	“	"	PUNCT
cblr-7159	615	13	edgar	edgar	NOUN
cblr-7159	615	14	”	"	PUNCT
cblr-7159	615	15	)	)	PUNCT
cblr-7159	615	16	company	company	NOUN
cblr-7159	615	17	filings	filing	NOUN
cblr-7159	615	18	database	database	NOUN
cblr-7159	615	19	,	,	PUNCT
cblr-7159	615	20	supra	supra	PROPN
cblr-7159	615	21	note	note	NOUN
cblr-7159	615	22	206	206	NUM
cblr-7159	615	23	.	.	PUNCT
cblr-7159	616	1	209	209	NUM
cblr-7159	616	2	see	see	VERB
cblr-7159	616	3	17	17	NUM
cblr-7159	616	4	c.f.r	c.f.r	NOUN
cblr-7159	616	5	.	.	PUNCT
cblr-7159	617	1	§	§	PROPN
cblr-7159	617	2	210.4–08	210.4–08	NUM
cblr-7159	617	3	(	(	PUNCT
cblr-7159	617	4	2019	2019	NUM
cblr-7159	617	5	)	)	PUNCT
cblr-7159	617	6	(	(	PUNCT
cblr-7159	617	7	requiring	require	VERB
cblr-7159	617	8	that	that	SCONJ
cblr-7159	617	9	“	"	PUNCT
cblr-7159	617	10	[	[	X
cblr-7159	617	11	t]he	t]he	ADV
cblr-7159	617	12	facts	fact	NOUN
cblr-7159	617	13	and	and	CCONJ
cblr-7159	617	14	amounts	amount	NOUN
cblr-7159	617	15	concerning	concern	VERB
cblr-7159	617	16	any	any	DET
cblr-7159	617	17	default	default	NOUN
cblr-7159	617	18	in	in	ADP
cblr-7159	617	19	principal	principal	NOUN
cblr-7159	617	20	,	,	PUNCT
cblr-7159	617	21	interest	interest	NOUN
cblr-7159	617	22	,	,	PUNCT
cblr-7159	617	23	sinking	sink	VERB
cblr-7159	617	24	fund	fund	NOUN
cblr-7159	617	25	,	,	PUNCT
cblr-7159	617	26	or	or	CCONJ
cblr-7159	617	27	redemption	redemption	NOUN
cblr-7159	617	28	provisions	provision	NOUN
cblr-7159	617	29	with	with	ADP
cblr-7159	617	30	respect	respect	NOUN
cblr-7159	617	31	to	to	ADP
cblr-7159	617	32	any	any	DET
cblr-7159	617	33	issue	issue	NOUN
cblr-7159	617	34	of	of	ADP
cblr-7159	617	35	securities	security	NOUN
cblr-7159	617	36	or	or	CCONJ
cblr-7159	617	37	credit	credit	NOUN
cblr-7159	617	38	agreements	agreement	NOUN
cblr-7159	617	39	,	,	PUNCT
cblr-7159	617	40	or	or	CCONJ
cblr-7159	617	41	any	any	DET
cblr-7159	617	42	breach	breach	NOUN
cblr-7159	617	43	of	of	ADP
cblr-7159	617	44	covenant	covenant	NOUN
cblr-7159	617	45	of	of	ADP
cblr-7159	617	46	a	a	DET
cblr-7159	617	47	related	relate	VERB
cblr-7159	617	48	indenture	indenture	NOUN
cblr-7159	617	49	or	or	CCONJ
cblr-7159	617	50	agreement	agreement	NOUN
cblr-7159	617	51	,	,	PUNCT
cblr-7159	617	52	which	which	DET
cblr-7159	617	53	default	default	NOUN
cblr-7159	617	54	or	or	CCONJ
cblr-7159	617	55	breach	breach	NOUN
cblr-7159	617	56	existed	exist	VERB
cblr-7159	617	57	at	at	ADP
cblr-7159	617	58	the	the	DET
cblr-7159	617	59	date	date	NOUN
cblr-7159	617	60	of	of	ADP
cblr-7159	617	61	the	the	DET
cblr-7159	617	62	most	most	ADV
cblr-7159	617	63	recent	recent	ADJ
cblr-7159	617	64	balance	balance	NOUN
cblr-7159	617	65	sheet	sheet	NOUN
cblr-7159	617	66	being	be	AUX
cblr-7159	617	67	filed	file	VERB
cblr-7159	617	68	and	and	CCONJ
cblr-7159	617	69	which	which	PRON
cblr-7159	617	70	has	have	AUX
cblr-7159	617	71	not	not	PART
cblr-7159	617	72	been	be	AUX
cblr-7159	617	73	subsequently	subsequently	ADV
cblr-7159	617	74	cured	cure	VERB
cblr-7159	617	75	,	,	PUNCT
cblr-7159	617	76	shall	shall	AUX
cblr-7159	617	77	be	be	AUX
cblr-7159	617	78	stated	state	VERB
cblr-7159	617	79	in	in	ADP
cblr-7159	617	80	the	the	DET
cblr-7159	617	81	notes	note	NOUN
cblr-7159	617	82	to	to	ADP
cblr-7159	617	83	the	the	DET
cblr-7159	617	84	financial	financial	ADJ
cblr-7159	617	85	statements	statement	NOUN
cblr-7159	617	86	.	.	PUNCT
cblr-7159	618	1	if	if	SCONJ
cblr-7159	618	2	a	a	DET
cblr-7159	618	3	default	default	NOUN
cblr-7159	618	4	or	or	CCONJ
cblr-7159	618	5	breach	breach	NOUN
cblr-7159	618	6	exists	exist	NOUN
cblr-7159	618	7	but	but	CCONJ
cblr-7159	618	8	acceleration	acceleration	NOUN
cblr-7159	618	9	of	of	ADP
cblr-7159	618	10	the	the	DET
cblr-7159	618	11	obligation	obligation	NOUN
cblr-7159	618	12	has	have	AUX
cblr-7159	618	13	been	be	AUX
cblr-7159	618	14	waived	waive	VERB
cblr-7159	618	15	for	for	ADP
cblr-7159	618	16	a	a	DET
cblr-7159	618	17	stated	state	VERB
cblr-7159	618	18	period	period	NOUN
cblr-7159	618	19	of	of	ADP
cblr-7159	618	20	time	time	NOUN
cblr-7159	618	21	beyond	beyond	ADP
cblr-7159	618	22	the	the	DET
cblr-7159	618	23	date	date	NOUN
cblr-7159	618	24	of	of	ADP
cblr-7159	618	25	the	the	DET
cblr-7159	618	26	most	most	ADV
cblr-7159	618	27	recent	recent	ADJ
cblr-7159	618	28	balance	balance	NOUN
cblr-7159	618	29	sheet	sheet	NOUN
cblr-7159	618	30	being	be	AUX
cblr-7159	618	31	filed	file	VERB
cblr-7159	618	32	,	,	PUNCT
cblr-7159	618	33	[	[	X
cblr-7159	618	34	the	the	DET
cblr-7159	618	35	issuer	issuer	NOUN
cblr-7159	618	36	must	must	AUX
cblr-7159	618	37	]	]	PUNCT
cblr-7159	618	38	state	state	VERB
cblr-7159	618	39	the	the	DET
cblr-7159	618	40	amount	amount	NOUN
cblr-7159	618	41	of	of	ADP
cblr-7159	618	42	the	the	DET
cblr-7159	618	43	obligation	obligation	NOUN
cblr-7159	618	44	and	and	CCONJ
cblr-7159	618	45	the	the	DET
cblr-7159	618	46	period	period	NOUN
cblr-7159	618	47	of	of	ADP
cblr-7159	618	48	the	the	DET
cblr-7159	618	49	waiver	waiver	NOUN
cblr-7159	618	50	”	"	PUNCT
cblr-7159	618	51	)	)	PUNCT
cblr-7159	618	52	.	.	PUNCT
cblr-7159	619	1	the	the	DET
cblr-7159	619	2	sec	sec	PROPN
cblr-7159	619	3	has	have	AUX
cblr-7159	619	4	also	also	ADV
cblr-7159	619	5	stated	state	VERB
cblr-7159	619	6	that	that	SCONJ
cblr-7159	619	7	companies	company	NOUN
cblr-7159	619	8	should	should	AUX
cblr-7159	619	9	disclose	disclose	VERB
cblr-7159	619	10	if	if	SCONJ
cblr-7159	619	11	they	they	PRON
cblr-7159	619	12	are	be	AUX
cblr-7159	619	13	reasonably	reasonably	ADV
cblr-7159	619	14	likely	likely	ADJ
cblr-7159	619	15	to	to	PART
cblr-7159	619	16	breach	breach	VERB
cblr-7159	619	17	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	619	18	(	(	PUNCT
cblr-7159	619	19	do	do	AUX
cblr-7159	619	20	not	not	PART
cblr-7159	619	21	delete	delete	VERB
cblr-7159	619	22	)	)	PUNCT
cblr-7159	619	23	9/28/2020	9/28/2020	NUM
cblr-7159	619	24	6:35	6:35	NUM
cblr-7159	619	25	pm	pm	NOUN
cblr-7159	619	26	no	no	INTJ
cblr-7159	619	27	.	.	PUNCT
cblr-7159	620	1	1:192	1:192	X
cblr-7159	620	2	]	]	X
cblr-7159	620	3	reconsidering	reconsider	VERB
cblr-7159	620	4	creditor	creditor	NOUN
cblr-7159	620	5	governance	governance	NOUN
cblr-7159	620	6	239	239	NUM
cblr-7159	620	7	that	that	SCONJ
cblr-7159	620	8	firms	firm	NOUN
cblr-7159	620	9	must	must	AUX
cblr-7159	620	10	disclose	disclose	VERB
cblr-7159	620	11	if	if	SCONJ
cblr-7159	620	12	they	they	PRON
cblr-7159	620	13	are	be	AUX
cblr-7159	620	14	reasonably	reasonably	ADV
cblr-7159	620	15	likely	likely	ADJ
cblr-7159	620	16	to	to	PART
cblr-7159	620	17	breach	breach	VERB
cblr-7159	620	18	a	a	DET
cblr-7159	620	19	covenant.210	covenant.210	NOUN
cblr-7159	620	20	the	the	DET
cblr-7159	620	21	search	search	NOUN
cblr-7159	620	22	algorithm	algorithm	NOUN
cblr-7159	620	23	identified	identify	VERB
cblr-7159	620	24	any	any	DET
cblr-7159	620	25	mention	mention	NOUN
cblr-7159	620	26	of	of	ADP
cblr-7159	620	27	the	the	DET
cblr-7159	620	28	word	word	NOUN
cblr-7159	620	29	“	"	PUNCT
cblr-7159	620	30	covenant	covenant	ADJ
cblr-7159	620	31	”	"	PUNCT
cblr-7159	620	32	or	or	CCONJ
cblr-7159	620	33	“	"	PUNCT
cblr-7159	620	34	covenants	covenant	NOUN
cblr-7159	620	35	”	"	PUNCT
cblr-7159	620	36	within	within	ADP
cblr-7159	620	37	five	five	NUM
cblr-7159	620	38	lines	line	NOUN
cblr-7159	620	39	(	(	PUNCT
cblr-7159	620	40	thirty	thirty	NUM
cblr-7159	620	41	characters	character	NOUN
cblr-7159	620	42	)	)	PUNCT
cblr-7159	620	43	of	of	ADP
cblr-7159	620	44	the	the	DET
cblr-7159	620	45	words	word	NOUN
cblr-7159	620	46	“	"	PUNCT
cblr-7159	620	47	waiv	waiv	NOUN
cblr-7159	620	48	,	,	PUNCT
cblr-7159	620	49	”	"	PUNCT
cblr-7159	620	50	“	"	PUNCT
cblr-7159	620	51	viol	viol	NOUN
cblr-7159	620	52	,	,	PUNCT
cblr-7159	620	53	”	"	PUNCT
cblr-7159	620	54	“	"	PUNCT
cblr-7159	620	55	in	in	ADP
cblr-7159	620	56	default	default	NOUN
cblr-7159	620	57	,	,	PUNCT
cblr-7159	620	58	”	"	PUNCT
cblr-7159	620	59	“	"	PUNCT
cblr-7159	620	60	modif	modif	NOUN
cblr-7159	620	61	,	,	PUNCT
cblr-7159	620	62	”	"	PUNCT
cblr-7159	620	63	or	or	CCONJ
cblr-7159	620	64	“	"	PUNCT
cblr-7159	620	65	not	not	PART
cblr-7159	620	66	in	in	ADP
cblr-7159	620	67	compliance	compliance	NOUN
cblr-7159	620	68	.	.	PUNCT
cblr-7159	620	69	”211	”211	PUNCT
cblr-7159	621	1	a	a	DET
cblr-7159	621	2	manually	manually	ADV
cblr-7159	621	3	searched	search	VERB
cblr-7159	621	4	sample	sample	NOUN
cblr-7159	621	5	of	of	ADP
cblr-7159	621	6	1,000	1,000	NUM
cblr-7159	621	7	filings	filing	NOUN
cblr-7159	621	8	reveals	reveal	VERB
cblr-7159	621	9	that	that	SCONJ
cblr-7159	621	10	the	the	DET
cblr-7159	621	11	search	search	NOUN
cblr-7159	621	12	algorithm	algorithm	NOUN
cblr-7159	621	13	is	be	AUX
cblr-7159	621	14	vastly	vastly	ADV
cblr-7159	621	15	over	over	ADP
cblr-7159	621	16	-	-	PUNCT
cblr-7159	621	17	inclusive	inclusive	NOUN
cblr-7159	621	18	,	,	PUNCT
cblr-7159	621	19	identifying	identify	VERB
cblr-7159	621	20	approximately	approximately	ADV
cblr-7159	621	21	eight	eight	NUM
cblr-7159	621	22	false	false	ADJ
cblr-7159	621	23	positives	positive	NOUN
cblr-7159	621	24	for	for	ADP
cblr-7159	621	25	every	every	DET
cblr-7159	621	26	one	one	NUM
cblr-7159	621	27	true	true	ADJ
cblr-7159	621	28	violation	violation	NOUN
cblr-7159	621	29	in	in	ADP
cblr-7159	621	30	the	the	DET
cblr-7159	621	31	data	datum	NOUN
cblr-7159	621	32	,	,	PUNCT
cblr-7159	621	33	but	but	CCONJ
cblr-7159	621	34	that	that	SCONJ
cblr-7159	621	35	the	the	DET
cblr-7159	621	36	majority	majority	NOUN
cblr-7159	621	37	(	(	PUNCT
cblr-7159	621	38	97	97	NUM
cblr-7159	621	39	%	%	NOUN
cblr-7159	621	40	)	)	PUNCT
cblr-7159	621	41	of	of	ADP
cblr-7159	621	42	violations	violation	NOUN
cblr-7159	621	43	are	be	AUX
cblr-7159	621	44	captured	capture	VERB
cblr-7159	621	45	in	in	ADP
cblr-7159	621	46	the	the	DET
cblr-7159	621	47	search	search	NOUN
cblr-7159	621	48	.	.	PUNCT
cblr-7159	622	1	in	in	ADP
cblr-7159	622	2	order	order	NOUN
cblr-7159	622	3	to	to	PART
cblr-7159	622	4	separate	separate	VERB
cblr-7159	622	5	the	the	DET
cblr-7159	622	6	true	true	ADJ
cblr-7159	622	7	positives	positive	NOUN
cblr-7159	622	8	from	from	ADP
cblr-7159	622	9	false	false	ADJ
cblr-7159	622	10	positives	positive	NOUN
cblr-7159	622	11	,	,	PUNCT
cblr-7159	622	12	i	i	PRON
cblr-7159	622	13	manually	manually	ADV
cblr-7159	622	14	coded	code	VERB
cblr-7159	622	15	1,000	1,000	NUM
cblr-7159	622	16	of	of	ADP
cblr-7159	622	17	the	the	DET
cblr-7159	622	18	filings	filing	NOUN
cblr-7159	622	19	and	and	CCONJ
cblr-7159	622	20	used	use	VERB
cblr-7159	622	21	a	a	DET
cblr-7159	622	22	machine	machine	NOUN
cblr-7159	622	23	learning	learn	VERB
cblr-7159	622	24	algorithm	algorithm	NOUN
cblr-7159	622	25	to	to	PART
cblr-7159	622	26	separate	separate	VERB
cblr-7159	622	27	true	true	ADJ
cblr-7159	622	28	positives	positive	NOUN
cblr-7159	622	29	from	from	ADP
cblr-7159	622	30	false	false	ADJ
cblr-7159	622	31	positives.212	positives.212	NOUN
cblr-7159	622	32	in	in	ADP
cblr-7159	622	33	order	order	NOUN
cblr-7159	622	34	to	to	PART
cblr-7159	622	35	do	do	AUX
cblr-7159	622	36	this	this	PRON
cblr-7159	622	37	,	,	PUNCT
cblr-7159	622	38	i	i	PRON
cblr-7159	622	39	used	use	VERB
cblr-7159	622	40	600	600	NUM
cblr-7159	622	41	of	of	ADP
cblr-7159	622	42	the	the	DET
cblr-7159	622	43	1,000	1,000	NUM
cblr-7159	622	44	hand	hand	NOUN
cblr-7159	622	45	-	-	PUNCT
cblr-7159	622	46	coded	code	VERB
cblr-7159	622	47	filings	filing	NOUN
cblr-7159	622	48	to	to	PART
cblr-7159	622	49	iteratively	iteratively	ADV
cblr-7159	622	50	train	train	VERB
cblr-7159	622	51	a	a	DET
cblr-7159	622	52	deep	deep	ADJ
cblr-7159	622	53	neural	neural	ADJ
cblr-7159	622	54	net	net	NOUN
cblr-7159	622	55	to	to	PART
cblr-7159	622	56	classify	classify	VERB
cblr-7159	622	57	the	the	DET
cblr-7159	622	58	remaining	remain	VERB
cblr-7159	622	59	filings.213	filings.213	NOUN
cblr-7159	622	60	this	this	DET
cblr-7159	622	61	process	process	NOUN
cblr-7159	622	62	is	be	AUX
cblr-7159	622	63	an	an	DET
cblr-7159	622	64	iterative	iterative	NOUN
cblr-7159	622	65	one	one	NUM
cblr-7159	622	66	.	.	PUNCT
cblr-7159	623	1	each	each	DET
cblr-7159	623	2	time	time	NOUN
cblr-7159	623	3	the	the	DET
cblr-7159	623	4	algorithm	algorithm	NOUN
cblr-7159	623	5	is	be	AUX
cblr-7159	623	6	trained	train	VERB
cblr-7159	623	7	,	,	PUNCT
cblr-7159	623	8	it	it	PRON
cblr-7159	623	9	is	be	AUX
cblr-7159	623	10	tested	test	VERB
cblr-7159	623	11	against	against	ADP
cblr-7159	623	12	a	a	DET
cblr-7159	623	13	sample	sample	NOUN
cblr-7159	623	14	of	of	ADP
cblr-7159	623	15	200	200	NUM
cblr-7159	623	16	documents	document	NOUN
cblr-7159	623	17	held	hold	VERB
cblr-7159	623	18	out	out	ADP
cblr-7159	623	19	.	.	PUNCT
cblr-7159	624	1	any	any	DET
cblr-7159	624	2	mistakes	mistake	NOUN
cblr-7159	624	3	are	be	AUX
cblr-7159	624	4	then	then	ADV
cblr-7159	624	5	corrected	correct	VERB
cblr-7159	624	6	and	and	CCONJ
cblr-7159	624	7	become	become	VERB
cblr-7159	624	8	inputs	input	NOUN
cblr-7159	624	9	into	into	ADP
cblr-7159	624	10	the	the	DET
cblr-7159	624	11	next	next	ADJ
cblr-7159	624	12	iteration	iteration	NOUN
cblr-7159	624	13	to	to	PART
cblr-7159	624	14	train	train	VERB
cblr-7159	624	15	the	the	DET
cblr-7159	624	16	neural	neural	ADJ
cblr-7159	624	17	net	net	NOUN
cblr-7159	624	18	.	.	PUNCT
cblr-7159	625	1	by	by	ADP
cblr-7159	625	2	a	a	DET
cblr-7159	625	3	loan	loan	NOUN
cblr-7159	625	4	covenant	covenant	NOUN
cblr-7159	625	5	.	.	PUNCT
cblr-7159	626	1	see	see	VERB
cblr-7159	626	2	commission	commission	NOUN
cblr-7159	626	3	guidance	guidance	NOUN
cblr-7159	626	4	regarding	regard	VERB
cblr-7159	626	5	management	management	NOUN
cblr-7159	626	6	’s	’s	PART
cblr-7159	626	7	discussion	discussion	NOUN
cblr-7159	626	8	and	and	CCONJ
cblr-7159	626	9	analysis	analysis	NOUN
cblr-7159	626	10	of	of	ADP
cblr-7159	626	11	financial	financial	ADJ
cblr-7159	626	12	condition	condition	NOUN
cblr-7159	626	13	and	and	CCONJ
cblr-7159	626	14	results	result	NOUN
cblr-7159	626	15	of	of	ADP
cblr-7159	626	16	operations	operation	NOUN
cblr-7159	626	17	,	,	PUNCT
cblr-7159	626	18	securities	security	NOUN
cblr-7159	626	19	act	act	NOUN
cblr-7159	626	20	release	release	VERB
cblr-7159	626	21	no	no	NOUN
cblr-7159	626	22	.	.	NOUN
cblr-7159	626	23	33	33	NUM
cblr-7159	626	24	-	-	PUNCT
cblr-7159	626	25	8350	8350	NUM
cblr-7159	626	26	,	,	PUNCT
cblr-7159	626	27	exchange	exchange	NOUN
cblr-7159	626	28	act	act	NOUN
cblr-7159	626	29	release	release	VERB
cblr-7159	626	30	no	no	NOUN
cblr-7159	626	31	.	.	NOUN
cblr-7159	626	32	34	34	NUM
cblr-7159	626	33	-	-	SYM
cblr-7159	626	34	48960	48960	NUM
cblr-7159	626	35	,	,	PUNCT
cblr-7159	626	36	68	68	NUM
cblr-7159	626	37	fed	feed	VERB
cblr-7159	626	38	.	.	PUNCT
cblr-7159	627	1	reg	reg	PROPN
cblr-7159	627	2	.	.	PROPN
cblr-7159	627	3	75,056	75,056	NUM
cblr-7159	627	4	,	,	PUNCT
cblr-7159	627	5	75,064	75,064	NUM
cblr-7159	627	6	(	(	PUNCT
cblr-7159	627	7	dec	dec	PROPN
cblr-7159	627	8	.	.	PROPN
cblr-7159	627	9	29	29	NUM
cblr-7159	627	10	,	,	PUNCT
cblr-7159	627	11	2003	2003	NUM
cblr-7159	627	12	)	)	PUNCT
cblr-7159	627	13	(	(	PUNCT
cblr-7159	627	14	to	to	PART
cblr-7159	627	15	be	be	AUX
cblr-7159	627	16	codified	codify	VERB
cblr-7159	627	17	at	at	ADP
cblr-7159	627	18	c.f.r	c.f.r	NOUN
cblr-7159	627	19	.	.	PUNCT
cblr-7159	628	1	pts	pts	PROPN
cblr-7159	628	2	.	.	PROPN
cblr-7159	628	3	211	211	NUM
cblr-7159	628	4	,	,	PUNCT
cblr-7159	628	5	231	231	NUM
cblr-7159	628	6	,	,	PUNCT
cblr-7159	628	7	241	241	NUM
cblr-7159	628	8	)	)	PUNCT
cblr-7159	628	9	.	.	PUNCT
cblr-7159	629	1	210	210	NUM
cblr-7159	629	2	see	see	VERB
cblr-7159	629	3	commission	commission	NOUN
cblr-7159	629	4	guidance	guidance	NOUN
cblr-7159	629	5	regarding	regard	VERB
cblr-7159	629	6	management	management	NOUN
cblr-7159	629	7	’s	’s	PART
cblr-7159	629	8	discussion	discussion	NOUN
cblr-7159	629	9	and	and	CCONJ
cblr-7159	629	10	analysis	analysis	NOUN
cblr-7159	629	11	of	of	ADP
cblr-7159	629	12	financial	financial	ADJ
cblr-7159	629	13	condition	condition	NOUN
cblr-7159	629	14	and	and	CCONJ
cblr-7159	629	15	results	result	NOUN
cblr-7159	629	16	of	of	ADP
cblr-7159	629	17	operations	operation	NOUN
cblr-7159	629	18	,	,	PUNCT
cblr-7159	629	19	68	68	NUM
cblr-7159	629	20	fed	feed	VERB
cblr-7159	629	21	.	.	PUNCT
cblr-7159	630	1	reg	reg	PROPN
cblr-7159	630	2	.	.	PUNCT
cblr-7159	631	1	at	at	ADP
cblr-7159	631	2	75,064	75,064	NUM
cblr-7159	631	3	.	.	PUNCT
cblr-7159	632	1	211	211	NUM
cblr-7159	632	2	this	this	DET
cblr-7159	632	3	method	method	NOUN
cblr-7159	632	4	is	be	AUX
cblr-7159	632	5	similar	similar	ADJ
cblr-7159	632	6	to	to	ADP
cblr-7159	632	7	that	that	PRON
cblr-7159	632	8	used	use	VERB
cblr-7159	632	9	in	in	ADP
cblr-7159	632	10	prior	prior	ADJ
cblr-7159	632	11	research	research	NOUN
cblr-7159	632	12	on	on	ADP
cblr-7159	632	13	lender	lender	NOUN
cblr-7159	632	14	interventions	intervention	NOUN
cblr-7159	632	15	.	.	PUNCT
cblr-7159	633	1	see	see	VERB
cblr-7159	633	2	nini	nini	PROPN
cblr-7159	633	3	et	et	PROPN
cblr-7159	633	4	al	al	PROPN
cblr-7159	633	5	.	.	PROPN
cblr-7159	633	6	,	,	PUNCT
cblr-7159	633	7	creditor	creditor	NOUN
cblr-7159	633	8	control	control	NOUN
cblr-7159	633	9	rights	right	NOUN
cblr-7159	633	10	,	,	PUNCT
cblr-7159	633	11	supra	supra	PROPN
cblr-7159	633	12	note	note	NOUN
cblr-7159	633	13	14	14	NUM
cblr-7159	633	14	,	,	PUNCT
cblr-7159	633	15	at	at	ADP
cblr-7159	633	16	1724	1724	NUM
cblr-7159	633	17	.	.	PUNCT
cblr-7159	634	1	212	212	NUM
cblr-7159	634	2	a	a	DET
cblr-7159	634	3	detailed	detailed	ADJ
cblr-7159	634	4	explanation	explanation	NOUN
cblr-7159	634	5	of	of	ADP
cblr-7159	634	6	my	my	PRON
cblr-7159	634	7	research	research	NOUN
cblr-7159	634	8	method	method	NOUN
cblr-7159	634	9	is	be	AUX
cblr-7159	634	10	curtailed	curtail	VERB
cblr-7159	634	11	to	to	PART
cblr-7159	634	12	limit	limit	VERB
cblr-7159	634	13	the	the	DET
cblr-7159	634	14	length	length	NOUN
cblr-7159	634	15	and	and	CCONJ
cblr-7159	634	16	highlight	highlight	VERB
cblr-7159	634	17	the	the	DET
cblr-7159	634	18	main	main	ADJ
cblr-7159	634	19	point	point	NOUN
cblr-7159	634	20	of	of	ADP
cblr-7159	634	21	the	the	DET
cblr-7159	634	22	article	article	NOUN
cblr-7159	634	23	.	.	PUNCT
cblr-7159	635	1	213	213	NUM
cblr-7159	635	2	this	this	DET
cblr-7159	635	3	method	method	NOUN
cblr-7159	635	4	has	have	AUX
cblr-7159	635	5	begun	begin	VERB
cblr-7159	635	6	to	to	PART
cblr-7159	635	7	see	see	VERB
cblr-7159	635	8	wider	wide	ADJ
cblr-7159	635	9	use	use	NOUN
cblr-7159	635	10	in	in	ADP
cblr-7159	635	11	legal	legal	ADJ
cblr-7159	635	12	research	research	NOUN
cblr-7159	635	13	and	and	CCONJ
cblr-7159	635	14	practice	practice	NOUN
cblr-7159	635	15	.	.	PUNCT
cblr-7159	636	1	see	see	VERB
cblr-7159	636	2	,	,	PUNCT
cblr-7159	636	3	e.g.	e.g.	ADV
cblr-7159	636	4	,	,	PUNCT
cblr-7159	636	5	gabriel	gabriel	PROPN
cblr-7159	636	6	rauterberg	rauterberg	PROPN
cblr-7159	636	7	&	&	CCONJ
cblr-7159	636	8	eric	eric	PROPN
cblr-7159	636	9	talley	talley	PROPN
cblr-7159	636	10	,	,	PUNCT
cblr-7159	636	11	contracting	contract	VERB
cblr-7159	636	12	out	out	ADP
cblr-7159	636	13	of	of	ADP
cblr-7159	636	14	the	the	DET
cblr-7159	636	15	fiduciary	fiduciary	ADJ
cblr-7159	636	16	duty	duty	NOUN
cblr-7159	636	17	of	of	ADP
cblr-7159	636	18	loyalty	loyalty	NOUN
cblr-7159	636	19	:	:	PUNCT
cblr-7159	636	20	an	an	DET
cblr-7159	636	21	empirical	empirical	ADJ
cblr-7159	636	22	analysis	analysis	NOUN
cblr-7159	636	23	of	of	ADP
cblr-7159	636	24	corporate	corporate	ADJ
cblr-7159	636	25	opportunity	opportunity	NOUN
cblr-7159	636	26	waivers	waiver	NOUN
cblr-7159	636	27	,	,	PUNCT
cblr-7159	636	28	117	117	NUM
cblr-7159	636	29	colum	colum	NOUN
cblr-7159	636	30	.	.	PUNCT
cblr-7159	637	1	l.	l.	PROPN
cblr-7159	637	2	rev	rev	PROPN
cblr-7159	637	3	.	.	PROPN
cblr-7159	637	4	1075	1075	NUM
cblr-7159	637	5	,	,	PUNCT
cblr-7159	637	6	1121–40	1121–40	NUM
cblr-7159	637	7	(	(	PUNCT
cblr-7159	637	8	2017	2017	NUM
cblr-7159	637	9	)	)	PUNCT
cblr-7159	637	10	(	(	PUNCT
cblr-7159	637	11	using	use	VERB
cblr-7159	637	12	a	a	DET
cblr-7159	637	13	machine	machine	NOUN
cblr-7159	637	14	learning	learn	VERB
cblr-7159	637	15	classifier	classifier	NOUN
cblr-7159	637	16	to	to	PART
cblr-7159	637	17	identify	identify	VERB
cblr-7159	637	18	fiduciary	fiduciary	ADJ
cblr-7159	637	19	duty	duty	NOUN
cblr-7159	637	20	waivers	waiver	NOUN
cblr-7159	637	21	in	in	ADP
cblr-7159	637	22	sec	sec	PROPN
cblr-7159	637	23	filings	filing	NOUN
cblr-7159	637	24	)	)	PUNCT
cblr-7159	637	25	.	.	PUNCT
cblr-7159	638	1	the	the	DET
cblr-7159	638	2	method	method	NOUN
cblr-7159	638	3	is	be	AUX
cblr-7159	638	4	already	already	ADV
cblr-7159	638	5	widely	widely	ADV
cblr-7159	638	6	used	use	VERB
cblr-7159	638	7	by	by	ADP
cblr-7159	638	8	law	law	NOUN
cblr-7159	638	9	firms	firm	NOUN
cblr-7159	638	10	to	to	PART
cblr-7159	638	11	sift	sift	VERB
cblr-7159	638	12	large	large	ADJ
cblr-7159	638	13	troves	trove	NOUN
cblr-7159	638	14	of	of	ADP
cblr-7159	638	15	documents	document	NOUN
cblr-7159	638	16	in	in	ADP
cblr-7159	638	17	discovery	discovery	NOUN
cblr-7159	638	18	.	.	PUNCT
cblr-7159	639	1	see	see	VERB
cblr-7159	639	2	lauri	lauri	PROPN
cblr-7159	639	3	donahue	donahue	PROPN
cblr-7159	639	4	,	,	PUNCT
cblr-7159	639	5	a	a	DET
cblr-7159	639	6	primer	primer	NOUN
cblr-7159	639	7	on	on	ADP
cblr-7159	639	8	using	use	VERB
cblr-7159	639	9	artificial	artificial	ADJ
cblr-7159	639	10	intelligence	intelligence	NOUN
cblr-7159	639	11	in	in	ADP
cblr-7159	639	12	the	the	DET
cblr-7159	639	13	legal	legal	ADJ
cblr-7159	639	14	profession	profession	NOUN
cblr-7159	639	15	,	,	PUNCT
cblr-7159	639	16	jolt	jolt	NOUN
cblr-7159	639	17	digest	digest	NOUN
cblr-7159	639	18	(	(	PUNCT
cblr-7159	639	19	jan	jan	PROPN
cblr-7159	639	20	.	.	PROPN
cblr-7159	639	21	3	3	NUM
cblr-7159	639	22	,	,	PUNCT
cblr-7159	639	23	2018	2018	NUM
cblr-7159	639	24	)	)	PUNCT
cblr-7159	639	25	,	,	PUNCT
cblr-7159	639	26	https://jolt.law.harvard.edu/digest/a-primer-on-using-artificial-intelligence-in-the-legal-profession	https://jolt.law.harvard.edu/digest/a-primer-on-using-artificial-intelligence-in-the-legal-profession	PROPN
cblr-7159	640	1	[	[	X
cblr-7159	640	2	https://perma.cc/me7y-2s97	https://perma.cc/me7y-2s97	X
cblr-7159	640	3	]	]	PUNCT
cblr-7159	640	4	.	.	PUNCT
cblr-7159	641	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	641	2	(	(	PUNCT
cblr-7159	641	3	do	do	AUX
cblr-7159	641	4	not	not	PART
cblr-7159	641	5	delte	delte	VERB
cblr-7159	641	6	)	)	PUNCT
cblr-7159	641	7	9/28/2020	9/28/2020	PROPN
cblr-7159	641	8	6:35	6:35	NUM
cblr-7159	641	9	pm	pm	NOUN
cblr-7159	641	10	240	240	NUM
cblr-7159	641	11	columbia	columbia	PROPN
cblr-7159	641	12	business	business	NOUN
cblr-7159	641	13	law	law	NOUN
cblr-7159	641	14	review	review	NOUN
cblr-7159	641	15	[	[	X
cblr-7159	641	16	vol	vol	NOUN
cblr-7159	641	17	.	.	PUNCT
cblr-7159	641	18	2020	2020	NUM
cblr-7159	642	1	the	the	DET
cblr-7159	642	2	end	end	NOUN
cblr-7159	642	3	,	,	PUNCT
cblr-7159	642	4	the	the	DET
cblr-7159	642	5	neural	neural	ADJ
cblr-7159	642	6	net	net	NOUN
cblr-7159	642	7	had	have	VERB
cblr-7159	642	8	99	99	NUM
cblr-7159	642	9	%	%	NOUN
cblr-7159	642	10	accuracy	accuracy	NOUN
cblr-7159	642	11	classifying	classify	VERB
cblr-7159	642	12	documents	document	NOUN
cblr-7159	642	13	in	in	ADP
cblr-7159	642	14	the	the	DET
cblr-7159	642	15	test	test	NOUN
cblr-7159	642	16	sample.214	sample.214	VERB
cblr-7159	642	17	after	after	SCONJ
cblr-7159	642	18	the	the	DET
cblr-7159	642	19	classifier	classifier	NOUN
cblr-7159	642	20	was	be	AUX
cblr-7159	642	21	run	run	VERB
cblr-7159	642	22	on	on	ADP
cblr-7159	642	23	the	the	DET
cblr-7159	642	24	remaining	remain	VERB
cblr-7159	642	25	data	datum	NOUN
cblr-7159	642	26	,	,	PUNCT
cblr-7159	642	27	i	i	PRON
cblr-7159	642	28	performed	perform	VERB
cblr-7159	642	29	a	a	DET
cblr-7159	642	30	further	further	ADJ
cblr-7159	642	31	check	check	NOUN
cblr-7159	642	32	on	on	ADP
cblr-7159	642	33	200	200	NUM
cblr-7159	642	34	randomly	randomly	ADV
cblr-7159	642	35	selected	select	VERB
cblr-7159	642	36	filings	filing	NOUN
cblr-7159	642	37	to	to	PART
cblr-7159	642	38	test	test	VERB
cblr-7159	642	39	for	for	ADP
cblr-7159	642	40	accurate	accurate	ADJ
cblr-7159	642	41	classification	classification	NOUN
cblr-7159	642	42	.	.	PUNCT
cblr-7159	643	1	i	i	PRON
cblr-7159	643	2	found	find	VERB
cblr-7159	643	3	that	that	SCONJ
cblr-7159	643	4	the	the	DET
cblr-7159	643	5	classifier	classifier	NOUN
cblr-7159	643	6	had	have	AUX
cblr-7159	643	7	correctly	correctly	ADV
cblr-7159	643	8	identified	identify	VERB
cblr-7159	643	9	each	each	DET
cblr-7159	643	10	one	one	NUM
cblr-7159	643	11	.	.	PUNCT
cblr-7159	644	1	the	the	DET
cblr-7159	644	2	result	result	NOUN
cblr-7159	644	3	was	be	AUX
cblr-7159	644	4	a	a	DET
cblr-7159	644	5	sample	sample	NOUN
cblr-7159	644	6	of	of	ADP
cblr-7159	644	7	3,581	3,581	NUM
cblr-7159	644	8	firm	firm	ADJ
cblr-7159	644	9	-	-	PUNCT
cblr-7159	644	10	quarters	quarter	NOUN
cblr-7159	644	11	for	for	ADP
cblr-7159	644	12	which	which	PRON
cblr-7159	644	13	a	a	DET
cblr-7159	644	14	new	new	ADJ
cblr-7159	644	15	covenant	covenant	ADJ
cblr-7159	644	16	violation	violation	NOUN
cblr-7159	644	17	was	be	AUX
cblr-7159	644	18	reported	report	VERB
cblr-7159	644	19	,	,	PUNCT
cblr-7159	644	20	involving	involve	VERB
cblr-7159	644	21	1,446	1,446	NUM
cblr-7159	644	22	borrowing	borrowing	NOUN
cblr-7159	644	23	companies	company	NOUN
cblr-7159	644	24	.	.	PUNCT
cblr-7159	645	1	the	the	DET
cblr-7159	645	2	entire	entire	ADJ
cblr-7159	645	3	dataset	dataset	NOUN
cblr-7159	645	4	was	be	AUX
cblr-7159	645	5	then	then	ADV
cblr-7159	645	6	matched	match	VERB
cblr-7159	645	7	with	with	ADP
cblr-7159	645	8	the	the	DET
cblr-7159	645	9	long	long	ADJ
cblr-7159	645	10	-	-	PUNCT
cblr-7159	645	11	term	term	NOUN
cblr-7159	645	12	bond	bond	NOUN
cblr-7159	645	13	rating	rating	NOUN
cblr-7159	645	14	data	datum	NOUN
cblr-7159	645	15	from	from	ADP
cblr-7159	645	16	standard	standard	PROPN
cblr-7159	645	17	&	&	CCONJ
cblr-7159	645	18	poor	poor	PROPN
cblr-7159	645	19	’s	’s	PART
cblr-7159	645	20	for	for	ADP
cblr-7159	645	21	each	each	DET
cblr-7159	645	22	company	company	NOUN
cblr-7159	645	23	in	in	ADP
cblr-7159	645	24	each	each	PRON
cblr-7159	645	25	quarter.215	quarter.215	VERB
cblr-7159	645	26	the	the	DET
cblr-7159	645	27	first	first	ADJ
cblr-7159	645	28	noteworthy	noteworthy	ADJ
cblr-7159	645	29	finding	finding	NOUN
cblr-7159	645	30	from	from	ADP
cblr-7159	645	31	the	the	DET
cblr-7159	645	32	data	data	NOUN
cblr-7159	645	33	concerns	concern	VERB
cblr-7159	645	34	the	the	DET
cblr-7159	645	35	basic	basic	ADJ
cblr-7159	645	36	trend	trend	NOUN
cblr-7159	645	37	in	in	ADP
cblr-7159	645	38	covenant	covenant	ADJ
cblr-7159	645	39	violations	violation	NOUN
cblr-7159	645	40	over	over	ADP
cblr-7159	645	41	time	time	NOUN
cblr-7159	645	42	.	.	PUNCT
cblr-7159	646	1	the	the	DET
cblr-7159	646	2	trend	trend	NOUN
cblr-7159	646	3	over	over	ADP
cblr-7159	646	4	time	time	NOUN
cblr-7159	646	5	with	with	ADP
cblr-7159	646	6	respect	respect	NOUN
cblr-7159	646	7	to	to	ADP
cblr-7159	646	8	covenant	covenant	ADJ
cblr-7159	646	9	violations	violation	NOUN
cblr-7159	646	10	reported	report	VERB
cblr-7159	646	11	in	in	ADP
cblr-7159	646	12	10	10	NUM
cblr-7159	646	13	-	-	PUNCT
cblr-7159	646	14	ks	ks	NOUN
cblr-7159	646	15	and	and	CCONJ
cblr-7159	646	16	10	10	NUM
cblr-7159	646	17	-	-	PUNCT
cblr-7159	646	18	qs	qs	NOUN
cblr-7159	646	19	is	be	AUX
cblr-7159	646	20	illustrated	illustrate	VERB
cblr-7159	646	21	in	in	ADP
cblr-7159	646	22	figures	figure	NOUN
cblr-7159	646	23	1	1	NUM
cblr-7159	646	24	and	and	CCONJ
cblr-7159	646	25	2	2	NUM
cblr-7159	646	26	below	below	ADV
cblr-7159	646	27	.	.	PUNCT
cblr-7159	647	1	figure	figure	NOUN
cblr-7159	647	2	1	1	NUM
cblr-7159	647	3	shows	show	VERB
cblr-7159	647	4	the	the	DET
cblr-7159	647	5	total	total	ADJ
cblr-7159	647	6	number	number	NOUN
cblr-7159	647	7	of	of	ADP
cblr-7159	647	8	violations	violation	NOUN
cblr-7159	647	9	reported	report	VERB
cblr-7159	647	10	between	between	ADP
cblr-7159	647	11	2008	2008	NUM
cblr-7159	647	12	and	and	CCONJ
cblr-7159	647	13	2018	2018	NUM
cblr-7159	647	14	.	.	PUNCT
cblr-7159	648	1	figure	figure	NOUN
cblr-7159	648	2	2	2	NUM
cblr-7159	648	3	shows	show	VERB
cblr-7159	648	4	the	the	DET
cblr-7159	648	5	“	"	PUNCT
cblr-7159	648	6	new	new	ADJ
cblr-7159	648	7	”	"	PUNCT
cblr-7159	648	8	covenant	covenant	ADJ
cblr-7159	648	9	violations	violation	NOUN
cblr-7159	648	10	.	.	PUNCT
cblr-7159	649	1	since	since	SCONJ
cblr-7159	649	2	companies	company	NOUN
cblr-7159	649	3	report	report	VERB
cblr-7159	649	4	the	the	DET
cblr-7159	649	5	same	same	ADJ
cblr-7159	649	6	violation	violation	NOUN
cblr-7159	649	7	during	during	ADP
cblr-7159	649	8	the	the	DET
cblr-7159	649	9	entire	entire	ADJ
cblr-7159	649	10	time	time	NOUN
cblr-7159	649	11	it	it	PRON
cblr-7159	649	12	is	be	AUX
cblr-7159	649	13	ongoing	ongoing	ADJ
cblr-7159	649	14	,	,	PUNCT
cblr-7159	649	15	i	i	PRON
cblr-7159	649	16	isolate	isolate	VERB
cblr-7159	649	17	violations	violation	NOUN
cblr-7159	649	18	which	which	PRON
cblr-7159	649	19	are	be	AUX
cblr-7159	649	20	reported	report	VERB
cblr-7159	649	21	for	for	ADP
cblr-7159	649	22	the	the	DET
cblr-7159	649	23	first	first	ADJ
cblr-7159	649	24	time	time	NOUN
cblr-7159	649	25	,	,	PUNCT
cblr-7159	649	26	i.e.	i.e.	X
cblr-7159	649	27	,	,	PUNCT
cblr-7159	649	28	for	for	ADP
cblr-7159	649	29	companies	company	NOUN
cblr-7159	649	30	that	that	PRON
cblr-7159	649	31	have	have	VERB
cblr-7159	649	32	no	no	DET
cblr-7159	649	33	violations	violation	NOUN
cblr-7159	649	34	reported	report	VERB
cblr-7159	649	35	for	for	ADP
cblr-7159	649	36	the	the	DET
cblr-7159	649	37	preceding	precede	VERB
cblr-7159	649	38	four	four	NUM
cblr-7159	649	39	quarters	quarter	NOUN
cblr-7159	649	40	.	.	PUNCT
cblr-7159	650	1	214	214	NUM
cblr-7159	650	2	the	the	DET
cblr-7159	650	3	machine	machine	NOUN
cblr-7159	650	4	learning	learn	VERB
cblr-7159	650	5	classifier	classifier	NOUN
cblr-7159	650	6	even	even	ADV
cblr-7159	650	7	picked	pick	VERB
cblr-7159	650	8	up	up	ADP
cblr-7159	650	9	mistakes	mistake	NOUN
cblr-7159	650	10	that	that	PRON
cblr-7159	650	11	i	i	PRON
cblr-7159	650	12	had	have	AUX
cblr-7159	650	13	made	make	VERB
cblr-7159	650	14	in	in	ADP
cblr-7159	650	15	hand	hand	NOUN
cblr-7159	650	16	-	-	PUNCT
cblr-7159	650	17	coding	code	VERB
cblr-7159	650	18	the	the	DET
cblr-7159	650	19	filings	filing	NOUN
cblr-7159	650	20	.	.	PUNCT
cblr-7159	651	1	215	215	NUM
cblr-7159	651	2	since	since	SCONJ
cblr-7159	651	3	the	the	DET
cblr-7159	651	4	data	data	NOUN
cblr-7159	651	5	is	be	AUX
cblr-7159	651	6	taken	take	VERB
cblr-7159	651	7	from	from	ADP
cblr-7159	651	8	publicly	publicly	ADV
cblr-7159	651	9	filed	file	VERB
cblr-7159	651	10	documents	document	NOUN
cblr-7159	651	11	,	,	PUNCT
cblr-7159	651	12	the	the	DET
cblr-7159	651	13	sample	sample	NOUN
cblr-7159	651	14	necessarily	necessarily	ADV
cblr-7159	651	15	omits	omit	VERB
cblr-7159	651	16	leveraged	leveraged	ADJ
cblr-7159	651	17	buyout	buyout	NOUN
cblr-7159	651	18	borrowers	borrower	NOUN
cblr-7159	651	19	and	and	CCONJ
cblr-7159	651	20	borrowers	borrower	NOUN
cblr-7159	651	21	who	who	PRON
cblr-7159	651	22	were	be	AUX
cblr-7159	651	23	otherwise	otherwise	ADV
cblr-7159	651	24	taken	take	VERB
cblr-7159	651	25	private	private	ADJ
cblr-7159	651	26	after	after	SCONJ
cblr-7159	651	27	the	the	DET
cblr-7159	651	28	loan	loan	NOUN
cblr-7159	651	29	was	be	AUX
cblr-7159	651	30	made	make	VERB
cblr-7159	651	31	.	.	PUNCT
cblr-7159	652	1	this	this	PRON
cblr-7159	652	2	is	be	AUX
cblr-7159	652	3	because	because	SCONJ
cblr-7159	652	4	the	the	DET
cblr-7159	652	5	empirical	empirical	ADJ
cblr-7159	652	6	analysis	analysis	NOUN
cblr-7159	652	7	requires	require	VERB
cblr-7159	652	8	an	an	DET
cblr-7159	652	9	assessment	assessment	NOUN
cblr-7159	652	10	of	of	ADP
cblr-7159	652	11	financial	financial	ADJ
cblr-7159	652	12	metrics	metric	NOUN
cblr-7159	652	13	for	for	ADP
cblr-7159	652	14	a	a	DET
cblr-7159	652	15	period	period	NOUN
cblr-7159	652	16	of	of	ADP
cblr-7159	652	17	time	time	NOUN
cblr-7159	652	18	following	follow	VERB
cblr-7159	652	19	a	a	DET
cblr-7159	652	20	covenant	covenant	ADJ
cblr-7159	652	21	violation	violation	NOUN
cblr-7159	652	22	or	or	CCONJ
cblr-7159	652	23	waiver	waiver	NOUN
cblr-7159	652	24	,	,	PUNCT
cblr-7159	652	25	and	and	CCONJ
cblr-7159	652	26	this	this	DET
cblr-7159	652	27	information	information	NOUN
cblr-7159	652	28	is	be	AUX
cblr-7159	652	29	not	not	PART
cblr-7159	652	30	available	available	ADJ
cblr-7159	652	31	for	for	ADP
cblr-7159	652	32	most	most	ADJ
cblr-7159	652	33	companies	company	NOUN
cblr-7159	652	34	that	that	PRON
cblr-7159	652	35	have	have	AUX
cblr-7159	652	36	gone	go	VERB
cblr-7159	652	37	private	private	ADJ
cblr-7159	652	38	.	.	PUNCT
cblr-7159	653	1	this	this	PRON
cblr-7159	653	2	also	also	ADV
cblr-7159	653	3	means	mean	VERB
cblr-7159	653	4	that	that	SCONJ
cblr-7159	653	5	the	the	DET
cblr-7159	653	6	analysis	analysis	NOUN
cblr-7159	653	7	will	will	AUX
cblr-7159	653	8	not	not	PART
cblr-7159	653	9	necessarily	necessarily	ADV
cblr-7159	653	10	bear	bear	VERB
cblr-7159	653	11	on	on	ADP
cblr-7159	653	12	private	private	ADJ
cblr-7159	653	13	equity	equity	NOUN
cblr-7159	653	14	firms	firm	NOUN
cblr-7159	653	15	,	,	PUNCT
cblr-7159	653	16	a	a	DET
cblr-7159	653	17	major	major	ADJ
cblr-7159	653	18	type	type	NOUN
cblr-7159	653	19	of	of	ADP
cblr-7159	653	20	leveraged	leveraged	ADJ
cblr-7159	653	21	loan	loan	NOUN
cblr-7159	653	22	borrower	borrower	NOUN
cblr-7159	653	23	and	and	CCONJ
cblr-7159	653	24	lender	lender	NOUN
cblr-7159	653	25	.	.	PUNCT
cblr-7159	654	1	nonetheless	nonetheless	ADV
cblr-7159	654	2	,	,	PUNCT
cblr-7159	654	3	the	the	DET
cblr-7159	654	4	dataset	dataset	NOUN
cblr-7159	654	5	provides	provide	VERB
cblr-7159	654	6	a	a	DET
cblr-7159	654	7	rich	rich	ADJ
cblr-7159	654	8	cross	cross	NOUN
cblr-7159	654	9	-	-	NOUN
cblr-7159	654	10	section	section	NOUN
cblr-7159	654	11	of	of	ADP
cblr-7159	654	12	public	public	ADJ
cblr-7159	654	13	borrowers	borrower	NOUN
cblr-7159	654	14	that	that	PRON
cblr-7159	654	15	comprise	comprise	VERB
cblr-7159	654	16	a	a	DET
cblr-7159	654	17	significant	significant	ADJ
cblr-7159	654	18	portion	portion	NOUN
cblr-7159	654	19	of	of	ADP
cblr-7159	654	20	the	the	DET
cblr-7159	654	21	lending	lending	NOUN
cblr-7159	654	22	market	market	NOUN
cblr-7159	654	23	.	.	PUNCT
cblr-7159	655	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	655	2	(	(	PUNCT
cblr-7159	655	3	do	do	AUX
cblr-7159	655	4	not	not	PART
cblr-7159	655	5	delete	delete	VERB
cblr-7159	655	6	)	)	PUNCT
cblr-7159	655	7	9/28/2020	9/28/2020	NUM
cblr-7159	655	8	6:35	6:35	NUM
cblr-7159	655	9	pm	pm	NOUN
cblr-7159	655	10	no	no	INTJ
cblr-7159	655	11	.	.	PUNCT
cblr-7159	656	1	1:192	1:192	X
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cblr-7159	656	3	reconsidering	reconsider	VERB
cblr-7159	656	4	creditor	creditor	NOUN
cblr-7159	656	5	governance	governance	NOUN
cblr-7159	656	6	241	241	NUM
cblr-7159	656	7	figure	figure	VERB
cblr-7159	656	8	1	1	NUM
cblr-7159	656	9	:	:	PUNCT
cblr-7159	656	10	total	total	ADJ
cblr-7159	656	11	covenant	covenant	ADJ
cblr-7159	656	12	violations	violation	NOUN
cblr-7159	656	13	reported	report	VERB
cblr-7159	656	14	from	from	ADP
cblr-7159	656	15	2008	2008	NUM
cblr-7159	656	16	-	-	SYM
cblr-7159	656	17	2018216	2018216	NUM
cblr-7159	656	18	216	216	NUM
cblr-7159	656	19	this	this	DET
cblr-7159	656	20	figure	figure	NOUN
cblr-7159	656	21	summarizes	summarize	NOUN
cblr-7159	656	22	information	information	NOUN
cblr-7159	656	23	included	include	VERB
cblr-7159	656	24	in	in	ADP
cblr-7159	656	25	the	the	DET
cblr-7159	656	26	data	datum	NOUN
cblr-7159	656	27	set	set	VERB
cblr-7159	656	28	created	create	VERB
cblr-7159	656	29	by	by	ADP
cblr-7159	656	30	the	the	DET
cblr-7159	656	31	author	author	NOUN
cblr-7159	656	32	.	.	PUNCT
cblr-7159	657	1	see	see	VERB
cblr-7159	657	2	jeremy	jeremy	PROPN
cblr-7159	657	3	mcclane	mcclane	PROPN
cblr-7159	657	4	,	,	PUNCT
cblr-7159	657	5	covenant	covenant	ADJ
cblr-7159	657	6	violation	violation	NOUN
cblr-7159	657	7	data	datum	NOUN
cblr-7159	657	8	set	set	VERB
cblr-7159	657	9	(	(	PUNCT
cblr-7159	657	10	on	on	ADP
cblr-7159	657	11	file	file	NOUN
cblr-7159	657	12	with	with	ADP
cblr-7159	657	13	the	the	DET
cblr-7159	657	14	columbia	columbia	PROPN
cblr-7159	657	15	business	business	PROPN
cblr-7159	657	16	law	law	PROPN
cblr-7159	657	17	review	review	PROPN
cblr-7159	657	18	)	)	PUNCT
cblr-7159	657	19	.	.	PUNCT
cblr-7159	658	1	the	the	DET
cblr-7159	658	2	covenant	covenant	PROPN
cblr-7159	658	3	violation	violation	NOUN
cblr-7159	658	4	data	datum	NOUN
cblr-7159	658	5	set	set	VERB
cblr-7159	658	6	appendix	appendix	NOUN
cblr-7159	658	7	is	be	AUX
cblr-7159	658	8	also	also	ADV
cblr-7159	658	9	available	available	ADJ
cblr-7159	658	10	at	at	ADP
cblr-7159	658	11	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3628810	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3628810	PROPN
cblr-7159	658	12	[	[	X
cblr-7159	658	13	https://perma.cc/vcg6-lp8n	https://perma.cc/vcg6-lp8n	NOUN
cblr-7159	658	14	]	]	PUNCT
cblr-7159	658	15	.	.	PUNCT
cblr-7159	659	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	659	2	(	(	PUNCT
cblr-7159	659	3	do	do	AUX
cblr-7159	659	4	not	not	PART
cblr-7159	659	5	delte	delte	VERB
cblr-7159	659	6	)	)	PUNCT
cblr-7159	659	7	9/28/2020	9/28/2020	NUM
cblr-7159	659	8	6:35	6:35	NUM
cblr-7159	659	9	pm	pm	NOUN
cblr-7159	659	10	242	242	NUM
cblr-7159	659	11	columbia	columbia	PROPN
cblr-7159	659	12	business	business	NOUN
cblr-7159	659	13	law	law	PROPN
cblr-7159	659	14	review	review	NOUN
cblr-7159	659	15	[	[	X
cblr-7159	659	16	vol	vol	NOUN
cblr-7159	659	17	.	.	PUNCT
cblr-7159	659	18	2020	2020	NUM
cblr-7159	659	19	figure	figure	VERB
cblr-7159	659	20	2	2	NUM
cblr-7159	659	21	:	:	PUNCT
cblr-7159	659	22	new	new	ADJ
cblr-7159	659	23	covenant	covenant	ADJ
cblr-7159	659	24	violations	violation	NOUN
cblr-7159	659	25	reported	report	VERB
cblr-7159	659	26	from	from	ADP
cblr-7159	659	27	2008	2008	NUM
cblr-7159	659	28	-	-	SYM
cblr-7159	659	29	2018217	2018217	NUM
cblr-7159	659	30	evident	evident	NOUN
cblr-7159	659	31	from	from	ADP
cblr-7159	659	32	figures	figure	NOUN
cblr-7159	659	33	1	1	NUM
cblr-7159	659	34	and	and	CCONJ
cblr-7159	659	35	2	2	NUM
cblr-7159	659	36	is	be	AUX
cblr-7159	659	37	that	that	SCONJ
cblr-7159	659	38	a	a	DET
cblr-7159	659	39	large	large	ADJ
cblr-7159	659	40	number	number	NOUN
cblr-7159	659	41	of	of	ADP
cblr-7159	659	42	violations	violation	NOUN
cblr-7159	659	43	were	be	AUX
cblr-7159	659	44	reported	report	VERB
cblr-7159	659	45	in	in	ADP
cblr-7159	659	46	the	the	DET
cblr-7159	659	47	first	first	ADJ
cblr-7159	659	48	few	few	ADJ
cblr-7159	659	49	years	year	NOUN
cblr-7159	659	50	of	of	ADP
cblr-7159	659	51	the	the	DET
cblr-7159	659	52	dataset	dataset	NOUN
cblr-7159	659	53	(	(	PUNCT
cblr-7159	659	54	not	not	PART
cblr-7159	659	55	altogether	altogether	ADV
cblr-7159	659	56	surprising	surprising	ADJ
cblr-7159	659	57	given	give	VERB
cblr-7159	659	58	the	the	DET
cblr-7159	659	59	financial	financial	ADJ
cblr-7159	659	60	distress	distress	NOUN
cblr-7159	659	61	that	that	PRON
cblr-7159	659	62	was	be	AUX
cblr-7159	659	63	occurring	occur	VERB
cblr-7159	659	64	at	at	ADP
cblr-7159	659	65	the	the	DET
cblr-7159	659	66	time	time	NOUN
cblr-7159	659	67	)	)	PUNCT
cblr-7159	659	68	but	but	CCONJ
cblr-7159	659	69	that	that	SCONJ
cblr-7159	659	70	the	the	DET
cblr-7159	659	71	number	number	NOUN
cblr-7159	659	72	of	of	ADP
cblr-7159	659	73	violations	violation	NOUN
cblr-7159	659	74	has	have	AUX
cblr-7159	659	75	declined	decline	VERB
cblr-7159	659	76	steadily	steadily	ADV
cblr-7159	659	77	since	since	SCONJ
cblr-7159	659	78	then	then	ADV
cblr-7159	659	79	.	.	PUNCT
cblr-7159	660	1	in	in	ADP
cblr-7159	660	2	particular	particular	ADJ
cblr-7159	660	3	,	,	PUNCT
cblr-7159	660	4	the	the	DET
cblr-7159	660	5	number	number	NOUN
cblr-7159	660	6	of	of	ADP
cblr-7159	660	7	violations	violation	NOUN
cblr-7159	660	8	dropped	drop	VERB
cblr-7159	660	9	off	off	ADP
cblr-7159	660	10	in	in	ADP
cblr-7159	660	11	2017	2017	NUM
cblr-7159	660	12	and	and	CCONJ
cblr-7159	660	13	2018	2018	NUM
cblr-7159	660	14	.	.	PUNCT
cblr-7159	661	1	the	the	DET
cblr-7159	661	2	pattern	pattern	NOUN
cblr-7159	661	3	is	be	AUX
cblr-7159	661	4	consistent	consistent	ADJ
cblr-7159	661	5	with	with	ADP
cblr-7159	661	6	a	a	DET
cblr-7159	661	7	relatively	relatively	ADV
cblr-7159	661	8	good	good	ADJ
cblr-7159	661	9	economic	economic	ADJ
cblr-7159	661	10	environment	environment	NOUN
cblr-7159	661	11	for	for	ADP
cblr-7159	661	12	borrowing	borrowing	NOUN
cblr-7159	661	13	firms	firm	NOUN
cblr-7159	661	14	,	,	PUNCT
cblr-7159	661	15	as	as	ADV
cblr-7159	661	16	well	well	ADV
cblr-7159	661	17	as	as	ADP
cblr-7159	661	18	an	an	DET
cblr-7159	661	19	increase	increase	NOUN
cblr-7159	661	20	in	in	ADP
cblr-7159	661	21	cov	cov	NOUN
cblr-7159	661	22	-	-	PUNCT
cblr-7159	661	23	lite	lite	NOUN
cblr-7159	661	24	loans	loan	NOUN
cblr-7159	661	25	,	,	PUNCT
cblr-7159	661	26	which	which	PRON
cblr-7159	661	27	provide	provide	VERB
cblr-7159	661	28	fewer	few	ADJ
cblr-7159	661	29	avenues	avenue	NOUN
cblr-7159	661	30	for	for	ADP
cblr-7159	661	31	a	a	DET
cblr-7159	661	32	covenant	covenant	ADJ
cblr-7159	661	33	violation.218	violation.218	NOUN
cblr-7159	661	34	217	217	NUM
cblr-7159	661	35	this	this	DET
cblr-7159	661	36	figure	figure	NOUN
cblr-7159	661	37	summarizes	summarize	NOUN
cblr-7159	661	38	information	information	NOUN
cblr-7159	661	39	included	include	VERB
cblr-7159	661	40	in	in	ADP
cblr-7159	661	41	the	the	DET
cblr-7159	661	42	data	datum	NOUN
cblr-7159	661	43	set	set	VERB
cblr-7159	661	44	created	create	VERB
cblr-7159	661	45	by	by	ADP
cblr-7159	661	46	the	the	DET
cblr-7159	661	47	author	author	NOUN
cblr-7159	661	48	.	.	PUNCT
cblr-7159	662	1	see	see	VERB
cblr-7159	663	1	i	i	PRON
cblr-7159	663	2	d.	d.	PROPN
cblr-7159	663	3	218	218	NUM
cblr-7159	664	1	cunningham	cunningham	PROPN
cblr-7159	664	2	,	,	PUNCT
cblr-7159	664	3	supra	supra	PROPN
cblr-7159	664	4	note	note	NOUN
cblr-7159	664	5	191	191	NUM
cblr-7159	664	6	.	.	PUNCT
cblr-7159	665	1	the	the	DET
cblr-7159	665	2	nature	nature	NOUN
cblr-7159	665	3	of	of	ADP
cblr-7159	665	4	the	the	DET
cblr-7159	665	5	violation	violation	NOUN
cblr-7159	665	6	(	(	PUNCT
cblr-7159	665	7	or	or	CCONJ
cblr-7159	665	8	near	near	ADP
cblr-7159	665	9	violation	violation	NOUN
cblr-7159	665	10	)	)	PUNCT
cblr-7159	665	11	is	be	AUX
cblr-7159	665	12	reported	report	VERB
cblr-7159	665	13	for	for	ADP
cblr-7159	665	14	many	many	ADJ
cblr-7159	665	15	,	,	PUNCT
cblr-7159	665	16	but	but	CCONJ
cblr-7159	665	17	not	not	PART
cblr-7159	665	18	all	all	PRON
cblr-7159	665	19	,	,	PUNCT
cblr-7159	665	20	of	of	ADP
cblr-7159	665	21	the	the	DET
cblr-7159	665	22	violating	violate	VERB
cblr-7159	665	23	companies	company	NOUN
cblr-7159	665	24	.	.	PUNCT
cblr-7159	666	1	manual	manual	ADJ
cblr-7159	666	2	inspection	inspection	NOUN
cblr-7159	666	3	of	of	ADP
cblr-7159	666	4	the	the	DET
cblr-7159	666	5	sec	sec	PROPN
cblr-7159	666	6	filings	filing	NOUN
cblr-7159	666	7	reveals	reveal	VERB
cblr-7159	666	8	that	that	SCONJ
cblr-7159	666	9	reported	report	VERB
cblr-7159	666	10	violations	violation	NOUN
cblr-7159	666	11	for	for	ADP
cblr-7159	666	12	which	which	PRON
cblr-7159	666	13	details	detail	NOUN
cblr-7159	666	14	were	be	AUX
cblr-7159	666	15	given	give	VERB
cblr-7159	666	16	primarily	primarily	ADV
cblr-7159	666	17	involved	involve	VERB
cblr-7159	666	18	breaches	breach	NOUN
cblr-7159	666	19	(	(	PUNCT
cblr-7159	666	20	or	or	CCONJ
cblr-7159	666	21	near	near	ADP
cblr-7159	666	22	breaches	breach	NOUN
cblr-7159	666	23	)	)	PUNCT
cblr-7159	666	24	of	of	ADP
cblr-7159	666	25	financial	financial	ADJ
cblr-7159	666	26	covenants	covenant	NOUN
cblr-7159	666	27	involving	involve	VERB
cblr-7159	666	28	common	common	ADJ
cblr-7159	666	29	ratios	ratio	NOUN
cblr-7159	666	30	and	and	CCONJ
cblr-7159	666	31	financial	financial	ADJ
cblr-7159	666	32	metrics	metric	NOUN
cblr-7159	666	33	.	.	PUNCT
cblr-7159	667	1	for	for	ADP
cblr-7159	667	2	example	example	NOUN
cblr-7159	667	3	,	,	PUNCT
cblr-7159	667	4	a	a	DET
cblr-7159	667	5	typical	typical	ADJ
cblr-7159	667	6	covenant	covenant	ADJ
cblr-7159	667	7	violation	violation	NOUN
cblr-7159	667	8	disclosure	disclosure	NOUN
cblr-7159	667	9	looks	look	VERB
cblr-7159	667	10	like	like	ADP
cblr-7159	667	11	the	the	DET
cblr-7159	667	12	following	following	NOUN
cblr-7159	667	13	:	:	PUNCT
cblr-7159	667	14	during	during	ADP
cblr-7159	667	15	the	the	DET
cblr-7159	667	16	second	second	ADJ
cblr-7159	667	17	quarter	quarter	NOUN
cblr-7159	667	18	of	of	ADP
cblr-7159	667	19	2010	2010	NUM
cblr-7159	667	20	the	the	DET
cblr-7159	667	21	company	company	NOUN
cblr-7159	667	22	was	be	AUX
cblr-7159	667	23	not	not	PART
cblr-7159	667	24	in	in	ADP
cblr-7159	667	25	compliance	compliance	NOUN
cblr-7159	667	26	with	with	ADP
cblr-7159	667	27	an	an	DET
cblr-7159	667	28	earnings	earning	NOUN
cblr-7159	667	29	-	-	PUNCT
cblr-7159	667	30	related	relate	VERB
cblr-7159	667	31	covenant	covenant	NOUN
cblr-7159	667	32	and	and	CCONJ
cblr-7159	667	33	a	a	DET
cblr-7159	667	34	minimum	minimum	ADJ
cblr-7159	667	35	tangible	tangible	ADJ
cblr-7159	667	36	net	net	ADJ
cblr-7159	667	37	worth	worth	ADJ
cblr-7159	667	38	covenant	covenant	NOUN
cblr-7159	667	39	in	in	ADP
cblr-7159	667	40	its	its	PRON
cblr-7159	667	41	credit	credit	NOUN
cblr-7159	667	42	agreement	agreement	NOUN
cblr-7159	667	43	.	.	PUNCT
cblr-7159	668	1	the	the	DET
cblr-7159	668	2	company	company	NOUN
cblr-7159	668	3	is	be	AUX
cblr-7159	668	4	in	in	ADP
cblr-7159	668	5	the	the	DET
cblr-7159	668	6	process	process	NOUN
cblr-7159	668	7	of	of	ADP
cblr-7159	668	8	obtaining	obtain	VERB
cblr-7159	668	9	appropriate	appropriate	ADJ
cblr-7159	668	10	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	668	11	(	(	PUNCT
cblr-7159	668	12	do	do	AUX
cblr-7159	668	13	not	not	PART
cblr-7159	668	14	delete	delete	VERB
cblr-7159	668	15	)	)	PUNCT
cblr-7159	668	16	9/28/2020	9/28/2020	NUM
cblr-7159	668	17	6:35	6:35	NUM
cblr-7159	668	18	pm	pm	NOUN
cblr-7159	668	19	no	no	INTJ
cblr-7159	668	20	.	.	PUNCT
cblr-7159	669	1	1:192	1:192	X
cblr-7159	669	2	]	]	X
cblr-7159	669	3	reconsidering	reconsider	VERB
cblr-7159	669	4	creditor	creditor	NOUN
cblr-7159	669	5	governance	governance	NOUN
cblr-7159	669	6	243	243	NUM
cblr-7159	669	7	observations	observation	NOUN
cblr-7159	669	8	were	be	AUX
cblr-7159	669	9	matched	match	VERB
cblr-7159	669	10	with	with	ADP
cblr-7159	669	11	data	datum	NOUN
cblr-7159	669	12	from	from	ADP
cblr-7159	669	13	the	the	DET
cblr-7159	669	14	refinitiv	refinitiv	PROPN
cblr-7159	669	15	loan	loan	NOUN
cblr-7159	669	16	pricing	pricing	NOUN
cblr-7159	669	17	corporation	corporation	NOUN
cblr-7159	669	18	dealscan	dealscan	PROPN
cblr-7159	669	19	database	database	NOUN
cblr-7159	669	20	,	,	PUNCT
cblr-7159	669	21	a	a	DET
cblr-7159	669	22	database	database	NOUN
cblr-7159	669	23	of	of	ADP
cblr-7159	669	24	loan	loan	NOUN
cblr-7159	669	25	transactions	transaction	NOUN
cblr-7159	669	26	and	and	CCONJ
cblr-7159	669	27	deal	deal	VERB
cblr-7159	669	28	information.219	information.219	ADV
cblr-7159	669	29	the	the	DET
cblr-7159	669	30	dealscan	dealscan	ADJ
cblr-7159	669	31	database	database	NOUN
cblr-7159	669	32	contains	contain	VERB
cblr-7159	669	33	only	only	ADV
cblr-7159	669	34	a	a	DET
cblr-7159	669	35	portion	portion	NOUN
cblr-7159	669	36	of	of	ADP
cblr-7159	669	37	the	the	DET
cblr-7159	669	38	loans	loan	NOUN
cblr-7159	669	39	and	and	CCONJ
cblr-7159	669	40	other	other	ADJ
cblr-7159	669	41	debt	debt	NOUN
cblr-7159	669	42	instruments	instrument	NOUN
cblr-7159	669	43	involving	involve	VERB
cblr-7159	669	44	public	public	ADJ
cblr-7159	669	45	companies	company	NOUN
cblr-7159	669	46	at	at	ADP
cblr-7159	669	47	a	a	DET
cblr-7159	669	48	given	give	VERB
cblr-7159	669	49	time	time	NOUN
cblr-7159	669	50	,	,	PUNCT
cblr-7159	669	51	and	and	CCONJ
cblr-7159	669	52	thus	thus	ADV
cblr-7159	669	53	does	do	AUX
cblr-7159	669	54	not	not	PART
cblr-7159	669	55	include	include	VERB
cblr-7159	669	56	all	all	PRON
cblr-7159	669	57	of	of	ADP
cblr-7159	669	58	the	the	DET
cblr-7159	669	59	loans	loan	NOUN
cblr-7159	669	60	taken	take	VERB
cblr-7159	669	61	by	by	ADP
cblr-7159	669	62	companies	company	NOUN
cblr-7159	669	63	in	in	ADP
cblr-7159	669	64	the	the	DET
cblr-7159	669	65	initial	initial	ADJ
cblr-7159	669	66	dataset	dataset	NOUN
cblr-7159	669	67	,	,	PUNCT
cblr-7159	669	68	or	or	CCONJ
cblr-7159	669	69	all	all	PRON
cblr-7159	669	70	of	of	ADP
cblr-7159	669	71	the	the	DET
cblr-7159	669	72	companies	company	NOUN
cblr-7159	669	73	that	that	PRON
cblr-7159	669	74	reported	report	VERB
cblr-7159	669	75	covenant	covenant	ADJ
cblr-7159	669	76	violations	violation	NOUN
cblr-7159	669	77	in	in	ADP
cblr-7159	669	78	the	the	DET
cblr-7159	669	79	time	time	NOUN
cblr-7159	669	80	period	period	NOUN
cblr-7159	669	81	studied.220	studied.220	NOUN
cblr-7159	669	82	nonetheless	nonetheless	ADV
cblr-7159	669	83	,	,	PUNCT
cblr-7159	669	84	the	the	DET
cblr-7159	669	85	initial	initial	ADJ
cblr-7159	669	86	dataset	dataset	NOUN
cblr-7159	669	87	was	be	AUX
cblr-7159	669	88	successfully	successfully	ADV
cblr-7159	669	89	matched	match	VERB
cblr-7159	669	90	with	with	ADP
cblr-7159	669	91	10,105	10,105	NUM
cblr-7159	669	92	debt	debt	NOUN
cblr-7159	669	93	transactions	transaction	NOUN
cblr-7159	669	94	involving	involve	VERB
cblr-7159	669	95	3,370	3,370	NUM
cblr-7159	669	96	companies	company	NOUN
cblr-7159	669	97	,	,	PUNCT
cblr-7159	669	98	1,416	1,416	NUM
cblr-7159	669	99	of	of	ADP
cblr-7159	669	100	which	which	PRON
cblr-7159	669	101	were	be	AUX
cblr-7159	669	102	covenant	covenant	ADJ
cblr-7159	669	103	violators	violator	NOUN
cblr-7159	669	104	.	.	PUNCT
cblr-7159	670	1	for	for	ADP
cblr-7159	670	2	the	the	DET
cblr-7159	670	3	second	second	ADJ
cblr-7159	670	4	part	part	NOUN
cblr-7159	670	5	of	of	ADP
cblr-7159	670	6	the	the	DET
cblr-7159	670	7	analysis	analysis	NOUN
cblr-7159	670	8	(	(	PUNCT
cblr-7159	670	9	the	the	DET
cblr-7159	670	10	analysis	analysis	NOUN
cblr-7159	670	11	of	of	ADP
cblr-7159	670	12	ceo	ceo	NOUN
cblr-7159	670	13	and	and	CCONJ
cblr-7159	670	14	cfo	cfo	NOUN
cblr-7159	670	15	departures	departure	NOUN
cblr-7159	670	16	)	)	PUNCT
cblr-7159	670	17	,	,	PUNCT
cblr-7159	670	18	i	i	PRON
cblr-7159	670	19	extracted	extract	VERB
cblr-7159	670	20	information	information	NOUN
cblr-7159	670	21	from	from	ADP
cblr-7159	670	22	forms	form	NOUN
cblr-7159	670	23	10k	10k	NOUN
cblr-7159	670	24	,	,	PUNCT
cblr-7159	670	25	10	10	NUM
cblr-7159	670	26	-	-	PUNCT
cblr-7159	670	27	q	q	NOUN
cblr-7159	670	28	and	and	CCONJ
cblr-7159	670	29	8	8	NUM
cblr-7159	670	30	-	-	PUNCT
cblr-7159	670	31	k	k	NOUN
cblr-7159	670	32	regarding	regard	VERB
cblr-7159	670	33	turnover	turnover	NOUN
cblr-7159	670	34	of	of	ADP
cblr-7159	670	35	senior	senior	ADJ
cblr-7159	670	36	company	company	NOUN
cblr-7159	670	37	officers	officer	NOUN
cblr-7159	670	38	.	.	PUNCT
cblr-7159	671	1	as	as	SCONJ
cblr-7159	671	2	previously	previously	ADV
cblr-7159	671	3	mentioned	mention	VERB
cblr-7159	671	4	,	,	PUNCT
cblr-7159	671	5	lenders	lender	NOUN
cblr-7159	671	6	sometimes	sometimes	ADV
cblr-7159	671	7	exert	exert	VERB
cblr-7159	671	8	their	their	PRON
cblr-7159	671	9	influence	influence	NOUN
cblr-7159	671	10	by	by	ADP
cblr-7159	671	11	forcing	force	VERB
cblr-7159	671	12	a	a	DET
cblr-7159	671	13	change	change	NOUN
cblr-7159	671	14	in	in	ADP
cblr-7159	671	15	management	management	NOUN
cblr-7159	671	16	,	,	PUNCT
cblr-7159	671	17	a	a	DET
cblr-7159	671	18	phenomenon	phenomenon	NOUN
cblr-7159	671	19	that	that	PRON
cblr-7159	671	20	was	be	AUX
cblr-7159	671	21	documented	document	VERB
cblr-7159	671	22	in	in	ADP
cblr-7159	671	23	the	the	DET
cblr-7159	671	24	pre	pre	NOUN
cblr-7159	671	25	-	-	ADJ
cblr-7159	671	26	crisis	crisis	ADJ
cblr-7159	671	27	era	era	NOUN
cblr-7159	671	28	with	with	ADP
cblr-7159	671	29	respect	respect	NOUN
cblr-7159	671	30	to	to	AUX
cblr-7159	671	31	loan	loan	VERB
cblr-7159	671	32	covenant	covenant	ADJ
cblr-7159	671	33	violations.221	violations.221	PROPN
cblr-7159	671	34	although	although	SCONJ
cblr-7159	671	35	it	it	PRON
cblr-7159	671	36	is	be	AUX
cblr-7159	671	37	not	not	PART
cblr-7159	671	38	possible	possible	ADJ
cblr-7159	671	39	to	to	PART
cblr-7159	671	40	directly	directly	ADV
cblr-7159	671	41	observe	observe	VERB
cblr-7159	671	42	whether	whether	SCONJ
cblr-7159	671	43	a	a	DET
cblr-7159	671	44	lender	lender	NOUN
cblr-7159	671	45	influences	influence	VERB
cblr-7159	671	46	a	a	DET
cblr-7159	671	47	senior	senior	ADJ
cblr-7159	671	48	officer	officer	NOUN
cblr-7159	671	49	to	to	PART
cblr-7159	671	50	step	step	VERB
cblr-7159	671	51	down	down	ADP
cblr-7159	671	52	from	from	ADP
cblr-7159	671	53	their	their	PRON
cblr-7159	671	54	role	role	NOUN
cblr-7159	671	55	(	(	PUNCT
cblr-7159	671	56	and	and	CCONJ
cblr-7159	671	57	indeed	indeed	ADV
cblr-7159	671	58	,	,	PUNCT
cblr-7159	671	59	lenders	lender	NOUN
cblr-7159	671	60	have	have	VERB
cblr-7159	671	61	reason	reason	NOUN
cblr-7159	671	62	to	to	PART
cblr-7159	671	63	keep	keep	VERB
cblr-7159	671	64	their	their	PRON
cblr-7159	671	65	influence	influence	NOUN
cblr-7159	671	66	over	over	ADP
cblr-7159	671	67	such	such	ADJ
cblr-7159	671	68	processes	process	NOUN
cblr-7159	671	69	obscure),222	obscure),222	PRON
cblr-7159	671	70	when	when	SCONJ
cblr-7159	671	71	a	a	DET
cblr-7159	671	72	departure	departure	NOUN
cblr-7159	671	73	occurs	occur	VERB
cblr-7159	671	74	suddenly	suddenly	ADV
cblr-7159	671	75	after	after	SCONJ
cblr-7159	671	76	a	a	DET
cblr-7159	671	77	new	new	ADJ
cblr-7159	671	78	loan	loan	NOUN
cblr-7159	671	79	covenant	covenant	NOUN
cblr-7159	671	80	violation	violation	NOUN
cblr-7159	671	81	occurs	occur	VERB
cblr-7159	671	82	,	,	PUNCT
cblr-7159	671	83	a	a	DET
cblr-7159	671	84	plausible	plausible	ADJ
cblr-7159	671	85	inference	inference	NOUN
cblr-7159	671	86	is	be	AUX
cblr-7159	671	87	that	that	SCONJ
cblr-7159	671	88	the	the	DET
cblr-7159	671	89	lender	lender	NOUN
cblr-7159	671	90	had	have	VERB
cblr-7159	671	91	some	some	DET
cblr-7159	671	92	influence	influence	NOUN
cblr-7159	671	93	over	over	ADP
cblr-7159	671	94	the	the	DET
cblr-7159	671	95	process.223	process.223	NOUN
cblr-7159	671	96	the	the	DET
cblr-7159	671	97	inference	inference	NOUN
cblr-7159	671	98	becomes	become	VERB
cblr-7159	671	99	even	even	ADV
cblr-7159	671	100	more	more	ADJ
cblr-7159	671	101	waivers	waiver	NOUN
cblr-7159	671	102	for	for	ADP
cblr-7159	671	103	the	the	DET
cblr-7159	671	104	covenant	covenant	ADJ
cblr-7159	671	105	violations	violation	NOUN
cblr-7159	671	106	and	and	CCONJ
cblr-7159	671	107	has	have	AUX
cblr-7159	671	108	recently	recently	ADV
cblr-7159	671	109	completed	complete	VERB
cblr-7159	671	110	discussions	discussion	NOUN
cblr-7159	671	111	with	with	ADP
cblr-7159	671	112	its	its	PRON
cblr-7159	671	113	lender	lender	NOUN
cblr-7159	671	114	,	,	PUNCT
cblr-7159	671	115	and	and	CCONJ
cblr-7159	671	116	a	a	DET
cblr-7159	671	117	new	new	ADJ
cblr-7159	671	118	credit	credit	NOUN
cblr-7159	671	119	agreement	agreement	NOUN
cblr-7159	671	120	is	be	AUX
cblr-7159	671	121	being	be	AUX
cblr-7159	671	122	drafted	draft	VERB
cblr-7159	671	123	and	and	CCONJ
cblr-7159	671	124	is	be	AUX
cblr-7159	671	125	anticipated	anticipate	VERB
cblr-7159	671	126	to	to	PART
cblr-7159	671	127	be	be	AUX
cblr-7159	671	128	executed	execute	VERB
cblr-7159	671	129	with	with	ADP
cblr-7159	671	130	the	the	DET
cblr-7159	671	131	agreed	agree	VERB
cblr-7159	671	132	upon	upon	SCONJ
cblr-7159	671	133	terms	term	NOUN
cblr-7159	671	134	and	and	CCONJ
cblr-7159	671	135	conditions	condition	NOUN
cblr-7159	671	136	.	.	PUNCT
cblr-7159	672	1	supreme	supreme	PROPN
cblr-7159	672	2	indus	indus	PROPN
cblr-7159	672	3	.	.	PROPN
cblr-7159	672	4	,	,	PUNCT
cblr-7159	672	5	inc	inc	PROPN
cblr-7159	672	6	.	.	PROPN
cblr-7159	672	7	,	,	PUNCT
cblr-7159	672	8	quarterly	quarterly	ADJ
cblr-7159	672	9	report	report	NOUN
cblr-7159	672	10	(	(	PUNCT
cblr-7159	672	11	form	form	NOUN
cblr-7159	672	12	10	10	NUM
cblr-7159	672	13	-	-	PUNCT
cblr-7159	672	14	q	q	NOUN
cblr-7159	672	15	)	)	PUNCT
cblr-7159	672	16	,	,	PUNCT
cblr-7159	672	17	at	at	ADP
cblr-7159	672	18	7	7	NUM
cblr-7159	672	19	(	(	PUNCT
cblr-7159	672	20	aug	aug	PROPN
cblr-7159	672	21	.	.	PROPN
cblr-7159	672	22	10	10	NUM
cblr-7159	672	23	,	,	PUNCT
cblr-7159	672	24	2010	2010	NUM
cblr-7159	672	25	)	)	PUNCT
cblr-7159	672	26	.	.	PUNCT
cblr-7159	673	1	219	219	NUM
cblr-7159	673	2	see	see	VERB
cblr-7159	673	3	dealscan	dealscan	ADJ
cblr-7159	673	4	database	database	NOUN
cblr-7159	673	5	(	(	PUNCT
cblr-7159	673	6	2008–2019	2008–2019	NUM
cblr-7159	673	7	)	)	PUNCT
cblr-7159	673	8	,	,	PUNCT
cblr-7159	673	9	refinitiv	refinitiv	NOUN
cblr-7159	673	10	loan	loan	PROPN
cblr-7159	673	11	pricing	pricing	PROPN
cblr-7159	673	12	corp	corp	PROPN
cblr-7159	673	13	.	.	PROPN
cblr-7159	673	14	,	,	PUNCT
cblr-7159	673	15	https://www.refinitiv.com/en/financial-data/market-data/lpc-loanpricing/loanconnector-loan-information-platform	https://www.refinitiv.com/en/financial-data/market-data/lpc-loanpricing/loanconnector-loan-information-platform	PUNCT
cblr-7159	674	1	[	[	X
cblr-7159	674	2	https://perma.cc/tz4sx2cl	https://perma.cc/tz4sx2cl	X
cblr-7159	674	3	]	]	X
cblr-7159	674	4	.	.	PUNCT
cblr-7159	675	1	220	220	NUM
cblr-7159	675	2	i	i	PROPN
cblr-7159	675	3	d.	d.	PROPN
cblr-7159	675	4	221	221	NUM
cblr-7159	675	5	see	see	VERB
cblr-7159	675	6	nini	nini	PROPN
cblr-7159	675	7	et	et	PROPN
cblr-7159	675	8	al	al	PROPN
cblr-7159	675	9	.	.	PROPN
cblr-7159	675	10	,	,	PUNCT
cblr-7159	675	11	creditor	creditor	NOUN
cblr-7159	675	12	control	control	NOUN
cblr-7159	675	13	rights	right	NOUN
cblr-7159	675	14	,	,	PUNCT
cblr-7159	675	15	supra	supra	PROPN
cblr-7159	675	16	note	note	NOUN
cblr-7159	675	17	14	14	NUM
cblr-7159	675	18	,	,	PUNCT
cblr-7159	675	19	at	at	ADP
cblr-7159	675	20	1741–46	1741–46	NUM
cblr-7159	675	21	;	;	PUNCT
cblr-7159	675	22	see	see	VERB
cblr-7159	675	23	also	also	ADV
cblr-7159	675	24	baird	baird	PROPN
cblr-7159	675	25	&	&	CCONJ
cblr-7159	675	26	rasmussen	rasmussen	PROPN
cblr-7159	675	27	,	,	PUNCT
cblr-7159	675	28	supra	supra	PROPN
cblr-7159	675	29	note	note	PROPN
cblr-7159	675	30	1	1	NUM
cblr-7159	675	31	,	,	PUNCT
cblr-7159	675	32	at	at	ADP
cblr-7159	675	33	1211	1211	NUM
cblr-7159	675	34	.	.	PUNCT
cblr-7159	676	1	222	222	NUM
cblr-7159	676	2	see	see	VERB
cblr-7159	676	3	bratton	bratton	PROPN
cblr-7159	676	4	,	,	PUNCT
cblr-7159	676	5	supra	supra	PROPN
cblr-7159	676	6	note	note	PROPN
cblr-7159	676	7	97	97	NUM
cblr-7159	676	8	,	,	PUNCT
cblr-7159	676	9	at	at	ADP
cblr-7159	676	10	462	462	NUM
cblr-7159	676	11	(	(	PUNCT
cblr-7159	676	12	noting	note	VERB
cblr-7159	676	13	that	that	SCONJ
cblr-7159	676	14	lenders	lender	NOUN
cblr-7159	676	15	prefer	prefer	VERB
cblr-7159	676	16	to	to	PART
cblr-7159	676	17	work	work	VERB
cblr-7159	676	18	behind	behind	ADP
cblr-7159	676	19	the	the	DET
cblr-7159	676	20	scenes	scene	NOUN
cblr-7159	676	21	to	to	PART
cblr-7159	676	22	avoid	avoid	VERB
cblr-7159	676	23	liability	liability	NOUN
cblr-7159	676	24	to	to	ADP
cblr-7159	676	25	other	other	ADJ
cblr-7159	676	26	creditors	creditor	NOUN
cblr-7159	676	27	and	and	CCONJ
cblr-7159	676	28	shareholders	shareholder	NOUN
cblr-7159	676	29	)	)	PUNCT
cblr-7159	676	30	.	.	PUNCT
cblr-7159	677	1	223	223	NUM
cblr-7159	677	2	ceo	ceo	NOUN
cblr-7159	677	3	departures	departure	NOUN
cblr-7159	677	4	in	in	ADP
cblr-7159	677	5	the	the	DET
cblr-7159	677	6	quarter	quarter	NOUN
cblr-7159	677	7	immediately	immediately	ADV
cblr-7159	677	8	following	follow	VERB
cblr-7159	677	9	a	a	DET
cblr-7159	677	10	covenant	covenant	ADJ
cblr-7159	677	11	violation	violation	NOUN
cblr-7159	677	12	has	have	AUX
cblr-7159	677	13	been	be	AUX
cblr-7159	677	14	measured	measure	VERB
cblr-7159	677	15	in	in	ADP
cblr-7159	677	16	prior	prior	ADJ
cblr-7159	677	17	financial	financial	ADJ
cblr-7159	677	18	economic	economic	ADJ
cblr-7159	677	19	research	research	NOUN
cblr-7159	677	20	on	on	ADP
cblr-7159	677	21	lender	lender	NOUN
cblr-7159	677	22	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	677	23	(	(	PUNCT
cblr-7159	677	24	do	do	AUX
cblr-7159	677	25	not	not	PART
cblr-7159	677	26	delte	delte	VERB
cblr-7159	677	27	)	)	PUNCT
cblr-7159	677	28	9/28/2020	9/28/2020	NUM
cblr-7159	677	29	6:35	6:35	NUM
cblr-7159	677	30	pm	pm	NOUN
cblr-7159	677	31	244	244	NUM
cblr-7159	677	32	columbia	columbia	PROPN
cblr-7159	677	33	business	business	NOUN
cblr-7159	677	34	law	law	PROPN
cblr-7159	677	35	review	review	NOUN
cblr-7159	678	1	[	[	X
cblr-7159	678	2	vol	vol	NOUN
cblr-7159	678	3	.	.	PUNCT
cblr-7159	678	4	2020	2020	NUM
cblr-7159	678	5	plausible	plausible	ADJ
cblr-7159	678	6	if	if	SCONJ
cblr-7159	678	7	there	there	PRON
cblr-7159	678	8	is	be	VERB
cblr-7159	678	9	a	a	DET
cblr-7159	678	10	systematic	systematic	ADJ
cblr-7159	678	11	pattern	pattern	NOUN
cblr-7159	678	12	of	of	ADP
cblr-7159	678	13	such	such	ADJ
cblr-7159	678	14	departures	departure	NOUN
cblr-7159	678	15	after	after	ADP
cblr-7159	678	16	new	new	ADJ
cblr-7159	678	17	violations	violation	NOUN
cblr-7159	678	18	for	for	ADP
cblr-7159	678	19	different	different	ADJ
cblr-7159	678	20	companies	company	NOUN
cblr-7159	678	21	.	.	PUNCT
cblr-7159	679	1	part	part	NOUN
cblr-7159	679	2	of	of	ADP
cblr-7159	679	3	the	the	DET
cblr-7159	679	4	analysis	analysis	NOUN
cblr-7159	679	5	below	below	ADV
cblr-7159	679	6	investigates	investigate	VERB
cblr-7159	679	7	whether	whether	SCONJ
cblr-7159	679	8	or	or	CCONJ
cblr-7159	679	9	not	not	PART
cblr-7159	679	10	this	this	DET
cblr-7159	679	11	pattern	pattern	NOUN
cblr-7159	679	12	persists	persist	VERB
cblr-7159	679	13	with	with	ADP
cblr-7159	679	14	respect	respect	NOUN
cblr-7159	679	15	to	to	ADP
cblr-7159	679	16	debt	debt	NOUN
cblr-7159	679	17	that	that	PRON
cblr-7159	679	18	is	be	AUX
cblr-7159	679	19	originated	originate	VERB
cblr-7159	679	20	for	for	ADP
cblr-7159	679	21	non	non	NOUN
cblr-7159	679	22	-	-	NOUN
cblr-7159	679	23	banks	bank	NOUN
cblr-7159	679	24	or	or	CCONJ
cblr-7159	679	25	debt	debt	NOUN
cblr-7159	679	26	that	that	PRON
cblr-7159	679	27	is	be	AUX
cblr-7159	679	28	primarily	primarily	ADV
cblr-7159	679	29	securitized	securitize	VERB
cblr-7159	679	30	in	in	ADP
cblr-7159	679	31	clo	clo	PROPN
cblr-7159	679	32	vehicles	vehicle	NOUN
cblr-7159	679	33	,	,	PUNCT
cblr-7159	679	34	and	and	CCONJ
cblr-7159	679	35	whether	whether	SCONJ
cblr-7159	679	36	the	the	DET
cblr-7159	679	37	pattern	pattern	NOUN
cblr-7159	679	38	changes	change	VERB
cblr-7159	679	39	as	as	SCONJ
cblr-7159	679	40	the	the	DET
cblr-7159	679	41	market	market	NOUN
cblr-7159	679	42	for	for	ADP
cblr-7159	679	43	credit	credit	NOUN
cblr-7159	679	44	becomes	become	VERB
cblr-7159	679	45	more	more	ADV
cblr-7159	679	46	competitive	competitive	ADJ
cblr-7159	679	47	.	.	PUNCT
cblr-7159	680	1	the	the	DET
cblr-7159	680	2	analysis	analysis	NOUN
cblr-7159	680	3	and	and	CCONJ
cblr-7159	680	4	results	result	NOUN
cblr-7159	680	5	that	that	PRON
cblr-7159	680	6	come	come	VERB
cblr-7159	680	7	from	from	ADP
cblr-7159	680	8	this	this	DET
cblr-7159	680	9	data	datum	NOUN
cblr-7159	680	10	are	be	AUX
cblr-7159	680	11	further	far	ADV
cblr-7159	680	12	described	describe	VERB
cblr-7159	680	13	below	below	ADV
cblr-7159	680	14	.	.	PUNCT
cblr-7159	681	1	b.	b.	PROPN
cblr-7159	681	2	financial	financial	ADJ
cblr-7159	681	3	proxies	proxy	NOUN
cblr-7159	681	4	for	for	ADP
cblr-7159	681	5	lender	lender	NOUN
cblr-7159	681	6	intervention	intervention	NOUN
cblr-7159	681	7	since	since	SCONJ
cblr-7159	681	8	lender	lender	NOUN
cblr-7159	681	9	intervention	intervention	NOUN
cblr-7159	681	10	can	can	AUX
cblr-7159	681	11	not	not	PART
cblr-7159	681	12	be	be	AUX
cblr-7159	681	13	observed	observe	VERB
cblr-7159	681	14	directly	directly	ADV
cblr-7159	681	15	,	,	PUNCT
cblr-7159	681	16	research	research	NOUN
cblr-7159	681	17	on	on	ADP
cblr-7159	681	18	debt	debt	NOUN
cblr-7159	681	19	governance	governance	NOUN
cblr-7159	681	20	uses	use	VERB
cblr-7159	681	21	a	a	DET
cblr-7159	681	22	number	number	NOUN
cblr-7159	681	23	of	of	ADP
cblr-7159	681	24	accounting	accounting	NOUN
cblr-7159	681	25	-	-	PUNCT
cblr-7159	681	26	related	relate	VERB
cblr-7159	681	27	proxies	proxy	NOUN
cblr-7159	681	28	to	to	PART
cblr-7159	681	29	assess	assess	VERB
cblr-7159	681	30	whether	whether	SCONJ
cblr-7159	681	31	lenders	lender	NOUN
cblr-7159	681	32	have	have	AUX
cblr-7159	681	33	influenced	influence	VERB
cblr-7159	681	34	a	a	DET
cblr-7159	681	35	borrower	borrower	NOUN
cblr-7159	681	36	following	follow	VERB
cblr-7159	681	37	a	a	DET
cblr-7159	681	38	covenant	covenant	ADJ
cblr-7159	681	39	violation	violation	NOUN
cblr-7159	681	40	.	.	PUNCT
cblr-7159	682	1	these	these	DET
cblr-7159	682	2	accounting	accounting	NOUN
cblr-7159	682	3	measures	measure	NOUN
cblr-7159	682	4	are	be	AUX
cblr-7159	682	5	indicators	indicator	NOUN
cblr-7159	682	6	for	for	ADP
cblr-7159	682	7	a	a	DET
cblr-7159	682	8	firm	firm	NOUN
cblr-7159	682	9	’s	’s	PART
cblr-7159	682	10	financial	financial	ADJ
cblr-7159	682	11	health	health	NOUN
cblr-7159	682	12	and	and	CCONJ
cblr-7159	682	13	the	the	DET
cblr-7159	682	14	quality	quality	NOUN
cblr-7159	682	15	of	of	ADP
cblr-7159	682	16	management	management	NOUN
cblr-7159	682	17	.	.	PUNCT
cblr-7159	683	1	prior	prior	ADJ
cblr-7159	683	2	research	research	NOUN
cblr-7159	683	3	has	have	AUX
cblr-7159	683	4	shown	show	VERB
cblr-7159	683	5	that	that	SCONJ
cblr-7159	683	6	these	these	DET
cblr-7159	683	7	metrics	metric	NOUN
cblr-7159	683	8	tend	tend	VERB
cblr-7159	683	9	to	to	PART
cblr-7159	683	10	deteriorate	deteriorate	VERB
cblr-7159	683	11	in	in	ADP
cblr-7159	683	12	the	the	DET
cblr-7159	683	13	period	period	NOUN
cblr-7159	683	14	leading	lead	VERB
cblr-7159	683	15	up	up	ADP
cblr-7159	683	16	to	to	ADP
cblr-7159	683	17	a	a	DET
cblr-7159	683	18	covenant	covenant	ADJ
cblr-7159	683	19	violation	violation	NOUN
cblr-7159	683	20	,	,	PUNCT
cblr-7159	683	21	but	but	CCONJ
cblr-7159	683	22	they	they	PRON
cblr-7159	683	23	improve	improve	VERB
cblr-7159	683	24	significantly	significantly	ADV
cblr-7159	683	25	in	in	ADP
cblr-7159	683	26	the	the	DET
cblr-7159	683	27	four	four	NUM
cblr-7159	683	28	quarters	quarter	NOUN
cblr-7159	683	29	following	follow	VERB
cblr-7159	683	30	a	a	DET
cblr-7159	683	31	violation	violation	NOUN
cblr-7159	683	32	in	in	ADP
cblr-7159	683	33	response	response	NOUN
cblr-7159	683	34	to	to	ADP
cblr-7159	683	35	the	the	DET
cblr-7159	683	36	waiver	waiver	NOUN
cblr-7159	683	37	and	and	CCONJ
cblr-7159	683	38	renegotiation	renegotiation	NOUN
cblr-7159	683	39	process	process	NOUN
cblr-7159	683	40	with	with	ADP
cblr-7159	683	41	lenders.224	lenders.224	PROPN
cblr-7159	683	42	three	three	NUM
cblr-7159	683	43	categories	category	NOUN
cblr-7159	683	44	of	of	ADP
cblr-7159	683	45	performance	performance	NOUN
cblr-7159	683	46	indicators	indicator	NOUN
cblr-7159	683	47	are	be	AUX
cblr-7159	683	48	particularly	particularly	ADV
cblr-7159	683	49	relevant	relevant	ADJ
cblr-7159	683	50	to	to	ADP
cblr-7159	683	51	lenders	lender	NOUN
cblr-7159	683	52	and	and	CCONJ
cblr-7159	683	53	offer	offer	VERB
cblr-7159	683	54	important	important	ADJ
cblr-7159	683	55	insights	insight	NOUN
cblr-7159	683	56	.	.	PUNCT
cblr-7159	684	1	these	these	PRON
cblr-7159	684	2	are	be	AUX
cblr-7159	684	3	:	:	PUNCT
cblr-7159	684	4	financial	financial	ADJ
cblr-7159	684	5	conservatism	conservatism	NOUN
cblr-7159	684	6	,	,	PUNCT
cblr-7159	684	7	investment	investment	NOUN
cblr-7159	684	8	conservatism	conservatism	NOUN
cblr-7159	684	9	,	,	PUNCT
cblr-7159	684	10	and	and	CCONJ
cblr-7159	684	11	operating	operating	NOUN
cblr-7159	684	12	performance	performance	NOUN
cblr-7159	684	13	.	.	PUNCT
cblr-7159	685	1	in	in	ADP
cblr-7159	685	2	essence	essence	NOUN
cblr-7159	685	3	,	,	PUNCT
cblr-7159	685	4	these	these	DET
cblr-7159	685	5	three	three	NUM
cblr-7159	685	6	measures	measure	NOUN
cblr-7159	685	7	gauge	gauge	VERB
cblr-7159	685	8	the	the	DET
cblr-7159	685	9	extent	extent	NOUN
cblr-7159	685	10	to	to	PART
cblr-7159	685	11	which	which	PRON
cblr-7159	685	12	borrowers	borrower	NOUN
cblr-7159	685	13	cut	cut	VERB
cblr-7159	685	14	back	back	ADV
cblr-7159	685	15	on	on	ADP
cblr-7159	685	16	acquisitions	acquisition	NOUN
cblr-7159	685	17	,	,	PUNCT
cblr-7159	685	18	reduce	reduce	VERB
cblr-7159	685	19	borrowing	borrowing	NOUN
cblr-7159	685	20	,	,	PUNCT
cblr-7159	685	21	and	and	CCONJ
cblr-7159	685	22	improve	improve	VERB
cblr-7159	685	23	their	their	PRON
cblr-7159	685	24	costs	cost	NOUN
cblr-7159	685	25	and	and	CCONJ
cblr-7159	685	26	cashflow	cashflow	ADJ
cblr-7159	685	27	following	follow	VERB
cblr-7159	685	28	a	a	DET
cblr-7159	685	29	covenant	covenant	ADJ
cblr-7159	685	30	violation	violation	NOUN
cblr-7159	685	31	.	.	PUNCT
cblr-7159	686	1	such	such	ADJ
cblr-7159	686	2	changes	change	NOUN
cblr-7159	686	3	speak	speak	VERB
cblr-7159	686	4	to	to	ADP
cblr-7159	686	5	lenders	lender	NOUN
cblr-7159	686	6	’	’	PART
cblr-7159	686	7	monitoring	monitoring	NOUN
cblr-7159	686	8	and	and	CCONJ
cblr-7159	686	9	influence	influence	NOUN
cblr-7159	686	10	vis	vis	X
cblr-7159	686	11	-	-	X
cblr-7159	686	12	à	à	X
cblr-7159	686	13	-	-	PUNCT
cblr-7159	686	14	vis	vis	X
cblr-7159	686	15	borrowers	borrower	NOUN
cblr-7159	686	16	.	.	PUNCT
cblr-7159	687	1	if	if	SCONJ
cblr-7159	687	2	companies	company	NOUN
cblr-7159	687	3	exhibit	exhibit	VERB
cblr-7159	687	4	financially	financially	ADV
cblr-7159	687	5	irresponsible	irresponsible	ADJ
cblr-7159	687	6	behavior	behavior	NOUN
cblr-7159	687	7	before	before	ADP
cblr-7159	687	8	the	the	DET
cblr-7159	687	9	violation	violation	NOUN
cblr-7159	687	10	,	,	PUNCT
cblr-7159	687	11	and	and	CCONJ
cblr-7159	687	12	then	then	ADV
cblr-7159	687	13	markedly	markedly	ADV
cblr-7159	687	14	improved	improve	VERB
cblr-7159	687	15	financial	financial	ADJ
cblr-7159	687	16	responsibility	responsibility	NOUN
cblr-7159	687	17	following	follow	VERB
cblr-7159	687	18	the	the	DET
cblr-7159	687	19	violation	violation	NOUN
cblr-7159	687	20	,	,	PUNCT
cblr-7159	687	21	it	it	PRON
cblr-7159	687	22	is	be	AUX
cblr-7159	687	23	compelling	compelling	ADJ
cblr-7159	687	24	evidence	evidence	NOUN
cblr-7159	687	25	that	that	SCONJ
cblr-7159	687	26	the	the	DET
cblr-7159	687	27	lender	lender	NOUN
cblr-7159	687	28	intervened	intervene	VERB
cblr-7159	687	29	either	either	CCONJ
cblr-7159	687	30	directly	directly	ADV
cblr-7159	687	31	or	or	CCONJ
cblr-7159	687	32	indirectly	indirectly	ADV
cblr-7159	687	33	.	.	PUNCT
cblr-7159	688	1	these	these	DET
cblr-7159	688	2	measures	measure	NOUN
cblr-7159	688	3	and	and	CCONJ
cblr-7159	688	4	their	their	PRON
cblr-7159	688	5	importance	importance	NOUN
cblr-7159	688	6	are	be	AUX
cblr-7159	688	7	explained	explain	VERB
cblr-7159	688	8	below	below	ADV
cblr-7159	688	9	.	.	PUNCT
cblr-7159	689	1	interventions	intervention	NOUN
cblr-7159	689	2	.	.	PUNCT
cblr-7159	690	1	see	see	VERB
cblr-7159	690	2	,	,	PUNCT
cblr-7159	690	3	e.g.	e.g.	ADV
cblr-7159	690	4	,	,	PUNCT
cblr-7159	690	5	nini	nini	PROPN
cblr-7159	690	6	et	et	PROPN
cblr-7159	690	7	al	al	PROPN
cblr-7159	690	8	,	,	PUNCT
cblr-7159	690	9	creditor	creditor	NOUN
cblr-7159	690	10	control	control	NOUN
cblr-7159	690	11	rights	right	NOUN
cblr-7159	690	12	,	,	PUNCT
cblr-7159	690	13	supra	supra	PROPN
cblr-7159	690	14	note	note	NOUN
cblr-7159	690	15	14	14	NUM
cblr-7159	690	16	,	,	PUNCT
cblr-7159	690	17	at	at	ADP
cblr-7159	690	18	1741–46	1741–46	ADJ
cblr-7159	690	19	.	.	PUNCT
cblr-7159	691	1	224	224	NUM
cblr-7159	691	2	see	see	VERB
cblr-7159	691	3	i	i	PRON
cblr-7159	691	4	d.	d.	PROPN
cblr-7159	691	5	at	at	ADP
cblr-7159	691	6	1726–32	1726–32	NUM
cblr-7159	691	7	,	,	PUNCT
cblr-7159	691	8	1757	1757	NUM
cblr-7159	691	9	.	.	PUNCT
cblr-7159	692	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	692	2	(	(	PUNCT
cblr-7159	692	3	do	do	AUX
cblr-7159	692	4	not	not	PART
cblr-7159	692	5	delete	delete	VERB
cblr-7159	692	6	)	)	PUNCT
cblr-7159	692	7	9/28/2020	9/28/2020	NUM
cblr-7159	692	8	6:35	6:35	NUM
cblr-7159	692	9	pm	pm	NOUN
cblr-7159	692	10	no	no	INTJ
cblr-7159	692	11	.	.	PUNCT
cblr-7159	693	1	1:192	1:192	X
cblr-7159	693	2	]	]	X
cblr-7159	693	3	reconsidering	reconsider	VERB
cblr-7159	693	4	creditor	creditor	NOUN
cblr-7159	693	5	governance	governance	NOUN
cblr-7159	693	6	245	245	NUM
cblr-7159	693	7	1	1	NUM
cblr-7159	693	8	.	.	PUNCT
cblr-7159	693	9	financial	financial	ADJ
cblr-7159	693	10	conservatism	conservatism	NOUN
cblr-7159	693	11	the	the	DET
cblr-7159	693	12	first	first	ADJ
cblr-7159	693	13	category	category	NOUN
cblr-7159	693	14	of	of	ADP
cblr-7159	693	15	performance	performance	NOUN
cblr-7159	693	16	indicators	indicator	NOUN
cblr-7159	693	17	proxy	proxy	VERB
cblr-7159	693	18	for	for	ADP
cblr-7159	693	19	financial	financial	ADJ
cblr-7159	693	20	conservatism	conservatism	NOUN
cblr-7159	693	21	,	,	PUNCT
cblr-7159	693	22	i.e.	i.e.	X
cblr-7159	693	23	,	,	PUNCT
cblr-7159	693	24	how	how	SCONJ
cblr-7159	693	25	careful	careful	ADJ
cblr-7159	693	26	a	a	DET
cblr-7159	693	27	company	company	NOUN
cblr-7159	693	28	’s	’s	PART
cblr-7159	693	29	management	management	NOUN
cblr-7159	693	30	is	be	AUX
cblr-7159	693	31	in	in	ADP
cblr-7159	693	32	conserving	conserve	VERB
cblr-7159	693	33	the	the	DET
cblr-7159	693	34	company	company	NOUN
cblr-7159	693	35	’s	’s	PART
cblr-7159	693	36	funds	fund	NOUN
cblr-7159	693	37	and	and	CCONJ
cblr-7159	693	38	limiting	limit	VERB
cblr-7159	693	39	debt	debt	NOUN
cblr-7159	693	40	issuances	issuance	NOUN
cblr-7159	693	41	in	in	ADP
cblr-7159	693	42	the	the	DET
cblr-7159	693	43	periods	period	NOUN
cblr-7159	693	44	before	before	ADV
cblr-7159	693	45	and	and	CCONJ
cblr-7159	693	46	after	after	ADP
cblr-7159	693	47	a	a	DET
cblr-7159	693	48	violation	violation	NOUN
cblr-7159	693	49	.	.	PUNCT
cblr-7159	694	1	accounting	accounting	NOUN
cblr-7159	694	2	measures	measure	NOUN
cblr-7159	694	3	that	that	PRON
cblr-7159	694	4	proxy	proxy	NOUN
cblr-7159	694	5	for	for	ADP
cblr-7159	694	6	financial	financial	ADJ
cblr-7159	694	7	conservatism	conservatism	NOUN
cblr-7159	694	8	are	be	AUX
cblr-7159	694	9	:	:	PUNCT
cblr-7159	694	10	the	the	DET
cblr-7159	694	11	change	change	NOUN
cblr-7159	694	12	in	in	ADP
cblr-7159	694	13	total	total	ADJ
cblr-7159	694	14	cashflow	cashflow	NOUN
cblr-7159	694	15	of	of	ADP
cblr-7159	694	16	the	the	DET
cblr-7159	694	17	firm	firm	NOUN
cblr-7159	694	18	(	(	PUNCT
cblr-7159	694	19	as	as	ADP
cblr-7159	694	20	a	a	DET
cblr-7159	694	21	percentage	percentage	NOUN
cblr-7159	694	22	of	of	ADP
cblr-7159	694	23	the	the	DET
cblr-7159	694	24	total	total	ADJ
cblr-7159	694	25	assets	asset	NOUN
cblr-7159	694	26	)	)	PUNCT
cblr-7159	694	27	,	,	PUNCT
cblr-7159	694	28	the	the	DET
cblr-7159	694	29	change	change	NOUN
cblr-7159	694	30	in	in	ADP
cblr-7159	694	31	the	the	DET
cblr-7159	694	32	amount	amount	NOUN
cblr-7159	694	33	of	of	ADP
cblr-7159	694	34	shareholder	shareholder	NOUN
cblr-7159	694	35	payouts	payout	NOUN
cblr-7159	694	36	made	make	VERB
cblr-7159	694	37	(	(	PUNCT
cblr-7159	694	38	i.e.	i.e.	X
cblr-7159	694	39	,	,	PUNCT
cblr-7159	694	40	how	how	SCONJ
cblr-7159	694	41	much	much	ADJ
cblr-7159	694	42	the	the	DET
cblr-7159	694	43	company	company	NOUN
cblr-7159	694	44	’s	’s	PART
cblr-7159	694	45	money	money	NOUN
cblr-7159	694	46	is	be	AUX
cblr-7159	694	47	being	be	AUX
cblr-7159	694	48	poured	pour	VERB
cblr-7159	694	49	into	into	ADP
cblr-7159	694	50	share	share	NOUN
cblr-7159	694	51	buybacks	buyback	NOUN
cblr-7159	694	52	or	or	CCONJ
cblr-7159	694	53	dividend	dividend	NOUN
cblr-7159	694	54	distributions	distribution	NOUN
cblr-7159	694	55	)	)	PUNCT
cblr-7159	694	56	,	,	PUNCT
cblr-7159	694	57	the	the	DET
cblr-7159	694	58	change	change	NOUN
cblr-7159	694	59	in	in	ADP
cblr-7159	694	60	the	the	DET
cblr-7159	694	61	total	total	ADJ
cblr-7159	694	62	debt	debt	NOUN
cblr-7159	694	63	of	of	ADP
cblr-7159	694	64	the	the	DET
cblr-7159	694	65	company	company	NOUN
cblr-7159	694	66	(	(	PUNCT
cblr-7159	694	67	scaled	scale	VERB
cblr-7159	694	68	by	by	ADP
cblr-7159	694	69	the	the	DET
cblr-7159	694	70	amount	amount	NOUN
cblr-7159	694	71	of	of	ADP
cblr-7159	694	72	the	the	DET
cblr-7159	694	73	company	company	NOUN
cblr-7159	694	74	’s	’s	PART
cblr-7159	694	75	assets	asset	NOUN
cblr-7159	694	76	,	,	PUNCT
cblr-7159	694	77	so	so	SCONJ
cblr-7159	694	78	that	that	SCONJ
cblr-7159	694	79	the	the	DET
cblr-7159	694	80	metric	metric	NOUN
cblr-7159	694	81	can	can	AUX
cblr-7159	694	82	be	be	AUX
cblr-7159	694	83	compared	compare	VERB
cblr-7159	694	84	across	across	ADP
cblr-7159	694	85	firms	firm	NOUN
cblr-7159	694	86	of	of	ADP
cblr-7159	694	87	different	different	ADJ
cblr-7159	694	88	sizes	size	NOUN
cblr-7159	694	89	)	)	PUNCT
cblr-7159	694	90	,	,	PUNCT
cblr-7159	694	91	and	and	CCONJ
cblr-7159	694	92	the	the	DET
cblr-7159	694	93	change	change	NOUN
cblr-7159	694	94	in	in	ADP
cblr-7159	694	95	the	the	DET
cblr-7159	694	96	company	company	NOUN
cblr-7159	694	97	’s	’s	PART
cblr-7159	694	98	net	net	ADJ
cblr-7159	694	99	debt	debt	NOUN
cblr-7159	694	100	issuance	issuance	NOUN
cblr-7159	694	101	,	,	PUNCT
cblr-7159	694	102	or	or	CCONJ
cblr-7159	694	103	,	,	PUNCT
cblr-7159	694	104	how	how	SCONJ
cblr-7159	694	105	much	much	ADJ
cblr-7159	694	106	new	new	ADJ
cblr-7159	694	107	debt	debt	NOUN
cblr-7159	694	108	a	a	DET
cblr-7159	694	109	company	company	NOUN
cblr-7159	694	110	takes	take	VERB
cblr-7159	694	111	on	on	ADP
cblr-7159	694	112	without	without	ADP
cblr-7159	694	113	eliminating	eliminate	VERB
cblr-7159	694	114	old	old	ADJ
cblr-7159	694	115	debt.225	debt.225	NOUN
cblr-7159	694	116	of	of	ADP
cblr-7159	694	117	particular	particular	ADJ
cblr-7159	694	118	interest	interest	NOUN
cblr-7159	694	119	are	be	AUX
cblr-7159	694	120	the	the	DET
cblr-7159	694	121	shareholder	shareholder	NOUN
cblr-7159	694	122	payout	payout	NOUN
cblr-7159	694	123	metrics	metric	NOUN
cblr-7159	694	124	and	and	CCONJ
cblr-7159	694	125	debt	debt	NOUN
cblr-7159	694	126	-	-	PUNCT
cblr-7159	694	127	related	relate	VERB
cblr-7159	694	128	measures	measure	NOUN
cblr-7159	694	129	.	.	PUNCT
cblr-7159	695	1	each	each	PRON
cblr-7159	695	2	of	of	ADP
cblr-7159	695	3	these	these	PRON
cblr-7159	695	4	are	be	AUX
cblr-7159	695	5	the	the	DET
cblr-7159	695	6	subject	subject	NOUN
cblr-7159	695	7	of	of	ADP
cblr-7159	695	8	common	common	ADJ
cblr-7159	695	9	loan	loan	NOUN
cblr-7159	695	10	covenants	covenant	NOUN
cblr-7159	695	11	,	,	PUNCT
cblr-7159	695	12	the	the	DET
cblr-7159	695	13	goal	goal	NOUN
cblr-7159	695	14	of	of	ADP
cblr-7159	695	15	which	which	PRON
cblr-7159	695	16	is	be	AUX
cblr-7159	695	17	to	to	PART
cblr-7159	695	18	constrain	constrain	VERB
cblr-7159	695	19	the	the	DET
cblr-7159	695	20	agency	agency	NOUN
cblr-7159	695	21	costs	cost	NOUN
cblr-7159	695	22	of	of	ADP
cblr-7159	695	23	debt	debt	NOUN
cblr-7159	695	24	,	,	PUNCT
cblr-7159	695	25	i.e.	i.e.	X
cblr-7159	695	26	,	,	PUNCT
cblr-7159	695	27	to	to	PART
cblr-7159	695	28	prevent	prevent	VERB
cblr-7159	695	29	managers	manager	NOUN
cblr-7159	695	30	from	from	ADP
cblr-7159	695	31	taking	take	VERB
cblr-7159	695	32	action	action	NOUN
cblr-7159	695	33	to	to	PART
cblr-7159	695	34	benefit	benefit	VERB
cblr-7159	695	35	themselves	themselves	PRON
cblr-7159	695	36	or	or	CCONJ
cblr-7159	695	37	shareholders	shareholder	NOUN
cblr-7159	695	38	that	that	PRON
cblr-7159	695	39	might	might	AUX
cblr-7159	695	40	put	put	VERB
cblr-7159	695	41	their	their	PRON
cblr-7159	695	42	ability	ability	NOUN
cblr-7159	695	43	to	to	PART
cblr-7159	695	44	repay	repay	VERB
cblr-7159	695	45	the	the	DET
cblr-7159	695	46	loan	loan	NOUN
cblr-7159	695	47	at	at	ADP
cblr-7159	695	48	risk.226	risk.226	NOUN
cblr-7159	695	49	in	in	ADP
cblr-7159	695	50	addition	addition	NOUN
cblr-7159	695	51	to	to	ADP
cblr-7159	695	52	restricting	restrict	VERB
cblr-7159	695	53	new	new	ADJ
cblr-7159	695	54	debt	debt	NOUN
cblr-7159	695	55	issuances	issuance	NOUN
cblr-7159	695	56	,	,	PUNCT
cblr-7159	695	57	covenants	covenant	NOUN
cblr-7159	695	58	sometimes	sometimes	ADV
cblr-7159	695	59	limit	limit	VERB
cblr-7159	695	60	shareholder	shareholder	NOUN
cblr-7159	695	61	payouts	payout	NOUN
cblr-7159	695	62	to	to	PART
cblr-7159	695	63	prevent	prevent	VERB
cblr-7159	695	64	the	the	DET
cblr-7159	695	65	transfer	transfer	NOUN
cblr-7159	695	66	of	of	ADP
cblr-7159	695	67	assets	asset	NOUN
cblr-7159	695	68	to	to	ADP
cblr-7159	695	69	shareholders	shareholder	NOUN
cblr-7159	695	70	at	at	ADP
cblr-7159	695	71	the	the	DET
cblr-7159	695	72	expense	expense	NOUN
cblr-7159	695	73	of	of	ADP
cblr-7159	695	74	creditors.227	creditors.227	PROPN
cblr-7159	695	75	given	give	VERB
cblr-7159	695	76	that	that	PRON
cblr-7159	695	77	,	,	PUNCT
cblr-7159	695	78	it	it	PRON
cblr-7159	695	79	should	should	AUX
cblr-7159	695	80	come	come	VERB
cblr-7159	695	81	225	225	NUM
cblr-7159	695	82	these	these	DET
cblr-7159	695	83	categories	category	NOUN
cblr-7159	695	84	are	be	AUX
cblr-7159	695	85	used	use	VERB
cblr-7159	695	86	in	in	ADP
cblr-7159	695	87	other	other	ADJ
cblr-7159	695	88	studies	study	NOUN
cblr-7159	695	89	of	of	ADP
cblr-7159	695	90	lender	lender	NOUN
cblr-7159	695	91	interventions	intervention	NOUN
cblr-7159	695	92	and	and	CCONJ
cblr-7159	695	93	firm	firm	ADJ
cblr-7159	695	94	management	management	NOUN
cblr-7159	695	95	.	.	PUNCT
cblr-7159	696	1	see	see	VERB
cblr-7159	696	2	,	,	PUNCT
cblr-7159	696	3	e.g.	e.g.	ADV
cblr-7159	696	4	,	,	PUNCT
cblr-7159	696	5	nini	nini	PROPN
cblr-7159	696	6	,	,	PUNCT
cblr-7159	696	7	et	et	PROPN
cblr-7159	696	8	al	al	PROPN
cblr-7159	696	9	.	.	PROPN
cblr-7159	696	10	,	,	PUNCT
cblr-7159	696	11	creditor	creditor	NOUN
cblr-7159	696	12	control	control	NOUN
cblr-7159	696	13	rights	right	NOUN
cblr-7159	696	14	,	,	PUNCT
cblr-7159	696	15	supra	supra	PROPN
cblr-7159	696	16	note	note	PROPN
cblr-7159	696	17	14	14	NUM
cblr-7159	696	18	,	,	PUNCT
cblr-7159	696	19	at	at	ADP
cblr-7159	696	20	1737	1737	NUM
cblr-7159	696	21	.	.	PUNCT
cblr-7159	697	1	other	other	ADJ
cblr-7159	697	2	scholars	scholar	NOUN
cblr-7159	697	3	have	have	AUX
cblr-7159	697	4	used	use	VERB
cblr-7159	697	5	metrics	metric	NOUN
cblr-7159	697	6	such	such	ADJ
cblr-7159	697	7	as	as	ADP
cblr-7159	697	8	tobin	tobin	PROPN
cblr-7159	697	9	’s	’s	PART
cblr-7159	697	10	q	q	PUNCT
cblr-7159	697	11	to	to	PART
cblr-7159	697	12	measure	measure	VERB
cblr-7159	697	13	management	management	NOUN
cblr-7159	697	14	effectiveness	effectiveness	NOUN
cblr-7159	697	15	.	.	PUNCT
cblr-7159	698	1	see	see	VERB
cblr-7159	698	2	,	,	PUNCT
cblr-7159	698	3	e.g.	e.g.	ADV
cblr-7159	698	4	,	,	PUNCT
cblr-7159	698	5	shepherd	shepherd	PROPN
cblr-7159	698	6	et	et	PROPN
cblr-7159	698	7	al	al	PROPN
cblr-7159	698	8	.	.	PROPN
cblr-7159	698	9	,	,	PUNCT
cblr-7159	698	10	what	what	PRON
cblr-7159	698	11	else	else	ADV
cblr-7159	698	12	matters	matter	VERB
cblr-7159	698	13	,	,	PUNCT
cblr-7159	698	14	supra	supra	PROPN
cblr-7159	698	15	note	note	NOUN
cblr-7159	698	16	1	1	X
cblr-7159	698	17	.	.	X
cblr-7159	699	1	tobin	tobin	PROPN
cblr-7159	699	2	’s	’s	PART
cblr-7159	699	3	q	q	NOUN
cblr-7159	699	4	attempts	attempt	NOUN
cblr-7159	699	5	to	to	PART
cblr-7159	699	6	measure	measure	VERB
cblr-7159	699	7	the	the	DET
cblr-7159	699	8	replacement	replacement	NOUN
cblr-7159	699	9	cost	cost	NOUN
cblr-7159	699	10	of	of	ADP
cblr-7159	699	11	the	the	DET
cblr-7159	699	12	intangible	intangible	ADJ
cblr-7159	699	13	assets	asset	NOUN
cblr-7159	699	14	of	of	ADP
cblr-7159	699	15	a	a	DET
cblr-7159	699	16	firm	firm	NOUN
cblr-7159	699	17	,	,	PUNCT
cblr-7159	699	18	one	one	NUM
cblr-7159	699	19	of	of	ADP
cblr-7159	699	20	which	which	PRON
cblr-7159	699	21	is	be	AUX
cblr-7159	699	22	assumed	assume	VERB
cblr-7159	699	23	to	to	PART
cblr-7159	699	24	be	be	AUX
cblr-7159	699	25	management	management	NOUN
cblr-7159	699	26	’s	’s	PART
cblr-7159	699	27	ability	ability	NOUN
cblr-7159	699	28	to	to	PART
cblr-7159	699	29	run	run	VERB
cblr-7159	699	30	the	the	DET
cblr-7159	699	31	firm	firm	NOUN
cblr-7159	699	32	well	well	ADV
cblr-7159	699	33	.	.	PUNCT
cblr-7159	700	1	see	see	VERB
cblr-7159	700	2	i	i	PRON
cblr-7159	700	3	d.	d.	PROPN
cblr-7159	700	4	although	although	SCONJ
cblr-7159	700	5	it	it	PRON
cblr-7159	700	6	has	have	AUX
cblr-7159	700	7	been	be	AUX
cblr-7159	700	8	widely	widely	ADV
cblr-7159	700	9	used	use	VERB
cblr-7159	700	10	in	in	ADP
cblr-7159	700	11	research	research	NOUN
cblr-7159	700	12	on	on	ADP
cblr-7159	700	13	the	the	DET
cblr-7159	700	14	value	value	NOUN
cblr-7159	700	15	of	of	ADP
cblr-7159	700	16	corporate	corporate	ADJ
cblr-7159	700	17	governance	governance	NOUN
cblr-7159	700	18	provisions	provision	NOUN
cblr-7159	700	19	,	,	PUNCT
cblr-7159	700	20	its	its	PRON
cblr-7159	700	21	effectiveness	effectiveness	NOUN
cblr-7159	700	22	has	have	AUX
cblr-7159	700	23	been	be	AUX
cblr-7159	700	24	called	call	VERB
cblr-7159	700	25	into	into	ADP
cblr-7159	700	26	question	question	NOUN
cblr-7159	700	27	as	as	ADP
cblr-7159	700	28	an	an	DET
cblr-7159	700	29	adequate	adequate	ADJ
cblr-7159	700	30	measure	measure	NOUN
cblr-7159	700	31	of	of	ADP
cblr-7159	700	32	the	the	DET
cblr-7159	700	33	value	value	NOUN
cblr-7159	700	34	of	of	ADP
cblr-7159	700	35	firm	firm	ADJ
cblr-7159	700	36	governance	governance	NOUN
cblr-7159	700	37	.	.	PUNCT
cblr-7159	701	1	see	see	VERB
cblr-7159	701	2	,	,	PUNCT
cblr-7159	701	3	e.g.	e.g.	ADV
cblr-7159	701	4	,	,	PUNCT
cblr-7159	701	5	robert	robert	PROPN
cblr-7159	701	6	bartlett	bartlett	PROPN
cblr-7159	701	7	&	&	CCONJ
cblr-7159	701	8	frank	frank	PROPN
cblr-7159	701	9	partnoy	partnoy	PROPN
cblr-7159	701	10	,	,	PUNCT
cblr-7159	701	11	the	the	DET
cblr-7159	701	12	misuse	misuse	NOUN
cblr-7159	701	13	of	of	ADP
cblr-7159	701	14	tobin	tobin	PROPN
cblr-7159	701	15	’s	’s	PART
cblr-7159	701	16	q	q	NOUN
cblr-7159	701	17	,	,	PUNCT
cblr-7159	701	18	73	73	NUM
cblr-7159	701	19	vand	vand	NOUN
cblr-7159	701	20	.	.	PUNCT
cblr-7159	702	1	l.	l.	PROPN
cblr-7159	702	2	rev	rev	PROPN
cblr-7159	702	3	.	.	PROPN
cblr-7159	703	1	353	353	NUM
cblr-7159	703	2	(	(	PUNCT
cblr-7159	703	3	2020	2020	NUM
cblr-7159	703	4	)	)	PUNCT
cblr-7159	703	5	.	.	PUNCT
cblr-7159	704	1	the	the	DET
cblr-7159	704	2	measures	measure	NOUN
cblr-7159	704	3	used	use	VERB
cblr-7159	704	4	here	here	ADV
cblr-7159	704	5	are	be	AUX
cblr-7159	704	6	more	more	ADV
cblr-7159	704	7	nuanced	nuanced	ADJ
cblr-7159	704	8	and	and	CCONJ
cblr-7159	704	9	diverse	diverse	ADJ
cblr-7159	704	10	than	than	ADP
cblr-7159	704	11	tobin	tobin	PROPN
cblr-7159	704	12	’s	’s	PART
cblr-7159	704	13	q.	q.	PROPN
cblr-7159	704	14	all	all	PRON
cblr-7159	704	15	of	of	ADP
cblr-7159	704	16	them	they	PRON
cblr-7159	704	17	,	,	PUNCT
cblr-7159	704	18	taken	take	VERB
cblr-7159	704	19	together	together	ADV
cblr-7159	704	20	,	,	PUNCT
cblr-7159	704	21	provide	provide	VERB
cblr-7159	704	22	a	a	DET
cblr-7159	704	23	robust	robust	ADJ
cblr-7159	704	24	means	mean	NOUN
cblr-7159	704	25	of	of	ADP
cblr-7159	704	26	measuring	measure	VERB
cblr-7159	704	27	management	management	NOUN
cblr-7159	704	28	’s	’s	PART
cblr-7159	704	29	performance	performance	NOUN
cblr-7159	704	30	on	on	ADP
cblr-7159	704	31	specific	specific	ADJ
cblr-7159	704	32	criteria	criterion	NOUN
cblr-7159	704	33	.	.	PUNCT
cblr-7159	705	1	226	226	NUM
cblr-7159	705	2	see	see	VERB
cblr-7159	705	3	bratton	bratton	PROPN
cblr-7159	705	4	,	,	PUNCT
cblr-7159	705	5	supra	supra	PROPN
cblr-7159	705	6	note	note	PROPN
cblr-7159	705	7	97	97	NUM
cblr-7159	705	8	,	,	PUNCT
cblr-7159	705	9	at	at	ADP
cblr-7159	705	10	466–74	466–74	NUM
cblr-7159	705	11	.	.	PUNCT
cblr-7159	706	1	227	227	NUM
cblr-7159	706	2	see	see	VERB
cblr-7159	706	3	bratton	bratton	PROPN
cblr-7159	706	4	,	,	PUNCT
cblr-7159	706	5	supra	supra	PROPN
cblr-7159	706	6	note	note	PROPN
cblr-7159	706	7	29	29	NUM
cblr-7159	706	8	,	,	PUNCT
cblr-7159	706	9	at	at	ADP
cblr-7159	706	10	50–51	50–51	NUM
cblr-7159	706	11	;	;	PUNCT
cblr-7159	706	12	nini	nini	PROPN
cblr-7159	706	13	et	et	PROPN
cblr-7159	706	14	al	al	PROPN
cblr-7159	706	15	.	.	PROPN
cblr-7159	706	16	,	,	PUNCT
cblr-7159	706	17	creditor	creditor	NOUN
cblr-7159	706	18	control	control	NOUN
cblr-7159	706	19	rights	right	NOUN
cblr-7159	706	20	,	,	PUNCT
cblr-7159	706	21	supra	supra	PROPN
cblr-7159	706	22	note	note	NOUN
cblr-7159	706	23	14	14	NUM
cblr-7159	706	24	,	,	PUNCT
cblr-7159	706	25	at	at	ADP
cblr-7159	706	26	1737–38	1737–38	NOUN
cblr-7159	706	27	.	.	PUNCT
cblr-7159	707	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	707	2	(	(	PUNCT
cblr-7159	707	3	do	do	AUX
cblr-7159	707	4	not	not	PART
cblr-7159	707	5	delte	delte	VERB
cblr-7159	707	6	)	)	PUNCT
cblr-7159	708	1	9/28/2020	9/28/2020	NUM
cblr-7159	708	2	6:35	6:35	NUM
cblr-7159	708	3	pm	pm	NOUN
cblr-7159	708	4	246	246	NUM
cblr-7159	708	5	columbia	columbia	PROPN
cblr-7159	708	6	business	business	NOUN
cblr-7159	708	7	law	law	PROPN
cblr-7159	708	8	review	review	NOUN
cblr-7159	708	9	[	[	X
cblr-7159	708	10	vol	vol	NOUN
cblr-7159	708	11	.	.	PUNCT
cblr-7159	708	12	2020	2020	NUM
cblr-7159	708	13	as	as	ADP
cblr-7159	708	14	no	no	DET
cblr-7159	708	15	surprise	surprise	NOUN
cblr-7159	708	16	that	that	SCONJ
cblr-7159	708	17	violations	violation	NOUN
cblr-7159	708	18	often	often	ADV
cblr-7159	708	19	occur	occur	VERB
cblr-7159	708	20	in	in	ADP
cblr-7159	708	21	tandem	tandem	NOUN
cblr-7159	708	22	with	with	ADP
cblr-7159	708	23	,	,	PUNCT
cblr-7159	708	24	and	and	CCONJ
cblr-7159	708	25	sometimes	sometimes	ADV
cblr-7159	708	26	as	as	ADP
cblr-7159	708	27	a	a	DET
cblr-7159	708	28	result	result	NOUN
cblr-7159	708	29	of	of	ADP
cblr-7159	708	30	,	,	PUNCT
cblr-7159	708	31	an	an	DET
cblr-7159	708	32	increase	increase	NOUN
cblr-7159	708	33	in	in	ADP
cblr-7159	708	34	new	new	ADJ
cblr-7159	708	35	debt	debt	NOUN
cblr-7159	708	36	issuances	issuance	NOUN
cblr-7159	708	37	or	or	CCONJ
cblr-7159	708	38	shareholder	shareholder	NOUN
cblr-7159	708	39	payouts	payout	NOUN
cblr-7159	708	40	,	,	PUNCT
cblr-7159	708	41	and	and	CCONJ
cblr-7159	708	42	that	that	SCONJ
cblr-7159	708	43	lender	lender	NOUN
cblr-7159	708	44	intervention	intervention	NOUN
cblr-7159	708	45	results	result	VERB
cblr-7159	708	46	in	in	ADP
cblr-7159	708	47	bringing	bring	VERB
cblr-7159	708	48	the	the	DET
cblr-7159	708	49	level	level	NOUN
cblr-7159	708	50	of	of	ADP
cblr-7159	708	51	these	these	DET
cblr-7159	708	52	metrics	metric	NOUN
cblr-7159	708	53	back	back	ADV
cblr-7159	708	54	down.228	down.228	PROPN
cblr-7159	708	55	regardless	regardless	ADV
cblr-7159	708	56	of	of	ADP
cblr-7159	708	57	whether	whether	SCONJ
cblr-7159	708	58	restrictions	restriction	NOUN
cblr-7159	708	59	on	on	ADP
cblr-7159	708	60	such	such	ADJ
cblr-7159	708	61	payouts	payout	NOUN
cblr-7159	708	62	cause	cause	NOUN
cblr-7159	708	63	or	or	CCONJ
cblr-7159	708	64	are	be	AUX
cblr-7159	708	65	caused	cause	VERB
cblr-7159	708	66	by	by	ADP
cblr-7159	708	67	violations	violation	NOUN
cblr-7159	708	68	,	,	PUNCT
cblr-7159	708	69	a	a	DET
cblr-7159	708	70	rise	rise	NOUN
cblr-7159	708	71	in	in	ADP
cblr-7159	708	72	shareholder	shareholder	NOUN
cblr-7159	708	73	payouts	payout	NOUN
cblr-7159	708	74	indicates	indicate	VERB
cblr-7159	708	75	less	less	ADJ
cblr-7159	708	76	financial	financial	ADJ
cblr-7159	708	77	conservatism	conservatism	NOUN
cblr-7159	708	78	and	and	CCONJ
cblr-7159	708	79	greater	great	ADJ
cblr-7159	708	80	agency	agency	NOUN
cblr-7159	708	81	costs	cost	NOUN
cblr-7159	708	82	with	with	ADP
cblr-7159	708	83	respect	respect	NOUN
cblr-7159	708	84	to	to	ADP
cblr-7159	708	85	lenders	lender	NOUN
cblr-7159	708	86	(	(	PUNCT
cblr-7159	708	87	although	although	SCONJ
cblr-7159	708	88	not	not	PART
cblr-7159	708	89	necessarily	necessarily	ADV
cblr-7159	708	90	with	with	ADP
cblr-7159	708	91	respect	respect	NOUN
cblr-7159	708	92	to	to	ADP
cblr-7159	708	93	shareholders	shareholder	NOUN
cblr-7159	708	94	)	)	PUNCT
cblr-7159	708	95	.	.	PUNCT
cblr-7159	709	1	in	in	ADP
cblr-7159	709	2	addition	addition	NOUN
cblr-7159	709	3	,	,	PUNCT
cblr-7159	709	4	large	large	ADJ
cblr-7159	709	5	shareholder	shareholder	NOUN
cblr-7159	709	6	payouts	payout	NOUN
cblr-7159	709	7	may	may	AUX
cblr-7159	709	8	arguably	arguably	ADV
cblr-7159	709	9	be	be	AUX
cblr-7159	709	10	bad	bad	ADJ
cblr-7159	709	11	for	for	ADP
cblr-7159	709	12	a	a	DET
cblr-7159	709	13	firm	firm	NOUN
cblr-7159	709	14	’s	’s	PART
cblr-7159	709	15	long	long	ADJ
cblr-7159	709	16	-	-	PUNCT
cblr-7159	709	17	term	term	NOUN
cblr-7159	709	18	prospects	prospect	NOUN
cblr-7159	709	19	if	if	SCONJ
cblr-7159	709	20	they	they	PRON
cblr-7159	709	21	divert	divert	VERB
cblr-7159	709	22	money	money	NOUN
cblr-7159	709	23	away	away	ADV
cblr-7159	709	24	from	from	ADP
cblr-7159	709	25	useful	useful	ADJ
cblr-7159	709	26	projects	project	NOUN
cblr-7159	709	27	,	,	PUNCT
cblr-7159	709	28	research	research	NOUN
cblr-7159	709	29	and	and	CCONJ
cblr-7159	709	30	development	development	NOUN
cblr-7159	709	31	,	,	PUNCT
cblr-7159	709	32	or	or	CCONJ
cblr-7159	709	33	providing	provide	VERB
cblr-7159	709	34	a	a	DET
cblr-7159	709	35	cushion	cushion	NOUN
cblr-7159	709	36	in	in	ADP
cblr-7159	709	37	the	the	DET
cblr-7159	709	38	event	event	NOUN
cblr-7159	709	39	of	of	ADP
cblr-7159	709	40	future	future	ADJ
cblr-7159	709	41	financial	financial	ADJ
cblr-7159	709	42	problems	problem	NOUN
cblr-7159	709	43	.	.	PUNCT
cblr-7159	710	1	similarly	similarly	ADV
cblr-7159	710	2	,	,	PUNCT
cblr-7159	710	3	total	total	ADJ
cblr-7159	710	4	debt	debt	NOUN
cblr-7159	710	5	and	and	CCONJ
cblr-7159	710	6	net	net	ADJ
cblr-7159	710	7	debt	debt	NOUN
cblr-7159	710	8	issuances	issuance	NOUN
cblr-7159	710	9	might	might	AUX
cblr-7159	710	10	be	be	AUX
cblr-7159	710	11	restricted	restrict	VERB
cblr-7159	710	12	by	by	ADP
cblr-7159	710	13	covenants	covenant	NOUN
cblr-7159	710	14	,	,	PUNCT
cblr-7159	710	15	and	and	CCONJ
cblr-7159	710	16	restrictions	restriction	NOUN
cblr-7159	710	17	on	on	ADP
cblr-7159	710	18	new	new	ADJ
cblr-7159	710	19	debt	debt	NOUN
cblr-7159	710	20	issuances	issuance	NOUN
cblr-7159	710	21	might	might	AUX
cblr-7159	710	22	be	be	AUX
cblr-7159	710	23	imposed	impose	VERB
cblr-7159	710	24	as	as	ADP
cblr-7159	710	25	part	part	NOUN
cblr-7159	710	26	of	of	ADP
cblr-7159	710	27	a	a	DET
cblr-7159	710	28	waiver	waiver	NOUN
cblr-7159	710	29	agreement	agreement	NOUN
cblr-7159	710	30	or	or	CCONJ
cblr-7159	710	31	loan	loan	NOUN
cblr-7159	710	32	renegotiation.229	renegotiation.229	NOUN
cblr-7159	710	33	in	in	ADP
cblr-7159	710	34	any	any	DET
cblr-7159	710	35	event	event	NOUN
cblr-7159	710	36	,	,	PUNCT
cblr-7159	710	37	changes	change	NOUN
cblr-7159	710	38	in	in	ADP
cblr-7159	710	39	these	these	DET
cblr-7159	710	40	measures	measure	NOUN
cblr-7159	710	41	are	be	AUX
cblr-7159	710	42	good	good	ADJ
cblr-7159	710	43	indicators	indicator	NOUN
cblr-7159	710	44	of	of	ADP
cblr-7159	710	45	lender	lender	NOUN
cblr-7159	710	46	intervention	intervention	NOUN
cblr-7159	710	47	.	.	PUNCT
cblr-7159	711	1	2	2	X
cblr-7159	711	2	.	.	X
cblr-7159	711	3	investment	investment	NOUN
cblr-7159	711	4	conservatism	conservatism	NOUN
cblr-7159	711	5	the	the	DET
cblr-7159	711	6	second	second	ADJ
cblr-7159	711	7	category	category	NOUN
cblr-7159	711	8	of	of	ADP
cblr-7159	711	9	performance	performance	NOUN
cblr-7159	711	10	metric	metric	NOUN
cblr-7159	711	11	is	be	AUX
cblr-7159	711	12	investment	investment	NOUN
cblr-7159	711	13	conservatism	conservatism	NOUN
cblr-7159	711	14	.	.	PUNCT
cblr-7159	712	1	investment	investment	NOUN
cblr-7159	712	2	conservatism	conservatism	NOUN
cblr-7159	712	3	is	be	AUX
cblr-7159	712	4	related	relate	VERB
cblr-7159	712	5	to	to	ADP
cblr-7159	712	6	financial	financial	ADJ
cblr-7159	712	7	conservatism	conservatism	NOUN
cblr-7159	712	8	,	,	PUNCT
cblr-7159	712	9	in	in	SCONJ
cblr-7159	712	10	that	that	SCONJ
cblr-7159	712	11	it	it	PRON
cblr-7159	712	12	measures	measure	VERB
cblr-7159	712	13	how	how	SCONJ
cblr-7159	712	14	carefully	carefully	ADV
cblr-7159	712	15	management	management	NOUN
cblr-7159	712	16	uses	use	VERB
cblr-7159	712	17	its	its	PRON
cblr-7159	712	18	resources	resource	NOUN
cblr-7159	712	19	,	,	PUNCT
cblr-7159	712	20	but	but	CCONJ
cblr-7159	712	21	investment	investment	NOUN
cblr-7159	712	22	conservatism	conservatism	NOUN
cblr-7159	712	23	focuses	focus	VERB
cblr-7159	712	24	specifically	specifically	ADV
cblr-7159	712	25	on	on	ADP
cblr-7159	712	26	how	how	SCONJ
cblr-7159	712	27	much	much	ADJ
cblr-7159	712	28	of	of	ADP
cblr-7159	712	29	a	a	DET
cblr-7159	712	30	company	company	NOUN
cblr-7159	712	31	’s	’s	PART
cblr-7159	712	32	resources	resource	NOUN
cblr-7159	712	33	are	be	AUX
cblr-7159	712	34	being	be	AUX
cblr-7159	712	35	put	put	VERB
cblr-7159	712	36	toward	toward	ADP
cblr-7159	712	37	major	major	ADJ
cblr-7159	712	38	acquisitions.230	acquisitions.230	NOUN
cblr-7159	712	39	acquisitions	acquisition	NOUN
cblr-7159	712	40	are	be	AUX
cblr-7159	712	41	often	often	ADV
cblr-7159	712	42	limited	limit	VERB
cblr-7159	712	43	by	by	ADP
cblr-7159	712	44	standard	standard	ADJ
cblr-7159	712	45	loan	loan	NOUN
cblr-7159	712	46	covenants.231	covenants.231	NOUN
cblr-7159	712	47	even	even	ADV
cblr-7159	712	48	cov	cov	NOUN
cblr-7159	712	49	-	-	PUNCT
cblr-7159	712	50	lite	lite	NOUN
cblr-7159	712	51	loans	loan	NOUN
cblr-7159	712	52	often	often	ADV
cblr-7159	712	53	contain	contain	VERB
cblr-7159	712	54	restrictions	restriction	NOUN
cblr-7159	712	55	on	on	ADP
cblr-7159	712	56	acquisitions	acquisition	NOUN
cblr-7159	712	57	,	,	PUNCT
cblr-7159	712	58	often	often	ADV
cblr-7159	712	59	in	in	ADP
cblr-7159	712	60	the	the	DET
cblr-7159	712	61	form	form	NOUN
cblr-7159	712	62	of	of	ADP
cblr-7159	712	63	financial	financial	ADJ
cblr-7159	712	64	ratios	ratio	NOUN
cblr-7159	712	65	that	that	PRON
cblr-7159	712	66	are	be	AUX
cblr-7159	712	67	tested	test	VERB
cblr-7159	712	68	at	at	ADP
cblr-7159	712	69	the	the	DET
cblr-7159	712	70	time	time	NOUN
cblr-7159	712	71	an	an	DET
cblr-7159	712	72	acquisition	acquisition	NOUN
cblr-7159	712	73	is	be	AUX
cblr-7159	712	74	made.232	made.232	ADJ
cblr-7159	712	75	major	major	ADJ
cblr-7159	712	76	acquisitions	acquisition	NOUN
cblr-7159	712	77	can	can	AUX
cblr-7159	712	78	,	,	PUNCT
cblr-7159	712	79	of	of	ADP
cblr-7159	712	80	course	course	NOUN
cblr-7159	712	81	,	,	PUNCT
cblr-7159	712	82	have	have	VERB
cblr-7159	712	83	positive	positive	ADJ
cblr-7159	712	84	results	result	NOUN
cblr-7159	712	85	for	for	ADP
cblr-7159	712	86	a	a	DET
cblr-7159	712	87	company	company	NOUN
cblr-7159	712	88	;	;	PUNCT
cblr-7159	712	89	however	however	ADV
cblr-7159	712	90	if	if	SCONJ
cblr-7159	712	91	a	a	DET
cblr-7159	712	92	company	company	NOUN
cblr-7159	712	93	is	be	AUX
cblr-7159	712	94	in	in	ADP
cblr-7159	712	95	distress	distress	NOUN
cblr-7159	712	96	to	to	ADP
cblr-7159	712	97	the	the	DET
cblr-7159	712	98	point	point	NOUN
cblr-7159	712	99	that	that	SCONJ
cblr-7159	712	100	it	it	PRON
cblr-7159	712	101	is	be	AUX
cblr-7159	712	102	violating	violate	VERB
cblr-7159	712	103	covenants	covenant	NOUN
cblr-7159	712	104	in	in	ADP
cblr-7159	712	105	its	its	PRON
cblr-7159	712	106	loan	loan	NOUN
cblr-7159	712	107	agreements	agreement	NOUN
cblr-7159	712	108	,	,	PUNCT
cblr-7159	712	109	lenders	lender	NOUN
cblr-7159	712	110	often	often	ADV
cblr-7159	712	111	prefer	prefer	VERB
cblr-7159	712	112	that	that	SCONJ
cblr-7159	712	113	companies	company	NOUN
cblr-7159	712	114	be	be	AUX
cblr-7159	712	115	conservative	conservative	ADJ
cblr-7159	712	116	with	with	ADP
cblr-7159	712	117	such	such	ADJ
cblr-7159	712	118	acquisitions	acquisition	NOUN
cblr-7159	712	119	,	,	PUNCT
cblr-7159	712	120	228	228	NUM
cblr-7159	712	121	see	see	VERB
cblr-7159	712	122	nini	nini	PROPN
cblr-7159	712	123	et	et	PROPN
cblr-7159	712	124	al	al	PROPN
cblr-7159	712	125	.	.	PROPN
cblr-7159	712	126	,	,	PUNCT
cblr-7159	712	127	creditor	creditor	NOUN
cblr-7159	712	128	control	control	NOUN
cblr-7159	712	129	rights	right	NOUN
cblr-7159	712	130	,	,	PUNCT
cblr-7159	712	131	supra	supra	PROPN
cblr-7159	712	132	note	note	NOUN
cblr-7159	712	133	14	14	NUM
cblr-7159	712	134	,	,	PUNCT
cblr-7159	712	135	at	at	ADP
cblr-7159	712	136	1735–37	1735–37	NOUN
cblr-7159	712	137	.	.	PUNCT
cblr-7159	713	1	229	229	NUM
cblr-7159	713	2	see	see	VERB
cblr-7159	713	3	bratton	bratton	PROPN
cblr-7159	713	4	,	,	PUNCT
cblr-7159	713	5	supra	supra	PROPN
cblr-7159	713	6	note	note	PROPN
cblr-7159	713	7	29	29	NUM
cblr-7159	713	8	,	,	PUNCT
cblr-7159	713	9	at	at	ADP
cblr-7159	713	10	49–50	49–50	NOUN
cblr-7159	713	11	.	.	PUNCT
cblr-7159	714	1	230	230	NUM
cblr-7159	714	2	see	see	VERB
cblr-7159	714	3	i	i	PRON
cblr-7159	714	4	d.	d.	PROPN
cblr-7159	714	5	231	231	NUM
cblr-7159	714	6	see	see	VERB
cblr-7159	714	7	bratton	bratton	PROPN
cblr-7159	714	8	,	,	PUNCT
cblr-7159	714	9	supra	supra	PROPN
cblr-7159	714	10	note	note	PROPN
cblr-7159	714	11	97	97	NUM
cblr-7159	714	12	,	,	PUNCT
cblr-7159	714	13	at	at	ADP
cblr-7159	714	14	473–75	473–75	NUM
cblr-7159	714	15	;	;	PUNCT
cblr-7159	714	16	nini	nini	PROPN
cblr-7159	714	17	et	et	PROPN
cblr-7159	714	18	al	al	PROPN
cblr-7159	714	19	.	.	PROPN
cblr-7159	714	20	,	,	PUNCT
cblr-7159	714	21	creditor	creditor	NOUN
cblr-7159	714	22	control	control	NOUN
cblr-7159	714	23	rights	right	NOUN
cblr-7159	714	24	,	,	PUNCT
cblr-7159	714	25	supra	supra	PROPN
cblr-7159	714	26	note	note	PROPN
cblr-7159	714	27	14	14	NUM
cblr-7159	714	28	,	,	PUNCT
cblr-7159	714	29	at	at	ADP
cblr-7159	714	30	1737	1737	NUM
cblr-7159	714	31	.	.	PUNCT
cblr-7159	715	1	232	232	NUM
cblr-7159	715	2	see	see	VERB
cblr-7159	715	3	dworkin	dworkin	PROPN
cblr-7159	715	4	&	&	CCONJ
cblr-7159	715	5	holland	holland	PROPN
cblr-7159	715	6	,	,	PUNCT
cblr-7159	715	7	supra	supra	PROPN
cblr-7159	715	8	note	note	PROPN
cblr-7159	715	9	131	131	NUM
cblr-7159	715	10	,	,	PUNCT
cblr-7159	715	11	at	at	ADP
cblr-7159	715	12	26	26	NUM
cblr-7159	715	13	.	.	PUNCT
cblr-7159	716	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	716	2	(	(	PUNCT
cblr-7159	716	3	do	do	AUX
cblr-7159	716	4	not	not	PART
cblr-7159	716	5	delete	delete	VERB
cblr-7159	716	6	)	)	PUNCT
cblr-7159	716	7	9/28/2020	9/28/2020	NUM
cblr-7159	716	8	6:35	6:35	NUM
cblr-7159	716	9	pm	pm	NOUN
cblr-7159	716	10	no	no	INTJ
cblr-7159	716	11	.	.	PUNCT
cblr-7159	717	1	1:192	1:192	X
cblr-7159	717	2	]	]	X
cblr-7159	717	3	reconsidering	reconsider	VERB
cblr-7159	717	4	creditor	creditor	NOUN
cblr-7159	717	5	governance	governance	NOUN
cblr-7159	717	6	247	247	NUM
cblr-7159	717	7	and	and	CCONJ
cblr-7159	717	8	not	not	PART
cblr-7159	717	9	spend	spend	VERB
cblr-7159	717	10	money	money	NOUN
cblr-7159	717	11	that	that	PRON
cblr-7159	717	12	could	could	AUX
cblr-7159	717	13	otherwise	otherwise	ADV
cblr-7159	717	14	be	be	AUX
cblr-7159	717	15	used	use	VERB
cblr-7159	717	16	to	to	PART
cblr-7159	717	17	pay	pay	VERB
cblr-7159	717	18	the	the	DET
cblr-7159	717	19	loan	loan	NOUN
cblr-7159	717	20	or	or	CCONJ
cblr-7159	717	21	ensure	ensure	VERB
cblr-7159	717	22	the	the	DET
cblr-7159	717	23	firm	firm	NOUN
cblr-7159	717	24	is	be	AUX
cblr-7159	717	25	on	on	ADP
cblr-7159	717	26	solid	solid	ADJ
cblr-7159	717	27	financial	financial	ADJ
cblr-7159	717	28	footing.233	footing.233	NOUN
cblr-7159	717	29	investment	investment	NOUN
cblr-7159	717	30	conservatism	conservatism	NOUN
cblr-7159	717	31	is	be	AUX
cblr-7159	717	32	typically	typically	ADV
cblr-7159	717	33	measured	measure	VERB
cblr-7159	717	34	by	by	ADP
cblr-7159	717	35	looking	look	VERB
cblr-7159	717	36	at	at	ADP
cblr-7159	717	37	a	a	DET
cblr-7159	717	38	number	number	NOUN
cblr-7159	717	39	of	of	ADP
cblr-7159	717	40	accounting	accounting	NOUN
cblr-7159	717	41	metrics	metric	NOUN
cblr-7159	717	42	:	:	PUNCT
cblr-7159	717	43	changes	change	NOUN
cblr-7159	717	44	in	in	ADP
cblr-7159	717	45	a	a	DET
cblr-7159	717	46	company	company	NOUN
cblr-7159	717	47	’s	’s	PART
cblr-7159	717	48	assets	asset	NOUN
cblr-7159	717	49	(	(	PUNCT
cblr-7159	717	50	in	in	ADP
cblr-7159	717	51	log	log	NOUN
cblr-7159	717	52	scale	scale	NOUN
cblr-7159	717	53	to	to	PART
cblr-7159	717	54	normalize	normalize	VERB
cblr-7159	717	55	the	the	DET
cblr-7159	717	56	distribution	distribution	NOUN
cblr-7159	717	57	of	of	ADP
cblr-7159	717	58	changes	change	NOUN
cblr-7159	717	59	in	in	ADP
cblr-7159	717	60	assets	asset	NOUN
cblr-7159	717	61	and	and	CCONJ
cblr-7159	717	62	allow	allow	VERB
cblr-7159	717	63	for	for	ADP
cblr-7159	717	64	comparability	comparability	NOUN
cblr-7159	717	65	)	)	PUNCT
cblr-7159	717	66	,	,	PUNCT
cblr-7159	717	67	the	the	DET
cblr-7159	717	68	change	change	NOUN
cblr-7159	717	69	in	in	ADP
cblr-7159	717	70	a	a	DET
cblr-7159	717	71	firm	firm	NOUN
cblr-7159	717	72	’s	’s	PART
cblr-7159	717	73	property	property	NOUN
cblr-7159	717	74	,	,	PUNCT
cblr-7159	717	75	plant	plant	NOUN
cblr-7159	717	76	and	and	CCONJ
cblr-7159	717	77	equipment	equipment	NOUN
cblr-7159	717	78	balance	balance	NOUN
cblr-7159	717	79	sheet	sheet	NOUN
cblr-7159	717	80	item	item	NOUN
cblr-7159	717	81	—	—	PUNCT
cblr-7159	717	82	an	an	DET
cblr-7159	717	83	accounting	accounting	NOUN
cblr-7159	717	84	measure	measure	NOUN
cblr-7159	717	85	of	of	ADP
cblr-7159	717	86	a	a	DET
cblr-7159	717	87	company	company	NOUN
cblr-7159	717	88	’s	’s	PART
cblr-7159	717	89	major	major	ADJ
cblr-7159	717	90	capital	capital	NOUN
cblr-7159	717	91	assets	asset	NOUN
cblr-7159	717	92	and	and	CCONJ
cblr-7159	717	93	another	another	DET
cblr-7159	717	94	way	way	NOUN
cblr-7159	717	95	of	of	ADP
cblr-7159	717	96	assessing	assess	VERB
cblr-7159	717	97	a	a	DET
cblr-7159	717	98	company	company	NOUN
cblr-7159	717	99	’s	’s	PART
cblr-7159	717	100	large	large	ADJ
cblr-7159	717	101	investments—(in	investments—(in	NOUN
cblr-7159	717	102	log	log	NOUN
cblr-7159	717	103	scale	scale	NOUN
cblr-7159	717	104	for	for	ADP
cblr-7159	717	105	comparability	comparability	NOUN
cblr-7159	717	106	)	)	PUNCT
cblr-7159	717	107	,	,	PUNCT
cblr-7159	717	108	the	the	DET
cblr-7159	717	109	change	change	NOUN
cblr-7159	717	110	in	in	ADP
cblr-7159	717	111	a	a	DET
cblr-7159	717	112	company	company	NOUN
cblr-7159	717	113	’s	’s	PART
cblr-7159	717	114	capital	capital	NOUN
cblr-7159	717	115	expenditures	expenditure	NOUN
cblr-7159	717	116	,	,	PUNCT
cblr-7159	717	117	which	which	PRON
cblr-7159	717	118	measures	measure	VERB
cblr-7159	717	119	its	its	PRON
cblr-7159	717	120	outflow	outflow	NOUN
cblr-7159	717	121	of	of	ADP
cblr-7159	717	122	capital	capital	NOUN
cblr-7159	717	123	to	to	PART
cblr-7159	717	124	acquire	acquire	VERB
cblr-7159	717	125	significant	significant	ADJ
cblr-7159	717	126	new	new	ADJ
cblr-7159	717	127	property	property	NOUN
cblr-7159	717	128	(	(	PUNCT
cblr-7159	717	129	scaled	scale	VERB
cblr-7159	717	130	by	by	ADP
cblr-7159	717	131	assets	asset	NOUN
cblr-7159	717	132	,	,	PUNCT
cblr-7159	717	133	again	again	ADV
cblr-7159	717	134	,	,	PUNCT
cblr-7159	717	135	for	for	ADP
cblr-7159	717	136	comparability	comparability	NOUN
cblr-7159	717	137	)	)	PUNCT
cblr-7159	717	138	,	,	PUNCT
cblr-7159	717	139	and	and	CCONJ
cblr-7159	717	140	changes	change	NOUN
cblr-7159	717	141	in	in	ADP
cblr-7159	717	142	cash	cash	NOUN
cblr-7159	717	143	acquisitions	acquisition	NOUN
cblr-7159	717	144	,	,	PUNCT
cblr-7159	717	145	a	a	DET
cblr-7159	717	146	measure	measure	NOUN
cblr-7159	717	147	of	of	ADP
cblr-7159	717	148	the	the	DET
cblr-7159	717	149	outflow	outflow	NOUN
cblr-7159	717	150	of	of	ADP
cblr-7159	717	151	a	a	DET
cblr-7159	717	152	company	company	NOUN
cblr-7159	717	153	’s	’s	PART
cblr-7159	717	154	cash	cash	NOUN
cblr-7159	717	155	spent	spend	VERB
cblr-7159	717	156	on	on	ADP
cblr-7159	717	157	major	major	ADJ
cblr-7159	717	158	purchases	purchase	NOUN
cblr-7159	717	159	(	(	PUNCT
cblr-7159	717	160	also	also	ADV
cblr-7159	717	161	scaled	scale	VERB
cblr-7159	717	162	by	by	ADP
cblr-7159	717	163	assets).234	assets).234	PROPN
cblr-7159	717	164	as	as	ADP
cblr-7159	717	165	with	with	ADP
cblr-7159	717	166	financial	financial	ADJ
cblr-7159	717	167	conservatism	conservatism	NOUN
cblr-7159	717	168	,	,	PUNCT
cblr-7159	717	169	measures	measure	NOUN
cblr-7159	717	170	of	of	ADP
cblr-7159	717	171	investment	investment	NOUN
cblr-7159	717	172	conservatism	conservatism	NOUN
cblr-7159	717	173	are	be	AUX
cblr-7159	717	174	directly	directly	ADV
cblr-7159	717	175	affected	affect	VERB
cblr-7159	717	176	by	by	ADP
cblr-7159	717	177	covenants	covenant	NOUN
cblr-7159	717	178	commonly	commonly	ADV
cblr-7159	717	179	found	find	VERB
cblr-7159	717	180	in	in	ADP
cblr-7159	717	181	loans.235	loans.235	ADJ
cblr-7159	717	182	covenants	covenant	NOUN
cblr-7159	717	183	might	might	AUX
cblr-7159	717	184	directly	directly	ADV
cblr-7159	717	185	limit	limit	VERB
cblr-7159	717	186	mergers	merger	NOUN
cblr-7159	717	187	or	or	CCONJ
cblr-7159	717	188	sales	sale	NOUN
cblr-7159	717	189	of	of	ADP
cblr-7159	717	190	assets.236	assets.236	NOUN
cblr-7159	717	191	they	they	PRON
cblr-7159	717	192	might	might	AUX
cblr-7159	717	193	also	also	ADV
cblr-7159	717	194	limit	limit	VERB
cblr-7159	717	195	capital	capital	NOUN
cblr-7159	717	196	expenditures	expenditure	NOUN
cblr-7159	717	197	(	(	PUNCT
cblr-7159	717	198	expenditures	expenditure	NOUN
cblr-7159	717	199	for	for	ADP
cblr-7159	717	200	fixed	fixed	ADJ
cblr-7159	717	201	or	or	CCONJ
cblr-7159	717	202	capital	capital	NOUN
cblr-7159	717	203	assets).237	assets).237	NOUN
cblr-7159	717	204	acquisitions	acquisition	NOUN
cblr-7159	717	205	may	may	AUX
cblr-7159	717	206	trigger	trigger	VERB
cblr-7159	717	207	an	an	DET
cblr-7159	717	208	incurrence	incurrence	NOUN
cblr-7159	717	209	covenant	covenant	NOUN
cblr-7159	717	210	in	in	ADP
cblr-7159	717	211	a	a	DET
cblr-7159	717	212	cov	cov	NOUN
cblr-7159	717	213	-	-	PUNCT
cblr-7159	717	214	lite	lite	NOUN
cblr-7159	717	215	loan	loan	NOUN
cblr-7159	717	216	,	,	PUNCT
cblr-7159	717	217	giving	give	VERB
cblr-7159	717	218	the	the	DET
cblr-7159	717	219	lender	lender	NOUN
cblr-7159	717	220	cause	cause	VERB
cblr-7159	717	221	to	to	PART
cblr-7159	717	222	check	check	VERB
cblr-7159	717	223	a	a	DET
cblr-7159	717	224	borrower	borrower	NOUN
cblr-7159	717	225	’s	’s	PART
cblr-7159	717	226	financial	financial	ADJ
cblr-7159	717	227	ratios	ratio	NOUN
cblr-7159	717	228	and	and	CCONJ
cblr-7159	717	229	declare	declare	VERB
cblr-7159	717	230	a	a	DET
cblr-7159	717	231	covenant	covenant	ADJ
cblr-7159	717	232	violation	violation	NOUN
cblr-7159	717	233	if	if	SCONJ
cblr-7159	717	234	the	the	DET
cblr-7159	717	235	acquisition	acquisition	NOUN
cblr-7159	717	236	has	have	AUX
cblr-7159	717	237	caused	cause	VERB
cblr-7159	717	238	the	the	DET
cblr-7159	717	239	ratios	ratio	NOUN
cblr-7159	717	240	to	to	PART
cblr-7159	717	241	be	be	AUX
cblr-7159	717	242	exceeded.238	exceeded.238	NOUN
cblr-7159	717	243	capital	capital	NOUN
cblr-7159	717	244	expenditures	expenditure	NOUN
cblr-7159	717	245	are	be	AUX
cblr-7159	717	246	often	often	ADV
cblr-7159	717	247	necessary	necessary	ADJ
cblr-7159	717	248	to	to	PART
cblr-7159	717	249	maintain	maintain	VERB
cblr-7159	717	250	a	a	DET
cblr-7159	717	251	business	business	NOUN
cblr-7159	717	252	,	,	PUNCT
cblr-7159	717	253	but	but	CCONJ
cblr-7159	717	254	lenders	lender	NOUN
cblr-7159	717	255	might	might	AUX
cblr-7159	717	256	impose	impose	VERB
cblr-7159	717	257	a	a	DET
cblr-7159	717	258	cap	cap	NOUN
cblr-7159	717	259	to	to	PART
cblr-7159	717	260	ensure	ensure	VERB
cblr-7159	717	261	that	that	SCONJ
cblr-7159	717	262	money	money	NOUN
cblr-7159	717	263	is	be	AUX
cblr-7159	717	264	invested	invest	VERB
cblr-7159	717	265	in	in	ADP
cblr-7159	717	266	more	more	ADJ
cblr-7159	717	267	liquid	liquid	ADJ
cblr-7159	717	268	assets	asset	NOUN
cblr-7159	717	269	and	and	CCONJ
cblr-7159	717	270	is	be	AUX
cblr-7159	717	271	thus	thus	ADV
cblr-7159	717	272	readily	readily	ADV
cblr-7159	717	273	available	available	ADJ
cblr-7159	717	274	to	to	PART
cblr-7159	717	275	pay	pay	VERB
cblr-7159	717	276	debt.239	debt.239	ADJ
cblr-7159	717	277	acquisitions	acquisition	NOUN
cblr-7159	717	278	might	might	AUX
cblr-7159	717	279	similarly	similarly	ADV
cblr-7159	717	280	be	be	AUX
cblr-7159	717	281	limited	limit	VERB
cblr-7159	717	282	to	to	PART
cblr-7159	717	283	conserve	conserve	VERB
cblr-7159	717	284	cash	cash	NOUN
cblr-7159	717	285	for	for	ADP
cblr-7159	717	286	debt	debt	NOUN
cblr-7159	717	287	repayment	repayment	NOUN
cblr-7159	717	288	and	and	CCONJ
cblr-7159	717	289	deter	deter	VERB
cblr-7159	717	290	the	the	DET
cblr-7159	717	291	233	233	NUM
cblr-7159	717	292	see	see	NOUN
cblr-7159	717	293	nini	nini	PROPN
cblr-7159	717	294	et	et	PROPN
cblr-7159	717	295	al	al	PROPN
cblr-7159	717	296	.	.	PROPN
cblr-7159	717	297	,	,	PUNCT
cblr-7159	717	298	creditor	creditor	NOUN
cblr-7159	717	299	control	control	NOUN
cblr-7159	717	300	rights	right	NOUN
cblr-7159	717	301	,	,	PUNCT
cblr-7159	717	302	supra	supra	PROPN
cblr-7159	717	303	note	note	NOUN
cblr-7159	717	304	14	14	NUM
cblr-7159	717	305	,	,	PUNCT
cblr-7159	717	306	at	at	ADP
cblr-7159	717	307	1737	1737	NUM
cblr-7159	717	308	(	(	PUNCT
cblr-7159	717	309	noting	note	VERB
cblr-7159	717	310	that	that	SCONJ
cblr-7159	717	311	“	"	PUNCT
cblr-7159	717	312	corporate	corporate	ADJ
cblr-7159	717	313	credit	credit	NOUN
cblr-7159	717	314	agreements	agreement	NOUN
cblr-7159	717	315	often	often	ADV
cblr-7159	717	316	contain	contain	VERB
cblr-7159	717	317	an	an	DET
cblr-7159	717	318	explicit	explicit	ADJ
cblr-7159	717	319	restriction	restriction	NOUN
cblr-7159	717	320	on	on	ADP
cblr-7159	717	321	capital	capital	NOUN
cblr-7159	717	322	expenditures	expenditure	NOUN
cblr-7159	717	323	and	and	CCONJ
cblr-7159	717	324	acquisitions	acquisition	NOUN
cblr-7159	717	325	,	,	PUNCT
cblr-7159	717	326	which	which	PRON
cblr-7159	717	327	provides	provide	VERB
cblr-7159	717	328	a	a	DET
cblr-7159	717	329	contractual	contractual	ADJ
cblr-7159	717	330	mechanism	mechanism	NOUN
cblr-7159	717	331	for	for	SCONJ
cblr-7159	717	332	creditors	creditor	NOUN
cblr-7159	717	333	to	to	PART
cblr-7159	717	334	limit	limit	VERB
cblr-7159	717	335	investment	investment	NOUN
cblr-7159	717	336	following	follow	VERB
cblr-7159	717	337	a	a	DET
cblr-7159	717	338	covenant	covenant	ADJ
cblr-7159	717	339	violation	violation	NOUN
cblr-7159	717	340	”	"	PUNCT
cblr-7159	717	341	)	)	PUNCT
cblr-7159	717	342	.	.	PUNCT
cblr-7159	718	1	234	234	NUM
cblr-7159	718	2	see	see	VERB
cblr-7159	718	3	i	i	PRON
cblr-7159	718	4	d.	d.	PROPN
cblr-7159	718	5	at	at	ADP
cblr-7159	718	6	1736	1736	NUM
cblr-7159	718	7	.	.	PUNCT
cblr-7159	719	1	235	235	NUM
cblr-7159	719	2	see	see	PROPN
cblr-7159	719	3	bratton	bratton	PROPN
cblr-7159	719	4	,	,	PUNCT
cblr-7159	719	5	supra	supra	PROPN
cblr-7159	719	6	note	note	PROPN
cblr-7159	719	7	97	97	NUM
cblr-7159	719	8	,	,	PUNCT
cblr-7159	719	9	at	at	ADP
cblr-7159	719	10	473–75	473–75	NUM
cblr-7159	719	11	.	.	PUNCT
cblr-7159	720	1	see	see	VERB
cblr-7159	720	2	also	also	ADV
cblr-7159	720	3	nini	nini	PROPN
cblr-7159	720	4	et	et	PROPN
cblr-7159	720	5	al	al	PROPN
cblr-7159	720	6	.	.	PROPN
cblr-7159	720	7	,	,	PUNCT
cblr-7159	720	8	creditor	creditor	NOUN
cblr-7159	720	9	control	control	NOUN
cblr-7159	720	10	rights	right	NOUN
cblr-7159	720	11	,	,	PUNCT
cblr-7159	720	12	supra	supra	PROPN
cblr-7159	720	13	note	note	PROPN
cblr-7159	720	14	14	14	NUM
cblr-7159	720	15	,	,	PUNCT
cblr-7159	720	16	at	at	ADP
cblr-7159	720	17	1737	1737	NUM
cblr-7159	720	18	.	.	PUNCT
cblr-7159	721	1	236	236	NUM
cblr-7159	721	2	see	see	PROPN
cblr-7159	721	3	bratton	bratton	PROPN
cblr-7159	721	4	,	,	PUNCT
cblr-7159	721	5	supra	supra	PROPN
cblr-7159	721	6	note	note	PROPN
cblr-7159	721	7	29	29	NUM
cblr-7159	721	8	,	,	PUNCT
cblr-7159	721	9	at	at	ADP
cblr-7159	721	10	52–53	52–53	NUM
cblr-7159	721	11	.	.	PUNCT
cblr-7159	721	12	237	237	NUM
cblr-7159	722	1	i	i	PRON
cblr-7159	722	2	d.	d.	PROPN
cblr-7159	722	3	at	at	ADP
cblr-7159	722	4	53	53	NUM
cblr-7159	722	5	.	.	PUNCT
cblr-7159	723	1	238	238	NUM
cblr-7159	723	2	see	see	VERB
cblr-7159	723	3	dworkin	dworkin	PROPN
cblr-7159	723	4	&	&	CCONJ
cblr-7159	723	5	holland	holland	PROPN
cblr-7159	723	6	,	,	PUNCT
cblr-7159	723	7	supra	supra	PROPN
cblr-7159	723	8	note	note	PROPN
cblr-7159	723	9	131	131	NUM
cblr-7159	723	10	,	,	PUNCT
cblr-7159	723	11	at	at	ADP
cblr-7159	723	12	27–28	27–28	NUM
cblr-7159	723	13	.	.	PUNCT
cblr-7159	724	1	239	239	NUM
cblr-7159	725	1	i	i	NOUN
cblr-7159	725	2	d.	d.	PROPN
cblr-7159	725	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	725	4	(	(	PUNCT
cblr-7159	725	5	do	do	AUX
cblr-7159	725	6	not	not	PART
cblr-7159	725	7	delte	delte	VERB
cblr-7159	725	8	)	)	PUNCT
cblr-7159	725	9	9/28/2020	9/28/2020	NUM
cblr-7159	725	10	6:35	6:35	NUM
cblr-7159	725	11	pm	pm	NOUN
cblr-7159	725	12	248	248	NUM
cblr-7159	725	13	columbia	columbia	PROPN
cblr-7159	725	14	business	business	NOUN
cblr-7159	725	15	law	law	PROPN
cblr-7159	725	16	review	review	NOUN
cblr-7159	726	1	[	[	X
cblr-7159	726	2	vol	vol	NOUN
cblr-7159	726	3	.	.	PUNCT
cblr-7159	726	4	2020	2020	NUM
cblr-7159	726	5	purchase	purchase	NOUN
cblr-7159	726	6	of	of	ADP
cblr-7159	726	7	risky	risky	ADJ
cblr-7159	726	8	assets	asset	NOUN
cblr-7159	726	9	at	at	ADP
cblr-7159	726	10	the	the	DET
cblr-7159	726	11	expense	expense	NOUN
cblr-7159	726	12	of	of	ADP
cblr-7159	726	13	safer	safe	ADJ
cblr-7159	726	14	ones.240	ones.240	ADV
cblr-7159	726	15	in	in	ADP
cblr-7159	726	16	any	any	DET
cblr-7159	726	17	event	event	NOUN
cblr-7159	726	18	,	,	PUNCT
cblr-7159	726	19	where	where	SCONJ
cblr-7159	726	20	these	these	DET
cblr-7159	726	21	measures	measure	NOUN
cblr-7159	726	22	decline	decline	VERB
cblr-7159	726	23	prior	prior	ADV
cblr-7159	726	24	to	to	ADP
cblr-7159	726	25	a	a	DET
cblr-7159	726	26	covenant	covenant	ADJ
cblr-7159	726	27	violation	violation	NOUN
cblr-7159	726	28	and	and	CCONJ
cblr-7159	726	29	improve	improve	VERB
cblr-7159	726	30	thereafter	thereafter	ADV
cblr-7159	726	31	(	(	PUNCT
cblr-7159	726	32	from	from	ADP
cblr-7159	726	33	the	the	DET
cblr-7159	726	34	perspective	perspective	NOUN
cblr-7159	726	35	of	of	ADP
cblr-7159	726	36	lenders	lender	NOUN
cblr-7159	726	37	at	at	ADP
cblr-7159	726	38	least	least	ADJ
cblr-7159	726	39	)	)	PUNCT
cblr-7159	726	40	,	,	PUNCT
cblr-7159	726	41	lender	lender	NOUN
cblr-7159	726	42	influence	influence	NOUN
cblr-7159	726	43	can	can	AUX
cblr-7159	726	44	be	be	AUX
cblr-7159	726	45	inferred	infer	VERB
cblr-7159	726	46	.	.	PUNCT
cblr-7159	727	1	3	3	X
cblr-7159	727	2	.	.	X
cblr-7159	727	3	operating	operate	VERB
cblr-7159	727	4	performance	performance	NOUN
cblr-7159	727	5	the	the	DET
cblr-7159	727	6	last	last	ADJ
cblr-7159	727	7	category	category	NOUN
cblr-7159	727	8	is	be	AUX
cblr-7159	727	9	operating	operate	VERB
cblr-7159	727	10	performance	performance	NOUN
cblr-7159	727	11	.	.	PUNCT
cblr-7159	728	1	operating	operate	VERB
cblr-7159	728	2	performance	performance	NOUN
cblr-7159	728	3	can	can	AUX
cblr-7159	728	4	be	be	AUX
cblr-7159	728	5	measured	measure	VERB
cblr-7159	728	6	in	in	ADP
cblr-7159	728	7	accounting	accounting	NOUN
cblr-7159	728	8	terms	term	NOUN
cblr-7159	728	9	as	as	ADP
cblr-7159	728	10	:	:	PUNCT
cblr-7159	728	11	changes	change	NOUN
cblr-7159	728	12	in	in	ADP
cblr-7159	728	13	operating	operate	VERB
cblr-7159	728	14	cash	cash	NOUN
cblr-7159	728	15	flow	flow	NOUN
cblr-7159	728	16	(	(	PUNCT
cblr-7159	728	17	scaled	scale	VERB
cblr-7159	728	18	by	by	ADP
cblr-7159	728	19	the	the	DET
cblr-7159	728	20	amount	amount	NOUN
cblr-7159	728	21	of	of	ADP
cblr-7159	728	22	assets	asset	NOUN
cblr-7159	728	23	a	a	DET
cblr-7159	728	24	firm	firm	NOUN
cblr-7159	728	25	has	have	VERB
cblr-7159	728	26	to	to	PART
cblr-7159	728	27	maintain	maintain	VERB
cblr-7159	728	28	comparability	comparability	NOUN
cblr-7159	728	29	with	with	ADP
cblr-7159	728	30	other	other	ADJ
cblr-7159	728	31	firms	firm	NOUN
cblr-7159	728	32	)	)	PUNCT
cblr-7159	728	33	,	,	PUNCT
cblr-7159	728	34	the	the	DET
cblr-7159	728	35	change	change	NOUN
cblr-7159	728	36	in	in	ADP
cblr-7159	728	37	revenues	revenue	NOUN
cblr-7159	728	38	from	from	ADP
cblr-7159	728	39	sales	sale	NOUN
cblr-7159	728	40	,	,	PUNCT
cblr-7159	728	41	and	and	CCONJ
cblr-7159	728	42	the	the	DET
cblr-7159	728	43	change	change	NOUN
cblr-7159	728	44	in	in	ADP
cblr-7159	728	45	operating	operating	NOUN
cblr-7159	728	46	costs	cost	NOUN
cblr-7159	728	47	(	(	PUNCT
cblr-7159	728	48	the	the	DET
cblr-7159	728	49	latter	latter	ADJ
cblr-7159	728	50	two	two	NUM
cblr-7159	728	51	are	be	AUX
cblr-7159	728	52	both	both	PRON
cblr-7159	728	53	transformed	transform	VERB
cblr-7159	728	54	to	to	ADP
cblr-7159	728	55	their	their	PRON
cblr-7159	728	56	natural	natural	ADJ
cblr-7159	728	57	log	log	NOUN
cblr-7159	728	58	,	,	PUNCT
cblr-7159	728	59	in	in	ADP
cblr-7159	728	60	order	order	NOUN
cblr-7159	728	61	to	to	PART
cblr-7159	728	62	mitigate	mitigate	VERB
cblr-7159	728	63	skew	skew	NOUN
cblr-7159	728	64	and	and	CCONJ
cblr-7159	728	65	make	make	VERB
cblr-7159	728	66	the	the	DET
cblr-7159	728	67	distributions	distribution	NOUN
cblr-7159	728	68	comparable	comparable	ADJ
cblr-7159	728	69	between	between	ADP
cblr-7159	728	70	periods	period	NOUN
cblr-7159	728	71	and	and	CCONJ
cblr-7159	728	72	between	between	ADP
cblr-7159	728	73	companies).241	companies).241	PROPN
cblr-7159	728	74	finally	finally	ADV
cblr-7159	728	75	,	,	PUNCT
cblr-7159	728	76	the	the	DET
cblr-7159	728	77	market	market	NOUN
cblr-7159	728	78	-	-	PUNCT
cblr-7159	728	79	to	to	ADP
cblr-7159	728	80	-	-	PUNCT
cblr-7159	728	81	book	book	NOUN
cblr-7159	728	82	ratio	ratio	NOUN
cblr-7159	728	83	of	of	ADP
cblr-7159	728	84	the	the	DET
cblr-7159	728	85	firm	firm	NOUN
cblr-7159	728	86	is	be	AUX
cblr-7159	728	87	also	also	ADV
cblr-7159	728	88	sometimes	sometimes	ADV
cblr-7159	728	89	used	use	VERB
cblr-7159	728	90	as	as	ADP
cblr-7159	728	91	a	a	DET
cblr-7159	728	92	performance	performance	NOUN
cblr-7159	728	93	metric	metric	ADJ
cblr-7159	728	94	.	.	PUNCT
cblr-7159	729	1	this	this	DET
cblr-7159	729	2	ratio	ratio	NOUN
cblr-7159	729	3	measures	measure	VERB
cblr-7159	729	4	the	the	DET
cblr-7159	729	5	relationship	relationship	NOUN
cblr-7159	729	6	between	between	ADP
cblr-7159	729	7	the	the	DET
cblr-7159	729	8	market	market	NOUN
cblr-7159	729	9	price	price	NOUN
cblr-7159	729	10	of	of	ADP
cblr-7159	729	11	a	a	DET
cblr-7159	729	12	firm	firm	NOUN
cblr-7159	729	13	’s	’s	PART
cblr-7159	729	14	shares	share	NOUN
cblr-7159	729	15	and	and	CCONJ
cblr-7159	729	16	the	the	DET
cblr-7159	729	17	value	value	NOUN
cblr-7159	729	18	of	of	ADP
cblr-7159	729	19	the	the	DET
cblr-7159	729	20	firm	firm	NOUN
cblr-7159	729	21	’s	’s	PART
cblr-7159	729	22	assets	asset	NOUN
cblr-7159	729	23	as	as	SCONJ
cblr-7159	729	24	recorded	record	VERB
cblr-7159	729	25	in	in	ADP
cblr-7159	729	26	historical	historical	ADJ
cblr-7159	729	27	terms	term	NOUN
cblr-7159	729	28	on	on	ADP
cblr-7159	729	29	its	its	PRON
cblr-7159	729	30	balance	balance	NOUN
cblr-7159	729	31	sheet.242	sheet.242	VERB
cblr-7159	729	32	the	the	DET
cblr-7159	729	33	metric	metric	NOUN
cblr-7159	729	34	is	be	AUX
cblr-7159	729	35	intended	intend	VERB
cblr-7159	729	36	to	to	PART
cblr-7159	729	37	proxy	proxy	VERB
cblr-7159	729	38	for	for	ADP
cblr-7159	729	39	the	the	DET
cblr-7159	729	40	additional	additional	ADJ
cblr-7159	729	41	value	value	NOUN
cblr-7159	729	42	(	(	PUNCT
cblr-7159	729	43	or	or	CCONJ
cblr-7159	729	44	replacement	replacement	NOUN
cblr-7159	729	45	cost	cost	NOUN
cblr-7159	729	46	)	)	PUNCT
cblr-7159	729	47	that	that	SCONJ
cblr-7159	729	48	shareholders	shareholder	NOUN
cblr-7159	729	49	attribute	attribute	NOUN
cblr-7159	729	50	to	to	ADP
cblr-7159	729	51	the	the	DET
cblr-7159	729	52	firm	firm	NOUN
cblr-7159	729	53	’s	’s	PART
cblr-7159	729	54	intangible	intangible	ADJ
cblr-7159	729	55	assets	asset	NOUN
cblr-7159	729	56	and	and	CCONJ
cblr-7159	729	57	growth	growth	NOUN
cblr-7159	729	58	potential	potential	NOUN
cblr-7159	729	59	,	,	PUNCT
cblr-7159	729	60	and	and	CCONJ
cblr-7159	729	61	thus	thus	ADV
cblr-7159	729	62	has	have	AUX
cblr-7159	729	63	been	be	AUX
cblr-7159	729	64	used	use	VERB
cblr-7159	729	65	as	as	ADP
cblr-7159	729	66	a	a	DET
cblr-7159	729	67	rough	rough	ADJ
cblr-7159	729	68	signal	signal	NOUN
cblr-7159	729	69	for	for	ADP
cblr-7159	729	70	the	the	DET
cblr-7159	729	71	effectiveness	effectiveness	NOUN
cblr-7159	729	72	of	of	ADP
cblr-7159	729	73	the	the	DET
cblr-7159	729	74	firm	firm	NOUN
cblr-7159	729	75	’s	’s	PART
cblr-7159	729	76	management.243	management.243	PROPN
cblr-7159	729	77	c.	c.	PROPN
cblr-7159	729	78	general	general	PROPN
cblr-7159	729	79	approach	approach	NOUN
cblr-7159	729	80	and	and	CCONJ
cblr-7159	729	81	controls	control	VERB
cblr-7159	729	82	the	the	DET
cblr-7159	729	83	average	average	ADJ
cblr-7159	729	84	effect	effect	NOUN
cblr-7159	729	85	of	of	ADP
cblr-7159	729	86	a	a	DET
cblr-7159	729	87	covenant	covenant	ADJ
cblr-7159	729	88	violation	violation	NOUN
cblr-7159	729	89	on	on	ADP
cblr-7159	729	90	the	the	DET
cblr-7159	729	91	proxies	proxy	NOUN
cblr-7159	729	92	just	just	ADV
cblr-7159	729	93	described	describe	VERB
cblr-7159	729	94	is	be	AUX
cblr-7159	729	95	assessed	assess	VERB
cblr-7159	729	96	below	below	ADV
cblr-7159	729	97	.	.	PUNCT
cblr-7159	730	1	when	when	SCONJ
cblr-7159	730	2	covenants	covenant	NOUN
cblr-7159	730	3	are	be	AUX
cblr-7159	730	4	violated	violate	VERB
cblr-7159	730	5	,	,	PUNCT
cblr-7159	730	6	lenders	lender	NOUN
cblr-7159	730	7	often	often	ADV
cblr-7159	730	8	agree	agree	VERB
cblr-7159	730	9	to	to	PART
cblr-7159	730	10	waive	waive	VERB
cblr-7159	730	11	the	the	DET
cblr-7159	730	12	transgression	transgression	NOUN
cblr-7159	730	13	.	.	PUNCT
cblr-7159	731	1	historically	historically	ADV
cblr-7159	731	2	,	,	PUNCT
cblr-7159	731	3	waivers	waiver	NOUN
cblr-7159	731	4	were	be	AUX
cblr-7159	731	5	given	give	VERB
cblr-7159	731	6	in	in	ADP
cblr-7159	731	7	exchange	exchange	NOUN
cblr-7159	731	8	for	for	ADP
cblr-7159	731	9	the	the	DET
cblr-7159	731	10	borrower	borrower	NOUN
cblr-7159	731	11	’s	’s	PART
cblr-7159	731	12	agreement	agreement	NOUN
cblr-7159	731	13	to	to	PART
cblr-7159	731	14	take	take	VERB
cblr-7159	731	15	actions	action	NOUN
cblr-7159	731	16	to	to	PART
cblr-7159	731	17	run	run	VERB
cblr-7159	731	18	the	the	DET
cblr-7159	731	19	company	company	NOUN
cblr-7159	731	20	in	in	ADP
cblr-7159	731	21	a	a	DET
cblr-7159	731	22	way	way	NOUN
cblr-7159	731	23	that	that	PRON
cblr-7159	731	24	is	be	AUX
cblr-7159	731	25	less	less	ADV
cblr-7159	731	26	financially	financially	ADV
cblr-7159	731	27	risky.244	risky.244	PRON
cblr-7159	731	28	if	if	SCONJ
cblr-7159	731	29	this	this	PRON
cblr-7159	731	30	still	still	ADV
cblr-7159	731	31	occurs	occur	VERB
cblr-7159	731	32	and	and	CCONJ
cblr-7159	731	33	these	these	DET
cblr-7159	731	34	measures	measure	NOUN
cblr-7159	731	35	are	be	AUX
cblr-7159	731	36	240	240	NUM
cblr-7159	731	37	i	i	PROPN
cblr-7159	731	38	d.	d.	PROPN
cblr-7159	731	39	at	at	ADP
cblr-7159	731	40	52–53	52–53	NUM
cblr-7159	731	41	.	.	PUNCT
cblr-7159	732	1	241	241	NUM
cblr-7159	732	2	see	see	VERB
cblr-7159	732	3	nini	nini	PROPN
cblr-7159	732	4	et	et	PROPN
cblr-7159	732	5	al	al	PROPN
cblr-7159	732	6	.	.	PROPN
cblr-7159	732	7	,	,	PUNCT
cblr-7159	732	8	creditor	creditor	NOUN
cblr-7159	732	9	control	control	NOUN
cblr-7159	732	10	rights	right	NOUN
cblr-7159	732	11	,	,	PUNCT
cblr-7159	732	12	supra	supra	PROPN
cblr-7159	732	13	note	note	NOUN
cblr-7159	732	14	14	14	NUM
cblr-7159	732	15	,	,	PUNCT
cblr-7159	732	16	at	at	ADP
cblr-7159	732	17	1747–49	1747–49	NUM
cblr-7159	732	18	.	.	PUNCT
cblr-7159	733	1	242	242	NUM
cblr-7159	733	2	see	see	VERB
cblr-7159	733	3	shepherd	shepherd	NOUN
cblr-7159	733	4	et	et	PROPN
cblr-7159	733	5	al	al	PROPN
cblr-7159	733	6	.	.	PROPN
cblr-7159	733	7	,	,	PUNCT
cblr-7159	733	8	what	what	PRON
cblr-7159	733	9	else	else	ADV
cblr-7159	733	10	matters	matter	VERB
cblr-7159	733	11	?	?	PUNCT
cblr-7159	733	12	,	,	PUNCT
cblr-7159	733	13	supra	supra	PROPN
cblr-7159	733	14	note	note	NOUN
cblr-7159	733	15	1	1	NUM
cblr-7159	733	16	(	(	PUNCT
cblr-7159	733	17	using	use	VERB
cblr-7159	733	18	tobin	tobin	PROPN
cblr-7159	733	19	’s	’s	PART
cblr-7159	733	20	q	q	NOUN
cblr-7159	733	21	as	as	ADP
cblr-7159	733	22	a	a	DET
cblr-7159	733	23	measure	measure	NOUN
cblr-7159	733	24	of	of	ADP
cblr-7159	733	25	firm	firm	ADJ
cblr-7159	733	26	value	value	NOUN
cblr-7159	733	27	,	,	PUNCT
cblr-7159	733	28	calculated	calculate	VERB
cblr-7159	733	29	as	as	ADP
cblr-7159	733	30	the	the	DET
cblr-7159	733	31	ratio	ratio	NOUN
cblr-7159	733	32	of	of	ADP
cblr-7159	733	33	a	a	DET
cblr-7159	733	34	firm	firm	NOUN
cblr-7159	733	35	’s	’s	PART
cblr-7159	733	36	market	market	NOUN
cblr-7159	733	37	value	value	NOUN
cblr-7159	733	38	to	to	ADP
cblr-7159	733	39	book	book	NOUN
cblr-7159	733	40	value	value	NOUN
cblr-7159	733	41	)	)	PUNCT
cblr-7159	733	42	.	.	PUNCT
cblr-7159	734	1	243	243	NUM
cblr-7159	734	2	see	see	VERB
cblr-7159	734	3	bartlett	bartlett	PROPN
cblr-7159	734	4	&	&	CCONJ
cblr-7159	734	5	partnoy	partnoy	ADJ
cblr-7159	734	6	,	,	PUNCT
cblr-7159	734	7	supra	supra	ADJ
cblr-7159	734	8	note	note	NOUN
cblr-7159	734	9	225	225	NUM
cblr-7159	734	10	,	,	PUNCT
cblr-7159	734	11	at	at	ADP
cblr-7159	734	12	373–74	373–74	NUM
cblr-7159	734	13	(	(	PUNCT
cblr-7159	734	14	noting	note	VERB
cblr-7159	734	15	the	the	DET
cblr-7159	734	16	use	use	NOUN
cblr-7159	734	17	of	of	ADP
cblr-7159	734	18	market	market	NOUN
cblr-7159	734	19	-	-	PUNCT
cblr-7159	734	20	to	to	ADP
cblr-7159	734	21	-	-	PUNCT
cblr-7159	734	22	book	book	NOUN
cblr-7159	734	23	ratio	ratio	NOUN
cblr-7159	734	24	in	in	ADP
cblr-7159	734	25	many	many	ADJ
cblr-7159	734	26	studies	study	NOUN
cblr-7159	734	27	)	)	PUNCT
cblr-7159	734	28	.	.	PUNCT
cblr-7159	735	1	244	244	NUM
cblr-7159	735	2	see	see	NOUN
cblr-7159	735	3	tung	tung	NOUN
cblr-7159	735	4	,	,	PUNCT
cblr-7159	735	5	unsung	unsung	ADJ
cblr-7159	735	6	influence	influence	NOUN
cblr-7159	735	7	,	,	PUNCT
cblr-7159	735	8	supra	supra	PROPN
cblr-7159	735	9	note	note	NOUN
cblr-7159	735	10	1	1	NUM
cblr-7159	735	11	,	,	PUNCT
cblr-7159	735	12	at	at	ADP
cblr-7159	735	13	151–52	151–52	NUM
cblr-7159	735	14	.	.	PUNCT
cblr-7159	736	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	736	2	(	(	PUNCT
cblr-7159	736	3	do	do	AUX
cblr-7159	736	4	not	not	PART
cblr-7159	736	5	delete	delete	VERB
cblr-7159	736	6	)	)	PUNCT
cblr-7159	736	7	9/28/2020	9/28/2020	NUM
cblr-7159	736	8	6:35	6:35	NUM
cblr-7159	736	9	pm	pm	NOUN
cblr-7159	736	10	no	no	INTJ
cblr-7159	736	11	.	.	PUNCT
cblr-7159	737	1	1:192	1:192	X
cblr-7159	737	2	]	]	X
cblr-7159	737	3	reconsidering	reconsider	VERB
cblr-7159	737	4	creditor	creditor	NOUN
cblr-7159	737	5	governance	governance	NOUN
cblr-7159	737	6	249	249	NUM
cblr-7159	737	7	effective	effective	ADJ
cblr-7159	737	8	,	,	PUNCT
cblr-7159	737	9	it	it	PRON
cblr-7159	737	10	should	should	AUX
cblr-7159	737	11	be	be	AUX
cblr-7159	737	12	apparent	apparent	ADJ
cblr-7159	737	13	in	in	ADP
cblr-7159	737	14	the	the	DET
cblr-7159	737	15	data	datum	NOUN
cblr-7159	737	16	as	as	ADP
cblr-7159	737	17	changes	change	NOUN
cblr-7159	737	18	in	in	ADP
cblr-7159	737	19	the	the	DET
cblr-7159	737	20	performance	performance	NOUN
cblr-7159	737	21	metrics	metric	NOUN
cblr-7159	737	22	described	describe	VERB
cblr-7159	737	23	above	above	ADV
cblr-7159	737	24	,	,	PUNCT
cblr-7159	737	25	occurring	occur	VERB
cblr-7159	737	26	shortly	shortly	ADV
cblr-7159	737	27	after	after	ADP
cblr-7159	737	28	a	a	DET
cblr-7159	737	29	new	new	ADJ
cblr-7159	737	30	covenant	covenant	ADJ
cblr-7159	737	31	violation	violation	NOUN
cblr-7159	737	32	.	.	PUNCT
cblr-7159	738	1	data	datum	NOUN
cblr-7159	738	2	for	for	ADP
cblr-7159	738	3	the	the	DET
cblr-7159	738	4	entire	entire	ADJ
cblr-7159	738	5	pool	pool	NOUN
cblr-7159	738	6	of	of	ADP
cblr-7159	738	7	covenant	covenant	ADJ
cblr-7159	738	8	violators	violator	NOUN
cblr-7159	738	9	reveals	reveal	VERB
cblr-7159	738	10	evidence	evidence	NOUN
cblr-7159	738	11	that	that	SCONJ
cblr-7159	738	12	,	,	PUNCT
cblr-7159	738	13	on	on	ADP
cblr-7159	738	14	average	average	ADJ
cblr-7159	738	15	,	,	PUNCT
cblr-7159	738	16	lender	lender	NOUN
cblr-7159	738	17	intervention	intervention	NOUN
cblr-7159	738	18	occurs	occur	VERB
cblr-7159	738	19	.	.	PUNCT
cblr-7159	739	1	for	for	ADP
cblr-7159	739	2	most	most	ADJ
cblr-7159	739	3	of	of	ADP
cblr-7159	739	4	the	the	DET
cblr-7159	739	5	financial	financial	ADJ
cblr-7159	739	6	metrics	metric	NOUN
cblr-7159	739	7	described	describe	VERB
cblr-7159	739	8	above	above	ADP
cblr-7159	739	9	,	,	PUNCT
cblr-7159	739	10	companies	company	NOUN
cblr-7159	739	11	’	'	PUNCT
cblr-7159	739	12	average	average	ADJ
cblr-7159	739	13	performance	performance	NOUN
cblr-7159	739	14	deteriorates	deteriorate	VERB
cblr-7159	739	15	until	until	ADP
cblr-7159	739	16	the	the	DET
cblr-7159	739	17	quarter	quarter	NOUN
cblr-7159	739	18	of	of	ADP
cblr-7159	739	19	the	the	DET
cblr-7159	739	20	violation	violation	NOUN
cblr-7159	739	21	,	,	PUNCT
cblr-7159	739	22	but	but	CCONJ
cblr-7159	739	23	the	the	DET
cblr-7159	739	24	measures	measure	NOUN
cblr-7159	739	25	improve	improve	VERB
cblr-7159	739	26	significantly	significantly	ADV
cblr-7159	739	27	by	by	ADP
cblr-7159	739	28	the	the	DET
cblr-7159	739	29	fourth	fourth	ADJ
cblr-7159	739	30	quarter	quarter	NOUN
cblr-7159	739	31	after	after	ADP
cblr-7159	739	32	the	the	DET
cblr-7159	739	33	violation	violation	NOUN
cblr-7159	739	34	.	.	PUNCT
cblr-7159	740	1	this	this	PRON
cblr-7159	740	2	suggests	suggest	VERB
cblr-7159	740	3	that	that	SCONJ
cblr-7159	740	4	lenders	lender	NOUN
cblr-7159	740	5	have	have	AUX
cblr-7159	740	6	continued	continue	VERB
cblr-7159	740	7	to	to	PART
cblr-7159	740	8	respond	respond	VERB
cblr-7159	740	9	to	to	ADP
cblr-7159	740	10	covenant	covenant	ADJ
cblr-7159	740	11	violations	violation	NOUN
cblr-7159	740	12	in	in	ADP
cblr-7159	740	13	ways	way	NOUN
cblr-7159	740	14	that	that	PRON
cblr-7159	740	15	have	have	AUX
cblr-7159	740	16	helped	help	VERB
cblr-7159	740	17	companies	company	NOUN
cblr-7159	740	18	improve	improve	VERB
cblr-7159	740	19	their	their	PRON
cblr-7159	740	20	operating	operating	NOUN
cblr-7159	740	21	performance	performance	NOUN
cblr-7159	740	22	,	,	PUNCT
cblr-7159	740	23	and	and	CCONJ
cblr-7159	740	24	practice	practice	VERB
cblr-7159	740	25	more	more	ADV
cblr-7159	740	26	financial	financial	ADJ
cblr-7159	740	27	and	and	CCONJ
cblr-7159	740	28	investment	investment	NOUN
cblr-7159	740	29	conservatism	conservatism	NOUN
cblr-7159	740	30	.	.	PUNCT
cblr-7159	741	1	in	in	ADP
cblr-7159	741	2	doing	do	VERB
cblr-7159	741	3	so	so	ADV
cblr-7159	741	4	,	,	PUNCT
cblr-7159	741	5	it	it	PRON
cblr-7159	741	6	is	be	AUX
cblr-7159	741	7	plausible	plausible	ADJ
cblr-7159	741	8	that	that	SCONJ
cblr-7159	741	9	these	these	DET
cblr-7159	741	10	creditors	creditor	NOUN
cblr-7159	741	11	also	also	ADV
cblr-7159	741	12	reduced	reduce	VERB
cblr-7159	741	13	agency	agency	NOUN
cblr-7159	741	14	costs	cost	NOUN
cblr-7159	741	15	by	by	ADP
cblr-7159	741	16	reducing	reduce	VERB
cblr-7159	741	17	managerial	managerial	ADJ
cblr-7159	741	18	slack	slack	NOUN
cblr-7159	741	19	.	.	PUNCT
cblr-7159	742	1	the	the	DET
cblr-7159	742	2	graphs	graph	NOUN
cblr-7159	742	3	in	in	ADP
cblr-7159	742	4	figure	figure	NOUN
cblr-7159	742	5	4	4	NUM
cblr-7159	742	6	illustrate	illustrate	VERB
cblr-7159	742	7	these	these	DET
cblr-7159	742	8	trends	trend	NOUN
cblr-7159	742	9	in	in	ADP
cblr-7159	742	10	the	the	DET
cblr-7159	742	11	raw	raw	ADJ
cblr-7159	742	12	data	datum	NOUN
cblr-7159	742	13	,	,	PUNCT
cblr-7159	742	14	and	and	CCONJ
cblr-7159	742	15	the	the	DET
cblr-7159	742	16	trends	trend	NOUN
cblr-7159	742	17	are	be	AUX
cblr-7159	742	18	analyzed	analyze	VERB
cblr-7159	742	19	statistically	statistically	ADV
cblr-7159	742	20	as	as	SCONJ
cblr-7159	742	21	described	describe	VERB
cblr-7159	742	22	further	far	ADV
cblr-7159	742	23	below	below	ADV
cblr-7159	742	24	.	.	PUNCT
cblr-7159	743	1	this	this	DET
cblr-7159	743	2	analysis	analysis	NOUN
cblr-7159	743	3	looks	look	VERB
cblr-7159	743	4	at	at	ADP
cblr-7159	743	5	initial	initial	ADJ
cblr-7159	743	6	covenant	covenant	ADJ
cblr-7159	743	7	violations	violation	NOUN
cblr-7159	743	8	only	only	ADV
cblr-7159	743	9	.	.	PUNCT
cblr-7159	744	1	since	since	SCONJ
cblr-7159	744	2	violations	violation	NOUN
cblr-7159	744	3	are	be	AUX
cblr-7159	744	4	sometimes	sometimes	ADV
cblr-7159	744	5	ongoing	ongoing	ADJ
cblr-7159	744	6	for	for	ADP
cblr-7159	744	7	multiple	multiple	ADJ
cblr-7159	744	8	quarters	quarter	NOUN
cblr-7159	744	9	,	,	PUNCT
cblr-7159	744	10	using	use	VERB
cblr-7159	744	11	each	each	DET
cblr-7159	744	12	violation	violation	NOUN
cblr-7159	744	13	would	would	AUX
cblr-7159	744	14	effectively	effectively	ADV
cblr-7159	744	15	double	double	VERB
cblr-7159	744	16	count	count	VERB
cblr-7159	744	17	some	some	DET
cblr-7159	744	18	violations	violation	NOUN
cblr-7159	744	19	.	.	PUNCT
cblr-7159	745	1	to	to	PART
cblr-7159	745	2	mitigate	mitigate	VERB
cblr-7159	745	3	this	this	DET
cblr-7159	745	4	problem	problem	NOUN
cblr-7159	745	5	,	,	PUNCT
cblr-7159	745	6	i	i	PRON
cblr-7159	745	7	assume	assume	VERB
cblr-7159	745	8	that	that	SCONJ
cblr-7159	745	9	new	new	ADJ
cblr-7159	745	10	violations	violation	NOUN
cblr-7159	745	11	are	be	AUX
cblr-7159	745	12	those	those	PRON
cblr-7159	745	13	reported	report	VERB
cblr-7159	745	14	after	after	ADP
cblr-7159	745	15	at	at	ADP
cblr-7159	745	16	least	least	ADV
cblr-7159	745	17	four	four	NUM
cblr-7159	745	18	quarters	quarter	NOUN
cblr-7159	745	19	(	(	PUNCT
cblr-7159	745	20	one	one	NUM
cblr-7159	745	21	year	year	NOUN
cblr-7159	745	22	)	)	PUNCT
cblr-7159	745	23	during	during	ADP
cblr-7159	745	24	which	which	PRON
cblr-7159	745	25	no	no	DET
cblr-7159	745	26	violation	violation	NOUN
cblr-7159	745	27	is	be	AUX
cblr-7159	745	28	reported	report	VERB
cblr-7159	745	29	.	.	PUNCT
cblr-7159	746	1	i	i	PRON
cblr-7159	746	2	assume	assume	VERB
cblr-7159	746	3	that	that	SCONJ
cblr-7159	746	4	violations	violation	NOUN
cblr-7159	746	5	reported	report	VERB
cblr-7159	746	6	in	in	ADP
cblr-7159	746	7	successive	successive	ADJ
cblr-7159	746	8	quarters	quarter	NOUN
cblr-7159	746	9	,	,	PUNCT
cblr-7159	746	10	or	or	CCONJ
cblr-7159	746	11	violation	violation	NOUN
cblr-7159	746	12	reports	report	NOUN
cblr-7159	746	13	separated	separate	VERB
cblr-7159	746	14	by	by	ADP
cblr-7159	746	15	less	less	ADJ
cblr-7159	746	16	than	than	ADP
cblr-7159	746	17	one	one	NUM
cblr-7159	746	18	year	year	NOUN
cblr-7159	746	19	are	be	AUX
cblr-7159	746	20	the	the	DET
cblr-7159	746	21	same	same	ADJ
cblr-7159	746	22	violation	violation	NOUN
cblr-7159	746	23	.	.	PUNCT
cblr-7159	747	1	the	the	DET
cblr-7159	747	2	trends	trend	NOUN
cblr-7159	747	3	evident	evident	ADJ
cblr-7159	747	4	in	in	ADP
cblr-7159	747	5	the	the	DET
cblr-7159	747	6	raw	raw	ADJ
cblr-7159	747	7	data	datum	NOUN
cblr-7159	747	8	are	be	AUX
cblr-7159	747	9	supported	support	VERB
cblr-7159	747	10	using	use	VERB
cblr-7159	747	11	a	a	DET
cblr-7159	747	12	first	first	ADJ
cblr-7159	747	13	difference	difference	NOUN
cblr-7159	747	14	approach	approach	NOUN
cblr-7159	747	15	.	.	PUNCT
cblr-7159	748	1	a	a	DET
cblr-7159	748	2	first	first	ADJ
cblr-7159	748	3	difference	difference	NOUN
cblr-7159	748	4	analysis	analysis	NOUN
cblr-7159	748	5	allows	allow	VERB
cblr-7159	748	6	for	for	ADP
cblr-7159	748	7	the	the	DET
cblr-7159	748	8	measurement	measurement	NOUN
cblr-7159	748	9	of	of	ADP
cblr-7159	748	10	how	how	SCONJ
cblr-7159	748	11	a	a	DET
cblr-7159	748	12	firm	firm	NOUN
cblr-7159	748	13	’s	’s	PART
cblr-7159	748	14	performance	performance	NOUN
cblr-7159	748	15	changes	change	NOUN
cblr-7159	748	16	over	over	ADP
cblr-7159	748	17	time	time	NOUN
cblr-7159	748	18	,	,	PUNCT
cblr-7159	748	19	using	use	VERB
cblr-7159	748	20	various	various	ADJ
cblr-7159	748	21	controls	control	NOUN
cblr-7159	748	22	,	,	PUNCT
cblr-7159	748	23	in	in	ADP
cblr-7159	748	24	comparison	comparison	NOUN
cblr-7159	748	25	with	with	ADP
cblr-7159	748	26	other	other	ADJ
cblr-7159	748	27	firms	firm	NOUN
cblr-7159	748	28	,	,	PUNCT
cblr-7159	748	29	and	and	CCONJ
cblr-7159	748	30	has	have	VERB
cblr-7159	748	31	the	the	DET
cblr-7159	748	32	additional	additional	ADJ
cblr-7159	748	33	advantage	advantage	NOUN
cblr-7159	748	34	of	of	ADP
cblr-7159	748	35	negating	negate	VERB
cblr-7159	748	36	the	the	DET
cblr-7159	748	37	effect	effect	NOUN
cblr-7159	748	38	of	of	ADP
cblr-7159	748	39	time	time	NOUN
cblr-7159	748	40	-	-	PUNCT
cblr-7159	748	41	varying	vary	VERB
cblr-7159	748	42	,	,	PUNCT
cblr-7159	748	43	firm	firm	ADJ
cblr-7159	748	44	-	-	PUNCT
cblr-7159	748	45	specific	specific	ADJ
cblr-7159	748	46	characteristics	characteristic	NOUN
cblr-7159	748	47	that	that	PRON
cblr-7159	748	48	might	might	AUX
cblr-7159	748	49	otherwise	otherwise	ADV
cblr-7159	748	50	lead	lead	VERB
cblr-7159	748	51	to	to	ADP
cblr-7159	748	52	biased	biased	ADJ
cblr-7159	748	53	results	result	NOUN
cblr-7159	748	54	.	.	PUNCT
cblr-7159	749	1	in	in	ADP
cblr-7159	749	2	other	other	ADJ
cblr-7159	749	3	words	word	NOUN
cblr-7159	749	4	,	,	PUNCT
cblr-7159	749	5	the	the	DET
cblr-7159	749	6	approach	approach	NOUN
cblr-7159	749	7	accounts	account	VERB
cblr-7159	749	8	for	for	ADP
cblr-7159	749	9	changes	change	NOUN
cblr-7159	749	10	that	that	PRON
cblr-7159	749	11	companies	company	NOUN
cblr-7159	749	12	might	might	AUX
cblr-7159	749	13	experience	experience	VERB
cblr-7159	749	14	over	over	ADP
cblr-7159	749	15	time	time	NOUN
cblr-7159	749	16	that	that	PRON
cblr-7159	749	17	are	be	AUX
cblr-7159	749	18	not	not	PART
cblr-7159	749	19	specific	specific	ADJ
cblr-7159	749	20	to	to	ADP
cblr-7159	749	21	violating	violate	VERB
cblr-7159	749	22	loan	loan	NOUN
cblr-7159	749	23	covenants	covenant	NOUN
cblr-7159	749	24	,	,	PUNCT
cblr-7159	749	25	but	but	CCONJ
cblr-7159	749	26	that	that	PRON
cblr-7159	749	27	might	might	AUX
cblr-7159	749	28	otherwise	otherwise	ADV
cblr-7159	749	29	affect	affect	VERB
cblr-7159	749	30	the	the	DET
cblr-7159	749	31	results.245	results.245	PROPN
cblr-7159	749	32	the	the	DET
cblr-7159	749	33	analysis	analysis	NOUN
cblr-7159	749	34	uses	use	VERB
cblr-7159	749	35	a	a	DET
cblr-7159	749	36	number	number	NOUN
cblr-7159	749	37	of	of	ADP
cblr-7159	749	38	controls	control	NOUN
cblr-7159	749	39	to	to	PART
cblr-7159	749	40	account	account	VERB
cblr-7159	749	41	for	for	ADP
cblr-7159	749	42	other	other	ADJ
cblr-7159	749	43	possible	possible	ADJ
cblr-7159	749	44	determinants	determinant	NOUN
cblr-7159	749	45	of	of	ADP
cblr-7159	749	46	firms	firm	NOUN
cblr-7159	749	47	’	'	PUNCT
cblr-7159	749	48	performance.246	performance.246	PROPN
cblr-7159	749	49	fixed	fix	VERB
cblr-7159	749	50	effects	effect	NOUN
cblr-7159	749	51	245	245	NUM
cblr-7159	749	52	the	the	DET
cblr-7159	749	53	results	result	NOUN
cblr-7159	749	54	of	of	ADP
cblr-7159	749	55	these	these	DET
cblr-7159	749	56	analyses	analysis	NOUN
cblr-7159	749	57	are	be	AUX
cblr-7159	749	58	reported	report	VERB
cblr-7159	749	59	in	in	ADP
cblr-7159	749	60	tables	table	NOUN
cblr-7159	749	61	created	create	VERB
cblr-7159	749	62	by	by	ADP
cblr-7159	749	63	the	the	DET
cblr-7159	749	64	author	author	NOUN
cblr-7159	749	65	.	.	PUNCT
cblr-7159	750	1	see	see	VERB
cblr-7159	750	2	mcclane	mcclane	PROPN
cblr-7159	750	3	,	,	PUNCT
cblr-7159	750	4	supra	supra	PROPN
cblr-7159	750	5	note	note	NOUN
cblr-7159	750	6	216	216	NUM
cblr-7159	750	7	.	.	PUNCT
cblr-7159	751	1	246	246	NUM
cblr-7159	751	2	see	see	VERB
cblr-7159	751	3	i	i	PRON
cblr-7159	751	4	d.	d.	PROPN
cblr-7159	751	5	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	751	6	(	(	PUNCT
cblr-7159	751	7	do	do	AUX
cblr-7159	751	8	not	not	PART
cblr-7159	751	9	delte	delte	VERB
cblr-7159	751	10	)	)	PUNCT
cblr-7159	751	11	9/28/2020	9/28/2020	NUM
cblr-7159	751	12	6:35	6:35	NUM
cblr-7159	751	13	pm	pm	NOUN
cblr-7159	751	14	250	250	NUM
cblr-7159	751	15	columbia	columbia	PROPN
cblr-7159	751	16	business	business	NOUN
cblr-7159	751	17	law	law	NOUN
cblr-7159	751	18	review	review	NOUN
cblr-7159	751	19	[	[	X
cblr-7159	751	20	vol	vol	NOUN
cblr-7159	751	21	.	.	PUNCT
cblr-7159	751	22	2020	2020	NUM
cblr-7159	751	23	are	be	AUX
cblr-7159	751	24	included	include	VERB
cblr-7159	751	25	for	for	ADP
cblr-7159	751	26	each	each	DET
cblr-7159	751	27	borrower	borrower	NOUN
cblr-7159	751	28	’s	’s	PART
cblr-7159	751	29	industry	industry	NOUN
cblr-7159	751	30	(	(	PUNCT
cblr-7159	751	31	as	as	ADP
cblr-7159	751	32	two	two	NUM
cblr-7159	751	33	-	-	PUNCT
cblr-7159	751	34	digit	digit	NOUN
cblr-7159	751	35	standard	standard	ADJ
cblr-7159	751	36	industry	industry	NOUN
cblr-7159	751	37	classification	classification	NOUN
cblr-7159	751	38	codes	code	NOUN
cblr-7159	751	39	)	)	PUNCT
cblr-7159	751	40	and	and	CCONJ
cblr-7159	751	41	for	for	ADP
cblr-7159	751	42	each	each	DET
cblr-7159	751	43	calendar	calendar	NOUN
cblr-7159	751	44	quarter	quarter	NOUN
cblr-7159	751	45	.	.	PUNCT
cblr-7159	752	1	controls	control	NOUN
cblr-7159	752	2	are	be	AUX
cblr-7159	752	3	used	use	VERB
cblr-7159	752	4	for	for	ADP
cblr-7159	752	5	the	the	DET
cblr-7159	752	6	long	long	ADJ
cblr-7159	752	7	-	-	PUNCT
cblr-7159	752	8	term	term	NOUN
cblr-7159	752	9	bond	bond	NOUN
cblr-7159	752	10	rating	rating	NOUN
cblr-7159	752	11	of	of	ADP
cblr-7159	752	12	each	each	DET
cblr-7159	752	13	company	company	NOUN
cblr-7159	752	14	and	and	CCONJ
cblr-7159	752	15	for	for	ADP
cblr-7159	752	16	several	several	ADJ
cblr-7159	752	17	measures	measure	NOUN
cblr-7159	752	18	that	that	PRON
cblr-7159	752	19	proxy	proxy	NOUN
cblr-7159	752	20	for	for	ADP
cblr-7159	752	21	firm	firm	ADJ
cblr-7159	752	22	size	size	NOUN
cblr-7159	752	23	and	and	CCONJ
cblr-7159	752	24	quality	quality	NOUN
cblr-7159	752	25	commonly	commonly	ADV
cblr-7159	752	26	used	use	VERB
cblr-7159	752	27	in	in	ADP
cblr-7159	752	28	the	the	DET
cblr-7159	752	29	financial	financial	ADJ
cblr-7159	752	30	economic	economic	ADJ
cblr-7159	752	31	literature	literature	NOUN
cblr-7159	752	32	:	:	PUNCT
cblr-7159	752	33	firm	firm	ADJ
cblr-7159	752	34	assets	asset	NOUN
cblr-7159	752	35	(	(	PUNCT
cblr-7159	752	36	as	as	ADP
cblr-7159	752	37	the	the	DET
cblr-7159	752	38	log	log	NOUN
cblr-7159	752	39	of	of	ADP
cblr-7159	752	40	total	total	ADJ
cblr-7159	752	41	assets	asset	NOUN
cblr-7159	752	42	)	)	PUNCT
cblr-7159	752	43	,	,	PUNCT
cblr-7159	752	44	firm	firm	ADJ
cblr-7159	752	45	age	age	NOUN
cblr-7159	752	46	,	,	PUNCT
cblr-7159	752	47	return	return	VERB
cblr-7159	752	48	on	on	ADP
cblr-7159	752	49	assets	asset	NOUN
cblr-7159	752	50	,	,	PUNCT
cblr-7159	752	51	the	the	DET
cblr-7159	752	52	leverage	leverage	NOUN
cblr-7159	752	53	ratio	ratio	NOUN
cblr-7159	752	54	,	,	PUNCT
cblr-7159	752	55	the	the	DET
cblr-7159	752	56	ratio	ratio	NOUN
cblr-7159	752	57	of	of	ADP
cblr-7159	752	58	interest	interest	NOUN
cblr-7159	752	59	expense	expense	NOUN
cblr-7159	752	60	to	to	ADP
cblr-7159	752	61	average	average	ADJ
cblr-7159	752	62	assets	asset	NOUN
cblr-7159	752	63	,	,	PUNCT
cblr-7159	752	64	the	the	DET
cblr-7159	752	65	ratio	ratio	NOUN
cblr-7159	752	66	of	of	ADP
cblr-7159	752	67	net	net	ADJ
cblr-7159	752	68	worth	worth	NOUN
cblr-7159	752	69	to	to	PART
cblr-7159	752	70	total	total	ADJ
cblr-7159	752	71	assets	asset	NOUN
cblr-7159	752	72	and	and	CCONJ
cblr-7159	752	73	the	the	DET
cblr-7159	752	74	current	current	ADJ
cblr-7159	752	75	ratio.247	ratio.247	NOUN
cblr-7159	752	76	the	the	DET
cblr-7159	752	77	ratios	ratio	NOUN
cblr-7159	752	78	are	be	AUX
cblr-7159	752	79	the	the	DET
cblr-7159	752	80	subject	subject	NOUN
cblr-7159	752	81	of	of	ADP
cblr-7159	752	82	ubiquitous	ubiquitous	ADJ
cblr-7159	752	83	financial	financial	ADJ
cblr-7159	752	84	covenants	covenant	NOUN
cblr-7159	752	85	in	in	ADP
cblr-7159	752	86	loan	loan	NOUN
cblr-7159	752	87	agreements248	agreements248	PROPN
cblr-7159	752	88	included	include	VERB
cblr-7159	752	89	to	to	PART
cblr-7159	752	90	control	control	VERB
cblr-7159	752	91	for	for	ADP
cblr-7159	752	92	differences	difference	NOUN
cblr-7159	752	93	between	between	ADP
cblr-7159	752	94	firms	firm	NOUN
cblr-7159	752	95	and	and	CCONJ
cblr-7159	752	96	their	their	PRON
cblr-7159	752	97	loans.249	loans.249	NOUN
cblr-7159	752	98	247	247	NUM
cblr-7159	752	99	these	these	PRON
cblr-7159	752	100	are	be	AUX
cblr-7159	752	101	further	far	ADV
cblr-7159	752	102	explained	explain	VERB
cblr-7159	752	103	in	in	ADP
cblr-7159	752	104	the	the	DET
cblr-7159	752	105	appendix	appendix	NOUN
cblr-7159	752	106	to	to	ADP
cblr-7159	752	107	the	the	DET
cblr-7159	752	108	covenant	covenant	ADJ
cblr-7159	752	109	violation	violation	NOUN
cblr-7159	752	110	data	datum	NOUN
cblr-7159	752	111	set	set	VERB
cblr-7159	752	112	.	.	PUNCT
cblr-7159	753	1	see	see	VERB
cblr-7159	753	2	mcclane	mcclane	PROPN
cblr-7159	753	3	,	,	PUNCT
cblr-7159	753	4	supra	supra	PROPN
cblr-7159	753	5	note	note	PROPN
cblr-7159	753	6	216	216	NUM
cblr-7159	753	7	,	,	PUNCT
cblr-7159	753	8	at	at	ADP
cblr-7159	753	9	tbls	tbls	NOUN
cblr-7159	753	10	.	.	PUNCT
cblr-7159	754	1	2–7	2–7	X
cblr-7159	754	2	.	.	PUNCT
cblr-7159	755	1	these	these	DET
cblr-7159	755	2	controls	control	NOUN
cblr-7159	755	3	are	be	AUX
cblr-7159	755	4	consistent	consistent	ADJ
cblr-7159	755	5	with	with	ADP
cblr-7159	755	6	those	those	PRON
cblr-7159	755	7	used	use	VERB
cblr-7159	755	8	in	in	ADP
cblr-7159	755	9	other	other	ADJ
cblr-7159	755	10	research	research	NOUN
cblr-7159	755	11	studies	study	NOUN
cblr-7159	755	12	on	on	ADP
cblr-7159	755	13	the	the	DET
cblr-7159	755	14	impact	impact	NOUN
cblr-7159	755	15	of	of	ADP
cblr-7159	755	16	covenant	covenant	ADJ
cblr-7159	755	17	violations	violation	NOUN
cblr-7159	755	18	.	.	PUNCT
cblr-7159	756	1	see	see	VERB
cblr-7159	756	2	,	,	PUNCT
cblr-7159	756	3	e.g.	e.g.	ADV
cblr-7159	756	4	,	,	PUNCT
cblr-7159	756	5	nini	nini	PROPN
cblr-7159	756	6	et	et	PROPN
cblr-7159	756	7	al	al	PROPN
cblr-7159	756	8	.	.	PROPN
cblr-7159	756	9	,	,	PUNCT
cblr-7159	756	10	creditor	creditor	NOUN
cblr-7159	756	11	control	control	NOUN
cblr-7159	756	12	rights	right	NOUN
cblr-7159	756	13	,	,	PUNCT
cblr-7159	756	14	supra	supra	PROPN
cblr-7159	756	15	note	note	NOUN
cblr-7159	756	16	14	14	NUM
cblr-7159	756	17	,	,	PUNCT
cblr-7159	756	18	at	at	ADP
cblr-7159	756	19	1731	1731	NUM
cblr-7159	756	20	tbl.9	tbl.9	PROPN
cblr-7159	756	21	.	.	PUNCT
cblr-7159	757	1	in	in	ADP
cblr-7159	757	2	addition	addition	NOUN
cblr-7159	757	3	,	,	PUNCT
cblr-7159	757	4	the	the	DET
cblr-7159	757	5	number	number	NOUN
cblr-7159	757	6	of	of	ADP
cblr-7159	757	7	lenders	lender	NOUN
cblr-7159	757	8	in	in	ADP
cblr-7159	757	9	a	a	DET
cblr-7159	757	10	syndicate	syndicate	NOUN
cblr-7159	757	11	have	have	AUX
cblr-7159	757	12	been	be	AUX
cblr-7159	757	13	found	find	VERB
cblr-7159	757	14	to	to	PART
cblr-7159	757	15	influence	influence	VERB
cblr-7159	757	16	the	the	DET
cblr-7159	757	17	aggressiveness	aggressiveness	NOUN
cblr-7159	757	18	with	with	ADP
cblr-7159	757	19	which	which	PRON
cblr-7159	757	20	lenders	lender	NOUN
cblr-7159	757	21	respond	respond	VERB
cblr-7159	757	22	to	to	ADP
cblr-7159	757	23	covenant	covenant	ADJ
cblr-7159	757	24	violations	violation	NOUN
cblr-7159	757	25	.	.	PUNCT
cblr-7159	758	1	see	see	VERB
cblr-7159	758	2	sudheer	sudheer	PROPN
cblr-7159	758	3	chava	chava	PROPN
cblr-7159	758	4	&	&	CCONJ
cblr-7159	758	5	michael	michael	PROPN
cblr-7159	758	6	r.	r.	PROPN
cblr-7159	758	7	roberts	roberts	PROPN
cblr-7159	758	8	,	,	PUNCT
cblr-7159	758	9	how	how	SCONJ
cblr-7159	758	10	does	do	AUX
cblr-7159	758	11	financing	financing	NOUN
cblr-7159	758	12	impact	impact	NOUN
cblr-7159	758	13	investment	investment	NOUN
cblr-7159	758	14	?	?	PUNCT
cblr-7159	759	1	the	the	DET
cblr-7159	759	2	role	role	NOUN
cblr-7159	759	3	of	of	ADP
cblr-7159	759	4	debt	debt	NOUN
cblr-7159	759	5	covenants	covenant	NOUN
cblr-7159	759	6	,	,	PUNCT
cblr-7159	759	7	63	63	NUM
cblr-7159	759	8	j.	j.	PROPN
cblr-7159	759	9	fin	fin	PROPN
cblr-7159	759	10	.	.	PUNCT
cblr-7159	759	11	2085	2085	NUM
cblr-7159	759	12	,	,	PUNCT
cblr-7159	759	13	2087	2087	NUM
cblr-7159	759	14	,	,	PUNCT
cblr-7159	759	15	2112–13	2112–13	NUM
cblr-7159	759	16	(	(	PUNCT
cblr-7159	759	17	2008	2008	NUM
cblr-7159	759	18	)	)	PUNCT
cblr-7159	759	19	(	(	PUNCT
cblr-7159	759	20	discussing	discuss	VERB
cblr-7159	759	21	the	the	DET
cblr-7159	759	22	aggressive	aggressive	ADJ
cblr-7159	759	23	response	response	NOUN
cblr-7159	759	24	of	of	ADP
cblr-7159	759	25	solo	solo	ADJ
cblr-7159	759	26	lenders	lender	NOUN
cblr-7159	759	27	as	as	SCONJ
cblr-7159	759	28	compared	compare	VERB
cblr-7159	759	29	to	to	ADP
cblr-7159	759	30	those	those	PRON
cblr-7159	759	31	in	in	ADP
cblr-7159	759	32	a	a	DET
cblr-7159	759	33	large	large	ADJ
cblr-7159	759	34	lending	lending	NOUN
cblr-7159	759	35	syndicate	syndicate	NOUN
cblr-7159	759	36	)	)	PUNCT
cblr-7159	759	37	.	.	PUNCT
cblr-7159	760	1	this	this	PRON
cblr-7159	760	2	is	be	AUX
cblr-7159	760	3	thought	think	VERB
cblr-7159	760	4	to	to	PART
cblr-7159	760	5	occur	occur	VERB
cblr-7159	760	6	because	because	SCONJ
cblr-7159	760	7	smaller	small	ADJ
cblr-7159	760	8	lenders	lender	NOUN
cblr-7159	760	9	in	in	ADP
cblr-7159	760	10	a	a	DET
cblr-7159	760	11	smaller	small	ADJ
cblr-7159	760	12	syndicate	syndicate	NOUN
cblr-7159	760	13	each	each	PRON
cblr-7159	760	14	face	face	VERB
cblr-7159	760	15	more	more	ADJ
cblr-7159	760	16	risks	risk	NOUN
cblr-7159	760	17	,	,	PUNCT
cblr-7159	760	18	and	and	CCONJ
cblr-7159	760	19	potentially	potentially	ADV
cblr-7159	760	20	have	have	VERB
cblr-7159	760	21	fewer	few	ADJ
cblr-7159	760	22	mechanisms	mechanism	NOUN
cblr-7159	760	23	for	for	ADP
cblr-7159	760	24	reducing	reduce	VERB
cblr-7159	760	25	information	information	NOUN
cblr-7159	760	26	asymmetry	asymmetry	NOUN
cblr-7159	760	27	between	between	ADP
cblr-7159	760	28	themselves	themselves	PRON
cblr-7159	760	29	and	and	CCONJ
cblr-7159	760	30	the	the	DET
cblr-7159	760	31	borrowers	borrower	NOUN
cblr-7159	760	32	.	.	PUNCT
cblr-7159	761	1	see	see	VERB
cblr-7159	761	2	tung	tung	PROPN
cblr-7159	761	3	,	,	PUNCT
cblr-7159	761	4	unsung	unsung	ADJ
cblr-7159	761	5	influence	influence	NOUN
cblr-7159	761	6	,	,	PUNCT
cblr-7159	761	7	supra	supra	PROPN
cblr-7159	761	8	note	note	NOUN
cblr-7159	761	9	1	1	NUM
cblr-7159	761	10	,	,	PUNCT
cblr-7159	761	11	at	at	ADP
cblr-7159	761	12	156	156	NUM
cblr-7159	761	13	n.198	n.198	ADJ
cblr-7159	761	14	,	,	PUNCT
cblr-7159	761	15	163–64	163–64	NUM
cblr-7159	761	16	.	.	PUNCT
cblr-7159	762	1	smaller	small	ADJ
cblr-7159	762	2	lending	lending	NOUN
cblr-7159	762	3	groups	group	NOUN
cblr-7159	762	4	may	may	AUX
cblr-7159	762	5	also	also	ADV
cblr-7159	762	6	find	find	VERB
cblr-7159	762	7	it	it	PRON
cblr-7159	762	8	easier	easy	ADJ
cblr-7159	762	9	to	to	PART
cblr-7159	762	10	renegotiate	renegotiate	VERB
cblr-7159	762	11	loan	loan	NOUN
cblr-7159	762	12	terms	term	NOUN
cblr-7159	762	13	than	than	ADP
cblr-7159	762	14	larger	large	ADJ
cblr-7159	762	15	syndicates	syndicate	NOUN
cblr-7159	762	16	,	,	PUNCT
cblr-7159	762	17	which	which	PRON
cblr-7159	762	18	face	face	VERB
cblr-7159	762	19	coordination	coordination	NOUN
cblr-7159	762	20	problems	problem	NOUN
cblr-7159	762	21	.	.	PUNCT
cblr-7159	763	1	see	see	VERB
cblr-7159	763	2	patrick	patrick	PROPN
cblr-7159	763	3	bolton	bolton	PROPN
cblr-7159	763	4	&	&	CCONJ
cblr-7159	763	5	david	david	PROPN
cblr-7159	763	6	s.	s.	PROPN
cblr-7159	763	7	scharfstein	scharfstein	PROPN
cblr-7159	763	8	,	,	PUNCT
cblr-7159	763	9	optimal	optimal	ADJ
cblr-7159	763	10	debt	debt	NOUN
cblr-7159	763	11	structure	structure	NOUN
cblr-7159	763	12	and	and	CCONJ
cblr-7159	763	13	the	the	DET
cblr-7159	763	14	number	number	NOUN
cblr-7159	763	15	of	of	ADP
cblr-7159	763	16	creditors	creditor	NOUN
cblr-7159	763	17	,	,	PUNCT
cblr-7159	763	18	104	104	NUM
cblr-7159	763	19	j.	j.	PROPN
cblr-7159	763	20	pol	pol	PROPN
cblr-7159	763	21	.	.	PUNCT
cblr-7159	763	22	econ	econ	PROPN
cblr-7159	763	23	.	.	PROPN
cblr-7159	764	1	1	1	NUM
cblr-7159	764	2	,	,	PUNCT
cblr-7159	764	3	3	3	NUM
cblr-7159	764	4	(	(	PUNCT
cblr-7159	764	5	1996	1996	NUM
cblr-7159	764	6	)	)	PUNCT
cblr-7159	764	7	.	.	PUNCT
cblr-7159	765	1	the	the	DET
cblr-7159	765	2	vast	vast	ADJ
cblr-7159	765	3	majority	majority	NOUN
cblr-7159	765	4	of	of	ADP
cblr-7159	765	5	the	the	DET
cblr-7159	765	6	loans	loan	NOUN
cblr-7159	765	7	in	in	ADP
cblr-7159	765	8	the	the	DET
cblr-7159	765	9	sample	sample	NOUN
cblr-7159	765	10	studied	study	VERB
cblr-7159	765	11	here	here	ADV
cblr-7159	765	12	involve	involve	VERB
cblr-7159	765	13	syndicates	syndicate	NOUN
cblr-7159	765	14	of	of	ADP
cblr-7159	765	15	five	five	NUM
cblr-7159	765	16	lenders	lender	NOUN
cblr-7159	765	17	or	or	CCONJ
cblr-7159	765	18	more	more	ADJ
cblr-7159	765	19	,	,	PUNCT
cblr-7159	765	20	thus	thus	ADV
cblr-7159	765	21	mitigating	mitigate	VERB
cblr-7159	765	22	the	the	DET
cblr-7159	765	23	concern	concern	NOUN
cblr-7159	765	24	that	that	SCONJ
cblr-7159	765	25	single	single	ADJ
cblr-7159	765	26	lenders	lender	NOUN
cblr-7159	765	27	or	or	CCONJ
cblr-7159	765	28	small	small	ADJ
cblr-7159	765	29	syndicates	syndicate	NOUN
cblr-7159	765	30	might	might	AUX
cblr-7159	765	31	affect	affect	VERB
cblr-7159	765	32	the	the	DET
cblr-7159	765	33	results	result	NOUN
cblr-7159	765	34	.	.	PUNCT
cblr-7159	766	1	in	in	ADP
cblr-7159	766	2	unreported	unreported	ADJ
cblr-7159	766	3	regressions	regression	NOUN
cblr-7159	766	4	,	,	PUNCT
cblr-7159	766	5	i	i	PRON
cblr-7159	766	6	include	include	VERB
cblr-7159	766	7	a	a	DET
cblr-7159	766	8	control	control	NOUN
cblr-7159	766	9	for	for	ADP
cblr-7159	766	10	the	the	DET
cblr-7159	766	11	number	number	NOUN
cblr-7159	766	12	of	of	ADP
cblr-7159	766	13	lenders	lender	NOUN
cblr-7159	766	14	,	,	PUNCT
cblr-7159	766	15	and	and	CCONJ
cblr-7159	766	16	the	the	DET
cblr-7159	766	17	results	result	NOUN
cblr-7159	766	18	remain	remain	VERB
cblr-7159	766	19	consistent	consistent	ADJ
cblr-7159	766	20	.	.	PUNCT
cblr-7159	767	1	248	248	NUM
cblr-7159	767	2	see	see	VERB
cblr-7159	767	3	bratton	bratton	PROPN
cblr-7159	767	4	,	,	PUNCT
cblr-7159	767	5	supra	supra	PROPN
cblr-7159	767	6	note	note	PROPN
cblr-7159	767	7	97	97	NUM
cblr-7159	767	8	,	,	PUNCT
cblr-7159	767	9	at	at	ADP
cblr-7159	767	10	464	464	NUM
cblr-7159	767	11	.	.	PUNCT
cblr-7159	768	1	249	249	NUM
cblr-7159	768	2	see	see	VERB
cblr-7159	768	3	,	,	PUNCT
cblr-7159	768	4	e.g.	e.g.	ADV
cblr-7159	768	5	,	,	PUNCT
cblr-7159	768	6	nini	nini	PROPN
cblr-7159	768	7	et	et	PROPN
cblr-7159	768	8	al	al	PROPN
cblr-7159	768	9	.	.	PROPN
cblr-7159	768	10	,	,	PUNCT
cblr-7159	768	11	creditor	creditor	NOUN
cblr-7159	768	12	control	control	NOUN
cblr-7159	768	13	rights	right	NOUN
cblr-7159	768	14	,	,	PUNCT
cblr-7159	768	15	supra	supra	PROPN
cblr-7159	768	16	note	note	NOUN
cblr-7159	768	17	14	14	NUM
cblr-7159	768	18	.	.	PUNCT
cblr-7159	769	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	769	2	(	(	PUNCT
cblr-7159	769	3	do	do	AUX
cblr-7159	769	4	not	not	PART
cblr-7159	769	5	delete	delete	VERB
cblr-7159	769	6	)	)	PUNCT
cblr-7159	769	7	9/28/2020	9/28/2020	NUM
cblr-7159	769	8	6:35	6:35	NUM
cblr-7159	769	9	pm	pm	NOUN
cblr-7159	769	10	no	no	INTJ
cblr-7159	769	11	.	.	PUNCT
cblr-7159	770	1	1:192	1:192	X
cblr-7159	770	2	]	]	X
cblr-7159	770	3	reconsidering	reconsider	VERB
cblr-7159	770	4	creditor	creditor	NOUN
cblr-7159	770	5	governance	governance	NOUN
cblr-7159	770	6	251	251	NUM
cblr-7159	770	7	figure	figure	NOUN
cblr-7159	770	8	3	3	NUM
cblr-7159	770	9	:	:	PUNCT
cblr-7159	770	10	measures	measure	NOUN
cblr-7159	770	11	of	of	ADP
cblr-7159	770	12	operating	operate	VERB
cblr-7159	770	13	performance	performance	NOUN
cblr-7159	770	14	before	before	ADV
cblr-7159	770	15	and	and	CCONJ
cblr-7159	770	16	after	after	ADP
cblr-7159	770	17	loan	loan	NOUN
cblr-7159	770	18	covenant	covenant	NOUN
cblr-7159	770	19	violation250	violation250	PROPN
cblr-7159	770	20	250	250	NUM
cblr-7159	770	21	this	this	DET
cblr-7159	770	22	figure	figure	NOUN
cblr-7159	770	23	summarizes	summarize	NOUN
cblr-7159	770	24	information	information	NOUN
cblr-7159	770	25	included	include	VERB
cblr-7159	770	26	in	in	ADP
cblr-7159	770	27	the	the	DET
cblr-7159	770	28	data	datum	NOUN
cblr-7159	770	29	set	set	VERB
cblr-7159	770	30	created	create	VERB
cblr-7159	770	31	by	by	ADP
cblr-7159	770	32	the	the	DET
cblr-7159	770	33	author	author	NOUN
cblr-7159	770	34	.	.	PUNCT
cblr-7159	771	1	see	see	VERB
cblr-7159	771	2	mcclane	mcclane	PROPN
cblr-7159	771	3	,	,	PUNCT
cblr-7159	771	4	supra	supra	PROPN
cblr-7159	771	5	note	note	NOUN
cblr-7159	771	6	216	216	NUM
cblr-7159	771	7	.	.	PUNCT
cblr-7159	772	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	772	2	(	(	PUNCT
cblr-7159	772	3	do	do	AUX
cblr-7159	772	4	not	not	PART
cblr-7159	772	5	delte	delte	VERB
cblr-7159	772	6	)	)	PUNCT
cblr-7159	772	7	9/28/2020	9/28/2020	PROPN
cblr-7159	772	8	6:35	6:35	NUM
cblr-7159	772	9	pm	pm	NOUN
cblr-7159	772	10	252	252	NUM
cblr-7159	772	11	columbia	columbia	PROPN
cblr-7159	772	12	business	business	NOUN
cblr-7159	772	13	law	law	NOUN
cblr-7159	772	14	review	review	NOUN
cblr-7159	772	15	[	[	X
cblr-7159	772	16	vol	vol	NOUN
cblr-7159	772	17	.	.	PUNCT
cblr-7159	772	18	2020	2020	NUM
cblr-7159	772	19	figure	figure	VERB
cblr-7159	772	20	4	4	NUM
cblr-7159	772	21	:	:	PUNCT
cblr-7159	772	22	measures	measure	NOUN
cblr-7159	772	23	of	of	ADP
cblr-7159	772	24	financial	financial	ADJ
cblr-7159	772	25	conservatism	conservatism	NOUN
cblr-7159	772	26	before	before	ADP
cblr-7159	772	27	and	and	CCONJ
cblr-7159	772	28	after	after	ADP
cblr-7159	772	29	loan	loan	NOUN
cblr-7159	772	30	covenant	covenant	NOUN
cblr-7159	772	31	violation251	violation251	PROPN
cblr-7159	772	32	d.	d.	PROPN
cblr-7159	772	33	lender	lender	PROPN
cblr-7159	772	34	intervention	intervention	NOUN
cblr-7159	772	35	:	:	PUNCT
cblr-7159	772	36	institutional	institutional	ADJ
cblr-7159	772	37	loans	loan	NOUN
cblr-7159	772	38	and	and	CCONJ
cblr-7159	772	39	clo	clo	PROPN
cblr-7159	772	40	loans	loan	NOUN
cblr-7159	772	41	the	the	DET
cblr-7159	772	42	analysis	analysis	NOUN
cblr-7159	772	43	above	above	ADV
cblr-7159	772	44	provides	provide	VERB
cblr-7159	772	45	evidence	evidence	NOUN
cblr-7159	772	46	that	that	SCONJ
cblr-7159	772	47	,	,	PUNCT
cblr-7159	772	48	on	on	ADP
cblr-7159	772	49	average	average	ADJ
cblr-7159	772	50	,	,	PUNCT
cblr-7159	772	51	lenders	lender	NOUN
cblr-7159	772	52	continue	continue	VERB
cblr-7159	772	53	to	to	PART
cblr-7159	772	54	intervene	intervene	VERB
cblr-7159	772	55	when	when	SCONJ
cblr-7159	772	56	borrowers	borrower	NOUN
cblr-7159	772	57	violate	violate	VERB
cblr-7159	772	58	covenants	covenant	NOUN
cblr-7159	772	59	or	or	CCONJ
cblr-7159	772	60	obtain	obtain	VERB
cblr-7159	772	61	waivers	waiver	NOUN
cblr-7159	772	62	.	.	PUNCT
cblr-7159	773	1	these	these	DET
cblr-7159	773	2	pooled	pool	VERB
cblr-7159	773	3	results	result	NOUN
cblr-7159	773	4	do	do	AUX
cblr-7159	773	5	not	not	PART
cblr-7159	773	6	account	account	VERB
cblr-7159	773	7	for	for	ADP
cblr-7159	773	8	differences	difference	NOUN
cblr-7159	773	9	among	among	ADP
cblr-7159	773	10	borrowers	borrower	NOUN
cblr-7159	773	11	whose	whose	DET
cblr-7159	773	12	loans	loan	NOUN
cblr-7159	773	13	are	be	AUX
cblr-7159	773	14	sold	sell	VERB
cblr-7159	773	15	to	to	ADP
cblr-7159	773	16	nonbanks	nonbank	NOUN
cblr-7159	773	17	or	or	CCONJ
cblr-7159	773	18	securitized	securitized	ADJ
cblr-7159	773	19	.	.	PUNCT
cblr-7159	774	1	it	it	PRON
cblr-7159	774	2	is	be	AUX
cblr-7159	774	3	possible	possible	ADJ
cblr-7159	774	4	that	that	SCONJ
cblr-7159	774	5	differences	difference	NOUN
cblr-7159	774	6	in	in	ADP
cblr-7159	774	7	outcomes	outcome	NOUN
cblr-7159	774	8	with	with	ADP
cblr-7159	774	9	respect	respect	NOUN
cblr-7159	774	10	to	to	ADP
cblr-7159	774	11	such	such	ADJ
cblr-7159	774	12	loans	loan	NOUN
cblr-7159	774	13	are	be	AUX
cblr-7159	774	14	masked	mask	VERB
cblr-7159	774	15	by	by	ADP
cblr-7159	774	16	the	the	DET
cblr-7159	774	17	averages	average	NOUN
cblr-7159	774	18	of	of	ADP
cblr-7159	774	19	the	the	DET
cblr-7159	774	20	entire	entire	ADJ
cblr-7159	774	21	pool	pool	NOUN
cblr-7159	774	22	.	.	PUNCT
cblr-7159	775	1	to	to	PART
cblr-7159	775	2	assess	assess	VERB
cblr-7159	775	3	whether	whether	SCONJ
cblr-7159	775	4	borrowers	borrower	NOUN
cblr-7159	775	5	with	with	ADP
cblr-7159	775	6	primarily	primarily	ADV
cblr-7159	775	7	institutional	institutional	ADJ
cblr-7159	775	8	or	or	CCONJ
cblr-7159	775	9	securitized	securitized	ADJ
cblr-7159	775	10	loans	loan	NOUN
cblr-7159	775	11	experience	experience	NOUN
cblr-7159	775	12	differences	difference	NOUN
cblr-7159	775	13	in	in	ADP
cblr-7159	775	14	outcomes	outcome	NOUN
cblr-7159	775	15	,	,	PUNCT
cblr-7159	775	16	i	i	PRON
cblr-7159	775	17	create	create	VERB
cblr-7159	775	18	subsamples	subsample	NOUN
cblr-7159	775	19	of	of	ADP
cblr-7159	775	20	each	each	PRON
cblr-7159	775	21	and	and	CCONJ
cblr-7159	775	22	analyze	analyze	VERB
cblr-7159	775	23	what	what	PRON
cblr-7159	775	24	happens	happen	VERB
cblr-7159	775	25	leading	lead	VERB
cblr-7159	775	26	up	up	ADP
cblr-7159	775	27	to	to	ADP
cblr-7159	775	28	and	and	CCONJ
cblr-7159	775	29	following	follow	VERB
cblr-7159	775	30	a	a	DET
cblr-7159	775	31	violation	violation	NOUN
cblr-7159	775	32	or	or	CCONJ
cblr-7159	775	33	waiver	waiver	NOUN
cblr-7159	775	34	.	.	PUNCT
cblr-7159	776	1	i	i	PRON
cblr-7159	776	2	look	look	VERB
cblr-7159	776	3	at	at	ADP
cblr-7159	776	4	the	the	DET
cblr-7159	776	5	raw	raw	ADJ
cblr-7159	776	6	data	datum	NOUN
cblr-7159	776	7	and	and	CCONJ
cblr-7159	776	8	use	use	VERB
cblr-7159	776	9	a	a	DET
cblr-7159	776	10	difference	difference	NOUN
cblr-7159	776	11	-	-	PUNCT
cblr-7159	776	12	in	in	ADP
cblr-7159	776	13	-	-	PUNCT
cblr-7159	776	14	difference	difference	NOUN
cblr-7159	776	15	analysis	analysis	NOUN
cblr-7159	776	16	to	to	PART
cblr-7159	776	17	assess	assess	VERB
cblr-7159	776	18	whether	whether	SCONJ
cblr-7159	776	19	the	the	DET
cblr-7159	776	20	proxies	proxy	NOUN
cblr-7159	776	21	for	for	ADP
cblr-7159	776	22	lender	lender	NOUN
cblr-7159	776	23	interventions	intervention	NOUN
cblr-7159	776	24	are	be	AUX
cblr-7159	776	25	statistically	statistically	ADV
cblr-7159	776	26	251	251	NUM
cblr-7159	776	27	this	this	DET
cblr-7159	776	28	figure	figure	NOUN
cblr-7159	776	29	summarizes	summarize	NOUN
cblr-7159	776	30	information	information	NOUN
cblr-7159	776	31	included	include	VERB
cblr-7159	776	32	in	in	ADP
cblr-7159	776	33	the	the	DET
cblr-7159	776	34	data	datum	NOUN
cblr-7159	776	35	set	set	VERB
cblr-7159	776	36	created	create	VERB
cblr-7159	776	37	by	by	ADP
cblr-7159	776	38	the	the	DET
cblr-7159	776	39	author	author	NOUN
cblr-7159	776	40	.	.	PUNCT
cblr-7159	777	1	see	see	VERB
cblr-7159	777	2	mcclane	mcclane	PROPN
cblr-7159	777	3	,	,	PUNCT
cblr-7159	777	4	supra	supra	PROPN
cblr-7159	777	5	note	note	NOUN
cblr-7159	777	6	216	216	NUM
cblr-7159	777	7	.	.	PUNCT
cblr-7159	778	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	778	2	(	(	PUNCT
cblr-7159	778	3	do	do	AUX
cblr-7159	778	4	not	not	PART
cblr-7159	778	5	delete	delete	VERB
cblr-7159	778	6	)	)	PUNCT
cblr-7159	778	7	9/28/2020	9/28/2020	NUM
cblr-7159	778	8	6:35	6:35	NUM
cblr-7159	778	9	pm	pm	NOUN
cblr-7159	778	10	no	no	INTJ
cblr-7159	778	11	.	.	PUNCT
cblr-7159	779	1	1:192	1:192	X
cblr-7159	779	2	]	]	X
cblr-7159	779	3	reconsidering	reconsider	VERB
cblr-7159	779	4	creditor	creditor	NOUN
cblr-7159	779	5	governance	governance	NOUN
cblr-7159	779	6	253	253	NUM
cblr-7159	779	7	significantly	significantly	ADV
cblr-7159	779	8	different	different	ADJ
cblr-7159	779	9	from	from	ADP
cblr-7159	779	10	the	the	DET
cblr-7159	779	11	overall	overall	ADJ
cblr-7159	779	12	averages	average	NOUN
cblr-7159	779	13	when	when	SCONJ
cblr-7159	779	14	a	a	DET
cblr-7159	779	15	borrower	borrower	NOUN
cblr-7159	779	16	’s	’s	PART
cblr-7159	779	17	loans	loan	NOUN
cblr-7159	779	18	are	be	AUX
cblr-7159	779	19	primarily	primarily	ADV
cblr-7159	779	20	institutional	institutional	ADJ
cblr-7159	779	21	loans	loan	NOUN
cblr-7159	779	22	,	,	PUNCT
cblr-7159	779	23	and	and	CCONJ
cblr-7159	779	24	when	when	SCONJ
cblr-7159	779	25	they	they	PRON
cblr-7159	779	26	are	be	AUX
cblr-7159	779	27	bundled	bundle	VERB
cblr-7159	779	28	into	into	ADP
cblr-7159	779	29	clos	clo	NOUN
cblr-7159	779	30	,	,	PUNCT
cblr-7159	779	31	as	as	SCONJ
cblr-7159	779	32	opposed	oppose	VERB
cblr-7159	779	33	to	to	ADP
cblr-7159	779	34	when	when	SCONJ
cblr-7159	779	35	they	they	PRON
cblr-7159	779	36	are	be	AUX
cblr-7159	779	37	not	not	PART
cblr-7159	779	38	.	.	PUNCT
cblr-7159	780	1	to	to	PART
cblr-7159	780	2	do	do	VERB
cblr-7159	780	3	this	this	PRON
cblr-7159	780	4	,	,	PUNCT
cblr-7159	780	5	i	i	PRON
cblr-7159	780	6	first	first	ADV
cblr-7159	780	7	identify	identify	VERB
cblr-7159	780	8	institutional	institutional	ADJ
cblr-7159	780	9	loans	loan	NOUN
cblr-7159	780	10	and	and	CCONJ
cblr-7159	780	11	loans	loan	NOUN
cblr-7159	780	12	that	that	PRON
cblr-7159	780	13	are	be	AUX
cblr-7159	780	14	put	put	VERB
cblr-7159	780	15	into	into	ADP
cblr-7159	780	16	clos	clo	NOUN
cblr-7159	780	17	,	,	PUNCT
cblr-7159	780	18	using	use	VERB
cblr-7159	780	19	a	a	DET
cblr-7159	780	20	subset	subset	NOUN
cblr-7159	780	21	of	of	ADP
cblr-7159	780	22	the	the	DET
cblr-7159	780	23	data	datum	NOUN
cblr-7159	780	24	for	for	ADP
cblr-7159	780	25	which	which	PRON
cblr-7159	780	26	dealscan	dealscan	ADJ
cblr-7159	780	27	information	information	NOUN
cblr-7159	780	28	is	be	AUX
cblr-7159	780	29	available	available	ADJ
cblr-7159	780	30	.	.	PUNCT
cblr-7159	781	1	dealscan	dealscan	PROPN
cblr-7159	781	2	provides	provide	VERB
cblr-7159	781	3	the	the	DET
cblr-7159	781	4	identity	identity	NOUN
cblr-7159	781	5	of	of	ADP
cblr-7159	781	6	the	the	DET
cblr-7159	781	7	lenders	lender	NOUN
cblr-7159	781	8	in	in	ADP
cblr-7159	781	9	the	the	DET
cblr-7159	781	10	lending	lending	NOUN
cblr-7159	781	11	syndicate	syndicate	NOUN
cblr-7159	781	12	,	,	PUNCT
cblr-7159	781	13	the	the	DET
cblr-7159	781	14	arranger	arranger	NOUN
cblr-7159	781	15	,	,	PUNCT
cblr-7159	781	16	and	and	CCONJ
cblr-7159	781	17	the	the	DET
cblr-7159	781	18	type	type	NOUN
cblr-7159	781	19	of	of	ADP
cblr-7159	781	20	loan	loan	NOUN
cblr-7159	781	21	,	,	PUNCT
cblr-7159	781	22	among	among	ADP
cblr-7159	781	23	other	other	ADJ
cblr-7159	781	24	information.252	information.252	NOUN
cblr-7159	781	25	most	most	ADJ
cblr-7159	781	26	of	of	ADP
cblr-7159	781	27	the	the	DET
cblr-7159	781	28	loans	loan	NOUN
cblr-7159	781	29	are	be	AUX
cblr-7159	781	30	one	one	NUM
cblr-7159	781	31	of	of	ADP
cblr-7159	781	32	two	two	NUM
cblr-7159	781	33	types	type	NOUN
cblr-7159	781	34	:	:	PUNCT
cblr-7159	781	35	term	term	NOUN
cblr-7159	781	36	loans	loan	NOUN
cblr-7159	781	37	(	(	PUNCT
cblr-7159	781	38	i.e.	i.e.	X
cblr-7159	781	39	,	,	PUNCT
cblr-7159	781	40	loans	loan	NOUN
cblr-7159	781	41	made	make	VERB
cblr-7159	781	42	for	for	ADP
cblr-7159	781	43	a	a	DET
cblr-7159	781	44	set	set	ADJ
cblr-7159	781	45	period	period	NOUN
cblr-7159	781	46	of	of	ADP
cblr-7159	781	47	time	time	NOUN
cblr-7159	781	48	)	)	PUNCT
cblr-7159	781	49	and	and	CCONJ
cblr-7159	781	50	revolving	revolve	VERB
cblr-7159	781	51	credit	credit	NOUN
cblr-7159	781	52	facilities	facility	NOUN
cblr-7159	781	53	(	(	PUNCT
cblr-7159	781	54	lines	line	NOUN
cblr-7159	781	55	of	of	ADP
cblr-7159	781	56	credit	credit	NOUN
cblr-7159	781	57	that	that	PRON
cblr-7159	781	58	borrowers	borrower	NOUN
cblr-7159	781	59	can	can	AUX
cblr-7159	781	60	draw	draw	VERB
cblr-7159	781	61	upon	upon	SCONJ
cblr-7159	781	62	at	at	ADP
cblr-7159	781	63	any	any	DET
cblr-7159	781	64	time	time	NOUN
cblr-7159	781	65	)	)	PUNCT
cblr-7159	781	66	.	.	PUNCT
cblr-7159	782	1	two	two	NUM
cblr-7159	782	2	realities	reality	NOUN
cblr-7159	782	3	of	of	ADP
cblr-7159	782	4	the	the	DET
cblr-7159	782	5	non	non	ADJ
cblr-7159	782	6	-	-	ADJ
cblr-7159	782	7	bank	bank	ADJ
cblr-7159	782	8	institutional	institutional	ADJ
cblr-7159	782	9	and	and	CCONJ
cblr-7159	782	10	clo	clo	PROPN
cblr-7159	782	11	market	market	NOUN
cblr-7159	782	12	allow	allow	VERB
cblr-7159	782	13	me	i	PRON
cblr-7159	782	14	to	to	PART
cblr-7159	782	15	identify	identify	VERB
cblr-7159	782	16	the	the	DET
cblr-7159	782	17	loans	loan	NOUN
cblr-7159	782	18	held	hold	VERB
cblr-7159	782	19	by	by	ADP
cblr-7159	782	20	non	non	NOUN
cblr-7159	782	21	-	-	NOUN
cblr-7159	782	22	banks	bank	NOUN
cblr-7159	782	23	,	,	PUNCT
cblr-7159	782	24	as	as	ADV
cblr-7159	782	25	well	well	ADV
cblr-7159	782	26	as	as	ADP
cblr-7159	782	27	the	the	DET
cblr-7159	782	28	loans	loan	NOUN
cblr-7159	782	29	that	that	PRON
cblr-7159	782	30	are	be	AUX
cblr-7159	782	31	securitized	securitized	ADJ
cblr-7159	782	32	.	.	PUNCT
cblr-7159	783	1	first	first	ADV
cblr-7159	783	2	,	,	PUNCT
cblr-7159	783	3	institutional	institutional	ADJ
cblr-7159	783	4	term	term	NOUN
cblr-7159	783	5	loans	loan	NOUN
cblr-7159	783	6	(	(	PUNCT
cblr-7159	783	7	i.e.	i.e.	X
cblr-7159	783	8	,	,	PUNCT
cblr-7159	783	9	tlbs	tlb	NOUN
cblr-7159	783	10	)	)	PUNCT
cblr-7159	783	11	are	be	AUX
cblr-7159	783	12	created	create	VERB
cblr-7159	783	13	for	for	ADP
cblr-7159	783	14	the	the	DET
cblr-7159	783	15	institutional	institutional	ADJ
cblr-7159	783	16	market	market	NOUN
cblr-7159	783	17	,	,	PUNCT
cblr-7159	783	18	with	with	ADP
cblr-7159	783	19	an	an	DET
cblr-7159	783	20	eye	eye	NOUN
cblr-7159	783	21	toward	toward	ADP
cblr-7159	783	22	their	their	PRON
cblr-7159	783	23	sale	sale	NOUN
cblr-7159	783	24	to	to	PART
cblr-7159	783	25	nonbank	nonbank	VERB
cblr-7159	783	26	lenders.253	lenders.253	NUM
cblr-7159	783	27	they	they	PRON
cblr-7159	783	28	can	can	AUX
cblr-7159	783	29	be	be	AUX
cblr-7159	783	30	contrasted	contrast	VERB
cblr-7159	783	31	with	with	ADP
cblr-7159	783	32	a	a	DET
cblr-7159	783	33	tlas	tlas	NOUN
cblr-7159	783	34	or	or	CCONJ
cblr-7159	783	35	revolving	revolve	VERB
cblr-7159	783	36	credit	credit	NOUN
cblr-7159	783	37	facilities	facility	NOUN
cblr-7159	783	38	,	,	PUNCT
cblr-7159	783	39	for	for	ADP
cblr-7159	783	40	which	which	PRON
cblr-7159	783	41	the	the	DET
cblr-7159	783	42	initial	initial	ADJ
cblr-7159	783	43	arranger	arranger	NOUN
cblr-7159	783	44	usually	usually	ADV
cblr-7159	783	45	remains	remain	VERB
cblr-7159	783	46	the	the	DET
cblr-7159	783	47	lender	lender	NOUN
cblr-7159	783	48	and	and	CCONJ
cblr-7159	783	49	retains	retain	VERB
cblr-7159	783	50	its	its	PRON
cblr-7159	783	51	relationship	relationship	NOUN
cblr-7159	783	52	with	with	ADP
cblr-7159	783	53	the	the	DET
cblr-7159	783	54	borrower.254	borrower.254	PROPN
cblr-7159	783	55	therefore	therefore	ADV
cblr-7159	783	56	,	,	PUNCT
cblr-7159	783	57	any	any	DET
cblr-7159	783	58	loan	loan	NOUN
cblr-7159	783	59	or	or	CCONJ
cblr-7159	783	60	loan	loan	NOUN
cblr-7159	783	61	tranche	tranche	NOUN
cblr-7159	783	62	with	with	ADP
cblr-7159	783	63	a	a	DET
cblr-7159	783	64	tlb	tlb	NOUN
cblr-7159	783	65	designation	designation	NOUN
cblr-7159	783	66	can	can	AUX
cblr-7159	783	67	be	be	AUX
cblr-7159	783	68	categorized	categorize	VERB
cblr-7159	783	69	as	as	SCONJ
cblr-7159	783	70	held	hold	VERB
cblr-7159	783	71	by	by	ADP
cblr-7159	783	72	non	non	ADJ
cblr-7159	783	73	-	-	ADJ
cblr-7159	783	74	bank	bank	ADJ
cblr-7159	783	75	lenders	lender	NOUN
cblr-7159	783	76	.	.	PUNCT
cblr-7159	784	1	second	second	ADJ
cblr-7159	784	2	,	,	PUNCT
cblr-7159	784	3	when	when	SCONJ
cblr-7159	784	4	a	a	DET
cblr-7159	784	5	syndicate	syndicate	NOUN
cblr-7159	784	6	includes	include	VERB
cblr-7159	784	7	clo	clo	PROPN
cblr-7159	784	8	special	special	ADJ
cblr-7159	784	9	purpose	purpose	NOUN
cblr-7159	784	10	vehicles	vehicle	NOUN
cblr-7159	784	11	,	,	PUNCT
cblr-7159	784	12	the	the	DET
cblr-7159	784	13	loans	loan	NOUN
cblr-7159	784	14	will	will	AUX
cblr-7159	784	15	invariably	invariably	ADV
cblr-7159	784	16	be	be	AUX
cblr-7159	784	17	securitized.255	securitized.255	VERB
cblr-7159	784	18	in	in	ADP
cblr-7159	784	19	addition	addition	NOUN
cblr-7159	784	20	to	to	ADP
cblr-7159	784	21	the	the	DET
cblr-7159	784	22	loans	loan	NOUN
cblr-7159	784	23	that	that	PRON
cblr-7159	784	24	are	be	AUX
cblr-7159	784	25	originated	originate	VERB
cblr-7159	784	26	with	with	ADP
cblr-7159	784	27	the	the	DET
cblr-7159	784	28	securitization	securitization	NOUN
cblr-7159	784	29	vehicle	vehicle	NOUN
cblr-7159	784	30	in	in	ADP
cblr-7159	784	31	the	the	DET
cblr-7159	784	32	syndicate	syndicate	NOUN
cblr-7159	784	33	,	,	PUNCT
cblr-7159	784	34	it	it	PRON
cblr-7159	784	35	is	be	AUX
cblr-7159	784	36	possible	possible	ADJ
cblr-7159	784	37	that	that	SCONJ
cblr-7159	784	38	loans	loan	NOUN
cblr-7159	784	39	originated	originate	VERB
cblr-7159	784	40	by	by	ADP
cblr-7159	784	41	a	a	DET
cblr-7159	784	42	syndicate	syndicate	NOUN
cblr-7159	784	43	without	without	ADP
cblr-7159	784	44	an	an	DET
cblr-7159	784	45	spv	spv	NOUN
cblr-7159	784	46	can	can	AUX
cblr-7159	784	47	later	later	ADV
cblr-7159	784	48	be	be	AUX
cblr-7159	784	49	acquired	acquire	VERB
cblr-7159	784	50	by	by	ADP
cblr-7159	784	51	such	such	DET
cblr-7159	784	52	a	a	DET
cblr-7159	784	53	vehicle	vehicle	NOUN
cblr-7159	784	54	,	,	PUNCT
cblr-7159	784	55	for	for	ADP
cblr-7159	784	56	example	example	NOUN
cblr-7159	784	57	,	,	PUNCT
cblr-7159	784	58	when	when	SCONJ
cblr-7159	784	59	an	an	DET
cblr-7159	784	60	underwriter	underwriter	NOUN
cblr-7159	784	61	warehouses	warehouse	VERB
cblr-7159	784	62	the	the	DET
cblr-7159	784	63	loans	loan	NOUN
cblr-7159	784	64	for	for	ADP
cblr-7159	784	65	later	later	ADJ
cblr-7159	784	66	use	use	NOUN
cblr-7159	784	67	in	in	ADP
cblr-7159	784	68	a	a	DET
cblr-7159	784	69	clo.256	clo.256	NOUN
cblr-7159	784	70	to	to	PART
cblr-7159	784	71	identify	identify	VERB
cblr-7159	784	72	these	these	DET
cblr-7159	784	73	loans	loan	NOUN
cblr-7159	784	74	,	,	PUNCT
cblr-7159	784	75	i	i	PRON
cblr-7159	784	76	use	use	VERB
cblr-7159	784	77	data	datum	NOUN
cblr-7159	784	78	curated	curate	VERB
cblr-7159	784	79	by	by	ADP
cblr-7159	784	80	creditflux	creditflux	PROPN
cblr-7159	784	81	,	,	PUNCT
cblr-7159	784	82	a	a	DET
cblr-7159	784	83	data	data	NOUN
cblr-7159	784	84	provider	provider	NOUN
cblr-7159	784	85	that	that	PRON
cblr-7159	784	86	tracks	track	VERB
cblr-7159	784	87	clos	clo	NOUN
cblr-7159	784	88	and	and	CCONJ
cblr-7159	784	89	loan	loan	NOUN
cblr-7159	784	90	trading.257	trading.257	ADP
cblr-7159	784	91	the	the	DET
cblr-7159	784	92	database	database	NOUN
cblr-7159	784	93	,	,	PUNCT
cblr-7159	784	94	titled	title	VERB
cblr-7159	784	95	clo	clo	PROPN
cblr-7159	784	96	-	-	PUNCT
cblr-7159	784	97	i	i	PROPN
cblr-7159	784	98	,	,	PUNCT
cblr-7159	784	99	contains	contain	VERB
cblr-7159	784	100	each	each	DET
cblr-7159	784	101	trustee	trustee	NOUN
cblr-7159	784	102	report	report	NOUN
cblr-7159	784	103	for	for	ADP
cblr-7159	784	104	a	a	DET
cblr-7159	784	105	large	large	ADJ
cblr-7159	784	106	set	set	NOUN
cblr-7159	784	107	of	of	ADP
cblr-7159	784	108	clos	clo	NOUN
cblr-7159	784	109	from	from	ADP
cblr-7159	784	110	2008	2008	NUM
cblr-7159	784	111	through	through	ADP
cblr-7159	784	112	2019	2019	NUM
cblr-7159	784	113	;	;	PUNCT
cblr-7159	784	114	the	the	DET
cblr-7159	784	115	trustee	trustee	NOUN
cblr-7159	784	116	reports	report	VERB
cblr-7159	784	117	in	in	ADP
cblr-7159	784	118	turn	turn	NOUN
cblr-7159	784	119	provide	provide	VERB
cblr-7159	784	120	information	information	NOUN
cblr-7159	784	121	on	on	ADP
cblr-7159	784	122	the	the	DET
cblr-7159	784	123	252	252	NUM
cblr-7159	784	124	see	see	NOUN
cblr-7159	784	125	dealscan	dealscan	ADJ
cblr-7159	784	126	database	database	NOUN
cblr-7159	784	127	,	,	PUNCT
cblr-7159	784	128	supra	supra	PROPN
cblr-7159	784	129	note	note	NOUN
cblr-7159	784	130	219	219	NUM
cblr-7159	784	131	.	.	PUNCT
cblr-7159	785	1	253	253	NUM
cblr-7159	785	2	see	see	VERB
cblr-7159	785	3	wang	wang	PROPN
cblr-7159	785	4	&	&	CCONJ
cblr-7159	785	5	xia	xia	PROPN
cblr-7159	785	6	,	,	PUNCT
cblr-7159	785	7	supra	supra	PROPN
cblr-7159	785	8	note	note	PROPN
cblr-7159	785	9	149	149	NUM
cblr-7159	785	10	,	,	PUNCT
cblr-7159	785	11	at	at	ADP
cblr-7159	785	12	2359	2359	NUM
cblr-7159	785	13	;	;	PUNCT
cblr-7159	785	14	see	see	VERB
cblr-7159	785	15	also	also	ADV
cblr-7159	785	16	fin	fin	NOUN
cblr-7159	785	17	.	.	PUNCT
cblr-7159	786	1	stability	stability	PROPN
cblr-7159	786	2	bd	bd	PROPN
cblr-7159	786	3	.	.	PROPN
cblr-7159	786	4	,	,	PUNCT
cblr-7159	786	5	vulnerabilities	vulnerability	NOUN
cblr-7159	786	6	,	,	PUNCT
cblr-7159	786	7	supra	supra	PROPN
cblr-7159	786	8	note	note	NOUN
cblr-7159	786	9	2	2	NUM
cblr-7159	786	10	,	,	PUNCT
cblr-7159	786	11	at	at	ADP
cblr-7159	786	12	4–5	4–5	NUM
cblr-7159	786	13	254	254	NUM
cblr-7159	786	14	fin	fin	NOUN
cblr-7159	786	15	.	.	PUNCT
cblr-7159	787	1	stability	stability	PROPN
cblr-7159	787	2	bd	bd	PROPN
cblr-7159	787	3	.	.	PROPN
cblr-7159	787	4	,	,	PUNCT
cblr-7159	787	5	vulnerabilities	vulnerability	NOUN
cblr-7159	787	6	,	,	PUNCT
cblr-7159	787	7	supra	supra	PROPN
cblr-7159	787	8	note	note	NOUN
cblr-7159	787	9	2	2	NUM
cblr-7159	787	10	,	,	PUNCT
cblr-7159	787	11	at	at	ADP
cblr-7159	787	12	4–5	4–5	PROPN
cblr-7159	787	13	.	.	PUNCT
cblr-7159	787	14	255	255	NUM
cblr-7159	787	15	see	see	VERB
cblr-7159	787	16	supra	supra	PROPN
cblr-7159	787	17	notes	note	NOUN
cblr-7159	787	18	125–31	125–31	NUM
cblr-7159	787	19	and	and	CCONJ
cblr-7159	787	20	accompanying	accompany	VERB
cblr-7159	787	21	text	text	NOUN
cblr-7159	787	22	.	.	PUNCT
cblr-7159	788	1	see	see	VERB
cblr-7159	788	2	also	also	ADV
cblr-7159	788	3	benmelech	benmelech	VERB
cblr-7159	788	4	et	et	PROPN
cblr-7159	788	5	al	al	PROPN
cblr-7159	788	6	.	.	PROPN
cblr-7159	788	7	,	,	PUNCT
cblr-7159	788	8	supra	supra	PROPN
cblr-7159	788	9	note	note	PROPN
cblr-7159	788	10	151	151	NUM
cblr-7159	788	11	,	,	PUNCT
cblr-7159	788	12	at	at	ADP
cblr-7159	788	13	94–97	94–97	NUM
cblr-7159	788	14	.	.	PUNCT
cblr-7159	789	1	256	256	NUM
cblr-7159	789	2	see	see	VERB
cblr-7159	789	3	benmelech	benmelech	NOUN
cblr-7159	789	4	et	et	PROPN
cblr-7159	789	5	al	al	PROPN
cblr-7159	789	6	.	.	PROPN
cblr-7159	789	7	,	,	PUNCT
cblr-7159	789	8	supra	supra	PROPN
cblr-7159	789	9	note	note	PROPN
cblr-7159	789	10	151	151	NUM
cblr-7159	789	11	,	,	PUNCT
cblr-7159	789	12	at	at	ADP
cblr-7159	789	13	96–97	96–97	NUM
cblr-7159	789	14	.	.	PUNCT
cblr-7159	790	1	257	257	NUM
cblr-7159	790	2	see	see	VERB
cblr-7159	790	3	clo	clo	PROPN
cblr-7159	790	4	-	-	PUNCT
cblr-7159	790	5	i	i	PRON
cblr-7159	790	6	(	(	PUNCT
cblr-7159	790	7	2008	2008	NUM
cblr-7159	790	8	-	-	SYM
cblr-7159	790	9	2018	2018	NUM
cblr-7159	790	10	)	)	PUNCT
cblr-7159	790	11	,	,	PUNCT
cblr-7159	790	12	creditflux	creditflux	VERB
cblr-7159	790	13	,	,	PUNCT
cblr-7159	790	14	https://cloi.creditflux.com	https://cloi.creditflux.com	X
cblr-7159	791	1	[	[	X
cblr-7159	791	2	https://perma.cc/4c5g-e5wf	https://perma.cc/4c5g-e5wf	X
cblr-7159	791	3	]	]	PUNCT
cblr-7159	791	4	.	.	PUNCT
cblr-7159	792	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	792	2	(	(	PUNCT
cblr-7159	792	3	do	do	AUX
cblr-7159	792	4	not	not	PART
cblr-7159	792	5	delte	delte	VERB
cblr-7159	792	6	)	)	PUNCT
cblr-7159	792	7	9/28/2020	9/28/2020	PROPN
cblr-7159	792	8	6:35	6:35	NUM
cblr-7159	792	9	pm	pm	NOUN
cblr-7159	792	10	254	254	NUM
cblr-7159	792	11	columbia	columbia	PROPN
cblr-7159	792	12	business	business	NOUN
cblr-7159	792	13	law	law	NOUN
cblr-7159	792	14	review	review	NOUN
cblr-7159	792	15	[	[	X
cblr-7159	792	16	vol	vol	NOUN
cblr-7159	792	17	.	.	PUNCT
cblr-7159	793	1	2020	2020	NUM
cblr-7159	793	2	holdings	holding	NOUN
cblr-7159	793	3	of	of	ADP
cblr-7159	793	4	each	each	DET
cblr-7159	793	5	clo	clo	NOUN
cblr-7159	793	6	for	for	ADP
cblr-7159	793	7	each	each	DET
cblr-7159	793	8	reporting	reporting	NOUN
cblr-7159	793	9	period	period	NOUN
cblr-7159	793	10	,	,	PUNCT
cblr-7159	793	11	including	include	VERB
cblr-7159	793	12	the	the	DET
cblr-7159	793	13	names	name	NOUN
cblr-7159	793	14	of	of	ADP
cblr-7159	793	15	borrowers	borrower	NOUN
cblr-7159	793	16	and	and	CCONJ
cblr-7159	793	17	the	the	DET
cblr-7159	793	18	principal	principal	ADJ
cblr-7159	793	19	amount	amount	NOUN
cblr-7159	793	20	held	hold	VERB
cblr-7159	793	21	of	of	ADP
cblr-7159	793	22	each	each	DET
cblr-7159	793	23	borrower	borrower	NOUN
cblr-7159	793	24	’s	’s	PART
cblr-7159	793	25	loan.258	loan.258	NOUN
cblr-7159	793	26	using	use	VERB
cblr-7159	793	27	this	this	DET
cblr-7159	793	28	data	datum	NOUN
cblr-7159	793	29	,	,	PUNCT
cblr-7159	793	30	i	i	PRON
cblr-7159	793	31	identify	identify	VERB
cblr-7159	793	32	a	a	DET
cblr-7159	793	33	sample	sample	NOUN
cblr-7159	793	34	of	of	ADP
cblr-7159	793	35	borrowers	borrower	NOUN
cblr-7159	793	36	whose	whose	DET
cblr-7159	793	37	loans	loan	NOUN
cblr-7159	793	38	are	be	AUX
cblr-7159	793	39	primarily	primarily	ADV
cblr-7159	793	40	held	hold	VERB
cblr-7159	793	41	by	by	ADP
cblr-7159	793	42	non	non	ADJ
cblr-7159	793	43	-	-	ADJ
cblr-7159	793	44	bank	bank	ADJ
cblr-7159	793	45	lenders	lender	NOUN
cblr-7159	793	46	,	,	PUNCT
cblr-7159	793	47	and	and	CCONJ
cblr-7159	793	48	a	a	DET
cblr-7159	793	49	further	further	ADJ
cblr-7159	793	50	subsample	subsample	NOUN
cblr-7159	793	51	of	of	ADP
cblr-7159	793	52	borrowers	borrower	NOUN
cblr-7159	793	53	whose	whose	DET
cblr-7159	793	54	loans	loan	NOUN
cblr-7159	793	55	are	be	AUX
cblr-7159	793	56	held	hold	VERB
cblr-7159	793	57	by	by	ADP
cblr-7159	793	58	clos	clo	NOUN
cblr-7159	793	59	.	.	PUNCT
cblr-7159	794	1	in	in	ADP
cblr-7159	794	2	the	the	DET
cblr-7159	794	3	institutional	institutional	ADJ
cblr-7159	794	4	loan	loan	NOUN
cblr-7159	794	5	sample	sample	NOUN
cblr-7159	794	6	,	,	PUNCT
cblr-7159	794	7	i	i	PRON
cblr-7159	794	8	include	include	VERB
cblr-7159	794	9	any	any	DET
cblr-7159	794	10	borrower	borrower	NOUN
cblr-7159	794	11	a	a	DET
cblr-7159	794	12	majority	majority	NOUN
cblr-7159	794	13	of	of	ADP
cblr-7159	794	14	whose	whose	DET
cblr-7159	794	15	loans	loan	NOUN
cblr-7159	794	16	are	be	AUX
cblr-7159	794	17	held	hold	VERB
cblr-7159	794	18	by	by	ADP
cblr-7159	794	19	non	non	NOUN
cblr-7159	794	20	-	-	NOUN
cblr-7159	794	21	banks	bank	NOUN
cblr-7159	794	22	.	.	PUNCT
cblr-7159	795	1	i	i	PRON
cblr-7159	795	2	define	define	VERB
cblr-7159	795	3	this	this	DET
cblr-7159	795	4	group	group	NOUN
cblr-7159	795	5	as	as	ADP
cblr-7159	795	6	borrowers	borrower	NOUN
cblr-7159	795	7	for	for	ADP
cblr-7159	795	8	whom	whom	PRON
cblr-7159	795	9	greater	great	ADJ
cblr-7159	795	10	than	than	ADP
cblr-7159	795	11	50	50	NUM
cblr-7159	795	12	%	%	NOUN
cblr-7159	795	13	of	of	ADP
cblr-7159	795	14	their	their	PRON
cblr-7159	795	15	leveraged	leveraged	ADJ
cblr-7159	795	16	loans	loan	NOUN
cblr-7159	795	17	are	be	AUX
cblr-7159	795	18	held	hold	VERB
cblr-7159	795	19	by	by	ADP
cblr-7159	795	20	non	non	ADJ
cblr-7159	795	21	-	-	ADJ
cblr-7159	795	22	bank	bank	ADJ
cblr-7159	795	23	institutions	institution	NOUN
cblr-7159	795	24	.	.	PUNCT
cblr-7159	796	1	of	of	ADP
cblr-7159	796	2	this	this	DET
cblr-7159	796	3	group	group	NOUN
cblr-7159	796	4	,	,	PUNCT
cblr-7159	796	5	i	i	PRON
cblr-7159	796	6	create	create	VERB
cblr-7159	796	7	a	a	DET
cblr-7159	796	8	further	further	ADJ
cblr-7159	796	9	subsample	subsample	NOUN
cblr-7159	796	10	of	of	ADP
cblr-7159	796	11	borrowers	borrower	NOUN
cblr-7159	796	12	whose	whose	DET
cblr-7159	796	13	loans	loan	NOUN
cblr-7159	796	14	are	be	AUX
cblr-7159	796	15	securitized	securitized	ADJ
cblr-7159	796	16	.	.	PUNCT
cblr-7159	797	1	i	i	PRON
cblr-7159	797	2	include	include	VERB
cblr-7159	797	3	a	a	DET
cblr-7159	797	4	borrower	borrower	NOUN
cblr-7159	797	5	in	in	ADP
cblr-7159	797	6	this	this	DET
cblr-7159	797	7	group	group	NOUN
cblr-7159	797	8	if	if	SCONJ
cblr-7159	797	9	any	any	DET
cblr-7159	797	10	portion	portion	NOUN
cblr-7159	797	11	of	of	ADP
cblr-7159	797	12	their	their	PRON
cblr-7159	797	13	loans	loan	NOUN
cblr-7159	797	14	are	be	AUX
cblr-7159	797	15	determined	determine	VERB
cblr-7159	797	16	to	to	PART
cblr-7159	797	17	be	be	AUX
cblr-7159	797	18	held	hold	VERB
cblr-7159	797	19	in	in	ADP
cblr-7159	797	20	a	a	DET
cblr-7159	797	21	clo	clo	PROPN
cblr-7159	797	22	,	,	PUNCT
cblr-7159	797	23	using	use	VERB
cblr-7159	797	24	the	the	DET
cblr-7159	797	25	method	method	NOUN
cblr-7159	797	26	described	describe	VERB
cblr-7159	797	27	above	above	ADV
cblr-7159	797	28	.	.	PUNCT
cblr-7159	798	1	i	i	PRON
cblr-7159	798	2	do	do	AUX
cblr-7159	798	3	not	not	PART
cblr-7159	798	4	use	use	VERB
cblr-7159	798	5	a	a	DET
cblr-7159	798	6	threshold	threshold	NOUN
cblr-7159	798	7	cutoff	cutoff	NOUN
cblr-7159	798	8	for	for	ADP
cblr-7159	798	9	this	this	DET
cblr-7159	798	10	subsample	subsample	NOUN
cblr-7159	798	11	;	;	PUNCT
cblr-7159	798	12	the	the	DET
cblr-7159	798	13	average	average	ADJ
cblr-7159	798	14	principal	principal	ADJ
cblr-7159	798	15	balance	balance	NOUN
cblr-7159	798	16	of	of	ADP
cblr-7159	798	17	these	these	DET
cblr-7159	798	18	borrowers	borrower	NOUN
cblr-7159	798	19	’	’	PART
cblr-7159	798	20	loans	loan	NOUN
cblr-7159	798	21	held	hold	VERB
cblr-7159	798	22	by	by	ADP
cblr-7159	798	23	clos	clo	NOUN
cblr-7159	798	24	is	be	AUX
cblr-7159	798	25	76	76	NUM
cblr-7159	798	26	%	%	NOUN
cblr-7159	798	27	,	,	PUNCT
cblr-7159	798	28	with	with	ADP
cblr-7159	798	29	a	a	DET
cblr-7159	798	30	median	median	NOUN
cblr-7159	798	31	of	of	ADP
cblr-7159	798	32	23	23	NUM
cblr-7159	798	33	%	%	NOUN
cblr-7159	798	34	in	in	ADP
cblr-7159	798	35	a	a	DET
cblr-7159	798	36	given	give	VERB
cblr-7159	798	37	quarter	quarter	NOUN
cblr-7159	798	38	.	.	PUNCT
cblr-7159	799	1	as	as	ADP
cblr-7159	799	2	a	a	DET
cblr-7159	799	3	robustness	robustness	NOUN
cblr-7159	799	4	check	check	NOUN
cblr-7159	799	5	,	,	PUNCT
cblr-7159	799	6	i	i	PRON
cblr-7159	799	7	also	also	ADV
cblr-7159	799	8	do	do	VERB
cblr-7159	799	9	an	an	DET
cblr-7159	799	10	alternative	alternative	ADJ
cblr-7159	799	11	analysis	analysis	NOUN
cblr-7159	799	12	to	to	PART
cblr-7159	799	13	test	test	VERB
cblr-7159	799	14	the	the	DET
cblr-7159	799	15	results	result	NOUN
cblr-7159	799	16	of	of	ADP
cblr-7159	799	17	the	the	DET
cblr-7159	799	18	primary	primary	ADJ
cblr-7159	799	19	one	one	NOUN
cblr-7159	799	20	.	.	PUNCT
cblr-7159	800	1	in	in	ADP
cblr-7159	800	2	the	the	DET
cblr-7159	800	3	alternative	alternative	ADJ
cblr-7159	800	4	specification	specification	NOUN
cblr-7159	800	5	,	,	PUNCT
cblr-7159	800	6	i	i	PRON
cblr-7159	800	7	identify	identify	VERB
cblr-7159	800	8	the	the	DET
cblr-7159	800	9	market	market	NOUN
cblr-7159	800	10	share	share	NOUN
cblr-7159	800	11	of	of	ADP
cblr-7159	800	12	each	each	DET
cblr-7159	800	13	lead	lead	ADJ
cblr-7159	800	14	loan	loan	NOUN
cblr-7159	800	15	arranger	arranger	NOUN
cblr-7159	800	16	in	in	ADP
cblr-7159	800	17	the	the	DET
cblr-7159	800	18	clo	clo	PROPN
cblr-7159	800	19	market.259	market.259	NOUN
cblr-7159	800	20	i	i	PRON
cblr-7159	800	21	obtain	obtain	VERB
cblr-7159	800	22	information	information	NOUN
cblr-7159	800	23	on	on	ADP
cblr-7159	800	24	market	market	NOUN
cblr-7159	800	25	shares	share	NOUN
cblr-7159	800	26	from	from	ADP
cblr-7159	800	27	asset	asset	NOUN
cblr-7159	800	28	-	-	PUNCT
cblr-7159	800	29	backed	back	VERB
cblr-7159	800	30	alert	alert	NOUN
cblr-7159	800	31	,	,	PUNCT
cblr-7159	800	32	a	a	DET
cblr-7159	800	33	provider	provider	NOUN
cblr-7159	800	34	of	of	ADP
cblr-7159	800	35	data	datum	NOUN
cblr-7159	800	36	on	on	ADP
cblr-7159	800	37	asset	asset	NOUN
cblr-7159	800	38	backed	back	VERB
cblr-7159	800	39	securities.260	securities.260	ADP
cblr-7159	800	40	the	the	DET
cblr-7159	800	41	market	market	NOUN
cblr-7159	800	42	share	share	NOUN
cblr-7159	800	43	of	of	ADP
cblr-7159	800	44	these	these	DET
cblr-7159	800	45	arrangers	arranger	NOUN
cblr-7159	800	46	changes	change	VERB
cblr-7159	800	47	enormously	enormously	ADV
cblr-7159	800	48	over	over	ADP
cblr-7159	800	49	the	the	DET
cblr-7159	800	50	time	time	NOUN
cblr-7159	800	51	period	period	NOUN
cblr-7159	800	52	covered	cover	VERB
cblr-7159	800	53	by	by	ADP
cblr-7159	800	54	the	the	DET
cblr-7159	800	55	data	datum	NOUN
cblr-7159	800	56	,	,	PUNCT
cblr-7159	800	57	with	with	ADP
cblr-7159	800	58	a	a	DET
cblr-7159	800	59	number	number	NOUN
cblr-7159	800	60	of	of	ADP
cblr-7159	800	61	arrangers	arranger	NOUN
cblr-7159	800	62	heavily	heavily	ADV
cblr-7159	800	63	entering	enter	VERB
cblr-7159	800	64	the	the	DET
cblr-7159	800	65	clo	clo	PROPN
cblr-7159	800	66	market	market	NOUN
cblr-7159	800	67	between	between	ADP
cblr-7159	800	68	2008	2008	NUM
cblr-7159	800	69	and	and	CCONJ
cblr-7159	800	70	2019.261	2019.261	NUM
cblr-7159	800	71	i	i	PRON
cblr-7159	800	72	use	use	VERB
cblr-7159	800	73	the	the	DET
cblr-7159	800	74	arranger	arranger	NOUN
cblr-7159	800	75	’s	’s	PART
cblr-7159	800	76	relative	relative	ADJ
cblr-7159	800	77	position	position	NOUN
cblr-7159	800	78	among	among	ADP
cblr-7159	800	79	clo	clo	PROPN
cblr-7159	800	80	underwriters	underwriter	NOUN
cblr-7159	800	81	and	and	CCONJ
cblr-7159	800	82	managers	manager	NOUN
cblr-7159	800	83	to	to	AUX
cblr-7159	800	84	proxy	proxy	VERB
cblr-7159	800	85	for	for	ADP
cblr-7159	800	86	the	the	DET
cblr-7159	800	87	likelihood	likelihood	NOUN
cblr-7159	800	88	that	that	SCONJ
cblr-7159	800	89	the	the	DET
cblr-7159	800	90	debt	debt	NOUN
cblr-7159	800	91	was	be	AUX
cblr-7159	800	92	used	use	VERB
cblr-7159	800	93	in	in	ADP
cblr-7159	800	94	a	a	DET
cblr-7159	800	95	clo	clo	NOUN
cblr-7159	800	96	.	.	PUNCT
cblr-7159	801	1	if	if	SCONJ
cblr-7159	801	2	the	the	DET
cblr-7159	801	3	lead	lead	NOUN
cblr-7159	801	4	arranger	arranger	NOUN
cblr-7159	801	5	was	be	AUX
cblr-7159	801	6	in	in	ADP
cblr-7159	801	7	the	the	DET
cblr-7159	801	8	top	top	ADJ
cblr-7159	801	9	ten	ten	NUM
cblr-7159	801	10	clo	clo	PROPN
cblr-7159	801	11	underwriters	underwriter	NOUN
cblr-7159	801	12	for	for	ADP
cblr-7159	801	13	the	the	DET
cblr-7159	801	14	fiscal	fiscal	ADJ
cblr-7159	801	15	quarter	quarter	NOUN
cblr-7159	801	16	in	in	ADP
cblr-7159	801	17	which	which	PRON
cblr-7159	801	18	a	a	DET
cblr-7159	801	19	loan	loan	NOUN
cblr-7159	801	20	package	package	NOUN
cblr-7159	801	21	was	be	AUX
cblr-7159	801	22	given	give	VERB
cblr-7159	801	23	,	,	PUNCT
cblr-7159	801	24	or	or	CCONJ
cblr-7159	801	25	one	one	NUM
cblr-7159	801	26	quarter	quarter	NOUN
cblr-7159	801	27	before	before	ADV
cblr-7159	801	28	or	or	CCONJ
cblr-7159	801	29	after	after	ADV
cblr-7159	801	30	,	,	PUNCT
cblr-7159	801	31	i	i	PRON
cblr-7159	801	32	assume	assume	VERB
cblr-7159	801	33	that	that	SCONJ
cblr-7159	801	34	the	the	DET
cblr-7159	801	35	loan	loan	NOUN
cblr-7159	801	36	was	be	AUX
cblr-7159	801	37	included	include	VERB
cblr-7159	801	38	in	in	ADP
cblr-7159	801	39	a	a	DET
cblr-7159	801	40	clo	clo	NOUN
cblr-7159	801	41	.	.	PUNCT
cblr-7159	802	1	it	it	PRON
cblr-7159	802	2	is	be	AUX
cblr-7159	802	3	possible	possible	ADJ
cblr-7159	802	4	,	,	PUNCT
cblr-7159	802	5	of	of	ADP
cblr-7159	802	6	course	course	NOUN
cblr-7159	802	7	,	,	PUNCT
cblr-7159	802	8	that	that	SCONJ
cblr-7159	802	9	this	this	DET
cblr-7159	802	10	dataset	dataset	NOUN
cblr-7159	802	11	omits	omit	VERB
cblr-7159	802	12	some	some	DET
cblr-7159	802	13	clos	clo	NOUN
cblr-7159	802	14	and	and	CCONJ
cblr-7159	802	15	their	their	PRON
cblr-7159	802	16	managers	manager	NOUN
cblr-7159	802	17	,	,	PUNCT
cblr-7159	802	18	and	and	CCONJ
cblr-7159	802	19	therefore	therefore	ADV
cblr-7159	802	20	miscategorizes	miscategorize	VERB
cblr-7159	802	21	some	some	DET
cblr-7159	802	22	258	258	NUM
cblr-7159	802	23	see	see	VERB
cblr-7159	802	24	i	i	PRON
cblr-7159	802	25	d.	d.	PROPN
cblr-7159	802	26	259	259	NUM
cblr-7159	802	27	this	this	DET
cblr-7159	802	28	method	method	NOUN
cblr-7159	802	29	is	be	AUX
cblr-7159	802	30	similar	similar	ADJ
cblr-7159	802	31	to	to	ADP
cblr-7159	802	32	that	that	PRON
cblr-7159	802	33	used	use	VERB
cblr-7159	802	34	by	by	ADP
cblr-7159	802	35	wang	wang	PROPN
cblr-7159	802	36	&	&	CCONJ
cblr-7159	802	37	xia	xia	PROPN
cblr-7159	802	38	.	.	PUNCT
cblr-7159	803	1	see	see	VERB
cblr-7159	803	2	wang	wang	PROPN
cblr-7159	803	3	&	&	CCONJ
cblr-7159	803	4	xia	xia	PROPN
cblr-7159	803	5	,	,	PUNCT
cblr-7159	803	6	supra	supra	PROPN
cblr-7159	803	7	note	note	PROPN
cblr-7159	803	8	149	149	NUM
cblr-7159	803	9	,	,	PUNCT
cblr-7159	803	10	at	at	ADP
cblr-7159	803	11	2360–64	2360–64	NUM
cblr-7159	803	12	.	.	PROPN
cblr-7159	804	1	260	260	NUM
cblr-7159	804	2	see	see	VERB
cblr-7159	804	3	clo	clo	PROPN
cblr-7159	804	4	market	market	NOUN
cblr-7159	804	5	makers	maker	NOUN
cblr-7159	804	6	,	,	PUNCT
cblr-7159	804	7	asset	asset	NOUN
cblr-7159	804	8	-	-	PUNCT
cblr-7159	804	9	backed	back	VERB
cblr-7159	804	10	alert	alert	NOUN
cblr-7159	804	11	(	(	PUNCT
cblr-7159	804	12	may	may	PROPN
cblr-7159	804	13	17	17	NUM
cblr-7159	804	14	,	,	PUNCT
cblr-7159	804	15	2019	2019	NUM
cblr-7159	804	16	)	)	PUNCT
cblr-7159	804	17	,	,	PUNCT
cblr-7159	804	18	https://www.abalert.com/documents/fg/hsp/rankings/597521_clomarketmakers.pdf	https://www.abalert.com/documents/fg/hsp/rankings/597521_clomarketmakers.pdf	PROPN
cblr-7159	805	1	[	[	X
cblr-7159	805	2	https://perma.cc/5zk3-dgna	https://perma.cc/5zk3-dgna	X
cblr-7159	805	3	]	]	X
cblr-7159	805	4	.	.	PUNCT
cblr-7159	806	1	261	261	NUM
cblr-7159	806	2	i	i	NOUN
cblr-7159	806	3	d.	d.	PROPN
cblr-7159	806	4	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	806	5	(	(	PUNCT
cblr-7159	806	6	do	do	AUX
cblr-7159	806	7	not	not	PART
cblr-7159	806	8	delete	delete	VERB
cblr-7159	806	9	)	)	PUNCT
cblr-7159	806	10	9/28/2020	9/28/2020	NUM
cblr-7159	806	11	6:35	6:35	NUM
cblr-7159	806	12	pm	pm	NOUN
cblr-7159	806	13	no	no	INTJ
cblr-7159	806	14	.	.	PUNCT
cblr-7159	807	1	1:192	1:192	X
cblr-7159	807	2	]	]	X
cblr-7159	807	3	reconsidering	reconsider	VERB
cblr-7159	807	4	creditor	creditor	NOUN
cblr-7159	807	5	governance	governance	NOUN
cblr-7159	807	6	255	255	NUM
cblr-7159	807	7	borrowers	borrower	NOUN
cblr-7159	807	8	.	.	PUNCT
cblr-7159	808	1	for	for	ADP
cblr-7159	808	2	example	example	NOUN
cblr-7159	808	3	,	,	PUNCT
cblr-7159	808	4	if	if	SCONJ
cblr-7159	808	5	a	a	DET
cblr-7159	808	6	clo	clo	PROPN
cblr-7159	808	7	manager	manager	NOUN
cblr-7159	808	8	that	that	PRON
cblr-7159	808	9	is	be	AUX
cblr-7159	808	10	not	not	PART
cblr-7159	808	11	part	part	NOUN
cblr-7159	808	12	of	of	ADP
cblr-7159	808	13	a	a	DET
cblr-7159	808	14	lending	lending	NOUN
cblr-7159	808	15	syndicate	syndicate	NOUN
cblr-7159	808	16	acquires	acquire	VERB
cblr-7159	808	17	loans	loan	NOUN
cblr-7159	808	18	after	after	SCONJ
cblr-7159	808	19	they	they	PRON
cblr-7159	808	20	are	be	AUX
cblr-7159	808	21	originated,262	originated,262	PROPN
cblr-7159	808	22	and	and	CCONJ
cblr-7159	808	23	is	be	AUX
cblr-7159	808	24	also	also	ADV
cblr-7159	808	25	not	not	PART
cblr-7159	808	26	included	include	VERB
cblr-7159	808	27	in	in	ADP
cblr-7159	808	28	clo	clo	PROPN
cblr-7159	808	29	-	-	PROPN
cblr-7159	808	30	i	i	PRON
cblr-7159	808	31	for	for	ADP
cblr-7159	808	32	some	some	DET
cblr-7159	808	33	reason	reason	NOUN
cblr-7159	808	34	,	,	PUNCT
cblr-7159	808	35	then	then	ADV
cblr-7159	808	36	the	the	DET
cblr-7159	808	37	universe	universe	NOUN
cblr-7159	808	38	of	of	ADP
cblr-7159	808	39	loans	loan	NOUN
cblr-7159	808	40	that	that	PRON
cblr-7159	808	41	should	should	AUX
cblr-7159	808	42	be	be	AUX
cblr-7159	808	43	included	include	VERB
cblr-7159	808	44	in	in	ADP
cblr-7159	808	45	the	the	DET
cblr-7159	808	46	clo	clo	PROPN
cblr-7159	808	47	subsample	subsample	NOUN
cblr-7159	808	48	may	may	AUX
cblr-7159	808	49	be	be	AUX
cblr-7159	808	50	larger	large	ADJ
cblr-7159	808	51	than	than	ADP
cblr-7159	808	52	the	the	DET
cblr-7159	808	53	sample	sample	NOUN
cblr-7159	808	54	i	i	PRON
cblr-7159	808	55	collected	collect	VERB
cblr-7159	808	56	.	.	PUNCT
cblr-7159	809	1	however	however	ADV
cblr-7159	809	2	,	,	PUNCT
cblr-7159	809	3	given	give	VERB
cblr-7159	809	4	the	the	DET
cblr-7159	809	5	comprehensiveness	comprehensiveness	NOUN
cblr-7159	809	6	of	of	ADP
cblr-7159	809	7	the	the	DET
cblr-7159	809	8	clo	clo	PROPN
cblr-7159	809	9	-	-	PUNCT
cblr-7159	809	10	i	i	PRON
cblr-7159	809	11	database	database	NOUN
cblr-7159	809	12	,	,	PUNCT
cblr-7159	809	13	the	the	DET
cblr-7159	809	14	number	number	NOUN
cblr-7159	809	15	of	of	ADP
cblr-7159	809	16	such	such	ADJ
cblr-7159	809	17	borrowers	borrower	NOUN
cblr-7159	809	18	is	be	AUX
cblr-7159	809	19	likely	likely	ADJ
cblr-7159	809	20	to	to	PART
cblr-7159	809	21	be	be	AUX
cblr-7159	809	22	small	small	ADJ
cblr-7159	809	23	.	.	PUNCT
cblr-7159	810	1	moreover	moreover	ADV
cblr-7159	810	2	,	,	PUNCT
cblr-7159	810	3	even	even	ADV
cblr-7159	810	4	if	if	SCONJ
cblr-7159	810	5	borrowers	borrower	NOUN
cblr-7159	810	6	are	be	AUX
cblr-7159	810	7	erroneously	erroneously	ADV
cblr-7159	810	8	omitted	omit	VERB
cblr-7159	810	9	from	from	ADP
cblr-7159	810	10	the	the	DET
cblr-7159	810	11	clo	clo	PROPN
cblr-7159	810	12	category	category	NOUN
cblr-7159	810	13	my	my	PRON
cblr-7159	810	14	sample	sample	NOUN
cblr-7159	810	15	represents	represent	VERB
cblr-7159	810	16	a	a	DET
cblr-7159	810	17	lower	low	ADJ
cblr-7159	810	18	bound	bind	VERB
cblr-7159	810	19	on	on	ADP
cblr-7159	810	20	clo	clo	PROPN
cblr-7159	810	21	loans	loan	NOUN
cblr-7159	810	22	.	.	PUNCT
cblr-7159	811	1	however	however	ADV
cblr-7159	811	2	,	,	PUNCT
cblr-7159	811	3	given	give	VERB
cblr-7159	811	4	the	the	DET
cblr-7159	811	5	realities	reality	NOUN
cblr-7159	811	6	of	of	ADP
cblr-7159	811	7	the	the	DET
cblr-7159	811	8	clo	clo	PROPN
cblr-7159	811	9	market	market	NOUN
cblr-7159	811	10	discussed	discuss	VERB
cblr-7159	811	11	in	in	ADP
cblr-7159	811	12	the	the	DET
cblr-7159	811	13	preceding	precede	VERB
cblr-7159	811	14	section	section	NOUN
cblr-7159	811	15	,	,	PUNCT
cblr-7159	811	16	it	it	PRON
cblr-7159	811	17	is	be	AUX
cblr-7159	811	18	extremely	extremely	ADV
cblr-7159	811	19	unlikely	unlikely	ADJ
cblr-7159	811	20	that	that	SCONJ
cblr-7159	811	21	loans	loan	NOUN
cblr-7159	811	22	purchased	purchase	VERB
cblr-7159	811	23	by	by	ADP
cblr-7159	811	24	clo	clo	PROPN
cblr-7159	811	25	managers	manager	NOUN
cblr-7159	811	26	after	after	SCONJ
cblr-7159	811	27	origination	origination	NOUN
cblr-7159	811	28	would	would	AUX
cblr-7159	811	29	be	be	AUX
cblr-7159	811	30	treated	treat	VERB
cblr-7159	811	31	differently	differently	ADV
cblr-7159	811	32	than	than	SCONJ
cblr-7159	811	33	loans	loan	NOUN
cblr-7159	811	34	originated	originate	VERB
cblr-7159	811	35	for	for	ADP
cblr-7159	811	36	the	the	DET
cblr-7159	811	37	purpose	purpose	NOUN
cblr-7159	811	38	of	of	ADP
cblr-7159	811	39	distribution	distribution	NOUN
cblr-7159	811	40	and	and	CCONJ
cblr-7159	811	41	securitization.263	securitization.263	PROPN
cblr-7159	811	42	thus	thus	ADV
cblr-7159	811	43	,	,	PUNCT
cblr-7159	811	44	any	any	DET
cblr-7159	811	45	statistically	statistically	ADV
cblr-7159	811	46	significant	significant	ADJ
cblr-7159	811	47	results	result	NOUN
cblr-7159	811	48	may	may	AUX
cblr-7159	811	49	underestimate	underestimate	VERB
cblr-7159	811	50	the	the	DET
cblr-7159	811	51	true	true	ADJ
cblr-7159	811	52	difference	difference	NOUN
cblr-7159	811	53	between	between	ADP
cblr-7159	811	54	securitized	securitized	ADJ
cblr-7159	811	55	and	and	CCONJ
cblr-7159	811	56	nonsecuritized	nonsecuritized	ADJ
cblr-7159	811	57	loan	loan	NOUN
cblr-7159	811	58	borrowers	borrower	NOUN
cblr-7159	811	59	;	;	PUNCT
cblr-7159	811	60	but	but	CCONJ
cblr-7159	811	61	such	such	ADJ
cblr-7159	811	62	estimates	estimate	NOUN
cblr-7159	811	63	nonetheless	nonetheless	ADV
cblr-7159	811	64	represent	represent	VERB
cblr-7159	811	65	an	an	DET
cblr-7159	811	66	important	important	ADJ
cblr-7159	811	67	finding	finding	NOUN
cblr-7159	811	68	regarding	regard	VERB
cblr-7159	811	69	the	the	DET
cblr-7159	811	70	presence	presence	NOUN
cblr-7159	811	71	or	or	CCONJ
cblr-7159	811	72	absence	absence	NOUN
cblr-7159	811	73	of	of	ADP
cblr-7159	811	74	lender	lender	NOUN
cblr-7159	811	75	intervention	intervention	NOUN
cblr-7159	811	76	.	.	PUNCT
cblr-7159	812	1	1	1	X
cblr-7159	812	2	.	.	X
cblr-7159	812	3	basic	basic	ADJ
cblr-7159	812	4	results	result	NOUN
cblr-7159	812	5	:	:	PUNCT
cblr-7159	812	6	raw	raw	ADJ
cblr-7159	812	7	data	datum	NOUN
cblr-7159	812	8	even	even	ADV
cblr-7159	812	9	without	without	ADP
cblr-7159	812	10	any	any	DET
cblr-7159	812	11	sophisticated	sophisticated	ADJ
cblr-7159	812	12	analysis	analysis	NOUN
cblr-7159	812	13	,	,	PUNCT
cblr-7159	812	14	some	some	DET
cblr-7159	812	15	patterns	pattern	NOUN
cblr-7159	812	16	are	be	AUX
cblr-7159	812	17	visible	visible	ADJ
cblr-7159	812	18	in	in	ADP
cblr-7159	812	19	the	the	DET
cblr-7159	812	20	raw	raw	ADJ
cblr-7159	812	21	data	datum	NOUN
cblr-7159	812	22	.	.	PUNCT
cblr-7159	813	1	while	while	SCONJ
cblr-7159	813	2	there	there	PRON
cblr-7159	813	3	are	be	VERB
cblr-7159	813	4	no	no	DET
cblr-7159	813	5	obvious	obvious	ADJ
cblr-7159	813	6	differences	difference	NOUN
cblr-7159	813	7	between	between	ADP
cblr-7159	813	8	the	the	DET
cblr-7159	813	9	institutional	institutional	ADJ
cblr-7159	813	10	sample	sample	NOUN
cblr-7159	813	11	and	and	CCONJ
cblr-7159	813	12	the	the	DET
cblr-7159	813	13	larger	large	ADJ
cblr-7159	813	14	sample	sample	NOUN
cblr-7159	813	15	,	,	PUNCT
cblr-7159	813	16	there	there	PRON
cblr-7159	813	17	are	be	VERB
cblr-7159	813	18	notable	notable	ADJ
cblr-7159	813	19	differences	difference	NOUN
cblr-7159	813	20	between	between	ADP
cblr-7159	813	21	borrowers	borrower	NOUN
cblr-7159	813	22	in	in	ADP
cblr-7159	813	23	the	the	DET
cblr-7159	813	24	clo	clo	PROPN
cblr-7159	813	25	subsample	subsample	NOUN
cblr-7159	813	26	and	and	CCONJ
cblr-7159	813	27	all	all	DET
cblr-7159	813	28	other	other	ADJ
cblr-7159	813	29	borrowers	borrower	NOUN
cblr-7159	813	30	.	.	PUNCT
cblr-7159	814	1	for	for	ADP
cblr-7159	814	2	illustrative	illustrative	ADJ
cblr-7159	814	3	purposes	purpose	NOUN
cblr-7159	814	4	,	,	PUNCT
cblr-7159	814	5	figure	figure	VERB
cblr-7159	814	6	5	5	NUM
cblr-7159	814	7	below	below	ADV
cblr-7159	814	8	shows	show	VERB
cblr-7159	814	9	the	the	DET
cblr-7159	814	10	pattern	pattern	NOUN
cblr-7159	814	11	with	with	ADP
cblr-7159	814	12	respect	respect	NOUN
cblr-7159	814	13	to	to	ADP
cblr-7159	814	14	some	some	PRON
cblr-7159	814	15	of	of	ADP
cblr-7159	814	16	the	the	DET
cblr-7159	814	17	outcome	outcome	NOUN
cblr-7159	814	18	variables	variable	NOUN
cblr-7159	814	19	described	describe	VERB
cblr-7159	814	20	above	above	ADV
cblr-7159	814	21	.	.	PUNCT
cblr-7159	815	1	these	these	DET
cblr-7159	815	2	graphs	graph	NOUN
cblr-7159	815	3	show	show	VERB
cblr-7159	815	4	changes	change	NOUN
cblr-7159	815	5	in	in	ADP
cblr-7159	815	6	metrics	metric	NOUN
cblr-7159	815	7	of	of	ADP
cblr-7159	815	8	financial	financial	ADJ
cblr-7159	815	9	conservatism	conservatism	NOUN
cblr-7159	815	10	,	,	PUNCT
cblr-7159	815	11	investment	investment	NOUN
cblr-7159	815	12	conservatism	conservatism	NOUN
cblr-7159	815	13	,	,	PUNCT
cblr-7159	815	14	and	and	CCONJ
cblr-7159	815	15	operating	operating	NOUN
cblr-7159	815	16	performance	performance	NOUN
cblr-7159	815	17	in	in	ADP
cblr-7159	815	18	the	the	DET
cblr-7159	815	19	four	four	NUM
cblr-7159	815	20	quarters	quarter	NOUN
cblr-7159	815	21	leading	lead	VERB
cblr-7159	815	22	up	up	ADP
cblr-7159	815	23	to	to	ADP
cblr-7159	815	24	a	a	DET
cblr-7159	815	25	covenant	covenant	ADJ
cblr-7159	815	26	violation	violation	NOUN
cblr-7159	815	27	and	and	CCONJ
cblr-7159	815	28	waiver	waiver	NOUN
cblr-7159	815	29	,	,	PUNCT
cblr-7159	815	30	and	and	CCONJ
cblr-7159	815	31	the	the	DET
cblr-7159	815	32	four	four	NUM
cblr-7159	815	33	to	to	PART
cblr-7159	815	34	six	six	NUM
cblr-7159	815	35	quarters	quarter	NOUN
cblr-7159	815	36	afterward	afterward	ADV
cblr-7159	815	37	.	.	PUNCT
cblr-7159	816	1	the	the	DET
cblr-7159	816	2	solid	solid	ADJ
cblr-7159	816	3	line	line	NOUN
cblr-7159	816	4	represents	represent	VERB
cblr-7159	816	5	borrowers	borrower	NOUN
cblr-7159	816	6	whose	whose	DET
cblr-7159	816	7	loans	loan	NOUN
cblr-7159	816	8	are	be	AUX
cblr-7159	816	9	not	not	PART
cblr-7159	816	10	placed	place	VERB
cblr-7159	816	11	into	into	ADP
cblr-7159	816	12	clos	clo	NOUN
cblr-7159	816	13	while	while	SCONJ
cblr-7159	816	14	the	the	DET
cblr-7159	816	15	dashed	dash	VERB
cblr-7159	816	16	line	line	NOUN
cblr-7159	816	17	represents	represent	VERB
cblr-7159	816	18	borrowers	borrower	NOUN
cblr-7159	816	19	whose	whose	DET
cblr-7159	816	20	loans	loan	NOUN
cblr-7159	816	21	are	be	AUX
cblr-7159	816	22	included	include	VERB
cblr-7159	816	23	in	in	ADP
cblr-7159	816	24	clos	clo	NOUN
cblr-7159	816	25	.	.	PUNCT
cblr-7159	817	1	the	the	DET
cblr-7159	817	2	vertical	vertical	ADJ
cblr-7159	817	3	lines	line	NOUN
cblr-7159	817	4	represent	represent	VERB
cblr-7159	817	5	the	the	DET
cblr-7159	817	6	quarter	quarter	NOUN
cblr-7159	817	7	during	during	ADP
cblr-7159	817	8	which	which	PRON
cblr-7159	817	9	the	the	DET
cblr-7159	817	10	violation	violation	NOUN
cblr-7159	817	11	and	and	CCONJ
cblr-7159	817	12	waiver	waiver	NOUN
cblr-7159	817	13	took	take	VERB
cblr-7159	817	14	place	place	NOUN
cblr-7159	817	15	.	.	PUNCT
cblr-7159	818	1	262	262	NUM
cblr-7159	818	2	see	see	VERB
cblr-7159	818	3	fin	fin	NOUN
cblr-7159	818	4	.	.	PUNCT
cblr-7159	819	1	stability	stability	PROPN
cblr-7159	819	2	bd	bd	PROPN
cblr-7159	819	3	.	.	PROPN
cblr-7159	819	4	,	,	PUNCT
cblr-7159	819	5	vulnerabilities	vulnerability	NOUN
cblr-7159	819	6	,	,	PUNCT
cblr-7159	819	7	supra	supra	PROPN
cblr-7159	819	8	note	note	NOUN
cblr-7159	819	9	2	2	NUM
cblr-7159	819	10	,	,	PUNCT
cblr-7159	819	11	at	at	ADP
cblr-7159	819	12	4–5	4–5	NUM
cblr-7159	819	13	,	,	PUNCT
cblr-7159	819	14	32	32	NUM
cblr-7159	819	15	–	–	SYM
cblr-7159	819	16	33	33	NUM
cblr-7159	819	17	.	.	NOUN
cblr-7159	819	18	263	263	NUM
cblr-7159	819	19	see	see	VERB
cblr-7159	819	20	supra	supra	PROPN
cblr-7159	819	21	sections	section	NOUN
cblr-7159	819	22	ii.b	ii.b	NOUN
cblr-7159	819	23	–	–	PUNCT
cblr-7159	819	24	c.	c.	PROPN
cblr-7159	819	25	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	819	26	(	(	PUNCT
cblr-7159	819	27	do	do	AUX
cblr-7159	819	28	not	not	PART
cblr-7159	819	29	delte	delte	VERB
cblr-7159	819	30	)	)	PUNCT
cblr-7159	820	1	9/28/2020	9/28/2020	PROPN
cblr-7159	820	2	6:35	6:35	NUM
cblr-7159	820	3	pm	pm	NOUN
cblr-7159	820	4	256	256	NUM
cblr-7159	820	5	columbia	columbia	PROPN
cblr-7159	820	6	business	business	NOUN
cblr-7159	820	7	law	law	PROPN
cblr-7159	820	8	review	review	NOUN
cblr-7159	820	9	[	[	X
cblr-7159	820	10	vol	vol	NOUN
cblr-7159	820	11	.	.	PUNCT
cblr-7159	820	12	2020	2020	NUM
cblr-7159	821	1	the	the	DET
cblr-7159	821	2	figures	figure	NOUN
cblr-7159	821	3	show	show	VERB
cblr-7159	821	4	the	the	DET
cblr-7159	821	5	medians	median	NOUN
cblr-7159	821	6	in	in	ADP
cblr-7159	821	7	the	the	DET
cblr-7159	821	8	raw	raw	ADJ
cblr-7159	821	9	data	datum	NOUN
cblr-7159	821	10	.	.	PUNCT
cblr-7159	822	1	to	to	PART
cblr-7159	822	2	confirm	confirm	VERB
cblr-7159	822	3	the	the	DET
cblr-7159	822	4	statistical	statistical	ADJ
cblr-7159	822	5	significance	significance	NOUN
cblr-7159	822	6	of	of	ADP
cblr-7159	822	7	these	these	DET
cblr-7159	822	8	differential	differential	ADJ
cblr-7159	822	9	outcomes	outcome	NOUN
cblr-7159	822	10	,	,	PUNCT
cblr-7159	822	11	i	i	PRON
cblr-7159	822	12	use	use	VERB
cblr-7159	822	13	a	a	DET
cblr-7159	822	14	difference	difference	NOUN
cblr-7159	822	15	-	-	PUNCT
cblr-7159	822	16	in	in	ADP
cblr-7159	822	17	-	-	PUNCT
cblr-7159	822	18	difference	difference	NOUN
cblr-7159	822	19	analysis.264	analysis.264	NOUN
cblr-7159	822	20	figure	figure	NOUN
cblr-7159	822	21	5	5	NUM
cblr-7159	822	22	:	:	PUNCT
cblr-7159	822	23	performance	performance	NOUN
cblr-7159	822	24	of	of	ADP
cblr-7159	822	25	clo	clo	PROPN
cblr-7159	822	26	versus	versus	ADP
cblr-7159	822	27	non	non	ADJ
cblr-7159	822	28	-	-	ADJ
cblr-7159	822	29	clo	clo	ADJ
cblr-7159	822	30	loans	loan	NOUN
cblr-7159	822	31	before	before	ADP
cblr-7159	822	32	and	and	CCONJ
cblr-7159	822	33	after	after	ADP
cblr-7159	822	34	covenant	covenant	NOUN
cblr-7159	822	35	violations265	violations265	PROPN
cblr-7159	822	36	264	264	NUM
cblr-7159	822	37	see	see	VERB
cblr-7159	822	38	mcclane	mcclane	PROPN
cblr-7159	822	39	,	,	PUNCT
cblr-7159	822	40	supra	supra	PROPN
cblr-7159	822	41	note	note	PROPN
cblr-7159	822	42	216	216	NUM
cblr-7159	822	43	,	,	PUNCT
cblr-7159	822	44	at	at	ADP
cblr-7159	822	45	tbls	tbls	ADJ
cblr-7159	822	46	.	.	PUNCT
cblr-7159	823	1	9–11	9–11	NOUN
cblr-7159	823	2	.	.	PUNCT
cblr-7159	824	1	265	265	NUM
cblr-7159	824	2	this	this	DET
cblr-7159	824	3	figure	figure	NOUN
cblr-7159	824	4	summarizes	summarize	NOUN
cblr-7159	824	5	information	information	NOUN
cblr-7159	824	6	included	include	VERB
cblr-7159	824	7	in	in	ADP
cblr-7159	824	8	the	the	DET
cblr-7159	824	9	data	datum	NOUN
cblr-7159	824	10	set	set	VERB
cblr-7159	824	11	created	create	VERB
cblr-7159	824	12	by	by	ADP
cblr-7159	824	13	the	the	DET
cblr-7159	824	14	author	author	NOUN
cblr-7159	824	15	.	.	PUNCT
cblr-7159	825	1	see	see	VERB
cblr-7159	825	2	mcclane	mcclane	PROPN
cblr-7159	825	3	,	,	PUNCT
cblr-7159	825	4	supra	supra	PROPN
cblr-7159	825	5	note	note	NOUN
cblr-7159	825	6	216	216	NUM
cblr-7159	825	7	.	.	PUNCT
cblr-7159	826	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	826	2	(	(	PUNCT
cblr-7159	826	3	do	do	AUX
cblr-7159	826	4	not	not	PART
cblr-7159	826	5	delete	delete	VERB
cblr-7159	826	6	)	)	PUNCT
cblr-7159	826	7	9/28/2020	9/28/2020	NUM
cblr-7159	826	8	6:35	6:35	NUM
cblr-7159	826	9	pm	pm	NOUN
cblr-7159	826	10	no	no	INTJ
cblr-7159	826	11	.	.	PUNCT
cblr-7159	827	1	1:192	1:192	X
cblr-7159	827	2	]	]	X
cblr-7159	827	3	reconsidering	reconsider	VERB
cblr-7159	827	4	creditor	creditor	NOUN
cblr-7159	827	5	governance	governance	NOUN
cblr-7159	827	6	257	257	NUM
cblr-7159	827	7	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	827	8	(	(	PUNCT
cblr-7159	827	9	do	do	AUX
cblr-7159	827	10	not	not	PART
cblr-7159	827	11	delte	delte	VERB
cblr-7159	827	12	)	)	PUNCT
cblr-7159	828	1	9/28/2020	9/28/2020	NUM
cblr-7159	828	2	6:35	6:35	NUM
cblr-7159	828	3	pm	pm	NOUN
cblr-7159	828	4	258	258	NUM
cblr-7159	828	5	columbia	columbia	PROPN
cblr-7159	828	6	business	business	NOUN
cblr-7159	828	7	law	law	PROPN
cblr-7159	828	8	review	review	NOUN
cblr-7159	828	9	[	[	X
cblr-7159	828	10	vol	vol	NOUN
cblr-7159	828	11	.	.	PUNCT
cblr-7159	828	12	2020	2020	NUM
cblr-7159	828	13	most	most	ADV
cblr-7159	828	14	notable	notable	ADJ
cblr-7159	828	15	in	in	ADP
cblr-7159	828	16	these	these	DET
cblr-7159	828	17	graphs	graph	NOUN
cblr-7159	828	18	is	be	AUX
cblr-7159	828	19	the	the	DET
cblr-7159	828	20	difference	difference	NOUN
cblr-7159	828	21	between	between	ADP
cblr-7159	828	22	clo	clo	PROPN
cblr-7159	828	23	and	and	CCONJ
cblr-7159	828	24	non	non	ADJ
cblr-7159	828	25	-	-	ADJ
cblr-7159	828	26	clo	clo	ADJ
cblr-7159	828	27	loans	loan	NOUN
cblr-7159	828	28	.	.	PUNCT
cblr-7159	829	1	for	for	ADP
cblr-7159	829	2	most	most	ADJ
cblr-7159	829	3	of	of	ADP
cblr-7159	829	4	the	the	DET
cblr-7159	829	5	metrics	metric	NOUN
cblr-7159	829	6	,	,	PUNCT
cblr-7159	829	7	performance	performance	NOUN
cblr-7159	829	8	of	of	ADP
cblr-7159	829	9	clo	clo	PROPN
cblr-7159	829	10	and	and	CCONJ
cblr-7159	829	11	non	non	ADJ
cblr-7159	829	12	-	-	ADJ
cblr-7159	829	13	clo	clo	ADJ
cblr-7159	829	14	loans	loan	NOUN
cblr-7159	829	15	are	be	AUX
cblr-7159	829	16	roughly	roughly	ADV
cblr-7159	829	17	similar	similar	ADJ
cblr-7159	829	18	before	before	ADP
cblr-7159	829	19	the	the	DET
cblr-7159	829	20	violation	violation	NOUN
cblr-7159	829	21	.	.	PUNCT
cblr-7159	830	1	at	at	ADP
cblr-7159	830	2	the	the	DET
cblr-7159	830	3	time	time	NOUN
cblr-7159	830	4	of	of	ADP
cblr-7159	830	5	the	the	DET
cblr-7159	830	6	violation	violation	NOUN
cblr-7159	830	7	,	,	PUNCT
cblr-7159	830	8	these	these	DET
cblr-7159	830	9	measures	measure	NOUN
cblr-7159	830	10	tend	tend	VERB
cblr-7159	830	11	to	to	PART
cblr-7159	830	12	change	change	VERB
cblr-7159	830	13	starkly	starkly	ADV
cblr-7159	830	14	for	for	ADP
cblr-7159	830	15	non	non	ADJ
cblr-7159	830	16	-	-	ADJ
cblr-7159	830	17	clo	clo	ADJ
cblr-7159	830	18	borrowers	borrower	NOUN
cblr-7159	830	19	,	,	PUNCT
cblr-7159	830	20	but	but	CCONJ
cblr-7159	830	21	less	less	ADV
cblr-7159	830	22	so	so	ADV
cblr-7159	830	23	(	(	PUNCT
cblr-7159	830	24	and	and	CCONJ
cblr-7159	830	25	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	830	26	(	(	PUNCT
cblr-7159	830	27	do	do	AUX
cblr-7159	830	28	not	not	PART
cblr-7159	830	29	delete	delete	VERB
cblr-7159	830	30	)	)	PUNCT
cblr-7159	830	31	9/28/2020	9/28/2020	NUM
cblr-7159	830	32	6:35	6:35	NUM
cblr-7159	830	33	pm	pm	NOUN
cblr-7159	830	34	no	no	INTJ
cblr-7159	830	35	.	.	PUNCT
cblr-7159	831	1	1:192	1:192	X
cblr-7159	831	2	]	]	X
cblr-7159	831	3	reconsidering	reconsider	VERB
cblr-7159	831	4	creditor	creditor	NOUN
cblr-7159	831	5	governance	governance	NOUN
cblr-7159	831	6	259	259	NUM
cblr-7159	831	7	sometimes	sometimes	ADV
cblr-7159	831	8	not	not	PART
cblr-7159	831	9	at	at	ADV
cblr-7159	831	10	all	all	ADV
cblr-7159	831	11	)	)	PUNCT
cblr-7159	831	12	for	for	ADP
cblr-7159	831	13	clo	clo	PROPN
cblr-7159	831	14	borrowers	borrower	NOUN
cblr-7159	831	15	.	.	PUNCT
cblr-7159	832	1	this	this	PRON
cblr-7159	832	2	is	be	AUX
cblr-7159	832	3	apparent	apparent	ADJ
cblr-7159	832	4	in	in	ADP
cblr-7159	832	5	the	the	DET
cblr-7159	832	6	difference	difference	NOUN
cblr-7159	832	7	between	between	ADP
cblr-7159	832	8	the	the	DET
cblr-7159	832	9	solid	solid	ADJ
cblr-7159	832	10	line	line	NOUN
cblr-7159	832	11	and	and	CCONJ
cblr-7159	832	12	the	the	DET
cblr-7159	832	13	dashed	dash	VERB
cblr-7159	832	14	pink	pink	ADJ
cblr-7159	832	15	line	line	NOUN
cblr-7159	832	16	in	in	ADP
cblr-7159	832	17	each	each	DET
cblr-7159	832	18	graph	graph	NOUN
cblr-7159	832	19	.	.	PUNCT
cblr-7159	833	1	the	the	DET
cblr-7159	833	2	solid	solid	ADJ
cblr-7159	833	3	line	line	NOUN
cblr-7159	833	4	in	in	ADP
cblr-7159	833	5	most	most	ADJ
cblr-7159	833	6	of	of	ADP
cblr-7159	833	7	the	the	DET
cblr-7159	833	8	graphs	graph	NOUN
cblr-7159	833	9	shows	show	VERB
cblr-7159	833	10	a	a	DET
cblr-7159	833	11	sharp	sharp	ADJ
cblr-7159	833	12	change	change	NOUN
cblr-7159	833	13	immediately	immediately	ADV
cblr-7159	833	14	following	follow	VERB
cblr-7159	833	15	the	the	DET
cblr-7159	833	16	violation	violation	NOUN
cblr-7159	833	17	.	.	PUNCT
cblr-7159	834	1	in	in	ADP
cblr-7159	834	2	each	each	DET
cblr-7159	834	3	case	case	NOUN
cblr-7159	834	4	,	,	PUNCT
cblr-7159	834	5	the	the	DET
cblr-7159	834	6	financial	financial	ADJ
cblr-7159	834	7	metric	metric	NOUN
cblr-7159	834	8	in	in	ADP
cblr-7159	834	9	question	question	NOUN
cblr-7159	834	10	improves	improve	VERB
cblr-7159	834	11	by	by	ADP
cblr-7159	834	12	four	four	NUM
cblr-7159	834	13	to	to	PART
cblr-7159	834	14	six	six	NUM
cblr-7159	834	15	quarters	quarter	NOUN
cblr-7159	834	16	after	after	ADP
cblr-7159	834	17	the	the	DET
cblr-7159	834	18	violation	violation	NOUN
cblr-7159	834	19	.	.	PUNCT
cblr-7159	835	1	by	by	ADP
cblr-7159	835	2	contrast	contrast	NOUN
cblr-7159	835	3	,	,	PUNCT
cblr-7159	835	4	the	the	DET
cblr-7159	835	5	dashed	dash	VERB
cblr-7159	835	6	line	line	NOUN
cblr-7159	835	7	in	in	ADP
cblr-7159	835	8	several	several	ADJ
cblr-7159	835	9	of	of	ADP
cblr-7159	835	10	the	the	DET
cblr-7159	835	11	graphs	graph	NOUN
cblr-7159	835	12	does	do	AUX
cblr-7159	835	13	not	not	PART
cblr-7159	835	14	change	change	VERB
cblr-7159	835	15	at	at	ADV
cblr-7159	835	16	all	all	ADV
cblr-7159	835	17	at	at	ADP
cblr-7159	835	18	the	the	DET
cblr-7159	835	19	time	time	NOUN
cblr-7159	835	20	of	of	ADP
cblr-7159	835	21	the	the	DET
cblr-7159	835	22	violation	violation	NOUN
cblr-7159	835	23	,	,	PUNCT
cblr-7159	835	24	but	but	CCONJ
cblr-7159	835	25	continues	continue	VERB
cblr-7159	835	26	the	the	DET
cblr-7159	835	27	trend	trend	NOUN
cblr-7159	835	28	it	it	PRON
cblr-7159	835	29	was	be	AUX
cblr-7159	835	30	on	on	ADP
cblr-7159	835	31	before	before	ADP
cblr-7159	835	32	the	the	DET
cblr-7159	835	33	violation.266	violation.266	NOUN
cblr-7159	835	34	to	to	ADP
cblr-7159	835	35	the	the	DET
cblr-7159	835	36	extent	extent	NOUN
cblr-7159	835	37	the	the	DET
cblr-7159	835	38	dashed	dash	VERB
cblr-7159	835	39	line	line	NOUN
cblr-7159	835	40	does	do	AUX
cblr-7159	835	41	change	change	VERB
cblr-7159	835	42	,	,	PUNCT
cblr-7159	835	43	the	the	DET
cblr-7159	835	44	measures	measure	NOUN
cblr-7159	835	45	of	of	ADP
cblr-7159	835	46	firms	firm	NOUN
cblr-7159	835	47	performance	performance	NOUN
cblr-7159	835	48	and	and	CCONJ
cblr-7159	835	49	financial	financial	ADJ
cblr-7159	835	50	responsibility	responsibility	NOUN
cblr-7159	835	51	either	either	CCONJ
cblr-7159	835	52	become	become	VERB
cblr-7159	835	53	worse	bad	ADJ
cblr-7159	835	54	,	,	PUNCT
cblr-7159	835	55	or	or	CCONJ
cblr-7159	835	56	improve	improve	VERB
cblr-7159	835	57	far	far	ADV
cblr-7159	835	58	less	less	ADJ
cblr-7159	835	59	by	by	ADP
cblr-7159	835	60	four	four	NUM
cblr-7159	835	61	to	to	PART
cblr-7159	835	62	six	six	NUM
cblr-7159	835	63	quarters	quarter	NOUN
cblr-7159	835	64	after	after	ADP
cblr-7159	835	65	the	the	DET
cblr-7159	835	66	violation	violation	NOUN
cblr-7159	835	67	.	.	PUNCT
cblr-7159	836	1	after	after	ADP
cblr-7159	836	2	the	the	DET
cblr-7159	836	3	violation	violation	NOUN
cblr-7159	836	4	,	,	PUNCT
cblr-7159	836	5	metrics	metric	NOUN
cblr-7159	836	6	continue	continue	VERB
cblr-7159	836	7	to	to	PART
cblr-7159	836	8	improve	improve	VERB
cblr-7159	836	9	for	for	ADP
cblr-7159	836	10	non	non	ADJ
cblr-7159	836	11	-	-	ADJ
cblr-7159	836	12	clo	clo	ADJ
cblr-7159	836	13	borrowers	borrower	NOUN
cblr-7159	836	14	,	,	PUNCT
cblr-7159	836	15	but	but	CCONJ
cblr-7159	836	16	less	less	ADV
cblr-7159	836	17	so	so	ADV
cblr-7159	836	18	(	(	PUNCT
cblr-7159	836	19	and	and	CCONJ
cblr-7159	836	20	sometimes	sometimes	ADV
cblr-7159	836	21	not	not	PART
cblr-7159	836	22	at	at	ADV
cblr-7159	836	23	all	all	ADV
cblr-7159	836	24	)	)	PUNCT
cblr-7159	836	25	for	for	ADP
cblr-7159	836	26	clo	clo	PROPN
cblr-7159	836	27	borrowers	borrower	NOUN
cblr-7159	836	28	.	.	PUNCT
cblr-7159	837	1	non	non	ADJ
cblr-7159	837	2	-	-	ADJ
cblr-7159	837	3	clo	clo	ADJ
cblr-7159	837	4	included	include	VERB
cblr-7159	837	5	borrowers	borrower	NOUN
cblr-7159	837	6	show	show	VERB
cblr-7159	837	7	signs	sign	NOUN
cblr-7159	837	8	of	of	ADP
cblr-7159	837	9	more	more	ADJ
cblr-7159	837	10	financial	financial	ADJ
cblr-7159	837	11	investment	investment	NOUN
cblr-7159	837	12	conservatism	conservatism	NOUN
cblr-7159	837	13	(	(	PUNCT
cblr-7159	837	14	i.e.	i.e.	X
cblr-7159	837	15	,	,	PUNCT
cblr-7159	837	16	lower	low	ADJ
cblr-7159	837	17	debt	debt	NOUN
cblr-7159	837	18	issuance	issuance	NOUN
cblr-7159	837	19	,	,	PUNCT
cblr-7159	837	20	reduction	reduction	NOUN
cblr-7159	837	21	in	in	ADP
cblr-7159	837	22	assets	asset	NOUN
cblr-7159	837	23	and	and	CCONJ
cblr-7159	837	24	shareholder	shareholder	NOUN
cblr-7159	837	25	payouts	payout	NOUN
cblr-7159	837	26	)	)	PUNCT
cblr-7159	837	27	and	and	CCONJ
cblr-7159	837	28	improvement	improvement	NOUN
cblr-7159	837	29	in	in	ADP
cblr-7159	837	30	operating	operating	NOUN
cblr-7159	837	31	performance	performance	NOUN
cblr-7159	837	32	(	(	PUNCT
cblr-7159	837	33	better	well	ADV
cblr-7159	837	34	cashflow	cashflow	ADJ
cblr-7159	837	35	,	,	PUNCT
cblr-7159	837	36	lower	low	ADJ
cblr-7159	837	37	operating	operating	NOUN
cblr-7159	837	38	expenses	expense	NOUN
cblr-7159	837	39	and	and	CCONJ
cblr-7159	837	40	a	a	DET
cblr-7159	837	41	better	well	ADJ
cblr-7159	837	42	market	market	NOUN
cblr-7159	837	43	-	-	PUNCT
cblr-7159	837	44	to	to	ADP
cblr-7159	837	45	-	-	PUNCT
cblr-7159	837	46	book	book	NOUN
cblr-7159	837	47	ratio	ratio	NOUN
cblr-7159	837	48	)	)	PUNCT
cblr-7159	837	49	.	.	PUNCT
cblr-7159	838	1	by	by	ADP
cblr-7159	838	2	contrast	contrast	NOUN
cblr-7159	838	3	,	,	PUNCT
cblr-7159	838	4	clo	clo	VERB
cblr-7159	838	5	-	-	PUNCT
cblr-7159	838	6	included	include	VERB
cblr-7159	838	7	loans	loan	NOUN
cblr-7159	838	8	improve	improve	VERB
cblr-7159	838	9	little	little	ADJ
cblr-7159	838	10	if	if	SCONJ
cblr-7159	838	11	at	at	ADV
cblr-7159	838	12	all	all	ADV
cblr-7159	838	13	.	.	PUNCT
cblr-7159	839	1	2	2	X
cblr-7159	839	2	.	.	X
cblr-7159	839	3	analysis	analysis	NOUN
cblr-7159	839	4	of	of	ADP
cblr-7159	839	5	data	datum	NOUN
cblr-7159	839	6	and	and	CCONJ
cblr-7159	839	7	results	result	VERB
cblr-7159	839	8	these	these	DET
cblr-7159	839	9	results	result	NOUN
cblr-7159	839	10	support	support	VERB
cblr-7159	839	11	the	the	DET
cblr-7159	839	12	hypothesis	hypothesis	NOUN
cblr-7159	839	13	that	that	PRON
cblr-7159	839	14	creditors	creditor	NOUN
cblr-7159	839	15	intervene	intervene	VERB
cblr-7159	839	16	less	less	ADJ
cblr-7159	839	17	for	for	ADP
cblr-7159	839	18	borrowers	borrower	NOUN
cblr-7159	839	19	with	with	ADP
cblr-7159	839	20	primarily	primarily	ADV
cblr-7159	839	21	securitized	securitize	VERB
cblr-7159	839	22	institutional	institutional	ADJ
cblr-7159	839	23	loans	loan	NOUN
cblr-7159	839	24	.	.	PUNCT
cblr-7159	840	1	borrowers	borrower	NOUN
cblr-7159	840	2	whose	whose	DET
cblr-7159	840	3	institutional	institutional	ADJ
cblr-7159	840	4	loans	loan	NOUN
cblr-7159	840	5	were	be	AUX
cblr-7159	840	6	included	include	VERB
cblr-7159	840	7	in	in	ADP
cblr-7159	840	8	clo	clo	PROPN
cblr-7159	840	9	vehicles	vehicle	NOUN
cblr-7159	840	10	tended	tend	VERB
cblr-7159	840	11	to	to	PART
cblr-7159	840	12	have	have	VERB
cblr-7159	840	13	poorer	poor	ADJ
cblr-7159	840	14	performance	performance	NOUN
cblr-7159	840	15	in	in	ADP
cblr-7159	840	16	the	the	DET
cblr-7159	840	17	four	four	NUM
cblr-7159	840	18	quarters	quarter	NOUN
cblr-7159	840	19	following	follow	VERB
cblr-7159	840	20	the	the	DET
cblr-7159	840	21	violation	violation	NOUN
cblr-7159	840	22	than	than	ADP
cblr-7159	840	23	leveraged	leveraged	ADJ
cblr-7159	840	24	loan	loan	NOUN
cblr-7159	840	25	borrowers	borrower	NOUN
cblr-7159	840	26	whose	whose	DET
cblr-7159	840	27	loans	loan	NOUN
cblr-7159	840	28	were	be	AUX
cblr-7159	840	29	not	not	PART
cblr-7159	840	30	included	include	VERB
cblr-7159	840	31	in	in	ADP
cblr-7159	840	32	a	a	DET
cblr-7159	840	33	clo	clo	NOUN
cblr-7159	840	34	.	.	PUNCT
cblr-7159	841	1	in	in	ADP
cblr-7159	841	2	particular	particular	ADJ
cblr-7159	841	3	,	,	PUNCT
cblr-7159	841	4	with	with	ADP
cblr-7159	841	5	respect	respect	NOUN
cblr-7159	841	6	to	to	ADP
cblr-7159	841	7	investment	investment	NOUN
cblr-7159	841	8	and	and	CCONJ
cblr-7159	841	9	financial	financial	ADJ
cblr-7159	841	10	conservatism	conservatism	NOUN
cblr-7159	841	11	,	,	PUNCT
cblr-7159	841	12	loans	loan	NOUN
cblr-7159	841	13	that	that	PRON
cblr-7159	841	14	are	be	AUX
cblr-7159	841	15	put	put	VERB
cblr-7159	841	16	into	into	ADP
cblr-7159	841	17	clos	clo	NOUN
cblr-7159	841	18	show	show	VERB
cblr-7159	841	19	a	a	DET
cblr-7159	841	20	pattern	pattern	NOUN
cblr-7159	841	21	of	of	ADP
cblr-7159	841	22	increased	increase	VERB
cblr-7159	841	23	spending	spending	NOUN
cblr-7159	841	24	and	and	CCONJ
cblr-7159	841	25	distribution	distribution	NOUN
cblr-7159	841	26	of	of	ADP
cblr-7159	841	27	funds	fund	NOUN
cblr-7159	841	28	to	to	ADP
cblr-7159	841	29	shareholders	shareholder	NOUN
cblr-7159	841	30	after	after	ADP
cblr-7159	841	31	a	a	DET
cblr-7159	841	32	violation	violation	NOUN
cblr-7159	841	33	,	,	PUNCT
cblr-7159	841	34	as	as	SCONJ
cblr-7159	841	35	compared	compare	VERB
cblr-7159	841	36	to	to	ADP
cblr-7159	841	37	loans	loan	NOUN
cblr-7159	841	38	that	that	PRON
cblr-7159	841	39	are	be	AUX
cblr-7159	841	40	not	not	PART
cblr-7159	841	41	put	put	VERB
cblr-7159	841	42	into	into	ADP
cblr-7159	841	43	clos	clo	NOUN
cblr-7159	841	44	.	.	PUNCT
cblr-7159	842	1	even	even	ADV
cblr-7159	842	2	for	for	ADP
cblr-7159	842	3	metrics	metric	NOUN
cblr-7159	842	4	for	for	ADP
cblr-7159	842	5	which	which	PRON
cblr-7159	842	6	clo	clo	PROPN
cblr-7159	842	7	and	and	CCONJ
cblr-7159	842	8	non	non	ADJ
cblr-7159	842	9	-	-	ADJ
cblr-7159	842	10	clo	clo	ADJ
cblr-7159	842	11	loan	loan	NOUN
cblr-7159	842	12	borrowers	borrower	NOUN
cblr-7159	842	13	266	266	NUM
cblr-7159	842	14	i	i	PRON
cblr-7159	842	15	note	note	VERB
cblr-7159	842	16	that	that	SCONJ
cblr-7159	842	17	the	the	DET
cblr-7159	842	18	dashed	dash	VERB
cblr-7159	842	19	line	line	NOUN
cblr-7159	842	20	in	in	ADP
cblr-7159	842	21	the	the	DET
cblr-7159	842	22	graph	graph	NOUN
cblr-7159	842	23	for	for	ADP
cblr-7159	842	24	net	net	ADJ
cblr-7159	842	25	debt	debt	NOUN
cblr-7159	842	26	issuance	issuance	NOUN
cblr-7159	842	27	shows	show	VERB
cblr-7159	842	28	a	a	DET
cblr-7159	842	29	temporary	temporary	ADJ
cblr-7159	842	30	downward	downward	ADJ
cblr-7159	842	31	spike	spike	NOUN
cblr-7159	842	32	in	in	ADP
cblr-7159	842	33	the	the	DET
cblr-7159	842	34	third	third	ADJ
cblr-7159	842	35	quarter	quarter	NOUN
cblr-7159	842	36	after	after	ADP
cblr-7159	842	37	the	the	DET
cblr-7159	842	38	violation	violation	NOUN
cblr-7159	842	39	,	,	PUNCT
cblr-7159	842	40	but	but	CCONJ
cblr-7159	842	41	no	no	DET
cblr-7159	842	42	change	change	NOUN
cblr-7159	842	43	in	in	ADP
cblr-7159	842	44	the	the	DET
cblr-7159	842	45	quarter	quarter	NOUN
cblr-7159	842	46	of	of	ADP
cblr-7159	842	47	the	the	DET
cblr-7159	842	48	violation	violation	NOUN
cblr-7159	842	49	or	or	CCONJ
cblr-7159	842	50	for	for	ADP
cblr-7159	842	51	two	two	NUM
cblr-7159	842	52	quarters	quarter	NOUN
cblr-7159	842	53	afterward	afterward	ADV
cblr-7159	842	54	.	.	PUNCT
cblr-7159	843	1	given	give	VERB
cblr-7159	843	2	that	that	SCONJ
cblr-7159	843	3	the	the	DET
cblr-7159	843	4	scale	scale	NOUN
cblr-7159	843	5	of	of	ADP
cblr-7159	843	6	the	the	DET
cblr-7159	843	7	dashed	dash	VERB
cblr-7159	843	8	line	line	NOUN
cblr-7159	843	9	in	in	ADP
cblr-7159	843	10	this	this	DET
cblr-7159	843	11	graph	graph	NOUN
cblr-7159	843	12	(	(	PUNCT
cblr-7159	843	13	on	on	ADP
cblr-7159	843	14	the	the	DET
cblr-7159	843	15	right	right	ADJ
cblr-7159	843	16	side	side	NOUN
cblr-7159	843	17	of	of	ADP
cblr-7159	843	18	the	the	DET
cblr-7159	843	19	graph	graph	NOUN
cblr-7159	843	20	)	)	PUNCT
cblr-7159	843	21	is	be	AUX
cblr-7159	843	22	much	much	ADV
cblr-7159	843	23	smaller	small	ADJ
cblr-7159	843	24	than	than	ADP
cblr-7159	843	25	the	the	DET
cblr-7159	843	26	scale	scale	NOUN
cblr-7159	843	27	for	for	ADP
cblr-7159	843	28	the	the	DET
cblr-7159	843	29	blue	blue	ADJ
cblr-7159	843	30	line	line	NOUN
cblr-7159	843	31	,	,	PUNCT
cblr-7159	843	32	this	this	DET
cblr-7159	843	33	apparent	apparent	ADJ
cblr-7159	843	34	change	change	NOUN
cblr-7159	843	35	is	be	AUX
cblr-7159	843	36	very	very	ADV
cblr-7159	843	37	small	small	ADJ
cblr-7159	843	38	in	in	ADP
cblr-7159	843	39	magnitude	magnitude	NOUN
cblr-7159	843	40	and	and	CCONJ
cblr-7159	843	41	does	do	AUX
cblr-7159	843	42	not	not	PART
cblr-7159	843	43	indicate	indicate	VERB
cblr-7159	843	44	a	a	DET
cblr-7159	843	45	significant	significant	ADJ
cblr-7159	843	46	change	change	NOUN
cblr-7159	843	47	in	in	ADP
cblr-7159	843	48	debt	debt	NOUN
cblr-7159	843	49	issuance	issuance	NOUN
cblr-7159	843	50	for	for	ADP
cblr-7159	843	51	companies	company	NOUN
cblr-7159	843	52	with	with	ADP
cblr-7159	843	53	securitized	securitized	ADJ
cblr-7159	843	54	loans	loan	NOUN
cblr-7159	843	55	.	.	PUNCT
cblr-7159	844	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	844	2	(	(	PUNCT
cblr-7159	844	3	do	do	AUX
cblr-7159	844	4	not	not	PART
cblr-7159	844	5	delte	delte	VERB
cblr-7159	844	6	)	)	PUNCT
cblr-7159	844	7	9/28/2020	9/28/2020	PROPN
cblr-7159	844	8	6:35	6:35	NUM
cblr-7159	844	9	pm	pm	NOUN
cblr-7159	844	10	260	260	NUM
cblr-7159	844	11	columbia	columbia	PROPN
cblr-7159	844	12	business	business	NOUN
cblr-7159	844	13	law	law	PROPN
cblr-7159	844	14	review	review	NOUN
cblr-7159	844	15	[	[	X
cblr-7159	844	16	vol	vol	NOUN
cblr-7159	844	17	.	.	PUNCT
cblr-7159	844	18	2020	2020	NUM
cblr-7159	844	19	exhibit	exhibit	VERB
cblr-7159	844	20	similar	similar	ADJ
cblr-7159	844	21	performance	performance	NOUN
cblr-7159	844	22	metrics	metric	NOUN
cblr-7159	844	23	after	after	ADP
cblr-7159	844	24	four	four	NUM
cblr-7159	844	25	quarters	quarter	NOUN
cblr-7159	844	26	,	,	PUNCT
cblr-7159	844	27	the	the	DET
cblr-7159	844	28	clo	clo	PROPN
cblr-7159	844	29	borrowers	borrower	NOUN
cblr-7159	844	30	’	'	PUNCT
cblr-7159	844	31	financial	financial	ADJ
cblr-7159	844	32	metrics	metric	NOUN
cblr-7159	844	33	grew	grow	VERB
cblr-7159	844	34	worse	worse	ADV
cblr-7159	844	35	more	more	ADV
cblr-7159	844	36	quickly	quickly	ADV
cblr-7159	844	37	than	than	ADP
cblr-7159	844	38	for	for	ADP
cblr-7159	844	39	non	non	ADJ
cblr-7159	844	40	-	-	ADJ
cblr-7159	844	41	clo	clo	ADJ
cblr-7159	844	42	loans	loan	NOUN
cblr-7159	844	43	,	,	PUNCT
cblr-7159	844	44	on	on	ADP
cblr-7159	844	45	average	average	ADJ
cblr-7159	844	46	.	.	PUNCT
cblr-7159	845	1	for	for	ADP
cblr-7159	845	2	some	some	PRON
cblr-7159	845	3	of	of	ADP
cblr-7159	845	4	the	the	DET
cblr-7159	845	5	performance	performance	NOUN
cblr-7159	845	6	measures	measure	NOUN
cblr-7159	845	7	,	,	PUNCT
cblr-7159	845	8	there	there	PRON
cblr-7159	845	9	is	be	VERB
cblr-7159	845	10	no	no	DET
cblr-7159	845	11	discernable	discernable	ADJ
cblr-7159	845	12	change	change	NOUN
cblr-7159	845	13	in	in	ADP
cblr-7159	845	14	the	the	DET
cblr-7159	845	15	outcome	outcome	NOUN
cblr-7159	845	16	for	for	ADP
cblr-7159	845	17	clo	clo	PROPN
cblr-7159	845	18	loans	loan	NOUN
cblr-7159	845	19	in	in	ADP
cblr-7159	845	20	response	response	NOUN
cblr-7159	845	21	to	to	ADP
cblr-7159	845	22	the	the	DET
cblr-7159	845	23	covenant	covenant	ADJ
cblr-7159	845	24	violation	violation	NOUN
cblr-7159	845	25	.	.	PUNCT
cblr-7159	846	1	for	for	ADP
cblr-7159	846	2	the	the	DET
cblr-7159	846	3	non	non	ADJ
cblr-7159	846	4	-	-	ADJ
cblr-7159	846	5	clo	clo	ADJ
cblr-7159	846	6	loans	loan	NOUN
cblr-7159	846	7	,	,	PUNCT
cblr-7159	846	8	by	by	ADP
cblr-7159	846	9	contrast	contrast	NOUN
cblr-7159	846	10	,	,	PUNCT
cblr-7159	846	11	the	the	DET
cblr-7159	846	12	change	change	NOUN
cblr-7159	846	13	in	in	ADP
cblr-7159	846	14	trend	trend	NOUN
cblr-7159	846	15	is	be	AUX
cblr-7159	846	16	apparent	apparent	ADJ
cblr-7159	846	17	in	in	ADP
cblr-7159	846	18	the	the	DET
cblr-7159	846	19	quarter	quarter	NOUN
cblr-7159	846	20	of	of	ADP
cblr-7159	846	21	the	the	DET
cblr-7159	846	22	violation	violation	NOUN
cblr-7159	846	23	or	or	CCONJ
cblr-7159	846	24	shortly	shortly	ADV
cblr-7159	846	25	thereafter	thereafter	ADV
cblr-7159	846	26	.	.	PUNCT
cblr-7159	847	1	as	as	SCONJ
cblr-7159	847	2	already	already	ADV
cblr-7159	847	3	explained	explain	VERB
cblr-7159	847	4	,	,	PUNCT
cblr-7159	847	5	these	these	DET
cblr-7159	847	6	figures	figure	NOUN
cblr-7159	847	7	represent	represent	VERB
cblr-7159	847	8	the	the	DET
cblr-7159	847	9	raw	raw	ADJ
cblr-7159	847	10	data	datum	NOUN
cblr-7159	847	11	only	only	ADV
cblr-7159	847	12	,	,	PUNCT
cblr-7159	847	13	but	but	CCONJ
cblr-7159	847	14	the	the	DET
cblr-7159	847	15	picture	picture	NOUN
cblr-7159	847	16	they	they	PRON
cblr-7159	847	17	paint	paint	VERB
cblr-7159	847	18	is	be	AUX
cblr-7159	847	19	supported	support	VERB
cblr-7159	847	20	by	by	ADP
cblr-7159	847	21	a	a	DET
cblr-7159	847	22	difference	difference	NOUN
cblr-7159	847	23	-	-	PUNCT
cblr-7159	847	24	in	in	ADP
cblr-7159	847	25	-	-	PUNCT
cblr-7159	847	26	difference	difference	NOUN
cblr-7159	847	27	analysis	analysis	NOUN
cblr-7159	847	28	that	that	PRON
cblr-7159	847	29	shows	show	VERB
cblr-7159	847	30	that	that	SCONJ
cblr-7159	847	31	these	these	DET
cblr-7159	847	32	different	different	ADJ
cblr-7159	847	33	outcomes	outcome	NOUN
cblr-7159	847	34	are	be	AUX
cblr-7159	847	35	statistically	statistically	ADV
cblr-7159	847	36	significant	significant	ADJ
cblr-7159	847	37	when	when	SCONJ
cblr-7159	847	38	controlling	control	VERB
cblr-7159	847	39	for	for	ADP
cblr-7159	847	40	a	a	DET
cblr-7159	847	41	number	number	NOUN
cblr-7159	847	42	of	of	ADP
cblr-7159	847	43	factors	factor	NOUN
cblr-7159	847	44	that	that	PRON
cblr-7159	847	45	might	might	AUX
cblr-7159	847	46	otherwise	otherwise	ADV
cblr-7159	847	47	be	be	AUX
cblr-7159	847	48	relevant.267	relevant.267	NOUN
cblr-7159	847	49	the	the	DET
cblr-7159	847	50	results	result	NOUN
cblr-7159	847	51	of	of	ADP
cblr-7159	847	52	the	the	DET
cblr-7159	847	53	difference	difference	NOUN
cblr-7159	847	54	-	-	PUNCT
cblr-7159	847	55	in	in	ADP
cblr-7159	847	56	-	-	PUNCT
cblr-7159	847	57	difference	difference	NOUN
cblr-7159	847	58	analysis	analysis	NOUN
cblr-7159	847	59	are	be	AUX
cblr-7159	847	60	presented	present	VERB
cblr-7159	847	61	in	in	ADP
cblr-7159	847	62	the	the	DET
cblr-7159	847	63	appendix	appendix	NOUN
cblr-7159	847	64	to	to	ADP
cblr-7159	847	65	the	the	DET
cblr-7159	847	66	covenant	covenant	ADJ
cblr-7159	847	67	violation	violation	NOUN
cblr-7159	847	68	data	datum	NOUN
cblr-7159	847	69	set.268	set.268	VERB
cblr-7159	847	70	this	this	DET
cblr-7159	847	71	analysis	analysis	NOUN
cblr-7159	847	72	is	be	AUX
cblr-7159	847	73	not	not	PART
cblr-7159	847	74	intended	intend	VERB
cblr-7159	847	75	to	to	PART
cblr-7159	847	76	prove	prove	VERB
cblr-7159	847	77	causality	causality	NOUN
cblr-7159	847	78	,	,	PUNCT
cblr-7159	847	79	but	but	CCONJ
cblr-7159	847	80	confirms	confirm	VERB
cblr-7159	847	81	that	that	SCONJ
cblr-7159	847	82	the	the	DET
cblr-7159	847	83	data	data	NOUN
cblr-7159	847	84	follows	follow	VERB
cblr-7159	847	85	a	a	DET
cblr-7159	847	86	pattern	pattern	NOUN
cblr-7159	847	87	that	that	PRON
cblr-7159	847	88	is	be	AUX
cblr-7159	847	89	supported	support	VERB
cblr-7159	847	90	by	by	ADP
cblr-7159	847	91	theory	theory	NOUN
cblr-7159	847	92	.	.	PUNCT
cblr-7159	848	1	the	the	DET
cblr-7159	848	2	test	test	NOUN
cblr-7159	848	3	gives	give	VERB
cblr-7159	848	4	statistically	statistically	ADV
cblr-7159	848	5	significant	significant	ADJ
cblr-7159	848	6	results	result	NOUN
cblr-7159	848	7	for	for	ADP
cblr-7159	848	8	most	most	ADJ
cblr-7159	848	9	metrics	metric	NOUN
cblr-7159	848	10	,	,	PUNCT
cblr-7159	848	11	showing	show	VERB
cblr-7159	848	12	that	that	SCONJ
cblr-7159	848	13	the	the	DET
cblr-7159	848	14	pattern	pattern	NOUN
cblr-7159	848	15	in	in	ADP
cblr-7159	848	16	the	the	DET
cblr-7159	848	17	raw	raw	ADJ
cblr-7159	848	18	data	datum	NOUN
cblr-7159	848	19	largely	largely	ADV
cblr-7159	848	20	holds	hold	VERB
cblr-7159	848	21	.	.	PUNCT
cblr-7159	849	1	the	the	DET
cblr-7159	849	2	notable	notable	ADJ
cblr-7159	849	3	exceptions	exception	NOUN
cblr-7159	849	4	are	be	AUX
cblr-7159	849	5	cash	cash	NOUN
cblr-7159	849	6	acquisitions	acquisition	NOUN
cblr-7159	849	7	,	,	PUNCT
cblr-7159	849	8	total	total	ADJ
cblr-7159	849	9	assets	asset	NOUN
cblr-7159	849	10	,	,	PUNCT
cblr-7159	849	11	cashflow	cashflow	NOUN
cblr-7159	849	12	scaled	scale	VERB
cblr-7159	849	13	by	by	ADP
cblr-7159	849	14	assets	asset	NOUN
cblr-7159	849	15	and	and	CCONJ
cblr-7159	849	16	net	net	ADJ
cblr-7159	849	17	debt	debt	NOUN
cblr-7159	849	18	issuance	issuance	NOUN
cblr-7159	849	19	,	,	PUNCT
cblr-7159	849	20	the	the	DET
cblr-7159	849	21	coefficients	coefficient	NOUN
cblr-7159	849	22	for	for	ADP
cblr-7159	849	23	which	which	PRON
cblr-7159	849	24	are	be	AUX
cblr-7159	849	25	not	not	PART
cblr-7159	849	26	significant	significant	ADJ
cblr-7159	849	27	.	.	PUNCT
cblr-7159	850	1	with	with	ADP
cblr-7159	850	2	respect	respect	NOUN
cblr-7159	850	3	to	to	ADP
cblr-7159	850	4	the	the	DET
cblr-7159	850	5	other	other	ADJ
cblr-7159	850	6	financial	financial	ADJ
cblr-7159	850	7	outcomes	outcome	NOUN
cblr-7159	850	8	,	,	PUNCT
cblr-7159	850	9	firms	firm	NOUN
cblr-7159	850	10	whose	whose	DET
cblr-7159	850	11	loans	loan	NOUN
cblr-7159	850	12	are	be	AUX
cblr-7159	850	13	sold	sell	VERB
cblr-7159	850	14	to	to	ADP
cblr-7159	850	15	clos	clos	NOUN
cblr-7159	850	16	exhibit	exhibit	VERB
cblr-7159	850	17	less	less	ADV
cblr-7159	850	18	financial	financial	ADJ
cblr-7159	850	19	and	and	CCONJ
cblr-7159	850	20	investment	investment	NOUN
cblr-7159	850	21	conservatism	conservatism	NOUN
cblr-7159	850	22	after	after	ADP
cblr-7159	850	23	a	a	DET
cblr-7159	850	24	covenant	covenant	ADJ
cblr-7159	850	25	violation	violation	NOUN
cblr-7159	850	26	,	,	PUNCT
cblr-7159	850	27	as	as	SCONJ
cblr-7159	850	28	compared	compare	VERB
cblr-7159	850	29	to	to	ADP
cblr-7159	850	30	loans	loan	NOUN
cblr-7159	850	31	that	that	PRON
cblr-7159	850	32	are	be	AUX
cblr-7159	850	33	not	not	PART
cblr-7159	850	34	put	put	VERB
cblr-7159	850	35	into	into	ADP
cblr-7159	850	36	clos	clo	NOUN
cblr-7159	850	37	.	.	PUNCT
cblr-7159	851	1	this	this	PRON
cblr-7159	851	2	suggests	suggest	VERB
cblr-7159	851	3	that	that	SCONJ
cblr-7159	851	4	lenders	lender	NOUN
cblr-7159	851	5	whose	whose	DET
cblr-7159	851	6	loans	loan	NOUN
cblr-7159	851	7	are	be	AUX
cblr-7159	851	8	put	put	VERB
cblr-7159	851	9	into	into	ADP
cblr-7159	851	10	clos	clo	NOUN
cblr-7159	851	11	have	have	VERB
cblr-7159	851	12	less	less	ADJ
cblr-7159	851	13	incentives	incentive	NOUN
cblr-7159	851	14	,	,	PUNCT
cblr-7159	851	15	or	or	CCONJ
cblr-7159	851	16	perhaps	perhaps	ADV
cblr-7159	851	17	less	less	ADJ
cblr-7159	851	18	leverage	leverage	NOUN
cblr-7159	851	19	to	to	PART
cblr-7159	851	20	force	force	VERB
cblr-7159	851	21	the	the	DET
cblr-7159	851	22	kinds	kind	NOUN
cblr-7159	851	23	of	of	ADP
cblr-7159	851	24	changes	change	NOUN
cblr-7159	851	25	on	on	ADP
cblr-7159	851	26	borrowers	borrower	NOUN
cblr-7159	851	27	after	after	ADP
cblr-7159	851	28	a	a	DET
cblr-7159	851	29	default	default	NOUN
cblr-7159	851	30	that	that	PRON
cblr-7159	851	31	they	they	PRON
cblr-7159	851	32	have	have	VERB
cblr-7159	851	33	with	with	ADP
cblr-7159	851	34	other	other	ADJ
cblr-7159	851	35	kinds	kind	NOUN
cblr-7159	851	36	of	of	ADP
cblr-7159	851	37	borrowers	borrower	NOUN
cblr-7159	851	38	.	.	PUNCT
cblr-7159	852	1	the	the	DET
cblr-7159	852	2	differences	difference	NOUN
cblr-7159	852	3	between	between	ADP
cblr-7159	852	4	clo	clo	PROPN
cblr-7159	852	5	and	and	CCONJ
cblr-7159	852	6	non	non	ADJ
cblr-7159	852	7	-	-	ADJ
cblr-7159	852	8	clo	clo	ADJ
cblr-7159	852	9	covenant	covenant	ADJ
cblr-7159	852	10	violators	violator	NOUN
cblr-7159	852	11	,	,	PUNCT
cblr-7159	852	12	in	in	ADP
cblr-7159	852	13	terms	term	NOUN
cblr-7159	852	14	of	of	ADP
cblr-7159	852	15	both	both	CCONJ
cblr-7159	852	16	raw	raw	ADJ
cblr-7159	852	17	data	datum	NOUN
cblr-7159	852	18	and	and	CCONJ
cblr-7159	852	19	regression	regression	NOUN
cblr-7159	852	20	results	result	NOUN
cblr-7159	852	21	are	be	AUX
cblr-7159	852	22	further	far	ADV
cblr-7159	852	23	described	describe	VERB
cblr-7159	852	24	in	in	ADP
cblr-7159	852	25	the	the	DET
cblr-7159	852	26	appendix	appendix	NOUN
cblr-7159	852	27	to	to	ADP
cblr-7159	852	28	the	the	DET
cblr-7159	852	29	covenant	covenant	ADJ
cblr-7159	852	30	violation	violation	NOUN
cblr-7159	852	31	data	datum	NOUN
cblr-7159	852	32	set.269	set.269	VERB
cblr-7159	852	33	the	the	DET
cblr-7159	852	34	general	general	ADJ
cblr-7159	852	35	pattern	pattern	NOUN
cblr-7159	852	36	for	for	ADP
cblr-7159	852	37	all	all	PRON
cblr-7159	852	38	of	of	ADP
cblr-7159	852	39	these	these	DET
cblr-7159	852	40	measures	measure	NOUN
cblr-7159	852	41	indicate	indicate	VERB
cblr-7159	852	42	that	that	SCONJ
cblr-7159	852	43	prior	prior	ADV
cblr-7159	852	44	to	to	ADP
cblr-7159	852	45	the	the	DET
cblr-7159	852	46	violation	violation	NOUN
cblr-7159	852	47	,	,	PUNCT
cblr-7159	852	48	both	both	CCONJ
cblr-7159	852	49	clo	clo	PROPN
cblr-7159	852	50	and	and	CCONJ
cblr-7159	852	51	non	non	ADJ
cblr-7159	852	52	-	-	ADJ
cblr-7159	852	53	clo	clo	ADJ
cblr-7159	852	54	violators	violator	NOUN
cblr-7159	852	55	’	'	PUNCT
cblr-7159	852	56	performance	performance	NOUN
cblr-7159	852	57	follows	follow	VERB
cblr-7159	852	58	the	the	DET
cblr-7159	852	59	same	same	ADJ
cblr-7159	852	60	trend	trend	NOUN
cblr-7159	852	61	;	;	PUNCT
cblr-7159	852	62	after	after	ADP
cblr-7159	852	63	a	a	DET
cblr-7159	852	64	violation	violation	NOUN
cblr-7159	852	65	,	,	PUNCT
cblr-7159	852	66	the	the	DET
cblr-7159	852	67	results	result	NOUN
cblr-7159	852	68	are	be	AUX
cblr-7159	852	69	consistent	consistent	ADJ
cblr-7159	852	70	with	with	ADP
cblr-7159	852	71	the	the	DET
cblr-7159	852	72	prediction	prediction	NOUN
cblr-7159	852	73	that	that	PRON
cblr-7159	852	74	lenders	lender	NOUN
cblr-7159	852	75	267	267	NUM
cblr-7159	852	76	see	see	VERB
cblr-7159	852	77	mcclane	mcclane	PROPN
cblr-7159	852	78	,	,	PUNCT
cblr-7159	852	79	supra	supra	PROPN
cblr-7159	852	80	note	note	PROPN
cblr-7159	852	81	216	216	NUM
cblr-7159	852	82	,	,	PUNCT
cblr-7159	852	83	at	at	ADP
cblr-7159	852	84	tbls	tbls	ADJ
cblr-7159	852	85	.	.	PUNCT
cblr-7159	853	1	9–11	9–11	NOUN
cblr-7159	853	2	.	.	PUNCT
cblr-7159	854	1	268	268	NUM
cblr-7159	854	2	see	see	VERB
cblr-7159	854	3	i	i	PROPN
cblr-7159	854	4	d.	d.	PROPN
cblr-7159	854	5	269	269	NUM
cblr-7159	854	6	see	see	VERB
cblr-7159	854	7	i	i	PRON
cblr-7159	854	8	d.	d.	PROPN
cblr-7159	854	9	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	854	10	(	(	PUNCT
cblr-7159	854	11	do	do	AUX
cblr-7159	854	12	not	not	PART
cblr-7159	854	13	delete	delete	VERB
cblr-7159	854	14	)	)	PUNCT
cblr-7159	854	15	9/28/2020	9/28/2020	NUM
cblr-7159	854	16	6:35	6:35	NUM
cblr-7159	854	17	pm	pm	NOUN
cblr-7159	854	18	no	no	INTJ
cblr-7159	854	19	.	.	PUNCT
cblr-7159	855	1	1:192	1:192	X
cblr-7159	855	2	]	]	X
cblr-7159	855	3	reconsidering	reconsider	VERB
cblr-7159	855	4	creditor	creditor	NOUN
cblr-7159	855	5	governance	governance	NOUN
cblr-7159	855	6	261	261	NUM
cblr-7159	855	7	intervene	intervene	ADJ
cblr-7159	855	8	to	to	ADP
cblr-7159	855	9	positive	positive	ADJ
cblr-7159	855	10	effect	effect	NOUN
cblr-7159	855	11	for	for	ADP
cblr-7159	855	12	non	non	ADJ
cblr-7159	855	13	-	-	ADJ
cblr-7159	855	14	clo	clo	ADJ
cblr-7159	855	15	borrowers	borrower	NOUN
cblr-7159	855	16	,	,	PUNCT
cblr-7159	855	17	but	but	CCONJ
cblr-7159	855	18	that	that	SCONJ
cblr-7159	855	19	the	the	DET
cblr-7159	855	20	same	same	ADJ
cblr-7159	855	21	is	be	AUX
cblr-7159	855	22	not	not	PART
cblr-7159	855	23	true	true	ADJ
cblr-7159	855	24	for	for	ADP
cblr-7159	855	25	clo	clo	PROPN
cblr-7159	855	26	borrowers	borrower	NOUN
cblr-7159	855	27	.	.	PUNCT
cblr-7159	856	1	e.	e.	PROPN
cblr-7159	856	2	ceo/	ceo/	PROPN
cblr-7159	856	3	officer	officer	NOUN
cblr-7159	856	4	turnover	turnover	VERB
cblr-7159	856	5	another	another	DET
cblr-7159	856	6	important	important	ADJ
cblr-7159	856	7	way	way	NOUN
cblr-7159	856	8	that	that	PRON
cblr-7159	856	9	lenders	lender	NOUN
cblr-7159	856	10	can	can	AUX
cblr-7159	856	11	influence	influence	VERB
cblr-7159	856	12	corporate	corporate	ADJ
cblr-7159	856	13	governance	governance	NOUN
cblr-7159	856	14	is	be	AUX
cblr-7159	856	15	by	by	ADP
cblr-7159	856	16	replacing	replace	VERB
cblr-7159	856	17	high	high	ADJ
cblr-7159	856	18	level	level	NOUN
cblr-7159	856	19	officers	officer	NOUN
cblr-7159	856	20	like	like	ADP
cblr-7159	856	21	the	the	DET
cblr-7159	856	22	ceo	ceo	NOUN
cblr-7159	856	23	,	,	PUNCT
cblr-7159	856	24	president	president	NOUN
cblr-7159	856	25	,	,	PUNCT
cblr-7159	856	26	or	or	CCONJ
cblr-7159	856	27	cfo	cfo	NOUN
cblr-7159	856	28	of	of	ADP
cblr-7159	856	29	a	a	DET
cblr-7159	856	30	borrower	borrower	NOUN
cblr-7159	856	31	.	.	PUNCT
cblr-7159	857	1	as	as	ADP
cblr-7159	857	2	another	another	DET
cblr-7159	857	3	test	test	NOUN
cblr-7159	857	4	of	of	ADP
cblr-7159	857	5	the	the	DET
cblr-7159	857	6	level	level	NOUN
cblr-7159	857	7	of	of	ADP
cblr-7159	857	8	intervention	intervention	NOUN
cblr-7159	857	9	that	that	SCONJ
cblr-7159	857	10	lenders	lender	NOUN
cblr-7159	857	11	undertake	undertake	VERB
cblr-7159	857	12	after	after	ADP
cblr-7159	857	13	a	a	DET
cblr-7159	857	14	borrower	borrower	NOUN
cblr-7159	857	15	’s	’s	PART
cblr-7159	857	16	covenant	covenant	ADJ
cblr-7159	857	17	violation	violation	NOUN
cblr-7159	857	18	,	,	PUNCT
cblr-7159	857	19	i	i	PRON
cblr-7159	857	20	examine	examine	VERB
cblr-7159	857	21	whether	whether	SCONJ
cblr-7159	857	22	a	a	DET
cblr-7159	857	23	covenant	covenant	ADJ
cblr-7159	857	24	violation	violation	NOUN
cblr-7159	857	25	is	be	AUX
cblr-7159	857	26	closely	closely	ADV
cblr-7159	857	27	followed	follow	VERB
cblr-7159	857	28	by	by	ADP
cblr-7159	857	29	a	a	DET
cblr-7159	857	30	change	change	NOUN
cblr-7159	857	31	in	in	ADP
cblr-7159	857	32	the	the	DET
cblr-7159	857	33	borrower	borrower	NOUN
cblr-7159	857	34	’s	’s	PART
cblr-7159	857	35	ceo	ceo	PROPN
cblr-7159	857	36	,	,	PUNCT
cblr-7159	857	37	president	president	NOUN
cblr-7159	857	38	or	or	CCONJ
cblr-7159	857	39	cfo	cfo	PROPN
cblr-7159	857	40	.	.	PUNCT
cblr-7159	858	1	lenders	lender	NOUN
cblr-7159	858	2	often	often	ADV
cblr-7159	858	3	exert	exert	VERB
cblr-7159	858	4	behind	behind	ADP
cblr-7159	858	5	the	the	DET
cblr-7159	858	6	scenes	scene	NOUN
cblr-7159	858	7	influence	influence	NOUN
cblr-7159	858	8	on	on	ADP
cblr-7159	858	9	borrowers	borrower	NOUN
cblr-7159	858	10	after	after	ADP
cblr-7159	858	11	a	a	DET
cblr-7159	858	12	violation	violation	NOUN
cblr-7159	858	13	or	or	CCONJ
cblr-7159	858	14	as	as	ADP
cblr-7159	858	15	a	a	DET
cblr-7159	858	16	condition	condition	NOUN
cblr-7159	858	17	to	to	ADP
cblr-7159	858	18	waiving	waive	VERB
cblr-7159	858	19	a	a	DET
cblr-7159	858	20	violation.270	violation.270	NUM
cblr-7159	858	21	one	one	NUM
cblr-7159	858	22	way	way	NOUN
cblr-7159	858	23	in	in	ADP
cblr-7159	858	24	which	which	PRON
cblr-7159	858	25	a	a	DET
cblr-7159	858	26	lender	lender	NOUN
cblr-7159	858	27	might	might	AUX
cblr-7159	858	28	do	do	VERB
cblr-7159	858	29	this	this	PRON
cblr-7159	858	30	is	be	AUX
cblr-7159	858	31	by	by	ADP
cblr-7159	858	32	forcing	force	VERB
cblr-7159	858	33	a	a	DET
cblr-7159	858	34	change	change	NOUN
cblr-7159	858	35	in	in	ADP
cblr-7159	858	36	the	the	DET
cblr-7159	858	37	borrower	borrower	NOUN
cblr-7159	858	38	’s	’s	PART
cblr-7159	858	39	leadership	leadership	NOUN
cblr-7159	858	40	by	by	ADP
cblr-7159	858	41	insisting	insist	VERB
cblr-7159	858	42	on	on	ADP
cblr-7159	858	43	the	the	DET
cblr-7159	858	44	departure	departure	NOUN
cblr-7159	858	45	of	of	ADP
cblr-7159	858	46	the	the	DET
cblr-7159	858	47	ceo	ceo	NOUN
cblr-7159	858	48	or	or	CCONJ
cblr-7159	858	49	cfo.271	cfo.271	NOUN
cblr-7159	858	50	this	this	DET
cblr-7159	858	51	mechanism	mechanism	NOUN
cblr-7159	858	52	of	of	ADP
cblr-7159	858	53	influencing	influence	VERB
cblr-7159	858	54	corporate	corporate	ADJ
cblr-7159	858	55	governance	governance	NOUN
cblr-7159	858	56	is	be	AUX
cblr-7159	858	57	particularly	particularly	ADV
cblr-7159	858	58	important	important	ADJ
cblr-7159	858	59	when	when	SCONJ
cblr-7159	858	60	ordinary	ordinary	ADJ
cblr-7159	858	61	corporate	corporate	ADJ
cblr-7159	858	62	governance	governance	NOUN
cblr-7159	858	63	mechanisms	mechanism	NOUN
cblr-7159	858	64	are	be	AUX
cblr-7159	858	65	weak	weak	ADJ
cblr-7159	858	66	and	and	CCONJ
cblr-7159	858	67	agency	agency	NOUN
cblr-7159	858	68	costs	cost	NOUN
cblr-7159	858	69	are	be	AUX
cblr-7159	858	70	high.272	high.272	ADJ
cblr-7159	858	71	in	in	ADP
cblr-7159	858	72	the	the	DET
cblr-7159	858	73	pre	pre	ADJ
cblr-7159	858	74	-	-	ADJ
cblr-7159	858	75	crisis	crisis	ADJ
cblr-7159	858	76	period	period	NOUN
cblr-7159	858	77	,	,	PUNCT
cblr-7159	858	78	a	a	DET
cblr-7159	858	79	systematic	systematic	ADJ
cblr-7159	858	80	pattern	pattern	NOUN
cblr-7159	858	81	of	of	ADP
cblr-7159	858	82	such	such	ADJ
cblr-7159	858	83	changes	change	NOUN
cblr-7159	858	84	was	be	AUX
cblr-7159	858	85	observed	observe	VERB
cblr-7159	858	86	for	for	ADP
cblr-7159	858	87	borrowers	borrower	NOUN
cblr-7159	858	88	who	who	PRON
cblr-7159	858	89	had	have	AUX
cblr-7159	858	90	defaulted	default	VERB
cblr-7159	858	91	on	on	ADP
cblr-7159	858	92	their	their	PRON
cblr-7159	858	93	loans.273	loans.273	NOUN
cblr-7159	858	94	in	in	ADP
cblr-7159	858	95	this	this	DET
cblr-7159	858	96	section	section	NOUN
cblr-7159	858	97	of	of	ADP
cblr-7159	858	98	the	the	DET
cblr-7159	858	99	analysis	analysis	NOUN
cblr-7159	858	100	,	,	PUNCT
cblr-7159	858	101	i	i	PRON
cblr-7159	858	102	first	first	ADV
cblr-7159	858	103	investigate	investigate	VERB
cblr-7159	858	104	whether	whether	SCONJ
cblr-7159	858	105	or	or	CCONJ
cblr-7159	858	106	not	not	PART
cblr-7159	858	107	there	there	PRON
cblr-7159	858	108	is	be	VERB
cblr-7159	858	109	a	a	DET
cblr-7159	858	110	systematic	systematic	ADJ
cblr-7159	858	111	pattern	pattern	NOUN
cblr-7159	858	112	of	of	ADP
cblr-7159	858	113	such	such	ADJ
cblr-7159	858	114	ceo	ceo	NOUN
cblr-7159	858	115	,	,	PUNCT
cblr-7159	858	116	president	president	NOUN
cblr-7159	858	117	and	and	CCONJ
cblr-7159	858	118	cfo	cfo	PROPN
cblr-7159	858	119	departures	departure	NOUN
cblr-7159	858	120	following	follow	VERB
cblr-7159	858	121	a	a	DET
cblr-7159	858	122	loan	loan	NOUN
cblr-7159	858	123	covenant	covenant	NOUN
cblr-7159	858	124	violation	violation	NOUN
cblr-7159	858	125	.	.	PUNCT
cblr-7159	859	1	a	a	DET
cblr-7159	859	2	pattern	pattern	NOUN
cblr-7159	859	3	of	of	ADP
cblr-7159	859	4	departures	departure	NOUN
cblr-7159	859	5	suggests	suggest	VERB
cblr-7159	859	6	that	that	SCONJ
cblr-7159	859	7	lenders	lender	NOUN
cblr-7159	859	8	still	still	ADV
cblr-7159	859	9	exert	exert	VERB
cblr-7159	859	10	influence	influence	NOUN
cblr-7159	859	11	on	on	ADP
cblr-7159	859	12	companies	company	NOUN
cblr-7159	859	13	by	by	ADP
cblr-7159	859	14	forcing	force	VERB
cblr-7159	859	15	changes	change	NOUN
cblr-7159	859	16	in	in	ADP
cblr-7159	859	17	their	their	PRON
cblr-7159	859	18	leadership	leadership	NOUN
cblr-7159	859	19	in	in	ADP
cblr-7159	859	20	the	the	DET
cblr-7159	859	21	post	post	NOUN
cblr-7159	859	22	crisis	crisis	NOUN
cblr-7159	859	23	era	era	NOUN
cblr-7159	859	24	.	.	PUNCT
cblr-7159	860	1	second	second	ADJ
cblr-7159	860	2	,	,	PUNCT
cblr-7159	860	3	this	this	DET
cblr-7159	860	4	section	section	NOUN
cblr-7159	860	5	examines	examine	VERB
cblr-7159	860	6	departures	departure	NOUN
cblr-7159	860	7	with	with	ADP
cblr-7159	860	8	respect	respect	NOUN
cblr-7159	860	9	to	to	ADP
cblr-7159	860	10	borrowers	borrower	NOUN
cblr-7159	860	11	whose	whose	DET
cblr-7159	860	12	loans	loan	NOUN
cblr-7159	860	13	are	be	AUX
cblr-7159	860	14	primarily	primarily	ADV
cblr-7159	860	15	held	hold	VERB
cblr-7159	860	16	by	by	ADP
cblr-7159	860	17	non	non	NOUN
cblr-7159	860	18	-	-	NOUN
cblr-7159	860	19	banks	bank	NOUN
cblr-7159	860	20	,	,	PUNCT
cblr-7159	860	21	and	and	CCONJ
cblr-7159	860	22	those	those	PRON
cblr-7159	860	23	that	that	PRON
cblr-7159	860	24	are	be	AUX
cblr-7159	860	25	securitized	securitize	VERB
cblr-7159	860	26	.	.	PUNCT
cblr-7159	861	1	in	in	ADP
cblr-7159	861	2	the	the	DET
cblr-7159	861	3	first	first	ADJ
cblr-7159	861	4	analysis	analysis	NOUN
cblr-7159	861	5	i	i	PRON
cblr-7159	861	6	use	use	VERB
cblr-7159	861	7	a	a	DET
cblr-7159	861	8	cox	cox	PROPN
cblr-7159	861	9	proportional	proportional	PROPN
cblr-7159	861	10	hazard	hazard	NOUN
cblr-7159	861	11	model	model	NOUN
cblr-7159	861	12	—	—	PUNCT
cblr-7159	861	13	an	an	DET
cblr-7159	861	14	empirical	empirical	ADJ
cblr-7159	861	15	test	test	NOUN
cblr-7159	861	16	that	that	PRON
cblr-7159	861	17	assesses	assess	VERB
cblr-7159	861	18	the	the	DET
cblr-7159	861	19	probability	probability	NOUN
cblr-7159	861	20	of	of	ADP
cblr-7159	861	21	an	an	DET
cblr-7159	861	22	270	270	NUM
cblr-7159	861	23	see	see	NOUN
cblr-7159	861	24	baird	baird	PROPN
cblr-7159	861	25	&	&	CCONJ
cblr-7159	861	26	rasmussen	rasmussen	PROPN
cblr-7159	861	27	,	,	PUNCT
cblr-7159	861	28	supra	supra	PROPN
cblr-7159	861	29	note	note	PROPN
cblr-7159	861	30	1	1	NUM
cblr-7159	861	31	,	,	PUNCT
cblr-7159	861	32	at	at	ADP
cblr-7159	861	33	1210–11	1210–11	NOUN
cblr-7159	861	34	.	.	PUNCT
cblr-7159	862	1	271	271	NUM
cblr-7159	862	2	see	see	VERB
cblr-7159	862	3	tung	tung	NOUN
cblr-7159	862	4	,	,	PUNCT
cblr-7159	862	5	unsung	unsung	ADJ
cblr-7159	862	6	influence	influence	NOUN
cblr-7159	862	7	,	,	PUNCT
cblr-7159	862	8	supra	supra	PROPN
cblr-7159	862	9	note	note	NOUN
cblr-7159	862	10	1	1	NUM
cblr-7159	862	11	,	,	PUNCT
cblr-7159	862	12	at	at	ADP
cblr-7159	862	13	156–58	156–58	NUM
cblr-7159	862	14	;	;	PUNCT
cblr-7159	862	15	see	see	VERB
cblr-7159	862	16	also	also	ADV
cblr-7159	862	17	baird	baird	PROPN
cblr-7159	862	18	&	&	CCONJ
cblr-7159	862	19	rasmussen	rasmussen	PROPN
cblr-7159	862	20	,	,	PUNCT
cblr-7159	862	21	supra	supra	PROPN
cblr-7159	862	22	note	note	PROPN
cblr-7159	862	23	1	1	NUM
cblr-7159	862	24	,	,	PUNCT
cblr-7159	862	25	at	at	ADP
cblr-7159	862	26	1209–12	1209–12	NOUN
cblr-7159	862	27	(	(	PUNCT
cblr-7159	862	28	discussing	discuss	VERB
cblr-7159	862	29	lender	lender	NOUN
cblr-7159	862	30	intervention	intervention	NOUN
cblr-7159	862	31	to	to	PART
cblr-7159	862	32	force	force	VERB
cblr-7159	862	33	the	the	DET
cblr-7159	862	34	removal	removal	NOUN
cblr-7159	862	35	of	of	ADP
cblr-7159	862	36	the	the	DET
cblr-7159	862	37	ceo	ceo	NOUN
cblr-7159	862	38	of	of	ADP
cblr-7159	862	39	krispy	krispy	PROPN
cblr-7159	862	40	kreme	kreme	PROPN
cblr-7159	862	41	)	)	PUNCT
cblr-7159	862	42	;	;	PUNCT
cblr-7159	863	1	mitchell	mitchell	PROPN
cblr-7159	863	2	pacelle	pacelle	PROPN
cblr-7159	863	3	,	,	PUNCT
cblr-7159	863	4	waiving	waive	VERB
cblr-7159	863	5	or	or	CCONJ
cblr-7159	863	6	drowning	drown	VERB
cblr-7159	863	7	:	:	PUNCT
cblr-7159	863	8	banks	bank	NOUN
cblr-7159	863	9	face	face	VERB
cblr-7159	863	10	loan	loan	NOUN
cblr-7159	863	11	bind	bind	NOUN
cblr-7159	863	12	,	,	PUNCT
cblr-7159	863	13	wall	wall	PROPN
cblr-7159	863	14	st	st	PROPN
cblr-7159	863	15	.	.	PROPN
cblr-7159	863	16	j.	j.	PROPN
cblr-7159	863	17	,	,	PUNCT
cblr-7159	863	18	oct	oct	PROPN
cblr-7159	863	19	.	.	PROPN
cblr-7159	863	20	15	15	NUM
cblr-7159	863	21	,	,	PUNCT
cblr-7159	863	22	2001	2001	NUM
cblr-7159	863	23	,	,	PUNCT
cblr-7159	863	24	at	at	ADP
cblr-7159	863	25	c15	c15	NOUN
cblr-7159	863	26	(	(	PUNCT
cblr-7159	863	27	recounting	recount	VERB
cblr-7159	863	28	bank	bank	NOUN
cblr-7159	863	29	lenders	lender	NOUN
cblr-7159	863	30	’	’	PART
cblr-7159	863	31	influence	influence	NOUN
cblr-7159	863	32	over	over	ADP
cblr-7159	863	33	the	the	DET
cblr-7159	863	34	appointment	appointment	NOUN
cblr-7159	863	35	of	of	ADP
cblr-7159	863	36	a	a	DET
cblr-7159	863	37	chief	chief	ADJ
cblr-7159	863	38	restructuring	restructure	VERB
cblr-7159	863	39	officer	officer	NOUN
cblr-7159	863	40	at	at	ADP
cblr-7159	863	41	anc	anc	PROPN
cblr-7159	863	42	rental	rental	PROPN
cblr-7159	863	43	corp	corp	PROPN
cblr-7159	863	44	.	.	PROPN
cblr-7159	863	45	,	,	PUNCT
cblr-7159	863	46	the	the	DET
cblr-7159	863	47	parent	parent	NOUN
cblr-7159	863	48	company	company	NOUN
cblr-7159	863	49	of	of	ADP
cblr-7159	863	50	car	car	NOUN
cblr-7159	863	51	rental	rental	NOUN
cblr-7159	863	52	companies	company	NOUN
cblr-7159	863	53	alamo	alamo	PROPN
cblr-7159	863	54	and	and	CCONJ
cblr-7159	863	55	national	national	ADJ
cblr-7159	863	56	,	,	PUNCT
cblr-7159	863	57	following	follow	VERB
cblr-7159	863	58	loan	loan	NOUN
cblr-7159	863	59	covenant	covenant	ADJ
cblr-7159	863	60	violations	violation	NOUN
cblr-7159	863	61	)	)	PUNCT
cblr-7159	863	62	.	.	PUNCT
cblr-7159	864	1	272	272	NUM
cblr-7159	864	2	see	see	VERB
cblr-7159	864	3	tung	tung	NOUN
cblr-7159	864	4	,	,	PUNCT
cblr-7159	864	5	unsung	unsung	ADJ
cblr-7159	864	6	influence	influence	NOUN
cblr-7159	864	7	,	,	PUNCT
cblr-7159	864	8	supra	supra	PROPN
cblr-7159	864	9	note	note	NOUN
cblr-7159	864	10	1	1	NUM
cblr-7159	864	11	,	,	PUNCT
cblr-7159	864	12	at	at	ADP
cblr-7159	864	13	156–57	156–57	NUM
cblr-7159	864	14	.	.	PUNCT
cblr-7159	865	1	273	273	NUM
cblr-7159	865	2	see	see	VERB
cblr-7159	865	3	nini	nini	PROPN
cblr-7159	865	4	et	et	PROPN
cblr-7159	865	5	al	al	PROPN
cblr-7159	865	6	.	.	PROPN
cblr-7159	865	7	,	,	PUNCT
cblr-7159	865	8	creditor	creditor	NOUN
cblr-7159	865	9	control	control	NOUN
cblr-7159	865	10	rights	right	NOUN
cblr-7159	865	11	,	,	PUNCT
cblr-7159	865	12	supra	supra	PROPN
cblr-7159	865	13	note	note	NOUN
cblr-7159	865	14	14	14	NUM
cblr-7159	865	15	,	,	PUNCT
cblr-7159	865	16	at	at	ADP
cblr-7159	865	17	1741–46	1741–46	NUM
cblr-7159	865	18	.	.	PUNCT
cblr-7159	866	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	866	2	(	(	PUNCT
cblr-7159	866	3	do	do	AUX
cblr-7159	866	4	not	not	PART
cblr-7159	866	5	delte	delte	VERB
cblr-7159	866	6	)	)	PUNCT
cblr-7159	867	1	9/28/2020	9/28/2020	NUM
cblr-7159	867	2	6:35	6:35	NUM
cblr-7159	867	3	pm	pm	NOUN
cblr-7159	867	4	262	262	NUM
cblr-7159	867	5	columbia	columbia	PROPN
cblr-7159	867	6	business	business	NOUN
cblr-7159	867	7	law	law	PROPN
cblr-7159	867	8	review	review	NOUN
cblr-7159	867	9	[	[	X
cblr-7159	867	10	vol	vol	NOUN
cblr-7159	867	11	.	.	PUNCT
cblr-7159	867	12	2020	2020	NUM
cblr-7159	867	13	event	event	NOUN
cblr-7159	867	14	occurring	occur	VERB
cblr-7159	867	15	at	at	ADP
cblr-7159	867	16	any	any	DET
cblr-7159	867	17	given	give	VERB
cblr-7159	867	18	time	time	NOUN
cblr-7159	867	19	,	,	PUNCT
cblr-7159	867	20	given	give	VERB
cblr-7159	867	21	a	a	DET
cblr-7159	867	22	set	set	NOUN
cblr-7159	867	23	of	of	ADP
cblr-7159	867	24	controls	control	NOUN
cblr-7159	867	25	—	—	PUNCT
cblr-7159	867	26	to	to	PART
cblr-7159	867	27	assess	assess	VERB
cblr-7159	867	28	the	the	DET
cblr-7159	867	29	baseline	baseline	ADJ
cblr-7159	867	30	probability	probability	NOUN
cblr-7159	867	31	of	of	ADP
cblr-7159	867	32	a	a	DET
cblr-7159	867	33	ceo	ceo	NOUN
cblr-7159	867	34	,	,	PUNCT
cblr-7159	867	35	president	president	NOUN
cblr-7159	867	36	or	or	CCONJ
cblr-7159	867	37	cfo	cfo	VERB
cblr-7159	867	38	turnover	turnover	NOUN
cblr-7159	867	39	given	give	VERB
cblr-7159	867	40	the	the	DET
cblr-7159	867	41	characteristics	characteristic	NOUN
cblr-7159	867	42	of	of	ADP
cblr-7159	867	43	a	a	DET
cblr-7159	867	44	company	company	NOUN
cblr-7159	867	45	,	,	PUNCT
cblr-7159	867	46	its	its	PRON
cblr-7159	867	47	financial	financial	ADJ
cblr-7159	867	48	performance	performance	NOUN
cblr-7159	867	49	,	,	PUNCT
cblr-7159	867	50	and	and	CCONJ
cblr-7159	867	51	the	the	DET
cblr-7159	867	52	officer	officer	NOUN
cblr-7159	867	53	’s	’s	PART
cblr-7159	867	54	tenure	tenure	NOUN
cblr-7159	867	55	in	in	ADP
cblr-7159	867	56	his	his	PRON
cblr-7159	867	57	or	or	CCONJ
cblr-7159	867	58	her	her	PRON
cblr-7159	867	59	position.274	position.274	NOUN
cblr-7159	867	60	i	i	PRON
cblr-7159	867	61	use	use	VERB
cblr-7159	867	62	ceo	ceo	NOUN
cblr-7159	867	63	,	,	PUNCT
cblr-7159	867	64	president	president	NOUN
cblr-7159	867	65	and	and	CCONJ
cblr-7159	867	66	cfo	cfo	VERB
cblr-7159	867	67	sudden	sudden	ADJ
cblr-7159	867	68	departures	departure	NOUN
cblr-7159	867	69	(	(	PUNCT
cblr-7159	867	70	what	what	PRON
cblr-7159	867	71	i	i	PRON
cblr-7159	867	72	will	will	AUX
cblr-7159	867	73	refer	refer	VERB
cblr-7159	867	74	to	to	ADP
cblr-7159	867	75	collectively	collectively	ADV
cblr-7159	867	76	as	as	ADP
cblr-7159	867	77	“	"	PUNCT
cblr-7159	867	78	high	high	ADJ
cblr-7159	867	79	-	-	PUNCT
cblr-7159	867	80	level	level	NOUN
cblr-7159	867	81	departures	departure	NOUN
cblr-7159	867	82	”	"	PUNCT
cblr-7159	867	83	or	or	CCONJ
cblr-7159	867	84	“	"	PUNCT
cblr-7159	867	85	turnovers”)—resignations	turnovers”)—resignation	NOUN
cblr-7159	867	86	that	that	PRON
cblr-7159	867	87	were	be	AUX
cblr-7159	867	88	not	not	PART
cblr-7159	867	89	announced	announce	VERB
cblr-7159	867	90	in	in	ADP
cblr-7159	867	91	news	news	NOUN
cblr-7159	867	92	articles	article	NOUN
cblr-7159	867	93	in	in	ADP
cblr-7159	867	94	the	the	DET
cblr-7159	867	95	year	year	NOUN
cblr-7159	867	96	leading	lead	VERB
cblr-7159	867	97	up	up	ADP
cblr-7159	867	98	to	to	ADP
cblr-7159	867	99	the	the	DET
cblr-7159	867	100	resignation	resignation	NOUN
cblr-7159	867	101	,	,	PUNCT
cblr-7159	867	102	and	and	CCONJ
cblr-7159	867	103	i	i	PRON
cblr-7159	867	104	exclude	exclude	VERB
cblr-7159	867	105	any	any	DET
cblr-7159	867	106	departure	departure	NOUN
cblr-7159	867	107	described	describe	VERB
cblr-7159	867	108	as	as	ADP
cblr-7159	867	109	a	a	DET
cblr-7159	867	110	retirement	retirement	NOUN
cblr-7159	867	111	.	.	PUNCT
cblr-7159	868	1	research	research	NOUN
cblr-7159	868	2	on	on	ADP
cblr-7159	868	3	director	director	NOUN
cblr-7159	868	4	and	and	CCONJ
cblr-7159	868	5	officer	officer	NOUN
cblr-7159	868	6	turnover	turnover	NOUN
cblr-7159	868	7	has	have	AUX
cblr-7159	868	8	shown	show	VERB
cblr-7159	868	9	that	that	SCONJ
cblr-7159	868	10	such	such	ADJ
cblr-7159	868	11	unannounced	unannounced	ADJ
cblr-7159	868	12	resignations	resignation	NOUN
cblr-7159	868	13	are	be	AUX
cblr-7159	868	14	likely	likely	ADJ
cblr-7159	868	15	to	to	PART
cblr-7159	868	16	be	be	AUX
cblr-7159	868	17	the	the	DET
cblr-7159	868	18	product	product	NOUN
cblr-7159	868	19	of	of	ADP
cblr-7159	868	20	an	an	DET
cblr-7159	868	21	unplanned	unplanned	ADJ
cblr-7159	868	22	departure	departure	NOUN
cblr-7159	868	23	from	from	ADP
cblr-7159	868	24	the	the	DET
cblr-7159	868	25	board	board	NOUN
cblr-7159	868	26	,	,	PUNCT
cblr-7159	868	27	whereas	whereas	SCONJ
cblr-7159	868	28	retirements	retirement	NOUN
cblr-7159	868	29	or	or	CCONJ
cblr-7159	868	30	announced	announce	VERB
cblr-7159	868	31	departures	departure	NOUN
cblr-7159	868	32	are	be	AUX
cblr-7159	868	33	considered	consider	VERB
cblr-7159	868	34	to	to	PART
cblr-7159	868	35	be	be	AUX
cblr-7159	868	36	planned	plan	VERB
cblr-7159	868	37	in	in	ADP
cblr-7159	868	38	advance.275	advance.275	PROPN
cblr-7159	869	1	i	i	PRON
cblr-7159	869	2	then	then	ADV
cblr-7159	869	3	calculate	calculate	VERB
cblr-7159	869	4	the	the	DET
cblr-7159	869	5	difference	difference	NOUN
cblr-7159	869	6	between	between	ADP
cblr-7159	869	7	the	the	DET
cblr-7159	869	8	baseline	baseline	ADJ
cblr-7159	869	9	probability	probability	NOUN
cblr-7159	869	10	of	of	ADP
cblr-7159	869	11	a	a	DET
cblr-7159	869	12	high	high	ADJ
cblr-7159	869	13	-	-	PUNCT
cblr-7159	869	14	level	level	NOUN
cblr-7159	869	15	departure	departure	NOUN
cblr-7159	869	16	and	and	CCONJ
cblr-7159	869	17	the	the	DET
cblr-7159	869	18	probability	probability	NOUN
cblr-7159	869	19	of	of	ADP
cblr-7159	869	20	one	one	NUM
cblr-7159	869	21	occurring	occur	VERB
cblr-7159	869	22	at	at	ADP
cblr-7159	869	23	a	a	DET
cblr-7159	869	24	company	company	NOUN
cblr-7159	869	25	that	that	PRON
cblr-7159	869	26	recently	recently	ADV
cblr-7159	869	27	violated	violate	VERB
cblr-7159	869	28	a	a	DET
cblr-7159	869	29	loan	loan	NOUN
cblr-7159	869	30	covenant	covenant	NOUN
cblr-7159	869	31	.	.	PUNCT
cblr-7159	870	1	as	as	ADP
cblr-7159	870	2	controls	control	NOUN
cblr-7159	870	3	,	,	PUNCT
cblr-7159	870	4	i	i	PRON
cblr-7159	870	5	use	use	VERB
cblr-7159	870	6	several	several	ADJ
cblr-7159	870	7	measures	measure	NOUN
cblr-7159	870	8	of	of	ADP
cblr-7159	870	9	financial	financial	ADJ
cblr-7159	870	10	performance	performance	NOUN
cblr-7159	870	11	to	to	PART
cblr-7159	870	12	account	account	VERB
cblr-7159	870	13	for	for	ADP
cblr-7159	870	14	the	the	DET
cblr-7159	870	15	fact	fact	NOUN
cblr-7159	870	16	that	that	SCONJ
cblr-7159	870	17	poor	poor	ADJ
cblr-7159	870	18	performing	performing	NOUN
cblr-7159	870	19	firms	firm	NOUN
cblr-7159	870	20	may	may	AUX
cblr-7159	870	21	be	be	AUX
cblr-7159	870	22	more	more	ADV
cblr-7159	870	23	likely	likely	ADJ
cblr-7159	870	24	to	to	PART
cblr-7159	870	25	change	change	VERB
cblr-7159	870	26	ceos.276	ceos.276	ADJ
cblr-7159	870	27	companies	company	NOUN
cblr-7159	870	28	that	that	PRON
cblr-7159	870	29	violate	violate	VERB
cblr-7159	870	30	a	a	DET
cblr-7159	870	31	covenant	covenant	NOUN
cblr-7159	870	32	see	see	VERB
cblr-7159	870	33	a	a	DET
cblr-7159	870	34	34–40	34–40	NUM
cblr-7159	870	35	%	%	NOUN
cblr-7159	870	36	greater	great	ADJ
cblr-7159	870	37	likelihood	likelihood	NOUN
cblr-7159	870	38	of	of	ADP
cblr-7159	870	39	a	a	DET
cblr-7159	870	40	turnover	turnover	NOUN
cblr-7159	870	41	within	within	ADP
cblr-7159	870	42	the	the	DET
cblr-7159	870	43	first	first	ADJ
cblr-7159	870	44	three	three	NUM
cblr-7159	870	45	quarters	quarter	NOUN
cblr-7159	870	46	following	follow	VERB
cblr-7159	870	47	the	the	DET
cblr-7159	870	48	initial	initial	ADJ
cblr-7159	870	49	report	report	NOUN
cblr-7159	870	50	of	of	ADP
cblr-7159	870	51	the	the	DET
cblr-7159	870	52	violation	violation	NOUN
cblr-7159	870	53	than	than	ADP
cblr-7159	870	54	firms	firm	NOUN
cblr-7159	870	55	that	that	PRON
cblr-7159	870	56	do	do	AUX
cblr-7159	870	57	not	not	PART
cblr-7159	870	58	report	report	VERB
cblr-7159	870	59	a	a	DET
cblr-7159	870	60	violation	violation	NOUN
cblr-7159	870	61	,	,	PUNCT
cblr-7159	870	62	using	use	VERB
cblr-7159	870	63	controls	control	NOUN
cblr-7159	870	64	for	for	ADP
cblr-7159	870	65	the	the	DET
cblr-7159	870	66	size	size	NOUN
cblr-7159	870	67	of	of	ADP
cblr-7159	870	68	the	the	DET
cblr-7159	870	69	company	company	NOUN
cblr-7159	870	70	,	,	PUNCT
cblr-7159	870	71	average	average	ADJ
cblr-7159	870	72	senior	senior	ADJ
cblr-7159	870	73	officer	officer	NOUN
cblr-7159	870	74	tenure	tenure	NOUN
cblr-7159	870	75	,	,	PUNCT
cblr-7159	870	76	average	average	ADJ
cblr-7159	870	77	senior	senior	ADJ
cblr-7159	870	78	officer	officer	NOUN
cblr-7159	870	79	age	age	NOUN
cblr-7159	870	80	,	,	PUNCT
cblr-7159	870	81	and	and	CCONJ
cblr-7159	870	82	274	274	NUM
cblr-7159	870	83	see	see	NOUN
cblr-7159	870	84	jeffrey	jeffrey	PROPN
cblr-7159	870	85	m.	m.	PROPN
cblr-7159	870	86	wooldridge	wooldridge	PROPN
cblr-7159	870	87	,	,	PUNCT
cblr-7159	870	88	econometric	econometric	VERB
cblr-7159	870	89	analysis	analysis	NOUN
cblr-7159	870	90	of	of	ADP
cblr-7159	870	91	cross	cross	NOUN
cblr-7159	870	92	section	section	NOUN
cblr-7159	870	93	and	and	CCONJ
cblr-7159	870	94	panel	panel	NOUN
cblr-7159	870	95	data	datum	NOUN
cblr-7159	870	96	,	,	PUNCT
cblr-7159	870	97	686–93	686–93	NUM
cblr-7159	870	98	(	(	PUNCT
cblr-7159	870	99	2002	2002	NUM
cblr-7159	870	100	)	)	PUNCT
cblr-7159	870	101	(	(	PUNCT
cblr-7159	870	102	explaining	explain	VERB
cblr-7159	870	103	the	the	DET
cblr-7159	870	104	theory	theory	NOUN
cblr-7159	870	105	and	and	CCONJ
cblr-7159	870	106	usage	usage	NOUN
cblr-7159	870	107	of	of	ADP
cblr-7159	870	108	a	a	DET
cblr-7159	870	109	hazard	hazard	NOUN
cblr-7159	870	110	model	model	NOUN
cblr-7159	870	111	)	)	PUNCT
cblr-7159	870	112	.	.	PUNCT
cblr-7159	871	1	275	275	NUM
cblr-7159	871	2	see	see	VERB
cblr-7159	871	3	dirk	dirk	PROPN
cblr-7159	871	4	jenter	jenter	PROPN
cblr-7159	871	5	&	&	CCONJ
cblr-7159	871	6	fadi	fadi	PROPN
cblr-7159	871	7	kanaan	kanaan	PROPN
cblr-7159	871	8	,	,	PUNCT
cblr-7159	871	9	ceo	ceo	NOUN
cblr-7159	871	10	turnover	turnover	NOUN
cblr-7159	871	11	and	and	CCONJ
cblr-7159	871	12	relative	relative	ADJ
cblr-7159	871	13	performance	performance	NOUN
cblr-7159	871	14	evaluation	evaluation	NOUN
cblr-7159	871	15	,	,	PUNCT
cblr-7159	871	16	70	70	NUM
cblr-7159	871	17	j.	j.	PROPN
cblr-7159	871	18	fin	fin	PROPN
cblr-7159	871	19	.	.	PUNCT
cblr-7159	871	20	2155	2155	NUM
cblr-7159	871	21	,	,	PUNCT
cblr-7159	871	22	2163	2163	NUM
cblr-7159	871	23	(	(	PUNCT
cblr-7159	871	24	2015	2015	NUM
cblr-7159	871	25	)	)	PUNCT
cblr-7159	871	26	;	;	PUNCT
cblr-7159	871	27	see	see	VERB
cblr-7159	871	28	also	also	ADV
cblr-7159	871	29	michael	michael	PROPN
cblr-7159	871	30	s.	s.	PROPN
cblr-7159	871	31	weisbach	weisbach	PROPN
cblr-7159	871	32	,	,	PUNCT
cblr-7159	871	33	outside	outside	ADJ
cblr-7159	871	34	directors	director	NOUN
cblr-7159	871	35	and	and	CCONJ
cblr-7159	871	36	ceo	ceo	NOUN
cblr-7159	871	37	turnover	turnover	NOUN
cblr-7159	871	38	,	,	PUNCT
cblr-7159	871	39	20	20	NUM
cblr-7159	871	40	j.	j.	PROPN
cblr-7159	871	41	fin	fin	PROPN
cblr-7159	871	42	.	.	PUNCT
cblr-7159	871	43	econ	econ	PROPN
cblr-7159	871	44	.	.	PUNCT
cblr-7159	872	1	431	431	NUM
cblr-7159	872	2	(	(	PUNCT
cblr-7159	872	3	1988	1988	NUM
cblr-7159	872	4	)	)	PUNCT
cblr-7159	872	5	.	.	PUNCT
cblr-7159	873	1	276	276	NUM
cblr-7159	873	2	for	for	ADP
cblr-7159	873	3	a	a	DET
cblr-7159	873	4	further	further	ADJ
cblr-7159	873	5	discussion	discussion	NOUN
cblr-7159	873	6	of	of	ADP
cblr-7159	873	7	these	these	DET
cblr-7159	873	8	measures	measure	NOUN
cblr-7159	873	9	,	,	PUNCT
cblr-7159	873	10	see	see	VERB
cblr-7159	873	11	mcclane	mcclane	PROPN
cblr-7159	873	12	,	,	PUNCT
cblr-7159	873	13	supra	supra	PROPN
cblr-7159	873	14	note	note	PROPN
cblr-7159	873	15	216	216	NUM
cblr-7159	873	16	,	,	PUNCT
cblr-7159	873	17	at	at	ADP
cblr-7159	873	18	tbl.12	tbl.12	NOUN
cblr-7159	873	19	;	;	PUNCT
cblr-7159	873	20	see	see	VERB
cblr-7159	873	21	also	also	ADV
cblr-7159	873	22	jenter	jenter	PROPN
cblr-7159	873	23	&	&	CCONJ
cblr-7159	873	24	kanaan	kanaan	PROPN
cblr-7159	873	25	,	,	PUNCT
cblr-7159	874	1	supra	supra	PROPN
cblr-7159	874	2	note	note	NOUN
cblr-7159	874	3	275	275	NUM
cblr-7159	874	4	,	,	PUNCT
cblr-7159	874	5	at	at	ADP
cblr-7159	874	6	2155–60	2155–60	NUM
cblr-7159	874	7	;	;	PUNCT
cblr-7159	874	8	weisbach	weisbach	NOUN
cblr-7159	874	9	,	,	PUNCT
cblr-7159	874	10	supra	supra	ADJ
cblr-7159	874	11	note	note	NOUN
cblr-7159	874	12	275	275	NUM
cblr-7159	874	13	,	,	PUNCT
cblr-7159	874	14	at	at	ADP
cblr-7159	874	15	432	432	NUM
cblr-7159	874	16	,	,	PUNCT
cblr-7159	874	17	438–42	438–42	NUM
cblr-7159	874	18	,	,	PUNCT
cblr-7159	874	19	442	442	NUM
cblr-7159	874	20	tbl.3	tbl.3	NOUN
cblr-7159	874	21	,	,	PUNCT
cblr-7159	874	22	446	446	NUM
cblr-7159	874	23	tbl.5	tbl.5	NOUN
cblr-7159	874	24	(	(	PUNCT
cblr-7159	874	25	finding	find	VERB
cblr-7159	874	26	that	that	SCONJ
cblr-7159	874	27	more	more	ADJ
cblr-7159	874	28	ceo	ceo	NOUN
cblr-7159	874	29	retirements	retirement	NOUN
cblr-7159	874	30	follow	follow	VERB
cblr-7159	874	31	in	in	ADP
cblr-7159	874	32	the	the	DET
cblr-7159	874	33	wake	wake	NOUN
cblr-7159	874	34	of	of	ADP
cblr-7159	874	35	poor	poor	ADJ
cblr-7159	874	36	performance	performance	NOUN
cblr-7159	874	37	,	,	PUNCT
cblr-7159	874	38	especially	especially	ADV
cblr-7159	874	39	when	when	SCONJ
cblr-7159	874	40	the	the	DET
cblr-7159	874	41	firm	firm	NOUN
cblr-7159	874	42	’s	’s	PART
cblr-7159	874	43	board	board	NOUN
cblr-7159	874	44	of	of	ADP
cblr-7159	874	45	directors	director	NOUN
cblr-7159	874	46	is	be	AUX
cblr-7159	874	47	comprised	comprise	VERB
cblr-7159	874	48	of	of	ADP
cblr-7159	874	49	at	at	ADV
cblr-7159	874	50	least	least	ADV
cblr-7159	874	51	60	60	NUM
cblr-7159	874	52	%	%	NOUN
cblr-7159	874	53	independent	independent	ADJ
cblr-7159	874	54	directors	director	NOUN
cblr-7159	874	55	)	)	PUNCT
cblr-7159	874	56	.	.	PUNCT
cblr-7159	875	1	some	some	PRON
cblr-7159	875	2	of	of	ADP
cblr-7159	875	3	this	this	DET
cblr-7159	875	4	concern	concern	NOUN
cblr-7159	875	5	is	be	AUX
cblr-7159	875	6	mitigated	mitigate	VERB
cblr-7159	875	7	by	by	ADP
cblr-7159	875	8	the	the	DET
cblr-7159	875	9	fact	fact	NOUN
cblr-7159	875	10	that	that	SCONJ
cblr-7159	875	11	many	many	ADJ
cblr-7159	875	12	exchange	exchange	NOUN
cblr-7159	875	13	listing	list	VERB
cblr-7159	875	14	rules	rule	NOUN
cblr-7159	875	15	now	now	ADV
cblr-7159	875	16	require	require	VERB
cblr-7159	875	17	that	that	SCONJ
cblr-7159	875	18	listed	list	VERB
cblr-7159	875	19	companies	company	NOUN
cblr-7159	875	20	have	have	VERB
cblr-7159	875	21	a	a	DET
cblr-7159	875	22	majority	majority	NOUN
cblr-7159	875	23	of	of	ADP
cblr-7159	875	24	independent	independent	ADJ
cblr-7159	875	25	directors	director	NOUN
cblr-7159	875	26	on	on	ADP
cblr-7159	875	27	their	their	PRON
cblr-7159	875	28	boards	board	NOUN
cblr-7159	875	29	.	.	PUNCT
cblr-7159	876	1	see	see	VERB
cblr-7159	876	2	nyse	nyse	PROPN
cblr-7159	876	3	,	,	PUNCT
cblr-7159	876	4	inc	inc	PROPN
cblr-7159	876	5	.	.	PROPN
cblr-7159	876	6	,	,	PUNCT
cblr-7159	876	7	listed	list	VERB
cblr-7159	876	8	company	company	NOUN
cblr-7159	876	9	manual	manual	NOUN
cblr-7159	876	10	§	§	PROPN
cblr-7159	876	11	303a.01	303a.01	PROPN
cblr-7159	876	12	(	(	PUNCT
cblr-7159	876	13	2020	2020	NUM
cblr-7159	876	14	)	)	PUNCT
cblr-7159	876	15	;	;	PUNCT
cblr-7159	876	16	nasdaq	nasdaq	PROPN
cblr-7159	876	17	,	,	PUNCT
cblr-7159	876	18	inc	inc	PROPN
cblr-7159	876	19	.	.	PROPN
cblr-7159	876	20	,	,	PUNCT
cblr-7159	876	21	nasdaq	nasdaq	PROPN
cblr-7159	876	22	listing	list	VERB
cblr-7159	876	23	rules	rule	NOUN
cblr-7159	876	24	§	§	PROPN
cblr-7159	876	25	5605(b)(1	5605(b)(1	NOUN
cblr-7159	876	26	)	)	PUNCT
cblr-7159	876	27	(	(	PUNCT
cblr-7159	876	28	2020	2020	NUM
cblr-7159	876	29	)	)	PUNCT
cblr-7159	876	30	.	.	PUNCT
cblr-7159	877	1	thus	thus	ADV
cblr-7159	877	2	,	,	PUNCT
cblr-7159	877	3	all	all	DET
cblr-7159	877	4	companies	company	NOUN
cblr-7159	877	5	in	in	ADP
cblr-7159	877	6	the	the	DET
cblr-7159	877	7	data	datum	NOUN
cblr-7159	877	8	will	will	AUX
cblr-7159	877	9	face	face	VERB
cblr-7159	877	10	similar	similar	ADJ
cblr-7159	877	11	dynamics	dynamic	NOUN
cblr-7159	877	12	.	.	PUNCT
cblr-7159	878	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	878	2	(	(	PUNCT
cblr-7159	878	3	do	do	AUX
cblr-7159	878	4	not	not	PART
cblr-7159	878	5	delete	delete	VERB
cblr-7159	878	6	)	)	PUNCT
cblr-7159	878	7	9/28/2020	9/28/2020	NUM
cblr-7159	878	8	6:35	6:35	NUM
cblr-7159	878	9	pm	pm	NOUN
cblr-7159	878	10	no	no	INTJ
cblr-7159	878	11	.	.	PUNCT
cblr-7159	879	1	1:192	1:192	X
cblr-7159	879	2	]	]	X
cblr-7159	879	3	reconsidering	reconsider	VERB
cblr-7159	879	4	creditor	creditor	NOUN
cblr-7159	879	5	governance	governance	NOUN
cblr-7159	879	6	263	263	NUM
cblr-7159	879	7	fixed	fix	VERB
cblr-7159	879	8	effects	effect	NOUN
cblr-7159	879	9	for	for	ADP
cblr-7159	879	10	industry	industry	NOUN
cblr-7159	879	11	and	and	CCONJ
cblr-7159	879	12	quarter.277	quarter.277	PRON
cblr-7159	879	13	these	these	DET
cblr-7159	879	14	results	result	NOUN
cblr-7159	879	15	support	support	VERB
cblr-7159	879	16	the	the	DET
cblr-7159	879	17	contention	contention	NOUN
cblr-7159	879	18	that	that	SCONJ
cblr-7159	879	19	lender	lender	NOUN
cblr-7159	879	20	intervention	intervention	NOUN
cblr-7159	879	21	is	be	AUX
cblr-7159	879	22	related	relate	VERB
cblr-7159	879	23	to	to	ADP
cblr-7159	879	24	the	the	DET
cblr-7159	879	25	departure	departure	NOUN
cblr-7159	879	26	of	of	ADP
cblr-7159	879	27	these	these	DET
cblr-7159	879	28	senior	senior	ADJ
cblr-7159	879	29	officers	officer	NOUN
cblr-7159	879	30	.	.	PUNCT
cblr-7159	880	1	of	of	ADP
cblr-7159	880	2	course	course	ADV
cblr-7159	880	3	,	,	PUNCT
cblr-7159	880	4	it	it	PRON
cblr-7159	880	5	is	be	AUX
cblr-7159	880	6	not	not	PART
cblr-7159	880	7	possible	possible	ADJ
cblr-7159	880	8	to	to	PART
cblr-7159	880	9	determine	determine	VERB
cblr-7159	880	10	definitively	definitively	ADV
cblr-7159	880	11	from	from	ADP
cblr-7159	880	12	the	the	DET
cblr-7159	880	13	analysis	analysis	NOUN
cblr-7159	880	14	whether	whether	SCONJ
cblr-7159	880	15	the	the	DET
cblr-7159	880	16	lenders	lender	NOUN
cblr-7159	880	17	are	be	AUX
cblr-7159	880	18	the	the	DET
cblr-7159	880	19	main	main	ADJ
cblr-7159	880	20	impetus	impetus	NOUN
cblr-7159	880	21	for	for	ADP
cblr-7159	880	22	these	these	DET
cblr-7159	880	23	individuals	individual	NOUN
cblr-7159	880	24	’	'	PUNCT
cblr-7159	880	25	departures	departure	NOUN
cblr-7159	880	26	.	.	PUNCT
cblr-7159	881	1	it	it	PRON
cblr-7159	881	2	is	be	AUX
cblr-7159	881	3	possible	possible	ADJ
cblr-7159	881	4	that	that	SCONJ
cblr-7159	881	5	these	these	DET
cblr-7159	881	6	firm	firm	NOUN
cblr-7159	881	7	’s	’s	PART
cblr-7159	881	8	conditions	condition	NOUN
cblr-7159	881	9	,	,	PUNCT
cblr-7159	881	10	while	while	SCONJ
cblr-7159	881	11	leading	lead	VERB
cblr-7159	881	12	to	to	ADP
cblr-7159	881	13	a	a	DET
cblr-7159	881	14	violation	violation	NOUN
cblr-7159	881	15	of	of	ADP
cblr-7159	881	16	a	a	DET
cblr-7159	881	17	loan	loan	NOUN
cblr-7159	881	18	covenant	covenant	NOUN
cblr-7159	881	19	,	,	PUNCT
cblr-7159	881	20	also	also	ADV
cblr-7159	881	21	lead	lead	VERB
cblr-7159	881	22	naturally	naturally	ADV
cblr-7159	881	23	to	to	ADP
cblr-7159	881	24	management	management	NOUN
cblr-7159	881	25	turnover	turnover	NOUN
cblr-7159	881	26	.	.	PUNCT
cblr-7159	882	1	it	it	PRON
cblr-7159	882	2	is	be	AUX
cblr-7159	882	3	telling	tell	VERB
cblr-7159	882	4	,	,	PUNCT
cblr-7159	882	5	however	however	ADV
cblr-7159	882	6	,	,	PUNCT
cblr-7159	882	7	that	that	SCONJ
cblr-7159	882	8	the	the	DET
cblr-7159	882	9	probability	probability	NOUN
cblr-7159	882	10	of	of	ADP
cblr-7159	882	11	turnover	turnover	NOUN
cblr-7159	882	12	is	be	AUX
cblr-7159	882	13	much	much	ADV
cblr-7159	882	14	higher	high	ADJ
cblr-7159	882	15	in	in	ADP
cblr-7159	882	16	the	the	DET
cblr-7159	882	17	quarter	quarter	NOUN
cblr-7159	882	18	when	when	SCONJ
cblr-7159	882	19	the	the	DET
cblr-7159	882	20	violation	violation	NOUN
cblr-7159	882	21	occurs	occur	VERB
cblr-7159	882	22	or	or	CCONJ
cblr-7159	882	23	shortly	shortly	ADV
cblr-7159	882	24	thereafter	thereafter	ADV
cblr-7159	882	25	,	,	PUNCT
cblr-7159	882	26	even	even	ADV
cblr-7159	882	27	though	though	SCONJ
cblr-7159	882	28	the	the	DET
cblr-7159	882	29	financial	financial	ADJ
cblr-7159	882	30	condition	condition	NOUN
cblr-7159	882	31	of	of	ADP
cblr-7159	882	32	the	the	DET
cblr-7159	882	33	borrowers	borrower	NOUN
cblr-7159	882	34	tends	tend	VERB
cblr-7159	882	35	to	to	PART
cblr-7159	882	36	deteriorate	deteriorate	VERB
cblr-7159	882	37	beginning	begin	VERB
cblr-7159	882	38	several	several	ADJ
cblr-7159	882	39	quarters	quarter	NOUN
cblr-7159	882	40	in	in	ADP
cblr-7159	882	41	advance	advance	NOUN
cblr-7159	882	42	of	of	ADP
cblr-7159	882	43	the	the	DET
cblr-7159	882	44	violation	violation	NOUN
cblr-7159	882	45	itself.278	itself.278	VERB
cblr-7159	882	46	if	if	SCONJ
cblr-7159	882	47	the	the	DET
cblr-7159	882	48	management	management	NOUN
cblr-7159	882	49	turnover	turnover	NOUN
cblr-7159	882	50	is	be	AUX
cblr-7159	882	51	due	due	ADJ
cblr-7159	882	52	to	to	ADP
cblr-7159	882	53	lender	lender	NOUN
cblr-7159	882	54	intervention	intervention	NOUN
cblr-7159	882	55	,	,	PUNCT
cblr-7159	882	56	the	the	DET
cblr-7159	882	57	natural	natural	ADJ
cblr-7159	882	58	question	question	NOUN
cblr-7159	882	59	is	be	AUX
cblr-7159	882	60	whether	whether	SCONJ
cblr-7159	882	61	there	there	PRON
cblr-7159	882	62	is	be	VERB
cblr-7159	882	63	less	less	ADJ
cblr-7159	882	64	of	of	ADP
cblr-7159	882	65	this	this	DET
cblr-7159	882	66	turnover	turnover	NOUN
cblr-7159	882	67	when	when	SCONJ
cblr-7159	882	68	lenders	lender	NOUN
cblr-7159	882	69	have	have	VERB
cblr-7159	882	70	less	less	ADJ
cblr-7159	882	71	incentive	incentive	NOUN
cblr-7159	882	72	or	or	CCONJ
cblr-7159	882	73	less	less	ADJ
cblr-7159	882	74	bargaining	bargaining	NOUN
cblr-7159	882	75	power	power	NOUN
cblr-7159	882	76	to	to	PART
cblr-7159	882	77	effect	effect	VERB
cblr-7159	882	78	these	these	DET
cblr-7159	882	79	changes	change	NOUN
cblr-7159	882	80	.	.	PUNCT
cblr-7159	883	1	i	i	PRON
cblr-7159	883	2	run	run	VERB
cblr-7159	883	3	the	the	DET
cblr-7159	883	4	analysis	analysis	NOUN
cblr-7159	883	5	again	again	ADV
cblr-7159	883	6	on	on	ADP
cblr-7159	883	7	subsets	subset	NOUN
cblr-7159	883	8	of	of	ADP
cblr-7159	883	9	loans	loan	NOUN
cblr-7159	883	10	that	that	PRON
cblr-7159	883	11	are	be	AUX
cblr-7159	883	12	held	hold	VERB
cblr-7159	883	13	primarily	primarily	ADV
cblr-7159	883	14	by	by	ADP
cblr-7159	883	15	non	non	NOUN
cblr-7159	883	16	-	-	NOUN
cblr-7159	883	17	banks	bank	NOUN
cblr-7159	883	18	and	and	CCONJ
cblr-7159	883	19	those	those	PRON
cblr-7159	883	20	that	that	PRON
cblr-7159	883	21	are	be	AUX
cblr-7159	883	22	included	include	VERB
cblr-7159	883	23	in	in	ADP
cblr-7159	883	24	clos	clo	NOUN
cblr-7159	883	25	.	.	PUNCT
cblr-7159	884	1	in	in	ADP
cblr-7159	884	2	general	general	ADJ
cblr-7159	884	3	,	,	PUNCT
cblr-7159	884	4	for	for	ADP
cblr-7159	884	5	the	the	DET
cblr-7159	884	6	non	non	ADJ
cblr-7159	884	7	-	-	ADJ
cblr-7159	884	8	bank	bank	ADJ
cblr-7159	884	9	group	group	NOUN
cblr-7159	884	10	there	there	PRON
cblr-7159	884	11	is	be	VERB
cblr-7159	884	12	no	no	DET
cblr-7159	884	13	statistically	statistically	ADV
cblr-7159	884	14	significant	significant	ADJ
cblr-7159	884	15	difference	difference	NOUN
cblr-7159	884	16	.	.	PUNCT
cblr-7159	885	1	for	for	ADP
cblr-7159	885	2	the	the	DET
cblr-7159	885	3	clo	clo	PROPN
cblr-7159	885	4	group	group	NOUN
cblr-7159	885	5	however	however	ADV
cblr-7159	885	6	,	,	PUNCT
cblr-7159	885	7	the	the	DET
cblr-7159	885	8	effect	effect	NOUN
cblr-7159	885	9	is	be	AUX
cblr-7159	885	10	much	much	ADV
cblr-7159	885	11	smaller	small	ADJ
cblr-7159	885	12	.	.	PUNCT
cblr-7159	886	1	an	an	DET
cblr-7159	886	2	average	average	ADJ
cblr-7159	886	3	clo	clo	PROPN
cblr-7159	886	4	borrower	borrower	NOUN
cblr-7159	886	5	had	have	VERB
cblr-7159	886	6	a	a	DET
cblr-7159	886	7	32	32	NUM
cblr-7159	886	8	%	%	NOUN
cblr-7159	886	9	lower	low	ADJ
cblr-7159	886	10	chance	chance	NOUN
cblr-7159	886	11	of	of	ADP
cblr-7159	886	12	having	have	VERB
cblr-7159	886	13	a	a	DET
cblr-7159	886	14	ceo	ceo	NOUN
cblr-7159	886	15	or	or	CCONJ
cblr-7159	886	16	president	president	NOUN
cblr-7159	886	17	leave	leave	VERB
cblr-7159	886	18	suddenly	suddenly	ADV
cblr-7159	886	19	after	after	ADP
cblr-7159	886	20	a	a	DET
cblr-7159	886	21	loan	loan	NOUN
cblr-7159	886	22	covenant	covenant	NOUN
cblr-7159	886	23	violation	violation	NOUN
cblr-7159	886	24	than	than	ADP
cblr-7159	886	25	a	a	DET
cblr-7159	886	26	non	non	ADJ
cblr-7159	886	27	-	-	ADJ
cblr-7159	886	28	clo	clo	ADJ
cblr-7159	886	29	borrower.279	borrower.279	NOUN
cblr-7159	886	30	as	as	ADP
cblr-7159	886	31	a	a	DET
cblr-7159	886	32	robustness	robustness	NOUN
cblr-7159	886	33	check	check	NOUN
cblr-7159	886	34	,	,	PUNCT
cblr-7159	886	35	i	i	PRON
cblr-7159	886	36	confirm	confirm	VERB
cblr-7159	886	37	that	that	SCONJ
cblr-7159	886	38	this	this	PRON
cblr-7159	886	39	is	be	AUX
cblr-7159	886	40	the	the	DET
cblr-7159	886	41	case	case	NOUN
cblr-7159	886	42	using	use	VERB
cblr-7159	886	43	the	the	DET
cblr-7159	886	44	alternative	alternative	ADJ
cblr-7159	886	45	specification	specification	NOUN
cblr-7159	886	46	for	for	ADP
cblr-7159	886	47	clo	clo	PROPN
cblr-7159	886	48	loans	loan	NOUN
cblr-7159	886	49	,	,	PUNCT
cblr-7159	886	50	using	use	VERB
cblr-7159	886	51	the	the	DET
cblr-7159	886	52	arranger	arranger	NOUN
cblr-7159	886	53	market	market	NOUN
cblr-7159	886	54	share	share	NOUN
cblr-7159	886	55	in	in	ADP
cblr-7159	886	56	the	the	DET
cblr-7159	886	57	clo	clo	PROPN
cblr-7159	886	58	market	market	NOUN
cblr-7159	886	59	as	as	ADP
cblr-7159	886	60	a	a	DET
cblr-7159	886	61	proxy	proxy	NOUN
cblr-7159	886	62	for	for	ADP
cblr-7159	886	63	lenders	lender	NOUN
cblr-7159	886	64	who	who	PRON
cblr-7159	886	65	are	be	AUX
cblr-7159	886	66	unlikely	unlikely	ADJ
cblr-7159	886	67	to	to	PART
cblr-7159	886	68	be	be	AUX
cblr-7159	886	69	motivated	motivate	VERB
cblr-7159	886	70	to	to	ADP
cblr-7159	886	71	police	police	NOUN
cblr-7159	886	72	borrowers	borrower	NOUN
cblr-7159	886	73	.	.	PUNCT
cblr-7159	887	1	once	once	ADV
cblr-7159	887	2	again	again	ADV
cblr-7159	887	3	,	,	PUNCT
cblr-7159	887	4	the	the	DET
cblr-7159	887	5	results	result	NOUN
cblr-7159	887	6	are	be	AUX
cblr-7159	887	7	consistent	consistent	ADJ
cblr-7159	887	8	,	,	PUNCT
cblr-7159	887	9	and	and	CCONJ
cblr-7159	887	10	show	show	VERB
cblr-7159	887	11	a	a	DET
cblr-7159	887	12	lower	low	ADJ
cblr-7159	887	13	propensity	propensity	NOUN
cblr-7159	887	14	for	for	ADP
cblr-7159	887	15	management	management	NOUN
cblr-7159	887	16	changes	change	NOUN
cblr-7159	887	17	.	.	PUNCT
cblr-7159	888	1	this	this	DET
cblr-7159	888	2	finding	finding	NOUN
cblr-7159	888	3	suggests	suggest	VERB
cblr-7159	888	4	that	that	SCONJ
cblr-7159	888	5	when	when	SCONJ
cblr-7159	888	6	lenders	lender	NOUN
cblr-7159	888	7	securitize	securitize	VERB
cblr-7159	888	8	,	,	PUNCT
cblr-7159	888	9	they	they	PRON
cblr-7159	888	10	intervene	intervene	VERB
cblr-7159	888	11	less	less	ADV
cblr-7159	888	12	in	in	ADP
cblr-7159	888	13	the	the	DET
cblr-7159	888	14	borrowing	borrowing	NOUN
cblr-7159	888	15	company	company	NOUN
cblr-7159	888	16	’s	’s	PART
cblr-7159	888	17	management	management	NOUN
cblr-7159	888	18	.	.	PUNCT
cblr-7159	889	1	it	it	PRON
cblr-7159	889	2	may	may	AUX
cblr-7159	889	3	be	be	AUX
cblr-7159	889	4	an	an	DET
cblr-7159	889	5	open	open	ADJ
cblr-7159	889	6	question	question	NOUN
cblr-7159	889	7	,	,	PUNCT
cblr-7159	889	8	at	at	ADV
cblr-7159	889	9	least	least	ADJ
cblr-7159	889	10	as	as	ADV
cblr-7159	889	11	far	far	ADV
cblr-7159	889	12	the	the	DET
cblr-7159	889	13	empirical	empirical	ADJ
cblr-7159	889	14	analysis	analysis	NOUN
cblr-7159	889	15	is	be	AUX
cblr-7159	889	16	concerned	concern	VERB
cblr-7159	889	17	,	,	PUNCT
cblr-7159	889	18	whether	whether	SCONJ
cblr-7159	889	19	lenders	lender	NOUN
cblr-7159	889	20	’	'	PUNCT
cblr-7159	889	21	intervention	intervention	NOUN
cblr-7159	889	22	regarding	regard	VERB
cblr-7159	889	23	a	a	DET
cblr-7159	889	24	borrower	borrower	NOUN
cblr-7159	889	25	’s	’s	PART
cblr-7159	889	26	leadership	leadership	NOUN
cblr-7159	889	27	is	be	AUX
cblr-7159	889	28	a	a	DET
cblr-7159	889	29	good	good	ADJ
cblr-7159	889	30	or	or	CCONJ
cblr-7159	889	31	bad	bad	ADJ
cblr-7159	889	32	thing	thing	NOUN
cblr-7159	889	33	.	.	PUNCT
cblr-7159	890	1	nonetheless	nonetheless	ADV
cblr-7159	890	2	,	,	PUNCT
cblr-7159	890	3	given	give	VERB
cblr-7159	890	4	the	the	DET
cblr-7159	890	5	results	result	NOUN
cblr-7159	890	6	above	above	ADP
cblr-7159	890	7	showing	show	VERB
cblr-7159	890	8	that	that	DET
cblr-7159	890	9	lender	lender	NOUN
cblr-7159	890	10	277	277	NUM
cblr-7159	890	11	see	see	VERB
cblr-7159	890	12	mcclane	mcclane	PROPN
cblr-7159	890	13	,	,	PUNCT
cblr-7159	890	14	supra	supra	PROPN
cblr-7159	890	15	note	note	PROPN
cblr-7159	890	16	216	216	NUM
cblr-7159	890	17	,	,	PUNCT
cblr-7159	890	18	at	at	ADP
cblr-7159	890	19	tbl.12	tbl.12	NOUN
cblr-7159	890	20	.	.	NOUN
cblr-7159	890	21	278	278	NUM
cblr-7159	890	22	see	see	VERB
cblr-7159	890	23	discussion	discussion	NOUN
cblr-7159	890	24	of	of	ADP
cblr-7159	890	25	the	the	DET
cblr-7159	890	26	data	datum	NOUN
cblr-7159	890	27	and	and	CCONJ
cblr-7159	890	28	analysis	analysis	NOUN
cblr-7159	890	29	supra	supra	PROPN
cblr-7159	890	30	part	part	PROPN
cblr-7159	890	31	iii	iii	PROPN
cblr-7159	890	32	.	.	PUNCT
cblr-7159	891	1	the	the	DET
cblr-7159	891	2	data	datum	NOUN
cblr-7159	891	3	shows	show	VERB
cblr-7159	891	4	that	that	SCONJ
cblr-7159	891	5	performance	performance	NOUN
cblr-7159	891	6	along	along	ADP
cblr-7159	891	7	several	several	ADJ
cblr-7159	891	8	metrics	metric	NOUN
cblr-7159	891	9	begins	begin	VERB
cblr-7159	891	10	to	to	PART
cblr-7159	891	11	deteriorate	deteriorate	VERB
cblr-7159	891	12	prior	prior	ADV
cblr-7159	891	13	to	to	ADP
cblr-7159	891	14	a	a	DET
cblr-7159	891	15	violation	violation	NOUN
cblr-7159	891	16	,	,	PUNCT
cblr-7159	891	17	on	on	ADP
cblr-7159	891	18	average	average	ADJ
cblr-7159	891	19	.	.	PUNCT
cblr-7159	892	1	279	279	NUM
cblr-7159	892	2	see	see	VERB
cblr-7159	892	3	mcclane	mcclane	PROPN
cblr-7159	892	4	,	,	PUNCT
cblr-7159	892	5	supra	supra	PROPN
cblr-7159	892	6	note	note	PROPN
cblr-7159	892	7	216	216	NUM
cblr-7159	892	8	,	,	PUNCT
cblr-7159	892	9	at	at	ADP
cblr-7159	892	10	tbl.12	tbl.12	NOUN
cblr-7159	892	11	.	.	NOUN
cblr-7159	892	12	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	892	13	(	(	PUNCT
cblr-7159	892	14	do	do	AUX
cblr-7159	892	15	not	not	PART
cblr-7159	892	16	delte	delte	VERB
cblr-7159	892	17	)	)	PUNCT
cblr-7159	893	1	9/28/2020	9/28/2020	PROPN
cblr-7159	893	2	6:35	6:35	NUM
cblr-7159	893	3	pm	pm	NOUN
cblr-7159	893	4	264	264	NUM
cblr-7159	893	5	columbia	columbia	PROPN
cblr-7159	893	6	business	business	NOUN
cblr-7159	893	7	law	law	PROPN
cblr-7159	893	8	review	review	NOUN
cblr-7159	894	1	[	[	X
cblr-7159	894	2	vol	vol	NOUN
cblr-7159	894	3	.	.	PUNCT
cblr-7159	894	4	2020	2020	NUM
cblr-7159	894	5	intervention	intervention	NOUN
cblr-7159	894	6	is	be	AUX
cblr-7159	894	7	associated	associate	VERB
cblr-7159	894	8	with	with	ADP
cblr-7159	894	9	better	well	ADJ
cblr-7159	894	10	operating	operate	VERB
cblr-7159	894	11	performance,280	performance,280	NOUN
cblr-7159	894	12	it	it	PRON
cblr-7159	894	13	is	be	AUX
cblr-7159	894	14	reasonable	reasonable	ADJ
cblr-7159	894	15	to	to	PART
cblr-7159	894	16	think	think	VERB
cblr-7159	894	17	that	that	SCONJ
cblr-7159	894	18	an	an	DET
cblr-7159	894	19	engaged	engaged	ADJ
cblr-7159	894	20	lender	lender	NOUN
cblr-7159	894	21	helping	help	VERB
cblr-7159	894	22	to	to	PART
cblr-7159	894	23	make	make	VERB
cblr-7159	894	24	decisions	decision	NOUN
cblr-7159	894	25	about	about	ADP
cblr-7159	894	26	who	who	PRON
cblr-7159	894	27	occupies	occupy	VERB
cblr-7159	894	28	executive	executive	ADJ
cblr-7159	894	29	positions	position	NOUN
cblr-7159	894	30	is	be	AUX
cblr-7159	894	31	beneficial	beneficial	ADJ
cblr-7159	894	32	on	on	ADP
cblr-7159	894	33	average	average	ADJ
cblr-7159	894	34	.	.	PUNCT
cblr-7159	895	1	f.	f.	PROPN
cblr-7159	895	2	robustness	robustness	NOUN
cblr-7159	895	3	checks	check	NOUN
cblr-7159	895	4	of	of	ADP
cblr-7159	895	5	the	the	DET
cblr-7159	895	6	main	main	ADJ
cblr-7159	895	7	results	result	NOUN
cblr-7159	895	8	in	in	ADP
cblr-7159	895	9	addition	addition	NOUN
cblr-7159	895	10	to	to	ADP
cblr-7159	895	11	the	the	DET
cblr-7159	895	12	main	main	ADJ
cblr-7159	895	13	analysis	analysis	NOUN
cblr-7159	896	1	,	,	PUNCT
cblr-7159	896	2	i	i	PRON
cblr-7159	896	3	conduct	conduct	VERB
cblr-7159	896	4	a	a	DET
cblr-7159	896	5	number	number	NOUN
cblr-7159	896	6	of	of	ADP
cblr-7159	896	7	robustness	robustness	NOUN
cblr-7159	896	8	checks	check	NOUN
cblr-7159	896	9	to	to	PART
cblr-7159	896	10	rule	rule	VERB
cblr-7159	896	11	out	out	ADP
cblr-7159	896	12	possible	possible	ADJ
cblr-7159	896	13	confounding	confound	VERB
cblr-7159	896	14	factors	factor	NOUN
cblr-7159	896	15	and	and	CCONJ
cblr-7159	896	16	support	support	VERB
cblr-7159	896	17	the	the	DET
cblr-7159	896	18	main	main	ADJ
cblr-7159	896	19	results	result	NOUN
cblr-7159	896	20	.	.	PUNCT
cblr-7159	897	1	these	these	DET
cblr-7159	897	2	tests	test	NOUN
cblr-7159	897	3	are	be	AUX
cblr-7159	897	4	described	describe	VERB
cblr-7159	897	5	below	below	ADV
cblr-7159	897	6	.	.	PUNCT
cblr-7159	898	1	1	1	X
cblr-7159	898	2	.	.	X
cblr-7159	898	3	comparisons	comparison	NOUN
cblr-7159	898	4	of	of	ADP
cblr-7159	898	5	the	the	DET
cblr-7159	898	6	loans	loan	NOUN
cblr-7159	898	7	the	the	DET
cblr-7159	898	8	analysis	analysis	NOUN
cblr-7159	898	9	above	above	ADV
cblr-7159	898	10	is	be	AUX
cblr-7159	898	11	not	not	PART
cblr-7159	898	12	intended	intend	VERB
cblr-7159	898	13	to	to	PART
cblr-7159	898	14	show	show	VERB
cblr-7159	898	15	a	a	DET
cblr-7159	898	16	causality	causality	NOUN
cblr-7159	898	17	.	.	PUNCT
cblr-7159	899	1	rather	rather	ADV
cblr-7159	899	2	,	,	PUNCT
cblr-7159	899	3	the	the	DET
cblr-7159	899	4	raw	raw	ADJ
cblr-7159	899	5	data	datum	NOUN
cblr-7159	899	6	and	and	CCONJ
cblr-7159	899	7	the	the	DET
cblr-7159	899	8	regressions	regression	NOUN
cblr-7159	899	9	are	be	AUX
cblr-7159	899	10	intended	intend	VERB
cblr-7159	899	11	to	to	PART
cblr-7159	899	12	show	show	VERB
cblr-7159	899	13	that	that	SCONJ
cblr-7159	899	14	outcomes	outcome	NOUN
cblr-7159	899	15	diverge	diverge	VERB
cblr-7159	899	16	for	for	ADP
cblr-7159	899	17	some	some	PRON
cblr-7159	899	18	of	of	ADP
cblr-7159	899	19	the	the	DET
cblr-7159	899	20	different	different	ADJ
cblr-7159	899	21	groups	group	NOUN
cblr-7159	899	22	of	of	ADP
cblr-7159	899	23	loans	loan	NOUN
cblr-7159	899	24	in	in	ADP
cblr-7159	899	25	question	question	NOUN
cblr-7159	899	26	.	.	PUNCT
cblr-7159	900	1	this	this	DET
cblr-7159	900	2	divergence	divergence	NOUN
cblr-7159	900	3	remains	remain	VERB
cblr-7159	900	4	statistically	statistically	ADV
cblr-7159	900	5	significant	significant	ADJ
cblr-7159	900	6	when	when	SCONJ
cblr-7159	900	7	controlling	control	VERB
cblr-7159	900	8	for	for	ADP
cblr-7159	900	9	the	the	DET
cblr-7159	900	10	factors	factor	NOUN
cblr-7159	900	11	that	that	PRON
cblr-7159	900	12	account	account	VERB
cblr-7159	900	13	for	for	ADP
cblr-7159	900	14	borrower	borrower	NOUN
cblr-7159	900	15	performance	performance	NOUN
cblr-7159	900	16	and	and	CCONJ
cblr-7159	900	17	that	that	PRON
cblr-7159	900	18	are	be	AUX
cblr-7159	900	19	often	often	ADV
cblr-7159	900	20	used	use	VERB
cblr-7159	900	21	in	in	ADP
cblr-7159	900	22	the	the	DET
cblr-7159	900	23	empirical	empirical	ADJ
cblr-7159	900	24	finance	finance	NOUN
cblr-7159	900	25	literature	literature	NOUN
cblr-7159	900	26	studying	study	VERB
cblr-7159	900	27	lender	lender	NOUN
cblr-7159	900	28	intervention	intervention	NOUN
cblr-7159	900	29	.	.	PUNCT
cblr-7159	901	1	one	one	NUM
cblr-7159	901	2	possibility	possibility	NOUN
cblr-7159	901	3	that	that	PRON
cblr-7159	901	4	must	must	AUX
cblr-7159	901	5	be	be	AUX
cblr-7159	901	6	addressed	address	VERB
cblr-7159	901	7	is	be	AUX
cblr-7159	901	8	that	that	SCONJ
cblr-7159	901	9	there	there	PRON
cblr-7159	901	10	is	be	VERB
cblr-7159	901	11	some	some	DET
cblr-7159	901	12	inherent	inherent	ADJ
cblr-7159	901	13	difference	difference	NOUN
cblr-7159	901	14	in	in	ADP
cblr-7159	901	15	the	the	DET
cblr-7159	901	16	loans	loan	NOUN
cblr-7159	901	17	or	or	CCONJ
cblr-7159	901	18	borrowers	borrower	NOUN
cblr-7159	901	19	that	that	PRON
cblr-7159	901	20	leads	lead	VERB
cblr-7159	901	21	to	to	ADP
cblr-7159	901	22	the	the	DET
cblr-7159	901	23	divergent	divergent	ADJ
cblr-7159	901	24	patterns	pattern	NOUN
cblr-7159	901	25	.	.	PUNCT
cblr-7159	902	1	for	for	ADP
cblr-7159	902	2	example	example	NOUN
cblr-7159	902	3	,	,	PUNCT
cblr-7159	902	4	it	it	PRON
cblr-7159	902	5	is	be	AUX
cblr-7159	902	6	possible	possible	ADJ
cblr-7159	902	7	that	that	SCONJ
cblr-7159	902	8	the	the	DET
cblr-7159	902	9	loans	loan	NOUN
cblr-7159	902	10	sold	sell	VERB
cblr-7159	902	11	to	to	ADP
cblr-7159	902	12	non	non	NOUN
cblr-7159	902	13	-	-	NOUN
cblr-7159	902	14	banks	bank	NOUN
cblr-7159	902	15	and	and	CCONJ
cblr-7159	902	16	packaged	package	VERB
cblr-7159	902	17	into	into	ADP
cblr-7159	902	18	clos	clo	NOUN
cblr-7159	902	19	are	be	AUX
cblr-7159	902	20	fundamentally	fundamentally	ADV
cblr-7159	902	21	different	different	ADJ
cblr-7159	902	22	than	than	ADP
cblr-7159	902	23	the	the	DET
cblr-7159	902	24	loans	loan	NOUN
cblr-7159	902	25	for	for	ADP
cblr-7159	902	26	which	which	PRON
cblr-7159	902	27	banks	bank	NOUN
cblr-7159	902	28	retain	retain	VERB
cblr-7159	902	29	a	a	DET
cblr-7159	902	30	larger	large	ADJ
cblr-7159	902	31	share	share	NOUN
cblr-7159	902	32	of	of	ADP
cblr-7159	902	33	exposure	exposure	NOUN
cblr-7159	902	34	,	,	PUNCT
cblr-7159	902	35	or	or	CCONJ
cblr-7159	902	36	that	that	SCONJ
cblr-7159	902	37	securitized	securitized	ADJ
cblr-7159	902	38	borrowers	borrower	NOUN
cblr-7159	902	39	need	need	VERB
cblr-7159	902	40	less	less	ADJ
cblr-7159	902	41	intervention	intervention	NOUN
cblr-7159	902	42	when	when	SCONJ
cblr-7159	902	43	violating	violate	VERB
cblr-7159	902	44	loan	loan	NOUN
cblr-7159	902	45	covenants	covenant	NOUN
cblr-7159	902	46	.	.	PUNCT
cblr-7159	903	1	in	in	ADP
cblr-7159	903	2	order	order	NOUN
cblr-7159	903	3	to	to	PART
cblr-7159	903	4	address	address	VERB
cblr-7159	903	5	that	that	DET
cblr-7159	903	6	possibility	possibility	NOUN
cblr-7159	903	7	,	,	PUNCT
cblr-7159	903	8	i	i	PRON
cblr-7159	903	9	compare	compare	VERB
cblr-7159	903	10	the	the	DET
cblr-7159	903	11	loans	loan	NOUN
cblr-7159	903	12	of	of	ADP
cblr-7159	903	13	covenant	covenant	ADJ
cblr-7159	903	14	violators	violator	NOUN
cblr-7159	903	15	in	in	ADP
cblr-7159	903	16	the	the	DET
cblr-7159	903	17	various	various	ADJ
cblr-7159	903	18	groups	group	NOUN
cblr-7159	903	19	on	on	ADP
cblr-7159	903	20	observable	observable	ADJ
cblr-7159	903	21	characteristics	characteristic	NOUN
cblr-7159	903	22	to	to	PART
cblr-7159	903	23	assess	assess	VERB
cblr-7159	903	24	whether	whether	SCONJ
cblr-7159	903	25	or	or	CCONJ
cblr-7159	903	26	not	not	PART
cblr-7159	903	27	there	there	PRON
cblr-7159	903	28	is	be	VERB
cblr-7159	903	29	a	a	DET
cblr-7159	903	30	significant	significant	ADJ
cblr-7159	903	31	difference	difference	NOUN
cblr-7159	903	32	between	between	ADP
cblr-7159	903	33	them	they	PRON
cblr-7159	903	34	.	.	PUNCT
cblr-7159	904	1	the	the	DET
cblr-7159	904	2	comparisons	comparison	NOUN
cblr-7159	904	3	are	be	AUX
cblr-7159	904	4	set	set	VERB
cblr-7159	904	5	out	out	ADP
cblr-7159	904	6	in	in	ADP
cblr-7159	904	7	the	the	DET
cblr-7159	904	8	appendix	appendix	NOUN
cblr-7159	904	9	to	to	ADP
cblr-7159	904	10	the	the	DET
cblr-7159	904	11	covenant	covenant	ADJ
cblr-7159	904	12	violation	violation	NOUN
cblr-7159	904	13	data	datum	NOUN
cblr-7159	904	14	set.281	set.281	VERB
cblr-7159	904	15	most	most	ADJ
cblr-7159	904	16	of	of	ADP
cblr-7159	904	17	the	the	DET
cblr-7159	904	18	observable	observable	ADJ
cblr-7159	904	19	characteristics	characteristic	NOUN
cblr-7159	904	20	of	of	ADP
cblr-7159	904	21	the	the	DET
cblr-7159	904	22	loans	loan	NOUN
cblr-7159	904	23	and	and	CCONJ
cblr-7159	904	24	borrowers	borrower	NOUN
cblr-7159	904	25	are	be	AUX
cblr-7159	904	26	not	not	PART
cblr-7159	904	27	significantly	significantly	ADV
cblr-7159	904	28	different	different	ADJ
cblr-7159	904	29	in	in	ADP
cblr-7159	904	30	any	any	DET
cblr-7159	904	31	systematic	systematic	ADJ
cblr-7159	904	32	way	way	NOUN
cblr-7159	904	33	that	that	PRON
cblr-7159	904	34	could	could	AUX
cblr-7159	904	35	explain	explain	VERB
cblr-7159	904	36	the	the	DET
cblr-7159	904	37	divergent	divergent	ADJ
cblr-7159	904	38	results	result	NOUN
cblr-7159	904	39	.	.	PUNCT
cblr-7159	905	1	notably	notably	ADV
cblr-7159	905	2	,	,	PUNCT
cblr-7159	905	3	the	the	DET
cblr-7159	905	4	three	three	NUM
cblr-7159	905	5	types	type	NOUN
cblr-7159	905	6	of	of	ADP
cblr-7159	905	7	borrowers	borrower	NOUN
cblr-7159	905	8	show	show	VERB
cblr-7159	905	9	no	no	DET
cblr-7159	905	10	systematic	systematic	ADJ
cblr-7159	905	11	divergence	divergence	NOUN
cblr-7159	905	12	in	in	ADP
cblr-7159	905	13	terms	term	NOUN
cblr-7159	905	14	of	of	ADP
cblr-7159	905	15	revenue	revenue	NOUN
cblr-7159	905	16	,	,	PUNCT
cblr-7159	905	17	debt	debt	NOUN
cblr-7159	905	18	load	load	NOUN
cblr-7159	905	19	,	,	PUNCT
cblr-7159	905	20	or	or	CCONJ
cblr-7159	905	21	size	size	NOUN
cblr-7159	905	22	in	in	ADP
cblr-7159	905	23	terms	term	NOUN
cblr-7159	905	24	of	of	ADP
cblr-7159	905	25	asset	asset	NOUN
cblr-7159	905	26	,	,	PUNCT
cblr-7159	905	27	market	market	NOUN
cblr-7159	905	28	capitalization	capitalization	NOUN
cblr-7159	905	29	,	,	PUNCT
cblr-7159	905	30	age	age	NOUN
cblr-7159	905	31	,	,	PUNCT
cblr-7159	905	32	280	280	NUM
cblr-7159	905	33	see	see	VERB
cblr-7159	905	34	discussion	discussion	NOUN
cblr-7159	905	35	of	of	ADP
cblr-7159	905	36	the	the	DET
cblr-7159	905	37	data	datum	NOUN
cblr-7159	905	38	and	and	CCONJ
cblr-7159	905	39	analysis	analysis	NOUN
cblr-7159	905	40	supra	supra	PROPN
cblr-7159	905	41	part	part	PROPN
cblr-7159	905	42	iii	iii	PROPN
cblr-7159	905	43	.	.	PROPN
cblr-7159	905	44	281	281	NUM
cblr-7159	905	45	see	see	VERB
cblr-7159	905	46	mcclane	mcclane	PROPN
cblr-7159	905	47	,	,	PUNCT
cblr-7159	905	48	supra	supra	PROPN
cblr-7159	905	49	note	note	PROPN
cblr-7159	905	50	216	216	NUM
cblr-7159	905	51	,	,	PUNCT
cblr-7159	905	52	at	at	ADP
cblr-7159	905	53	tbl.14	tbl.14	NOUN
cblr-7159	905	54	.	.	PUNCT
cblr-7159	906	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	906	2	(	(	PUNCT
cblr-7159	906	3	do	do	AUX
cblr-7159	906	4	not	not	PART
cblr-7159	906	5	delete	delete	VERB
cblr-7159	906	6	)	)	PUNCT
cblr-7159	906	7	9/28/2020	9/28/2020	NUM
cblr-7159	906	8	6:35	6:35	NUM
cblr-7159	906	9	pm	pm	NOUN
cblr-7159	906	10	no	no	INTJ
cblr-7159	906	11	.	.	PUNCT
cblr-7159	907	1	1:192	1:192	X
cblr-7159	907	2	]	]	X
cblr-7159	907	3	reconsidering	reconsider	VERB
cblr-7159	907	4	creditor	creditor	NOUN
cblr-7159	907	5	governance	governance	NOUN
cblr-7159	907	6	265	265	NUM
cblr-7159	907	7	or	or	CCONJ
cblr-7159	907	8	credit	credit	NOUN
cblr-7159	907	9	rating.282	rating.282	VERB
cblr-7159	907	10	nonetheless	nonetheless	ADV
cblr-7159	907	11	,	,	PUNCT
cblr-7159	907	12	it	it	PRON
cblr-7159	907	13	is	be	AUX
cblr-7159	907	14	possible	possible	ADJ
cblr-7159	907	15	that	that	SCONJ
cblr-7159	907	16	some	some	DET
cblr-7159	907	17	unobservable	unobservable	ADJ
cblr-7159	907	18	characteristic	characteristic	ADJ
cblr-7159	907	19	drives	drive	VERB
cblr-7159	907	20	the	the	DET
cblr-7159	907	21	results	result	NOUN
cblr-7159	907	22	.	.	PUNCT
cblr-7159	908	1	for	for	ADP
cblr-7159	908	2	instance	instance	NOUN
cblr-7159	908	3	,	,	PUNCT
cblr-7159	908	4	some	some	DET
cblr-7159	908	5	companies	company	NOUN
cblr-7159	908	6	might	might	AUX
cblr-7159	908	7	inherently	inherently	ADV
cblr-7159	908	8	need	need	VERB
cblr-7159	908	9	less	less	ADJ
cblr-7159	908	10	intervention.283	intervention.283	PROPN
cblr-7159	908	11	however	however	ADV
cblr-7159	908	12	,	,	PUNCT
cblr-7159	908	13	it	it	PRON
cblr-7159	908	14	is	be	AUX
cblr-7159	908	15	not	not	PART
cblr-7159	908	16	clear	clear	ADJ
cblr-7159	908	17	why	why	SCONJ
cblr-7159	908	18	lenders	lender	NOUN
cblr-7159	908	19	would	would	AUX
cblr-7159	908	20	choose	choose	VERB
cblr-7159	908	21	to	to	PART
cblr-7159	908	22	unload	unload	VERB
cblr-7159	908	23	risk	risk	NOUN
cblr-7159	908	24	from	from	ADP
cblr-7159	908	25	debtors	debtor	NOUN
cblr-7159	908	26	that	that	PRON
cblr-7159	908	27	need	need	VERB
cblr-7159	908	28	less	less	ADJ
cblr-7159	908	29	help	help	NOUN
cblr-7159	908	30	following	follow	VERB
cblr-7159	908	31	a	a	DET
cblr-7159	908	32	violation	violation	NOUN
cblr-7159	908	33	,	,	PUNCT
cblr-7159	908	34	or	or	CCONJ
cblr-7159	908	35	are	be	AUX
cblr-7159	908	36	likely	likely	ADJ
cblr-7159	908	37	to	to	PART
cblr-7159	908	38	commit	commit	VERB
cblr-7159	908	39	only	only	ADV
cblr-7159	908	40	technical	technical	ADJ
cblr-7159	908	41	violations	violation	NOUN
cblr-7159	908	42	that	that	PRON
cblr-7159	908	43	do	do	AUX
cblr-7159	908	44	not	not	PART
cblr-7159	908	45	require	require	VERB
cblr-7159	908	46	lender	lender	NOUN
cblr-7159	908	47	guidance	guidance	NOUN
cblr-7159	908	48	.	.	PUNCT
cblr-7159	909	1	it	it	PRON
cblr-7159	909	2	is	be	AUX
cblr-7159	909	3	also	also	ADV
cblr-7159	909	4	unclear	unclear	ADJ
cblr-7159	909	5	why	why	SCONJ
cblr-7159	909	6	lenders	lender	NOUN
cblr-7159	909	7	would	would	AUX
cblr-7159	909	8	choose	choose	VERB
cblr-7159	909	9	to	to	PART
cblr-7159	909	10	keep	keep	VERB
cblr-7159	909	11	risk	risk	NOUN
cblr-7159	909	12	from	from	ADP
cblr-7159	909	13	debtors	debtor	NOUN
cblr-7159	909	14	that	that	PRON
cblr-7159	909	15	need	need	VERB
cblr-7159	909	16	more	more	ADJ
cblr-7159	909	17	help	help	NOUN
cblr-7159	909	18	or	or	CCONJ
cblr-7159	909	19	are	be	AUX
cblr-7159	909	20	more	more	ADV
cblr-7159	909	21	likely	likely	ADJ
cblr-7159	909	22	to	to	PART
cblr-7159	909	23	commit	commit	VERB
cblr-7159	909	24	serious	serious	ADJ
cblr-7159	909	25	violations	violation	NOUN
cblr-7159	909	26	.	.	PUNCT
cblr-7159	910	1	moreover	moreover	ADV
cblr-7159	910	2	,	,	PUNCT
cblr-7159	910	3	if	if	SCONJ
cblr-7159	910	4	the	the	DET
cblr-7159	910	5	securitized	securitized	ADJ
cblr-7159	910	6	group	group	NOUN
cblr-7159	910	7	of	of	ADP
cblr-7159	910	8	debtors	debtor	NOUN
cblr-7159	910	9	needed	need	VERB
cblr-7159	910	10	less	less	ADJ
cblr-7159	910	11	intervention	intervention	NOUN
cblr-7159	910	12	,	,	PUNCT
cblr-7159	910	13	it	it	PRON
cblr-7159	910	14	does	do	AUX
cblr-7159	910	15	not	not	PART
cblr-7159	910	16	explain	explain	VERB
cblr-7159	910	17	why	why	SCONJ
cblr-7159	910	18	their	their	PRON
cblr-7159	910	19	financial	financial	ADJ
cblr-7159	910	20	performance	performance	NOUN
cblr-7159	910	21	declines	decline	VERB
cblr-7159	910	22	or	or	CCONJ
cblr-7159	910	23	improves	improve	VERB
cblr-7159	910	24	less	less	ADJ
cblr-7159	910	25	than	than	ADP
cblr-7159	910	26	that	that	PRON
cblr-7159	910	27	of	of	ADP
cblr-7159	910	28	firms	firm	NOUN
cblr-7159	910	29	for	for	ADP
cblr-7159	910	30	which	which	PRON
cblr-7159	910	31	intervention	intervention	NOUN
cblr-7159	910	32	takes	take	VERB
cblr-7159	910	33	place	place	NOUN
cblr-7159	910	34	.	.	PUNCT
cblr-7159	911	1	i	i	PRON
cblr-7159	911	2	also	also	ADV
cblr-7159	911	3	note	note	VERB
cblr-7159	911	4	that	that	SCONJ
cblr-7159	911	5	,	,	PUNCT
cblr-7159	911	6	even	even	ADV
cblr-7159	911	7	if	if	SCONJ
cblr-7159	911	8	there	there	PRON
cblr-7159	911	9	were	be	VERB
cblr-7159	911	10	some	some	DET
cblr-7159	911	11	systematic	systematic	ADJ
cblr-7159	911	12	but	but	CCONJ
cblr-7159	911	13	unobservable	unobservable	ADJ
cblr-7159	911	14	way	way	NOUN
cblr-7159	911	15	in	in	ADP
cblr-7159	911	16	which	which	PRON
cblr-7159	911	17	the	the	DET
cblr-7159	911	18	two	two	NUM
cblr-7159	911	19	types	type	NOUN
cblr-7159	911	20	of	of	ADP
cblr-7159	911	21	borrowers	borrower	NOUN
cblr-7159	911	22	diverged	diverge	VERB
cblr-7159	911	23	,	,	PUNCT
cblr-7159	911	24	it	it	PRON
cblr-7159	911	25	would	would	AUX
cblr-7159	911	26	still	still	ADV
cblr-7159	911	27	be	be	AUX
cblr-7159	911	28	important	important	ADJ
cblr-7159	911	29	that	that	SCONJ
cblr-7159	911	30	lender	lender	NOUN
cblr-7159	911	31	intervention	intervention	NOUN
cblr-7159	911	32	has	have	AUX
cblr-7159	911	33	diminished	diminish	VERB
cblr-7159	911	34	for	for	ADP
cblr-7159	911	35	one	one	NUM
cblr-7159	911	36	particular	particular	ADJ
cblr-7159	911	37	class	class	NOUN
cblr-7159	911	38	of	of	ADP
cblr-7159	911	39	borrower	borrower	NOUN
cblr-7159	911	40	.	.	PUNCT
cblr-7159	912	1	2	2	X
cblr-7159	912	2	.	.	X
cblr-7159	912	3	non	non	ADJ
cblr-7159	912	4	-	-	ADJ
cblr-7159	912	5	bank	bank	ADJ
cblr-7159	912	6	loan	loan	NOUN
cblr-7159	912	7	concentration	concentration	NOUN
cblr-7159	912	8	the	the	DET
cblr-7159	912	9	analysis	analysis	NOUN
cblr-7159	912	10	above	above	ADP
cblr-7159	912	11	divided	divide	VERB
cblr-7159	912	12	the	the	DET
cblr-7159	912	13	covenant	covenant	ADJ
cblr-7159	912	14	violators	violator	NOUN
cblr-7159	912	15	into	into	ADP
cblr-7159	912	16	different	different	ADJ
cblr-7159	912	17	,	,	PUNCT
cblr-7159	912	18	mutually	mutually	ADV
cblr-7159	912	19	exclusive	exclusive	ADJ
cblr-7159	912	20	samples	sample	NOUN
cblr-7159	912	21	based	base	VERB
cblr-7159	912	22	on	on	ADP
cblr-7159	912	23	whether	whether	SCONJ
cblr-7159	912	24	their	their	PRON
cblr-7159	912	25	loans	loan	NOUN
cblr-7159	912	26	are	be	AUX
cblr-7159	912	27	primarily	primarily	ADV
cblr-7159	912	28	held	hold	VERB
cblr-7159	912	29	by	by	ADP
cblr-7159	912	30	non	non	NOUN
cblr-7159	912	31	-	-	NOUN
cblr-7159	912	32	banks	bank	NOUN
cblr-7159	912	33	,	,	PUNCT
cblr-7159	912	34	and	and	CCONJ
cblr-7159	912	35	whether	whether	SCONJ
cblr-7159	912	36	any	any	PRON
cblr-7159	912	37	of	of	ADP
cblr-7159	912	38	their	their	PRON
cblr-7159	912	39	loans	loan	NOUN
cblr-7159	912	40	are	be	AUX
cblr-7159	912	41	included	include	VERB
cblr-7159	912	42	in	in	ADP
cblr-7159	912	43	clos	clo	NOUN
cblr-7159	912	44	.	.	PUNCT
cblr-7159	913	1	however	however	ADV
cblr-7159	913	2	,	,	PUNCT
cblr-7159	913	3	the	the	DET
cblr-7159	913	4	borrowers	borrower	NOUN
cblr-7159	913	5	in	in	ADP
cblr-7159	913	6	the	the	DET
cblr-7159	913	7	clo	clo	PROPN
cblr-7159	913	8	sample	sample	PROPN
cblr-7159	913	9	have	have	AUX
cblr-7159	913	10	,	,	PUNCT
cblr-7159	913	11	on	on	ADP
cblr-7159	913	12	average	average	ADJ
cblr-7159	913	13	,	,	PUNCT
cblr-7159	913	14	leveraged	leveraged	ADJ
cblr-7159	913	15	loan	loan	NOUN
cblr-7159	913	16	debt	debt	NOUN
cblr-7159	913	17	that	that	PRON
cblr-7159	913	18	is	be	AUX
cblr-7159	913	19	much	much	ADV
cblr-7159	913	20	more	more	ADV
cblr-7159	913	21	heavily	heavily	ADV
cblr-7159	913	22	concentrated	concentrated	ADJ
cblr-7159	913	23	in	in	ADP
cblr-7159	913	24	the	the	DET
cblr-7159	913	25	hands	hand	NOUN
cblr-7159	913	26	of	of	ADP
cblr-7159	913	27	non	non	ADJ
cblr-7159	913	28	-	-	ADJ
cblr-7159	913	29	bank	bank	ADJ
cblr-7159	913	30	financial	financial	ADJ
cblr-7159	913	31	institutions	institution	NOUN
cblr-7159	913	32	than	than	ADP
cblr-7159	913	33	those	those	PRON
cblr-7159	913	34	in	in	ADP
cblr-7159	913	35	the	the	DET
cblr-7159	913	36	non	non	ADJ
cblr-7159	913	37	-	-	ADJ
cblr-7159	913	38	clo	clo	ADJ
cblr-7159	913	39	sample	sample	NOUN
cblr-7159	913	40	.	.	PUNCT
cblr-7159	914	1	282	282	NUM
cblr-7159	914	2	see	see	VERB
cblr-7159	914	3	i	i	PRON
cblr-7159	914	4	d.	d.	PROPN
cblr-7159	914	5	283	283	NUM
cblr-7159	914	6	indeed	indeed	ADV
cblr-7159	914	7	,	,	PUNCT
cblr-7159	914	8	a	a	DET
cblr-7159	914	9	recent	recent	ADJ
cblr-7159	914	10	paper	paper	NOUN
cblr-7159	914	11	posits	posit	NOUN
cblr-7159	914	12	that	that	SCONJ
cblr-7159	914	13	some	some	DET
cblr-7159	914	14	covenant	covenant	ADJ
cblr-7159	914	15	violations	violation	NOUN
cblr-7159	914	16	are	be	AUX
cblr-7159	914	17	“	"	PUNCT
cblr-7159	914	18	foot	foot	NOUN
cblr-7159	914	19	faults	fault	NOUN
cblr-7159	914	20	,	,	PUNCT
cblr-7159	914	21	”	"	PUNCT
cblr-7159	914	22	meaning	mean	VERB
cblr-7159	914	23	that	that	SCONJ
cblr-7159	914	24	they	they	PRON
cblr-7159	914	25	are	be	AUX
cblr-7159	914	26	technical	technical	ADJ
cblr-7159	914	27	or	or	CCONJ
cblr-7159	914	28	incidental	incidental	ADJ
cblr-7159	914	29	violations	violation	NOUN
cblr-7159	914	30	by	by	ADP
cblr-7159	914	31	otherwise	otherwise	ADV
cblr-7159	914	32	strong	strong	ADJ
cblr-7159	914	33	companies	company	NOUN
cblr-7159	914	34	that	that	PRON
cblr-7159	914	35	do	do	AUX
cblr-7159	914	36	not	not	PART
cblr-7159	914	37	require	require	VERB
cblr-7159	914	38	lender	lender	NOUN
cblr-7159	914	39	guidance	guidance	NOUN
cblr-7159	914	40	.	.	PUNCT
cblr-7159	915	1	see	see	VERB
cblr-7159	915	2	thomas	thomas	PROPN
cblr-7159	915	3	griffin	griffin	PROPN
cblr-7159	915	4	et	et	PROPN
cblr-7159	915	5	al	al	PROPN
cblr-7159	915	6	.	.	PROPN
cblr-7159	915	7	,	,	PUNCT
cblr-7159	915	8	losing	lose	VERB
cblr-7159	915	9	control	control	NOUN
cblr-7159	915	10	?	?	PUNCT
cblr-7159	916	1	the	the	DET
cblr-7159	916	2	20	20	NUM
cblr-7159	916	3	-	-	PUNCT
cblr-7159	916	4	year	year	NOUN
cblr-7159	916	5	decline	decline	NOUN
cblr-7159	916	6	in	in	ADP
cblr-7159	916	7	loan	loan	NOUN
cblr-7159	916	8	covenant	covenant	NOUN
cblr-7159	916	9	restrictions	restriction	NOUN
cblr-7159	916	10	2–3	2–3	NUM
cblr-7159	916	11	(	(	PUNCT
cblr-7159	916	12	dec	dec	PROPN
cblr-7159	916	13	.	.	PROPN
cblr-7159	916	14	2019	2019	NUM
cblr-7159	916	15	)	)	PUNCT
cblr-7159	916	16	(	(	PUNCT
cblr-7159	916	17	unpublished	unpublished	ADJ
cblr-7159	916	18	manuscript	manuscript	NOUN
cblr-7159	916	19	)	)	PUNCT
cblr-7159	916	20	,	,	PUNCT
cblr-7159	916	21	https://ssrn.com/abstract=3277570	https://ssrn.com/abstract=3277570	NOUN
cblr-7159	916	22	[	[	X
cblr-7159	916	23	https://perma.cc/4krl-fv6	https://perma.cc/4krl-fv6	NOUN
cblr-7159	916	24	t	t	X
cblr-7159	916	25	]	]	PUNCT
cblr-7159	916	26	.	.	PUNCT
cblr-7159	917	1	the	the	DET
cblr-7159	917	2	authors	author	NOUN
cblr-7159	917	3	develop	develop	VERB
cblr-7159	917	4	a	a	DET
cblr-7159	917	5	model	model	NOUN
cblr-7159	917	6	to	to	PART
cblr-7159	917	7	determine	determine	VERB
cblr-7159	917	8	what	what	PRON
cblr-7159	917	9	types	type	NOUN
cblr-7159	917	10	of	of	ADP
cblr-7159	917	11	violations	violation	NOUN
cblr-7159	917	12	are	be	AUX
cblr-7159	917	13	serious	serious	ADJ
cblr-7159	917	14	(	(	PUNCT
cblr-7159	917	15	which	which	PRON
cblr-7159	917	16	they	they	PRON
cblr-7159	917	17	call	call	VERB
cblr-7159	917	18	“	"	PUNCT
cblr-7159	917	19	true	true	ADJ
cblr-7159	917	20	positives	positive	NOUN
cblr-7159	917	21	”	"	PUNCT
cblr-7159	917	22	)	)	PUNCT
cblr-7159	917	23	and	and	CCONJ
cblr-7159	917	24	which	which	DET
cblr-7159	917	25	types	type	NOUN
cblr-7159	917	26	are	be	AUX
cblr-7159	917	27	only	only	ADV
cblr-7159	917	28	foot	foot	NOUN
cblr-7159	917	29	faults	fault	NOUN
cblr-7159	917	30	(	(	PUNCT
cblr-7159	917	31	which	which	PRON
cblr-7159	917	32	they	they	PRON
cblr-7159	917	33	label	label	VERB
cblr-7159	917	34	“	"	PUNCT
cblr-7159	917	35	false	false	ADJ
cblr-7159	917	36	positives	positive	NOUN
cblr-7159	917	37	”	"	PUNCT
cblr-7159	917	38	)	)	PUNCT
cblr-7159	917	39	.	.	PUNCT
cblr-7159	918	1	the	the	DET
cblr-7159	918	2	authors	author	NOUN
cblr-7159	918	3	determine	determine	VERB
cblr-7159	918	4	that	that	SCONJ
cblr-7159	918	5	since	since	SCONJ
cblr-7159	918	6	the	the	DET
cblr-7159	918	7	financial	financial	ADJ
cblr-7159	918	8	crisis	crisis	NOUN
cblr-7159	918	9	,	,	PUNCT
cblr-7159	918	10	most	most	ADJ
cblr-7159	918	11	violations	violation	NOUN
cblr-7159	918	12	are	be	AUX
cblr-7159	918	13	situations	situation	NOUN
cblr-7159	918	14	in	in	ADP
cblr-7159	918	15	which	which	PRON
cblr-7159	918	16	the	the	DET
cblr-7159	918	17	lender	lender	NOUN
cblr-7159	918	18	should	should	AUX
cblr-7159	918	19	step	step	VERB
cblr-7159	918	20	in	in	ADV
cblr-7159	918	21	.	.	PUNCT
cblr-7159	919	1	see	see	VERB
cblr-7159	919	2	i	i	PRON
cblr-7159	919	3	d.	d.	PROPN
cblr-7159	920	1	i	i	PRON
cblr-7159	920	2	note	note	VERB
cblr-7159	920	3	that	that	SCONJ
cblr-7159	920	4	this	this	DET
cblr-7159	920	5	paper	paper	NOUN
cblr-7159	920	6	lends	lend	VERB
cblr-7159	920	7	support	support	NOUN
cblr-7159	920	8	to	to	ADP
cblr-7159	920	9	the	the	DET
cblr-7159	920	10	bank	bank	NOUN
cblr-7159	920	11	abdication	abdication	NOUN
cblr-7159	920	12	hypothesis	hypothesis	NOUN
cblr-7159	920	13	examined	examine	VERB
cblr-7159	920	14	here	here	ADV
cblr-7159	920	15	;	;	PUNCT
cblr-7159	920	16	if	if	SCONJ
cblr-7159	920	17	most	most	ADJ
cblr-7159	920	18	post	post	ADJ
cblr-7159	920	19	-	-	ADJ
cblr-7159	920	20	crisis	crisis	ADJ
cblr-7159	920	21	violations	violation	NOUN
cblr-7159	920	22	are	be	AUX
cblr-7159	920	23	situations	situation	NOUN
cblr-7159	920	24	in	in	ADP
cblr-7159	920	25	which	which	PRON
cblr-7159	920	26	lenders	lender	NOUN
cblr-7159	920	27	should	should	AUX
cblr-7159	920	28	intervene	intervene	VERB
cblr-7159	920	29	,	,	PUNCT
cblr-7159	920	30	then	then	ADV
cblr-7159	920	31	the	the	DET
cblr-7159	920	32	lack	lack	NOUN
cblr-7159	920	33	of	of	ADP
cblr-7159	920	34	lender	lender	NOUN
cblr-7159	920	35	intervention	intervention	NOUN
cblr-7159	920	36	is	be	AUX
cblr-7159	920	37	all	all	DET
cblr-7159	920	38	the	the	DET
cblr-7159	920	39	more	more	ADV
cblr-7159	920	40	striking	striking	ADJ
cblr-7159	920	41	,	,	PUNCT
cblr-7159	920	42	and	and	CCONJ
cblr-7159	920	43	can	can	AUX
cblr-7159	920	44	not	not	PART
cblr-7159	920	45	be	be	AUX
cblr-7159	920	46	easily	easily	ADV
cblr-7159	920	47	dismissed	dismiss	VERB
cblr-7159	920	48	as	as	ADP
cblr-7159	920	49	a	a	DET
cblr-7159	920	50	spurious	spurious	ADJ
cblr-7159	920	51	or	or	CCONJ
cblr-7159	920	52	false	false	ADJ
cblr-7159	920	53	positive	positive	ADJ
cblr-7159	920	54	violation	violation	NOUN
cblr-7159	920	55	.	.	PUNCT
cblr-7159	921	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	921	2	(	(	PUNCT
cblr-7159	921	3	do	do	AUX
cblr-7159	921	4	not	not	PART
cblr-7159	921	5	delte	delte	VERB
cblr-7159	921	6	)	)	PUNCT
cblr-7159	921	7	9/28/2020	9/28/2020	NUM
cblr-7159	922	1	6:35	6:35	NUM
cblr-7159	922	2	pm	pm	NOUN
cblr-7159	922	3	266	266	NUM
cblr-7159	922	4	columbia	columbia	PROPN
cblr-7159	922	5	business	business	NOUN
cblr-7159	922	6	law	law	NOUN
cblr-7159	922	7	review	review	NOUN
cblr-7159	923	1	[	[	X
cblr-7159	923	2	vol	vol	NOUN
cblr-7159	923	3	.	.	PUNCT
cblr-7159	923	4	2020	2020	NUM
cblr-7159	923	5	specifically	specifically	ADV
cblr-7159	923	6	,	,	PUNCT
cblr-7159	923	7	76	76	NUM
cblr-7159	923	8	%	%	NOUN
cblr-7159	923	9	of	of	ADP
cblr-7159	923	10	the	the	DET
cblr-7159	923	11	total	total	ADJ
cblr-7159	923	12	loan	loan	NOUN
cblr-7159	923	13	debt	debt	NOUN
cblr-7159	923	14	for	for	ADP
cblr-7159	923	15	the	the	DET
cblr-7159	923	16	average	average	ADJ
cblr-7159	923	17	borrower	borrower	NOUN
cblr-7159	923	18	in	in	ADP
cblr-7159	923	19	the	the	DET
cblr-7159	923	20	clo	clo	PROPN
cblr-7159	923	21	sample	sample	NOUN
cblr-7159	923	22	is	be	AUX
cblr-7159	923	23	in	in	ADP
cblr-7159	923	24	the	the	DET
cblr-7159	923	25	form	form	NOUN
cblr-7159	923	26	of	of	ADP
cblr-7159	923	27	term	term	NOUN
cblr-7159	923	28	loans	loan	NOUN
cblr-7159	923	29	held	hold	VERB
cblr-7159	923	30	by	by	ADP
cblr-7159	923	31	non	non	ADJ
cblr-7159	923	32	-	-	ADJ
cblr-7159	923	33	bank	bank	ADJ
cblr-7159	923	34	institutions	institution	NOUN
cblr-7159	923	35	,	,	PUNCT
cblr-7159	923	36	according	accord	VERB
cblr-7159	923	37	to	to	ADP
cblr-7159	923	38	the	the	DET
cblr-7159	923	39	loan	loan	NOUN
cblr-7159	923	40	-	-	PUNCT
cblr-7159	923	41	type	type	NOUN
cblr-7159	923	42	classifications	classification	NOUN
cblr-7159	923	43	in	in	ADP
cblr-7159	923	44	the	the	DET
cblr-7159	923	45	dealscan	dealscan	ADJ
cblr-7159	923	46	data	datum	NOUN
cblr-7159	923	47	.	.	PUNCT
cblr-7159	924	1	by	by	ADP
cblr-7159	924	2	contrast	contrast	NOUN
cblr-7159	924	3	,	,	PUNCT
cblr-7159	924	4	between	between	ADP
cblr-7159	924	5	45–60	45–60	NUM
cblr-7159	924	6	%	%	NOUN
cblr-7159	924	7	of	of	ADP
cblr-7159	924	8	the	the	DET
cblr-7159	924	9	loans	loan	NOUN
cblr-7159	924	10	made	make	VERB
cblr-7159	924	11	to	to	ADP
cblr-7159	924	12	non	non	ADJ
cblr-7159	924	13	-	-	ADJ
cblr-7159	924	14	clo	clo	ADJ
cblr-7159	924	15	borrowers	borrower	NOUN
cblr-7159	924	16	on	on	ADP
cblr-7159	924	17	average	average	ADJ
cblr-7159	924	18	are	be	AUX
cblr-7159	924	19	term	term	NOUN
cblr-7159	924	20	loans	loan	NOUN
cblr-7159	924	21	,	,	PUNCT
cblr-7159	924	22	depending	depend	VERB
cblr-7159	924	23	on	on	ADP
cblr-7159	924	24	the	the	DET
cblr-7159	924	25	year	year	NOUN
cblr-7159	924	26	.	.	PUNCT
cblr-7159	925	1	this	this	PRON
cblr-7159	925	2	raises	raise	VERB
cblr-7159	925	3	the	the	DET
cblr-7159	925	4	possibility	possibility	NOUN
cblr-7159	925	5	that	that	SCONJ
cblr-7159	925	6	the	the	DET
cblr-7159	925	7	results	result	NOUN
cblr-7159	925	8	are	be	AUX
cblr-7159	925	9	driven	drive	VERB
cblr-7159	925	10	by	by	ADP
cblr-7159	925	11	non	non	ADJ
cblr-7159	925	12	-	-	ADJ
cblr-7159	925	13	bank	bank	ADJ
cblr-7159	925	14	institutions	institution	NOUN
cblr-7159	925	15	generally	generally	ADV
cblr-7159	925	16	,	,	PUNCT
cblr-7159	925	17	and	and	CCONJ
cblr-7159	925	18	are	be	AUX
cblr-7159	925	19	not	not	PART
cblr-7159	925	20	specific	specific	ADJ
cblr-7159	925	21	to	to	ADP
cblr-7159	925	22	clos	clo	NOUN
cblr-7159	925	23	.	.	PUNCT
cblr-7159	926	1	that	that	DET
cblr-7159	926	2	possibility	possibility	NOUN
cblr-7159	926	3	would	would	AUX
cblr-7159	926	4	be	be	AUX
cblr-7159	926	5	consistent	consistent	ADJ
cblr-7159	926	6	with	with	ADP
cblr-7159	926	7	the	the	DET
cblr-7159	926	8	hypothesis	hypothesis	NOUN
cblr-7159	926	9	that	that	PRON
cblr-7159	926	10	bank	bank	NOUN
cblr-7159	926	11	lenders	lender	NOUN
cblr-7159	926	12	have	have	VERB
cblr-7159	926	13	less	less	ADJ
cblr-7159	926	14	interest	interest	NOUN
cblr-7159	926	15	in	in	ADP
cblr-7159	926	16	monitoring	monitor	VERB
cblr-7159	926	17	debtors	debtor	NOUN
cblr-7159	926	18	to	to	PART
cblr-7159	926	19	whom	whom	PRON
cblr-7159	926	20	they	they	PRON
cblr-7159	926	21	have	have	VERB
cblr-7159	926	22	less	less	ADJ
cblr-7159	926	23	exposure	exposure	NOUN
cblr-7159	926	24	,	,	PUNCT
cblr-7159	926	25	and	and	CCONJ
cblr-7159	926	26	that	that	SCONJ
cblr-7159	926	27	non	non	ADJ
cblr-7159	926	28	-	-	ADJ
cblr-7159	926	29	bank	bank	ADJ
cblr-7159	926	30	lenders	lender	NOUN
cblr-7159	926	31	holding	hold	VERB
cblr-7159	926	32	tlbs	tlb	NOUN
cblr-7159	926	33	either	either	CCONJ
cblr-7159	926	34	have	have	VERB
cblr-7159	926	35	less	less	ADJ
cblr-7159	926	36	interest	interest	NOUN
cblr-7159	926	37	in	in	ADP
cblr-7159	926	38	monitoring	monitoring	NOUN
cblr-7159	926	39	,	,	PUNCT
cblr-7159	926	40	or	or	CCONJ
cblr-7159	926	41	hold	hold	VERB
cblr-7159	926	42	cov	cov	NOUN
cblr-7159	926	43	-	-	PUNCT
cblr-7159	926	44	lite	lite	NOUN
cblr-7159	926	45	loans	loan	NOUN
cblr-7159	926	46	that	that	PRON
cblr-7159	926	47	make	make	VERB
cblr-7159	926	48	it	it	PRON
cblr-7159	926	49	more	more	ADV
cblr-7159	926	50	difficult	difficult	ADJ
cblr-7159	926	51	to	to	PART
cblr-7159	926	52	monitor	monitor	VERB
cblr-7159	926	53	and	and	CCONJ
cblr-7159	926	54	intervene	intervene	VERB
cblr-7159	926	55	in	in	ADP
cblr-7159	926	56	borrowers	borrower	NOUN
cblr-7159	926	57	’	'	PUNCT
cblr-7159	926	58	governance	governance	NOUN
cblr-7159	926	59	.	.	PUNCT
cblr-7159	927	1	i	i	PRON
cblr-7159	927	2	first	first	ADV
cblr-7159	927	3	note	note	VERB
cblr-7159	927	4	that	that	SCONJ
cblr-7159	927	5	this	this	DET
cblr-7159	927	6	possibility	possibility	NOUN
cblr-7159	927	7	does	do	AUX
cblr-7159	927	8	not	not	PART
cblr-7159	927	9	reduce	reduce	VERB
cblr-7159	927	10	the	the	DET
cblr-7159	927	11	importance	importance	NOUN
cblr-7159	927	12	of	of	ADP
cblr-7159	927	13	the	the	DET
cblr-7159	927	14	results	result	NOUN
cblr-7159	927	15	above	above	ADV
cblr-7159	927	16	.	.	PUNCT
cblr-7159	928	1	it	it	PRON
cblr-7159	928	2	would	would	AUX
cblr-7159	928	3	still	still	ADV
cblr-7159	928	4	be	be	AUX
cblr-7159	928	5	true	true	ADJ
cblr-7159	928	6	that	that	SCONJ
cblr-7159	928	7	lender	lender	NOUN
cblr-7159	928	8	intervention	intervention	NOUN
cblr-7159	928	9	is	be	AUX
cblr-7159	928	10	fading	fade	VERB
cblr-7159	928	11	as	as	ADP
cblr-7159	928	12	the	the	DET
cblr-7159	928	13	nature	nature	NOUN
cblr-7159	928	14	of	of	ADP
cblr-7159	928	15	leveraged	leveraged	ADJ
cblr-7159	928	16	lending	lending	NOUN
cblr-7159	928	17	changes	change	NOUN
cblr-7159	928	18	;	;	PUNCT
cblr-7159	928	19	the	the	DET
cblr-7159	928	20	difference	difference	NOUN
cblr-7159	928	21	would	would	AUX
cblr-7159	928	22	be	be	AUX
cblr-7159	928	23	in	in	ADP
cblr-7159	928	24	the	the	DET
cblr-7159	928	25	interpretation	interpretation	NOUN
cblr-7159	928	26	of	of	ADP
cblr-7159	928	27	which	which	DET
cblr-7159	928	28	type	type	NOUN
cblr-7159	928	29	of	of	ADP
cblr-7159	928	30	lender	lender	NOUN
cblr-7159	928	31	-	-	PUNCT
cblr-7159	928	32	borrower	borrower	NOUN
cblr-7159	928	33	relationship	relationship	NOUN
cblr-7159	928	34	this	this	DET
cblr-7159	928	35	trend	trend	NOUN
cblr-7159	928	36	reflects	reflect	VERB
cblr-7159	928	37	.	.	PUNCT
cblr-7159	929	1	however	however	ADV
cblr-7159	929	2	,	,	PUNCT
cblr-7159	929	3	i	i	PRON
cblr-7159	929	4	attempt	attempt	VERB
cblr-7159	929	5	to	to	PART
cblr-7159	929	6	tease	tease	VERB
cblr-7159	929	7	the	the	DET
cblr-7159	929	8	effect	effect	NOUN
cblr-7159	929	9	of	of	ADP
cblr-7159	929	10	loan	loan	NOUN
cblr-7159	929	11	securitizations	securitization	NOUN
cblr-7159	929	12	apart	apart	ADV
cblr-7159	929	13	from	from	ADP
cblr-7159	929	14	the	the	DET
cblr-7159	929	15	effects	effect	NOUN
cblr-7159	929	16	of	of	ADP
cblr-7159	929	17	the	the	DET
cblr-7159	929	18	originate	originate	NOUN
cblr-7159	929	19	-	-	PUNCT
cblr-7159	929	20	to	to	ADP
cblr-7159	929	21	-	-	PUNCT
cblr-7159	929	22	distribute	distribute	VERB
cblr-7159	929	23	trend	trend	NOUN
cblr-7159	929	24	and	and	CCONJ
cblr-7159	929	25	the	the	DET
cblr-7159	929	26	increased	increase	VERB
cblr-7159	929	27	participation	participation	NOUN
cblr-7159	929	28	of	of	ADP
cblr-7159	929	29	non	non	ADJ
cblr-7159	929	30	-	-	ADJ
cblr-7159	929	31	bank	bank	ADJ
cblr-7159	929	32	lenders	lender	NOUN
cblr-7159	929	33	in	in	ADP
cblr-7159	929	34	the	the	DET
cblr-7159	929	35	market	market	NOUN
cblr-7159	929	36	generally	generally	ADV
cblr-7159	929	37	,	,	PUNCT
cblr-7159	929	38	using	use	VERB
cblr-7159	929	39	an	an	DET
cblr-7159	929	40	additional	additional	ADJ
cblr-7159	929	41	methodology	methodology	NOUN
cblr-7159	929	42	.	.	PUNCT
cblr-7159	930	1	to	to	PART
cblr-7159	930	2	do	do	VERB
cblr-7159	930	3	this	this	PRON
cblr-7159	930	4	,	,	PUNCT
cblr-7159	930	5	i	i	PRON
cblr-7159	930	6	use	use	VERB
cblr-7159	930	7	a	a	DET
cblr-7159	930	8	triple	triple	ADJ
cblr-7159	930	9	-	-	PUNCT
cblr-7159	930	10	difference	difference	NOUN
cblr-7159	930	11	analysis	analysis	NOUN
cblr-7159	930	12	using	use	VERB
cblr-7159	930	13	financial	financial	ADJ
cblr-7159	930	14	metrics	metric	NOUN
cblr-7159	930	15	discussed	discuss	VERB
cblr-7159	930	16	above	above	ADV
cblr-7159	930	17	as	as	ADP
cblr-7159	930	18	outcomes.284	outcomes.284	NOUN
cblr-7159	930	19	in	in	ADP
cblr-7159	930	20	doing	do	VERB
cblr-7159	930	21	so	so	ADV
cblr-7159	930	22	i	i	PRON
cblr-7159	930	23	analyze	analyze	VERB
cblr-7159	930	24	the	the	DET
cblr-7159	930	25	differences	difference	NOUN
cblr-7159	930	26	in	in	ADP
cblr-7159	930	27	financial	financial	ADJ
cblr-7159	930	28	metrics	metric	NOUN
cblr-7159	930	29	following	follow	VERB
cblr-7159	930	30	a	a	DET
cblr-7159	930	31	covenant	covenant	ADJ
cblr-7159	930	32	violation	violation	NOUN
cblr-7159	930	33	for	for	ADP
cblr-7159	930	34	both	both	DET
cblr-7159	930	35	clo	clo	PROPN
cblr-7159	930	36	borrowers	borrower	NOUN
cblr-7159	930	37	,	,	PUNCT
cblr-7159	930	38	and	and	CCONJ
cblr-7159	930	39	for	for	ADP
cblr-7159	930	40	the	the	DET
cblr-7159	930	41	universe	universe	NOUN
cblr-7159	930	42	of	of	ADP
cblr-7159	930	43	covenant	covenant	ADJ
cblr-7159	930	44	violators	violator	NOUN
cblr-7159	930	45	,	,	PUNCT
cblr-7159	930	46	76	76	NUM
cblr-7159	930	47	%	%	NOUN
cblr-7159	930	48	or	or	CCONJ
cblr-7159	930	49	more	more	ADJ
cblr-7159	930	50	of	of	ADP
cblr-7159	930	51	whose	whose	DET
cblr-7159	930	52	debt	debt	NOUN
cblr-7159	930	53	is	be	AUX
cblr-7159	930	54	held	hold	VERB
cblr-7159	930	55	by	by	ADP
cblr-7159	930	56	non	non	ADJ
cblr-7159	930	57	-	-	ADJ
cblr-7159	930	58	bank	bank	ADJ
cblr-7159	930	59	institutional	institutional	ADJ
cblr-7159	930	60	lenders	lender	NOUN
cblr-7159	930	61	.	.	PUNCT
cblr-7159	931	1	the	the	DET
cblr-7159	931	2	76	76	NUM
cblr-7159	931	3	%	%	NOUN
cblr-7159	931	4	threshold	threshold	NOUN
cblr-7159	931	5	is	be	AUX
cblr-7159	931	6	chosen	choose	VERB
cblr-7159	931	7	because	because	SCONJ
cblr-7159	931	8	that	that	PRON
cblr-7159	931	9	is	be	AUX
cblr-7159	931	10	the	the	DET
cblr-7159	931	11	average	average	ADJ
cblr-7159	931	12	concentration	concentration	NOUN
cblr-7159	931	13	of	of	ADP
cblr-7159	931	14	non	non	ADJ
cblr-7159	931	15	-	-	ADJ
cblr-7159	931	16	bank	bank	ADJ
cblr-7159	931	17	loans	loan	NOUN
cblr-7159	931	18	for	for	ADP
cblr-7159	931	19	borrowers	borrower	NOUN
cblr-7159	931	20	in	in	ADP
cblr-7159	931	21	the	the	DET
cblr-7159	931	22	clo	clo	PROPN
cblr-7159	931	23	sample	sample	NOUN
cblr-7159	931	24	,	,	PUNCT
cblr-7159	931	25	and	and	CCONJ
cblr-7159	931	26	the	the	DET
cblr-7159	931	27	aim	aim	NOUN
cblr-7159	931	28	of	of	ADP
cblr-7159	931	29	this	this	DET
cblr-7159	931	30	robustness	robustness	NOUN
cblr-7159	931	31	check	check	NOUN
cblr-7159	931	32	is	be	AUX
cblr-7159	931	33	to	to	PART
cblr-7159	931	34	assess	assess	VERB
cblr-7159	931	35	whether	whether	SCONJ
cblr-7159	931	36	or	or	CCONJ
cblr-7159	931	37	not	not	PART
cblr-7159	931	38	clo	clo	PROPN
cblr-7159	931	39	borrowers	borrower	NOUN
cblr-7159	931	40	obtain	obtain	VERB
cblr-7159	931	41	different	different	ADJ
cblr-7159	931	42	outcomes	outcome	NOUN
cblr-7159	931	43	than	than	ADP
cblr-7159	931	44	other	other	ADJ
cblr-7159	931	45	borrowers	borrower	NOUN
cblr-7159	931	46	with	with	ADP
cblr-7159	931	47	a	a	DET
cblr-7159	931	48	large	large	ADJ
cblr-7159	931	49	proportion	proportion	NOUN
cblr-7159	931	50	of	of	ADP
cblr-7159	931	51	nonbank	nonbank	NOUN
cblr-7159	931	52	loans	loan	NOUN
cblr-7159	931	53	.	.	PUNCT
cblr-7159	932	1	the	the	DET
cblr-7159	932	2	triple	triple	ADJ
cblr-7159	932	3	difference	difference	NOUN
cblr-7159	932	4	analysis	analysis	NOUN
cblr-7159	932	5	assesses	assesse	NOUN
cblr-7159	932	6	whether	whether	SCONJ
cblr-7159	932	7	there	there	PRON
cblr-7159	932	8	are	be	VERB
cblr-7159	932	9	statistically	statistically	ADV
cblr-7159	932	10	significant	significant	ADJ
cblr-7159	932	11	differences	difference	NOUN
cblr-7159	932	12	between	between	ADP
cblr-7159	932	13	these	these	DET
cblr-7159	932	14	groups	group	NOUN
cblr-7159	932	15	and	and	CCONJ
cblr-7159	932	16	the	the	DET
cblr-7159	932	17	control	control	NOUN
cblr-7159	932	18	group	group	NOUN
cblr-7159	932	19	(	(	PUNCT
cblr-7159	932	20	borrowers	borrower	NOUN
cblr-7159	932	21	with	with	ADP
cblr-7159	932	22	lower	low	ADJ
cblr-7159	932	23	concentrations	concentration	NOUN
cblr-7159	932	24	of	of	ADP
cblr-7159	932	25	non	non	ADJ
cblr-7159	932	26	-	-	ADJ
cblr-7159	932	27	bank	bank	ADJ
cblr-7159	932	28	loans	loan	NOUN
cblr-7159	932	29	)	)	PUNCT
cblr-7159	932	30	and	and	CCONJ
cblr-7159	932	31	between	between	ADP
cblr-7159	932	32	each	each	DET
cblr-7159	932	33	other	other	ADJ
cblr-7159	932	34	.	.	PUNCT
cblr-7159	933	1	as	as	ADP
cblr-7159	933	2	in	in	ADP
cblr-7159	933	3	the	the	DET
cblr-7159	933	4	main	main	ADJ
cblr-7159	933	5	analysis	analysis	NOUN
cblr-7159	933	6	,	,	PUNCT
cblr-7159	933	7	my	my	PRON
cblr-7159	933	8	purpose	purpose	NOUN
cblr-7159	933	9	is	be	AUX
cblr-7159	933	10	not	not	PART
cblr-7159	933	11	to	to	PART
cblr-7159	933	12	show	show	VERB
cblr-7159	933	13	causality	causality	NOUN
cblr-7159	933	14	,	,	PUNCT
cblr-7159	933	15	but	but	CCONJ
cblr-7159	933	16	simply	simply	ADV
cblr-7159	933	17	284	284	NUM
cblr-7159	933	18	the	the	DET
cblr-7159	933	19	financial	financial	ADJ
cblr-7159	933	20	metrics	metric	NOUN
cblr-7159	933	21	used	use	VERB
cblr-7159	933	22	in	in	ADP
cblr-7159	933	23	the	the	DET
cblr-7159	933	24	analysis	analysis	NOUN
cblr-7159	933	25	are	be	AUX
cblr-7159	933	26	described	describe	VERB
cblr-7159	933	27	supra	supra	PROPN
cblr-7159	933	28	part	part	PROPN
cblr-7159	933	29	iii	iii	PROPN
cblr-7159	933	30	.	.	PROPN
cblr-7159	934	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	934	2	(	(	PUNCT
cblr-7159	934	3	do	do	AUX
cblr-7159	934	4	not	not	PART
cblr-7159	934	5	delete	delete	VERB
cblr-7159	934	6	)	)	PUNCT
cblr-7159	934	7	9/28/2020	9/28/2020	NUM
cblr-7159	934	8	6:35	6:35	NUM
cblr-7159	934	9	pm	pm	NOUN
cblr-7159	934	10	no	no	INTJ
cblr-7159	934	11	.	.	PUNCT
cblr-7159	935	1	1:192	1:192	X
cblr-7159	935	2	]	]	X
cblr-7159	935	3	reconsidering	reconsider	VERB
cblr-7159	935	4	creditor	creditor	NOUN
cblr-7159	935	5	governance	governance	NOUN
cblr-7159	935	6	267	267	NUM
cblr-7159	935	7	to	to	PART
cblr-7159	935	8	assess	assess	VERB
cblr-7159	935	9	whether	whether	SCONJ
cblr-7159	935	10	there	there	PRON
cblr-7159	935	11	are	be	VERB
cblr-7159	935	12	statistically	statistically	ADV
cblr-7159	935	13	significant	significant	ADJ
cblr-7159	935	14	differences	difference	NOUN
cblr-7159	935	15	that	that	PRON
cblr-7159	935	16	would	would	AUX
cblr-7159	935	17	be	be	AUX
cblr-7159	935	18	consistent	consistent	ADJ
cblr-7159	935	19	with	with	ADP
cblr-7159	935	20	what	what	DET
cblr-7159	935	21	theory	theory	NOUN
cblr-7159	935	22	would	would	AUX
cblr-7159	935	23	predict	predict	VERB
cblr-7159	935	24	.	.	PUNCT
cblr-7159	936	1	the	the	DET
cblr-7159	936	2	results	result	NOUN
cblr-7159	936	3	of	of	ADP
cblr-7159	936	4	the	the	DET
cblr-7159	936	5	triple	triple	ADJ
cblr-7159	936	6	difference	difference	NOUN
cblr-7159	936	7	analysis	analysis	NOUN
cblr-7159	936	8	are	be	AUX
cblr-7159	936	9	shown	show	VERB
cblr-7159	936	10	in	in	ADP
cblr-7159	936	11	the	the	DET
cblr-7159	936	12	appendix	appendix	NOUN
cblr-7159	936	13	to	to	ADP
cblr-7159	936	14	the	the	DET
cblr-7159	936	15	covenant	covenant	ADJ
cblr-7159	936	16	violation	violation	NOUN
cblr-7159	936	17	data	datum	NOUN
cblr-7159	936	18	set.285	set.285	NOUN
cblr-7159	936	19	for	for	ADP
cblr-7159	936	20	several	several	ADJ
cblr-7159	936	21	of	of	ADP
cblr-7159	936	22	the	the	DET
cblr-7159	936	23	financial	financial	ADJ
cblr-7159	936	24	metrics	metric	NOUN
cblr-7159	936	25	,	,	PUNCT
cblr-7159	936	26	the	the	DET
cblr-7159	936	27	results	result	NOUN
cblr-7159	936	28	for	for	ADP
cblr-7159	936	29	the	the	DET
cblr-7159	936	30	clo	clo	PROPN
cblr-7159	936	31	group	group	NOUN
cblr-7159	936	32	remain	remain	VERB
cblr-7159	936	33	statistically	statistically	ADV
cblr-7159	936	34	significant	significant	ADJ
cblr-7159	936	35	,	,	PUNCT
cblr-7159	936	36	supporting	support	VERB
cblr-7159	936	37	the	the	DET
cblr-7159	936	38	hypothesis	hypothesis	NOUN
cblr-7159	936	39	that	that	SCONJ
cblr-7159	936	40	interventions	intervention	NOUN
cblr-7159	936	41	are	be	AUX
cblr-7159	936	42	diminished	diminish	VERB
cblr-7159	936	43	for	for	ADP
cblr-7159	936	44	the	the	DET
cblr-7159	936	45	borrowers	borrower	NOUN
cblr-7159	936	46	included	include	VERB
cblr-7159	936	47	in	in	ADP
cblr-7159	936	48	clos	clo	NOUN
cblr-7159	936	49	,	,	PUNCT
cblr-7159	936	50	even	even	ADV
cblr-7159	936	51	as	as	SCONJ
cblr-7159	936	52	compared	compare	VERB
cblr-7159	936	53	to	to	ADP
cblr-7159	936	54	other	other	ADJ
cblr-7159	936	55	borrowers	borrower	NOUN
cblr-7159	936	56	whose	whose	DET
cblr-7159	936	57	debt	debt	NOUN
cblr-7159	936	58	is	be	AUX
cblr-7159	936	59	held	hold	VERB
cblr-7159	936	60	by	by	ADP
cblr-7159	936	61	non	non	ADJ
cblr-7159	936	62	-	-	ADJ
cblr-7159	936	63	bank	bank	ADJ
cblr-7159	936	64	lenders.286	lenders.286	NOUN
cblr-7159	936	65	not	not	PART
cblr-7159	936	66	all	all	DET
cblr-7159	936	67	financial	financial	ADJ
cblr-7159	936	68	outcomes	outcome	NOUN
cblr-7159	936	69	remain	remain	VERB
cblr-7159	936	70	statistically	statistically	ADV
cblr-7159	936	71	significant.287	significant.287	VERB
cblr-7159	936	72	this	this	PRON
cblr-7159	936	73	could	could	AUX
cblr-7159	936	74	be	be	AUX
cblr-7159	936	75	due	due	ADJ
cblr-7159	936	76	to	to	ADP
cblr-7159	936	77	the	the	DET
cblr-7159	936	78	fact	fact	NOUN
cblr-7159	936	79	that	that	SCONJ
cblr-7159	936	80	,	,	PUNCT
cblr-7159	936	81	because	because	SCONJ
cblr-7159	936	82	clos	clo	NOUN
cblr-7159	936	83	hold	hold	VERB
cblr-7159	936	84	the	the	DET
cblr-7159	936	85	vast	vast	ADJ
cblr-7159	936	86	majority	majority	NOUN
cblr-7159	936	87	of	of	ADP
cblr-7159	936	88	leveraged	leveraged	ADJ
cblr-7159	936	89	loans	loan	NOUN
cblr-7159	936	90	,	,	PUNCT
cblr-7159	936	91	it	it	PRON
cblr-7159	936	92	is	be	AUX
cblr-7159	936	93	difficult	difficult	ADJ
cblr-7159	936	94	to	to	PART
cblr-7159	936	95	disentangle	disentangle	VERB
cblr-7159	936	96	the	the	DET
cblr-7159	936	97	effects	effect	NOUN
cblr-7159	936	98	of	of	ADP
cblr-7159	936	99	their	their	PRON
cblr-7159	936	100	loan	loan	NOUN
cblr-7159	936	101	ownership	ownership	NOUN
cblr-7159	936	102	from	from	ADP
cblr-7159	936	103	the	the	DET
cblr-7159	936	104	effects	effect	NOUN
cblr-7159	936	105	of	of	ADP
cblr-7159	936	106	having	have	VERB
cblr-7159	936	107	a	a	DET
cblr-7159	936	108	high	high	ADJ
cblr-7159	936	109	concentration	concentration	NOUN
cblr-7159	936	110	of	of	ADP
cblr-7159	936	111	loans	loan	NOUN
cblr-7159	936	112	held	hold	VERB
cblr-7159	936	113	by	by	ADP
cblr-7159	936	114	nonbank	nonbank	NOUN
cblr-7159	936	115	lenders	lender	NOUN
cblr-7159	936	116	generally	generally	ADV
cblr-7159	936	117	,	,	PUNCT
cblr-7159	936	118	at	at	ADP
cblr-7159	936	119	least	least	ADJ
cblr-7159	936	120	for	for	ADP
cblr-7159	936	121	some	some	DET
cblr-7159	936	122	kinds	kind	NOUN
cblr-7159	936	123	of	of	ADP
cblr-7159	936	124	interventions	intervention	NOUN
cblr-7159	936	125	.	.	PUNCT
cblr-7159	937	1	to	to	ADP
cblr-7159	937	2	the	the	DET
cblr-7159	937	3	extent	extent	NOUN
cblr-7159	937	4	that	that	SCONJ
cblr-7159	937	5	there	there	PRON
cblr-7159	937	6	is	be	VERB
cblr-7159	937	7	a	a	DET
cblr-7159	937	8	difference	difference	NOUN
cblr-7159	937	9	between	between	ADP
cblr-7159	937	10	clos	clo	NOUN
cblr-7159	937	11	and	and	CCONJ
cblr-7159	937	12	other	other	ADJ
cblr-7159	937	13	non	non	ADJ
cblr-7159	937	14	-	-	ADJ
cblr-7159	937	15	bank	bank	ADJ
cblr-7159	937	16	lenders	lender	NOUN
cblr-7159	937	17	,	,	PUNCT
cblr-7159	937	18	this	this	PRON
cblr-7159	937	19	could	could	AUX
cblr-7159	937	20	be	be	AUX
cblr-7159	937	21	because	because	SCONJ
cblr-7159	937	22	other	other	ADJ
cblr-7159	937	23	nonbank	nonbank	NOUN
cblr-7159	937	24	lenders	lender	NOUN
cblr-7159	937	25	are	be	AUX
cblr-7159	937	26	more	more	ADV
cblr-7159	937	27	active	active	ADJ
cblr-7159	937	28	in	in	ADP
cblr-7159	937	29	monitoring	monitor	VERB
cblr-7159	937	30	borrowers	borrower	NOUN
cblr-7159	937	31	,	,	PUNCT
cblr-7159	937	32	or	or	CCONJ
cblr-7159	937	33	because	because	SCONJ
cblr-7159	937	34	they	they	PRON
cblr-7159	937	35	have	have	AUX
cblr-7159	937	36	longstanding	longstanding	ADJ
cblr-7159	937	37	or	or	CCONJ
cblr-7159	937	38	repeat	repeat	NOUN
cblr-7159	937	39	-	-	PUNCT
cblr-7159	937	40	player	player	NOUN
cblr-7159	937	41	relationships	relationship	NOUN
cblr-7159	937	42	with	with	ADP
cblr-7159	937	43	banks	bank	NOUN
cblr-7159	937	44	that	that	PRON
cblr-7159	937	45	induce	induce	VERB
cblr-7159	937	46	banks	bank	NOUN
cblr-7159	937	47	to	to	PART
cblr-7159	937	48	engage	engage	VERB
cblr-7159	937	49	in	in	ADP
cblr-7159	937	50	more	more	ADJ
cblr-7159	937	51	monitoring	monitoring	NOUN
cblr-7159	937	52	than	than	SCONJ
cblr-7159	937	53	they	they	PRON
cblr-7159	937	54	otherwise	otherwise	ADV
cblr-7159	937	55	might	might	AUX
cblr-7159	937	56	.	.	PUNCT
cblr-7159	938	1	g.	g.	VERB
cblr-7159	938	2	the	the	DET
cblr-7159	938	3	relationship	relationship	NOUN
cblr-7159	938	4	between	between	ADP
cblr-7159	938	5	structured	structured	ADJ
cblr-7159	938	6	finance	finance	NOUN
cblr-7159	938	7	and	and	CCONJ
cblr-7159	938	8	corporate	corporate	ADJ
cblr-7159	938	9	non	non	NOUN
cblr-7159	938	10	-	-	NOUN
cblr-7159	938	11	governance	governance	NOUN
cblr-7159	938	12	the	the	DET
cblr-7159	938	13	foregoing	forego	VERB
cblr-7159	938	14	analysis	analysis	NOUN
cblr-7159	938	15	shows	show	VERB
cblr-7159	938	16	that	that	SCONJ
cblr-7159	938	17	there	there	PRON
cblr-7159	938	18	has	have	AUX
cblr-7159	938	19	been	be	AUX
cblr-7159	938	20	a	a	DET
cblr-7159	938	21	withdrawal	withdrawal	NOUN
cblr-7159	938	22	of	of	ADP
cblr-7159	938	23	lender	lender	NOUN
cblr-7159	938	24	involvement	involvement	NOUN
cblr-7159	938	25	with	with	ADP
cblr-7159	938	26	respect	respect	NOUN
cblr-7159	938	27	to	to	ADP
cblr-7159	938	28	some	some	DET
cblr-7159	938	29	borrowers	borrower	NOUN
cblr-7159	938	30	,	,	PUNCT
cblr-7159	938	31	and	and	CCONJ
cblr-7159	938	32	the	the	DET
cblr-7159	938	33	withdrawal	withdrawal	NOUN
cblr-7159	938	34	is	be	AUX
cblr-7159	938	35	related	relate	VERB
cblr-7159	938	36	to	to	ADP
cblr-7159	938	37	the	the	DET
cblr-7159	938	38	rise	rise	NOUN
cblr-7159	938	39	of	of	ADP
cblr-7159	938	40	loan	loan	NOUN
cblr-7159	938	41	securitization	securitization	NOUN
cblr-7159	938	42	.	.	PUNCT
cblr-7159	939	1	the	the	DET
cblr-7159	939	2	pattern	pattern	NOUN
cblr-7159	939	3	that	that	PRON
cblr-7159	939	4	emerges	emerge	VERB
cblr-7159	939	5	from	from	ADP
cblr-7159	939	6	the	the	DET
cblr-7159	939	7	data	data	NOUN
cblr-7159	939	8	is	be	AUX
cblr-7159	939	9	summarized	summarize	VERB
cblr-7159	939	10	by	by	ADP
cblr-7159	939	11	figure	figure	NOUN
cblr-7159	939	12	6	6	NUM
cblr-7159	939	13	below	below	ADV
cblr-7159	939	14	.	.	PUNCT
cblr-7159	940	1	figure	figure	NOUN
cblr-7159	940	2	6	6	NUM
cblr-7159	940	3	shows	show	VERB
cblr-7159	940	4	two	two	NUM
cblr-7159	940	5	trends	trend	NOUN
cblr-7159	940	6	:	:	PUNCT
cblr-7159	940	7	the	the	DET
cblr-7159	940	8	vertical	vertical	ADJ
cblr-7159	940	9	bars	bar	NOUN
cblr-7159	940	10	show	show	VERB
cblr-7159	940	11	the	the	DET
cblr-7159	940	12	volume	volume	NOUN
cblr-7159	940	13	of	of	ADP
cblr-7159	940	14	clos	clo	NOUN
cblr-7159	940	15	issued	issue	VERB
cblr-7159	940	16	between	between	ADP
cblr-7159	940	17	2008	2008	NUM
cblr-7159	940	18	and	and	CCONJ
cblr-7159	940	19	2018	2018	NUM
cblr-7159	940	20	(	(	PUNCT
cblr-7159	940	21	denoted	denote	VERB
cblr-7159	940	22	in	in	ADP
cblr-7159	940	23	billions	billion	NOUN
cblr-7159	940	24	of	of	ADP
cblr-7159	940	25	dollars	dollar	NOUN
cblr-7159	940	26	,	,	PUNCT
cblr-7159	940	27	along	along	ADP
cblr-7159	940	28	the	the	DET
cblr-7159	940	29	left	left	ADJ
cblr-7159	940	30	-	-	PUNCT
cblr-7159	940	31	hand	hand	NOUN
cblr-7159	940	32	y	y	PROPN
cblr-7159	940	33	axis	axis	NOUN
cblr-7159	940	34	)	)	PUNCT
cblr-7159	940	35	;	;	PUNCT
cblr-7159	940	36	the	the	DET
cblr-7159	940	37	black	black	ADJ
cblr-7159	940	38	line	line	NOUN
cblr-7159	940	39	signifies	signify	VERB
cblr-7159	940	40	the	the	DET
cblr-7159	940	41	difference	difference	NOUN
cblr-7159	940	42	in	in	ADP
cblr-7159	940	43	lender	lender	NOUN
cblr-7159	940	44	intervention	intervention	NOUN
cblr-7159	940	45	over	over	ADP
cblr-7159	940	46	time	time	NOUN
cblr-7159	940	47	between	between	ADP
cblr-7159	940	48	clo	clo	PROPN
cblr-7159	940	49	borrowers	borrower	NOUN
cblr-7159	940	50	versus	versus	ADP
cblr-7159	940	51	borrowers	borrower	NOUN
cblr-7159	940	52	not	not	PART
cblr-7159	940	53	in	in	ADP
cblr-7159	940	54	the	the	DET
cblr-7159	940	55	clo	clo	PROPN
cblr-7159	940	56	group	group	NOUN
cblr-7159	940	57	.	.	PUNCT
cblr-7159	941	1	specifically	specifically	ADV
cblr-7159	941	2	,	,	PUNCT
cblr-7159	941	3	the	the	DET
cblr-7159	941	4	black	black	ADJ
cblr-7159	941	5	line	line	NOUN
cblr-7159	941	6	represents	represent	VERB
cblr-7159	941	7	the	the	DET
cblr-7159	941	8	difference	difference	NOUN
cblr-7159	941	9	in	in	ADP
cblr-7159	941	10	improvement	improvement	NOUN
cblr-7159	941	11	of	of	ADP
cblr-7159	941	12	borrowers	borrower	NOUN
cblr-7159	941	13	’	’	PART
cblr-7159	941	14	performance	performance	NOUN
cblr-7159	941	15	(	(	PUNCT
cblr-7159	941	16	measured	measure	VERB
cblr-7159	941	17	with	with	ADP
cblr-7159	941	18	market	market	NOUN
cblr-7159	941	19	285	285	NUM
cblr-7159	941	20	see	see	VERB
cblr-7159	941	21	mcclane	mcclane	PROPN
cblr-7159	941	22	,	,	PUNCT
cblr-7159	941	23	supra	supra	PROPN
cblr-7159	941	24	note	note	PROPN
cblr-7159	941	25	216	216	NUM
cblr-7159	941	26	,	,	PUNCT
cblr-7159	941	27	at	at	ADP
cblr-7159	941	28	tbl.14	tbl.14	NOUN
cblr-7159	941	29	.	.	PUNCT
cblr-7159	942	1	286	286	NUM
cblr-7159	942	2	i	i	PROPN
cblr-7159	942	3	d.	d.	NOUN
cblr-7159	942	4	287	287	NUM
cblr-7159	943	1	i	i	PRON
cblr-7159	943	2	d.	d.	PROPN
cblr-7159	943	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	943	4	(	(	PUNCT
cblr-7159	943	5	do	do	AUX
cblr-7159	943	6	not	not	PART
cblr-7159	943	7	delte	delte	VERB
cblr-7159	943	8	)	)	PUNCT
cblr-7159	943	9	9/28/2020	9/28/2020	NUM
cblr-7159	943	10	6:35	6:35	NUM
cblr-7159	943	11	pm	pm	NOUN
cblr-7159	943	12	268	268	NUM
cblr-7159	943	13	columbia	columbia	PROPN
cblr-7159	943	14	business	business	NOUN
cblr-7159	943	15	law	law	PROPN
cblr-7159	943	16	review	review	NOUN
cblr-7159	943	17	[	[	X
cblr-7159	943	18	vol	vol	NOUN
cblr-7159	943	19	.	.	PUNCT
cblr-7159	943	20	2020	2020	NUM
cblr-7159	943	21	to	to	ADP
cblr-7159	943	22	-	-	PUNCT
cblr-7159	943	23	book	book	NOUN
cblr-7159	943	24	ratio	ratio	NOUN
cblr-7159	943	25	)	)	PUNCT
cblr-7159	943	26	between	between	ADP
cblr-7159	943	27	clo	clo	PROPN
cblr-7159	943	28	and	and	CCONJ
cblr-7159	943	29	non	non	ADJ
cblr-7159	943	30	-	-	ADJ
cblr-7159	943	31	clo	clo	ADJ
cblr-7159	943	32	borrowers	borrower	NOUN
cblr-7159	943	33	,	,	PUNCT
cblr-7159	943	34	four	four	NUM
cblr-7159	943	35	quarters	quarter	NOUN
cblr-7159	943	36	following	follow	VERB
cblr-7159	943	37	a	a	DET
cblr-7159	943	38	covenant	covenant	ADJ
cblr-7159	943	39	violation	violation	NOUN
cblr-7159	943	40	(	(	PUNCT
cblr-7159	943	41	demarcated	demarcate	VERB
cblr-7159	943	42	on	on	ADP
cblr-7159	943	43	the	the	DET
cblr-7159	943	44	right	right	ADJ
cblr-7159	943	45	-	-	PUNCT
cblr-7159	943	46	hand	hand	NOUN
cblr-7159	943	47	side).288	side).288	NOUN
cblr-7159	943	48	while	while	SCONJ
cblr-7159	943	49	other	other	ADJ
cblr-7159	943	50	measures	measure	NOUN
cblr-7159	943	51	analyzed	analyze	VERB
cblr-7159	943	52	above	above	ADV
cblr-7159	943	53	could	could	AUX
cblr-7159	943	54	be	be	AUX
cblr-7159	943	55	used	use	VERB
cblr-7159	943	56	to	to	PART
cblr-7159	943	57	create	create	VERB
cblr-7159	943	58	a	a	DET
cblr-7159	943	59	similar	similar	ADJ
cblr-7159	943	60	graph	graph	NOUN
cblr-7159	943	61	,	,	PUNCT
cblr-7159	943	62	the	the	DET
cblr-7159	943	63	market	market	NOUN
cblr-7159	943	64	-	-	PUNCT
cblr-7159	943	65	to	to	ADP
cblr-7159	943	66	-	-	PUNCT
cblr-7159	943	67	book	book	NOUN
cblr-7159	943	68	ratio	ratio	NOUN
cblr-7159	943	69	was	be	AUX
cblr-7159	943	70	used	use	VERB
cblr-7159	943	71	since	since	SCONJ
cblr-7159	943	72	it	it	PRON
cblr-7159	943	73	captures	capture	VERB
cblr-7159	943	74	many	many	ADJ
cblr-7159	943	75	elements	element	NOUN
cblr-7159	943	76	of	of	ADP
cblr-7159	943	77	company	company	NOUN
cblr-7159	943	78	value	value	NOUN
cblr-7159	943	79	.	.	PUNCT
cblr-7159	944	1	the	the	PRON
cblr-7159	944	2	higher	high	ADJ
cblr-7159	944	3	the	the	DET
cblr-7159	944	4	black	black	ADJ
cblr-7159	944	5	line	line	NOUN
cblr-7159	944	6	on	on	ADP
cblr-7159	944	7	the	the	DET
cblr-7159	944	8	graph	graph	NOUN
cblr-7159	944	9	,	,	PUNCT
cblr-7159	944	10	the	the	PRON
cblr-7159	944	11	greater	great	ADJ
cblr-7159	944	12	the	the	DET
cblr-7159	944	13	gap	gap	NOUN
cblr-7159	944	14	in	in	ADP
cblr-7159	944	15	intervention	intervention	NOUN
cblr-7159	944	16	between	between	ADP
cblr-7159	944	17	clo	clo	PROPN
cblr-7159	944	18	and	and	CCONJ
cblr-7159	944	19	non	non	ADJ
cblr-7159	944	20	-	-	ADJ
cblr-7159	944	21	clo	clo	ADJ
cblr-7159	944	22	borrowers	borrower	NOUN
cblr-7159	944	23	.	.	PUNCT
cblr-7159	945	1	in	in	ADP
cblr-7159	945	2	other	other	ADJ
cblr-7159	945	3	words	word	NOUN
cblr-7159	945	4	,	,	PUNCT
cblr-7159	945	5	the	the	PRON
cblr-7159	945	6	higher	high	ADJ
cblr-7159	945	7	the	the	DET
cblr-7159	945	8	black	black	ADJ
cblr-7159	945	9	line	line	NOUN
cblr-7159	945	10	,	,	PUNCT
cblr-7159	945	11	the	the	PRON
cblr-7159	945	12	lower	low	ADJ
cblr-7159	945	13	the	the	DET
cblr-7159	945	14	corporate	corporate	ADJ
cblr-7159	945	15	governance	governance	NOUN
cblr-7159	945	16	benefit	benefit	NOUN
cblr-7159	945	17	that	that	SCONJ
cblr-7159	945	18	borrowers	borrower	NOUN
cblr-7159	945	19	of	of	ADP
cblr-7159	945	20	securitized	securitized	ADJ
cblr-7159	945	21	loans	loan	NOUN
cblr-7159	945	22	realize	realize	VERB
cblr-7159	945	23	,	,	PUNCT
cblr-7159	945	24	relative	relative	ADJ
cblr-7159	945	25	to	to	ADP
cblr-7159	945	26	non	non	ADJ
cblr-7159	945	27	-	-	ADJ
cblr-7159	945	28	securitized	securitized	ADJ
cblr-7159	945	29	loan	loan	NOUN
cblr-7159	945	30	borrowers	borrower	NOUN
cblr-7159	945	31	after	after	ADP
cblr-7159	945	32	a	a	DET
cblr-7159	945	33	covenant	covenant	ADJ
cblr-7159	945	34	violation	violation	NOUN
cblr-7159	945	35	.	.	PUNCT
cblr-7159	946	1	this	this	DET
cblr-7159	946	2	graph	graph	NOUN
cblr-7159	946	3	uses	use	VERB
cblr-7159	946	4	differences	difference	NOUN
cblr-7159	946	5	in	in	ADP
cblr-7159	946	6	the	the	DET
cblr-7159	946	7	raw	raw	ADJ
cblr-7159	946	8	data	datum	NOUN
cblr-7159	946	9	without	without	ADP
cblr-7159	946	10	any	any	DET
cblr-7159	946	11	controls	control	NOUN
cblr-7159	946	12	,	,	PUNCT
cblr-7159	946	13	but	but	CCONJ
cblr-7159	946	14	as	as	SCONJ
cblr-7159	946	15	previously	previously	ADV
cblr-7159	946	16	explained	explain	VERB
cblr-7159	946	17	,	,	PUNCT
cblr-7159	946	18	the	the	DET
cblr-7159	946	19	differences	difference	NOUN
cblr-7159	946	20	remain	remain	VERB
cblr-7159	946	21	in	in	ADP
cblr-7159	946	22	regressions	regression	NOUN
cblr-7159	946	23	with	with	ADP
cblr-7159	946	24	numerous	numerous	ADJ
cblr-7159	946	25	controls	control	NOUN
cblr-7159	946	26	.	.	PUNCT
cblr-7159	947	1	288	288	NUM
cblr-7159	947	2	this	this	PRON
cblr-7159	947	3	is	be	AUX
cblr-7159	947	4	the	the	DET
cblr-7159	947	5	ratio	ratio	NOUN
cblr-7159	947	6	between	between	ADP
cblr-7159	947	7	the	the	DET
cblr-7159	947	8	market	market	NOUN
cblr-7159	947	9	value	value	NOUN
cblr-7159	947	10	of	of	ADP
cblr-7159	947	11	the	the	DET
cblr-7159	947	12	firm	firm	NOUN
cblr-7159	947	13	’s	’s	PART
cblr-7159	947	14	equity	equity	NOUN
cblr-7159	947	15	(	(	PUNCT
cblr-7159	947	16	i.e.	i.e.	X
cblr-7159	947	17	,	,	PUNCT
cblr-7159	947	18	what	what	PRON
cblr-7159	947	19	investors	investor	NOUN
cblr-7159	947	20	think	think	VERB
cblr-7159	947	21	the	the	DET
cblr-7159	947	22	company	company	NOUN
cblr-7159	947	23	is	be	AUX
cblr-7159	947	24	worth	worth	ADJ
cblr-7159	947	25	)	)	PUNCT
cblr-7159	947	26	and	and	CCONJ
cblr-7159	947	27	the	the	DET
cblr-7159	947	28	value	value	NOUN
cblr-7159	947	29	of	of	ADP
cblr-7159	947	30	the	the	DET
cblr-7159	947	31	firm	firm	NOUN
cblr-7159	947	32	’s	’s	PART
cblr-7159	947	33	net	net	ADJ
cblr-7159	947	34	assets	asset	NOUN
cblr-7159	947	35	on	on	ADP
cblr-7159	947	36	its	its	PRON
cblr-7159	947	37	balance	balance	NOUN
cblr-7159	947	38	sheet	sheet	NOUN
cblr-7159	947	39	(	(	PUNCT
cblr-7159	947	40	i.e.	i.e.	X
cblr-7159	947	41	,	,	PUNCT
cblr-7159	947	42	the	the	DET
cblr-7159	947	43	historical	historical	ADJ
cblr-7159	947	44	value	value	NOUN
cblr-7159	947	45	of	of	ADP
cblr-7159	947	46	its	its	PRON
cblr-7159	947	47	assets	asset	NOUN
cblr-7159	947	48	at	at	ADP
cblr-7159	947	49	the	the	DET
cblr-7159	947	50	time	time	NOUN
cblr-7159	947	51	of	of	ADP
cblr-7159	947	52	their	their	PRON
cblr-7159	947	53	acquisition	acquisition	NOUN
cblr-7159	947	54	)	)	PUNCT
cblr-7159	947	55	.	.	PUNCT
cblr-7159	948	1	it	it	PRON
cblr-7159	948	2	is	be	AUX
cblr-7159	948	3	often	often	ADV
cblr-7159	948	4	used	use	VERB
cblr-7159	948	5	as	as	ADP
cblr-7159	948	6	a	a	DET
cblr-7159	948	7	measure	measure	NOUN
cblr-7159	948	8	of	of	ADP
cblr-7159	948	9	firm	firm	ADJ
cblr-7159	948	10	performance	performance	NOUN
cblr-7159	948	11	.	.	PUNCT
cblr-7159	949	1	see	see	VERB
cblr-7159	949	2	,	,	PUNCT
cblr-7159	949	3	e.g.	e.g.	ADV
cblr-7159	949	4	,	,	PUNCT
cblr-7159	949	5	lucian	lucian	PROPN
cblr-7159	949	6	bebchuk	bebchuk	PROPN
cblr-7159	949	7	et	et	PROPN
cblr-7159	949	8	al	al	PROPN
cblr-7159	949	9	.	.	PROPN
cblr-7159	949	10	,	,	PUNCT
cblr-7159	949	11	what	what	PRON
cblr-7159	949	12	matters	matter	VERB
cblr-7159	949	13	in	in	ADP
cblr-7159	949	14	corporate	corporate	ADJ
cblr-7159	949	15	governance	governance	NOUN
cblr-7159	949	16	?	?	PUNCT
cblr-7159	949	17	,	,	PUNCT
cblr-7159	949	18	22	22	NUM
cblr-7159	949	19	rev	rev	VERB
cblr-7159	949	20	.	.	PROPN
cblr-7159	949	21	fin	fin	NOUN
cblr-7159	949	22	.	.	PUNCT
cblr-7159	949	23	stud	stud	PROPN
cblr-7159	949	24	.	.	PUNCT
cblr-7159	950	1	783	783	NUM
cblr-7159	950	2	,	,	PUNCT
cblr-7159	950	3	800–01	800–01	NUM
cblr-7159	950	4	(	(	PUNCT
cblr-7159	950	5	2009	2009	NUM
cblr-7159	950	6	)	)	PUNCT
cblr-7159	950	7	(	(	PUNCT
cblr-7159	950	8	using	use	VERB
cblr-7159	950	9	a	a	DET
cblr-7159	950	10	market	market	NOUN
cblr-7159	950	11	-	-	PUNCT
cblr-7159	950	12	to	to	ADP
cblr-7159	950	13	-	-	PUNCT
cblr-7159	950	14	book	book	NOUN
cblr-7159	950	15	ratio	ratio	NOUN
cblr-7159	950	16	as	as	ADP
cblr-7159	950	17	a	a	DET
cblr-7159	950	18	measure	measure	NOUN
cblr-7159	950	19	of	of	ADP
cblr-7159	950	20	firm	firm	ADJ
cblr-7159	950	21	value	value	NOUN
cblr-7159	950	22	)	)	PUNCT
cblr-7159	950	23	.	.	PUNCT
cblr-7159	951	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	951	2	(	(	PUNCT
cblr-7159	951	3	do	do	AUX
cblr-7159	951	4	not	not	PART
cblr-7159	951	5	delete	delete	VERB
cblr-7159	951	6	)	)	PUNCT
cblr-7159	951	7	9/28/2020	9/28/2020	NUM
cblr-7159	951	8	6:35	6:35	NUM
cblr-7159	951	9	pm	pm	NOUN
cblr-7159	951	10	no	no	INTJ
cblr-7159	951	11	.	.	PUNCT
cblr-7159	952	1	1:192	1:192	X
cblr-7159	952	2	]	]	X
cblr-7159	952	3	reconsidering	reconsider	VERB
cblr-7159	952	4	creditor	creditor	NOUN
cblr-7159	952	5	governance	governance	NOUN
cblr-7159	952	6	269	269	NUM
cblr-7159	952	7	figure	figure	NOUN
cblr-7159	952	8	6	6	NUM
cblr-7159	952	9	:	:	PUNCT
cblr-7159	952	10	clo	clo	PROPN
cblr-7159	952	11	issuance	issuance	NOUN
cblr-7159	952	12	and	and	CCONJ
cblr-7159	952	13	performance	performance	NOUN
cblr-7159	952	14	difference	difference	NOUN
cblr-7159	952	15	between	between	ADP
cblr-7159	952	16	clo	clo	PROPN
cblr-7159	952	17	and	and	CCONJ
cblr-7159	952	18	non	non	ADJ
cblr-7159	952	19	-	-	ADJ
cblr-7159	952	20	clo	clo	ADJ
cblr-7159	952	21	issuers289	issuers289	PROPN
cblr-7159	952	22	the	the	DET
cblr-7159	952	23	figure	figure	NOUN
cblr-7159	952	24	is	be	AUX
cblr-7159	952	25	a	a	DET
cblr-7159	952	26	snapshot	snapshot	NOUN
cblr-7159	952	27	of	of	ADP
cblr-7159	952	28	the	the	DET
cblr-7159	952	29	difference	difference	NOUN
cblr-7159	952	30	in	in	ADP
cblr-7159	952	31	lenders	lender	NOUN
cblr-7159	952	32	’	’	PART
cblr-7159	952	33	corporate	corporate	ADJ
cblr-7159	952	34	governance	governance	NOUN
cblr-7159	952	35	intervention	intervention	NOUN
cblr-7159	952	36	over	over	ADP
cblr-7159	952	37	time	time	NOUN
cblr-7159	952	38	between	between	ADP
cblr-7159	952	39	loans	loan	NOUN
cblr-7159	952	40	that	that	PRON
cblr-7159	952	41	are	be	AUX
cblr-7159	952	42	securitized	securitized	ADJ
cblr-7159	952	43	and	and	CCONJ
cblr-7159	952	44	those	those	PRON
cblr-7159	952	45	that	that	PRON
cblr-7159	952	46	are	be	AUX
cblr-7159	952	47	not	not	PART
cblr-7159	952	48	.	.	PUNCT
cblr-7159	953	1	notable	notable	ADJ
cblr-7159	953	2	from	from	ADP
cblr-7159	953	3	the	the	DET
cblr-7159	953	4	figure	figure	NOUN
cblr-7159	953	5	is	be	AUX
cblr-7159	953	6	that	that	SCONJ
cblr-7159	953	7	the	the	DET
cblr-7159	953	8	difference	difference	NOUN
cblr-7159	953	9	between	between	ADP
cblr-7159	953	10	post	post	ADJ
cblr-7159	953	11	-	-	ADJ
cblr-7159	953	12	violation	violation	NOUN
cblr-7159	953	13	performance	performance	NOUN
cblr-7159	953	14	of	of	ADP
cblr-7159	953	15	clo	clo	PROPN
cblr-7159	953	16	loans	loan	NOUN
cblr-7159	953	17	versus	versus	ADP
cblr-7159	953	18	non	non	ADJ
cblr-7159	953	19	-	-	ADJ
cblr-7159	953	20	clo	clo	ADJ
cblr-7159	953	21	loans	loan	NOUN
cblr-7159	953	22	tracks	track	VERB
cblr-7159	953	23	the	the	DET
cblr-7159	953	24	volume	volume	NOUN
cblr-7159	953	25	of	of	ADP
cblr-7159	953	26	clo	clo	PROPN
cblr-7159	953	27	issuance	issuance	NOUN
cblr-7159	953	28	.	.	PUNCT
cblr-7159	954	1	this	this	PRON
cblr-7159	954	2	is	be	AUX
cblr-7159	954	3	the	the	DET
cblr-7159	954	4	exactly	exactly	ADV
cblr-7159	954	5	the	the	DET
cblr-7159	954	6	pattern	pattern	NOUN
cblr-7159	954	7	one	one	PRON
cblr-7159	954	8	would	would	AUX
cblr-7159	954	9	expect	expect	VERB
cblr-7159	954	10	to	to	PART
cblr-7159	954	11	see	see	VERB
cblr-7159	954	12	if	if	SCONJ
cblr-7159	954	13	there	there	PRON
cblr-7159	954	14	was	be	VERB
cblr-7159	954	15	a	a	DET
cblr-7159	954	16	change	change	NOUN
cblr-7159	954	17	in	in	ADP
cblr-7159	954	18	creditor	creditor	NOUN
cblr-7159	954	19	governance	governance	NOUN
cblr-7159	954	20	driven	drive	VERB
cblr-7159	954	21	by	by	ADP
cblr-7159	954	22	securitization	securitization	NOUN
cblr-7159	954	23	:	:	PUNCT
cblr-7159	954	24	lenders	lender	NOUN
cblr-7159	954	25	’	'	PUNCT
cblr-7159	954	26	intervention	intervention	NOUN
cblr-7159	954	27	varies	vary	VERB
cblr-7159	954	28	in	in	ADP
cblr-7159	954	29	tandem	tandem	NOUN
cblr-7159	954	30	with	with	ADP
cblr-7159	954	31	the	the	DET
cblr-7159	954	32	demand	demand	NOUN
cblr-7159	954	33	for	for	ADP
cblr-7159	954	34	loans	loan	NOUN
cblr-7159	954	35	to	to	PART
cblr-7159	954	36	bundle	bundle	VERB
cblr-7159	954	37	into	into	ADP
cblr-7159	954	38	clos.290	clos.290	VERB
cblr-7159	954	39	this	this	DET
cblr-7159	954	40	general	general	ADJ
cblr-7159	954	41	finding	finding	NOUN
cblr-7159	954	42	supports	support	VERB
cblr-7159	954	43	one	one	NUM
cblr-7159	954	44	of	of	ADP
cblr-7159	954	45	the	the	DET
cblr-7159	954	46	main	main	ADJ
cblr-7159	954	47	hypotheses	hypothesis	NOUN
cblr-7159	954	48	predicted	predict	VERB
cblr-7159	954	49	by	by	ADP
cblr-7159	954	50	the	the	DET
cblr-7159	954	51	discussion	discussion	NOUN
cblr-7159	954	52	of	of	ADP
cblr-7159	954	53	lender	lender	NOUN
cblr-7159	954	54	incentives	incentive	NOUN
cblr-7159	954	55	in	in	ADP
cblr-7159	954	56	part	part	NOUN
cblr-7159	954	57	i	i	NOUN
cblr-7159	954	58	:	:	PUNCT
cblr-7159	954	59	namely	namely	ADV
cblr-7159	954	60	,	,	PUNCT
cblr-7159	954	61	that	that	SCONJ
cblr-7159	954	62	incentive	incentive	NOUN
cblr-7159	954	63	changes	change	NOUN
cblr-7159	954	64	created	create	VERB
cblr-7159	954	65	by	by	ADP
cblr-7159	954	66	structured	structured	ADJ
cblr-7159	954	67	finance	finance	NOUN
cblr-7159	954	68	have	have	AUX
cblr-7159	954	69	led	lead	VERB
cblr-7159	954	70	to	to	ADP
cblr-7159	954	71	a	a	DET
cblr-7159	954	72	289	289	NUM
cblr-7159	954	73	this	this	DET
cblr-7159	954	74	figure	figure	NOUN
cblr-7159	954	75	summarizes	summarize	NOUN
cblr-7159	954	76	information	information	NOUN
cblr-7159	954	77	included	include	VERB
cblr-7159	954	78	in	in	ADP
cblr-7159	954	79	the	the	DET
cblr-7159	954	80	data	datum	NOUN
cblr-7159	954	81	set	set	VERB
cblr-7159	954	82	created	create	VERB
cblr-7159	954	83	by	by	ADP
cblr-7159	954	84	the	the	DET
cblr-7159	954	85	author	author	NOUN
cblr-7159	954	86	.	.	PUNCT
cblr-7159	955	1	see	see	VERB
cblr-7159	955	2	mcclane	mcclane	PROPN
cblr-7159	955	3	,	,	PUNCT
cblr-7159	955	4	supra	supra	PROPN
cblr-7159	955	5	note	note	NOUN
cblr-7159	955	6	216	216	NUM
cblr-7159	955	7	.	.	PUNCT
cblr-7159	955	8	290	290	NUM
cblr-7159	956	1	the	the	DET
cblr-7159	956	2	fact	fact	NOUN
cblr-7159	956	3	that	that	SCONJ
cblr-7159	956	4	the	the	DET
cblr-7159	956	5	differences	difference	NOUN
cblr-7159	956	6	in	in	ADP
cblr-7159	956	7	interventions	intervention	NOUN
cblr-7159	956	8	run	run	VERB
cblr-7159	956	9	slightly	slightly	ADV
cblr-7159	956	10	ahead	ahead	ADV
cblr-7159	956	11	of	of	ADP
cblr-7159	956	12	the	the	DET
cblr-7159	956	13	clo	clo	PROPN
cblr-7159	956	14	issuances	issuance	NOUN
cblr-7159	956	15	also	also	ADV
cblr-7159	956	16	makes	make	VERB
cblr-7159	956	17	sense	sense	NOUN
cblr-7159	956	18	given	give	VERB
cblr-7159	956	19	that	that	SCONJ
cblr-7159	956	20	loans	loan	NOUN
cblr-7159	956	21	are	be	AUX
cblr-7159	956	22	“	"	PUNCT
cblr-7159	956	23	warehoused	warehouse	VERB
cblr-7159	956	24	”	"	PUNCT
cblr-7159	956	25	—	—	PUNCT
cblr-7159	956	26	purchased	purchase	VERB
cblr-7159	956	27	from	from	ADP
cblr-7159	956	28	lenders	lender	NOUN
cblr-7159	956	29	and	and	CCONJ
cblr-7159	956	30	placed	place	VERB
cblr-7159	956	31	into	into	ADP
cblr-7159	956	32	an	an	DET
cblr-7159	956	33	spv	spv	NOUN
cblr-7159	956	34	—	—	PUNCT
cblr-7159	956	35	for	for	ADP
cblr-7159	956	36	up	up	ADP
cblr-7159	956	37	to	to	ADP
cblr-7159	956	38	year	year	NOUN
cblr-7159	956	39	before	before	ADP
cblr-7159	956	40	the	the	DET
cblr-7159	956	41	clo	clo	PROPN
cblr-7159	956	42	notes	note	NOUN
cblr-7159	956	43	themselves	themselves	PRON
cblr-7159	956	44	are	be	AUX
cblr-7159	956	45	issued	issue	VERB
cblr-7159	956	46	.	.	PUNCT
cblr-7159	957	1	see	see	VERB
cblr-7159	957	2	benmelech	benmelech	PROPN
cblr-7159	957	3	et	et	PROPN
cblr-7159	957	4	al	al	PROPN
cblr-7159	957	5	.	.	PROPN
cblr-7159	957	6	,	,	PUNCT
cblr-7159	957	7	supra	supra	PROPN
cblr-7159	957	8	note	note	PROPN
cblr-7159	957	9	151	151	NUM
cblr-7159	957	10	,	,	PUNCT
cblr-7159	957	11	at	at	ADP
cblr-7159	957	12	96–97	96–97	NUM
cblr-7159	957	13	.	.	PUNCT
cblr-7159	958	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	958	2	(	(	PUNCT
cblr-7159	958	3	do	do	AUX
cblr-7159	958	4	not	not	PART
cblr-7159	958	5	delte	delte	VERB
cblr-7159	958	6	)	)	PUNCT
cblr-7159	958	7	9/28/2020	9/28/2020	NUM
cblr-7159	958	8	6:35	6:35	NUM
cblr-7159	958	9	pm	pm	NOUN
cblr-7159	958	10	270	270	NUM
cblr-7159	958	11	columbia	columbia	PROPN
cblr-7159	958	12	business	business	NOUN
cblr-7159	958	13	law	law	PROPN
cblr-7159	958	14	review	review	NOUN
cblr-7159	958	15	[	[	X
cblr-7159	958	16	vol	vol	NOUN
cblr-7159	958	17	.	.	PUNCT
cblr-7159	959	1	2020	2020	NUM
cblr-7159	959	2	withdrawal	withdrawal	NOUN
cblr-7159	959	3	of	of	ADP
cblr-7159	959	4	lenders	lender	NOUN
cblr-7159	959	5	from	from	ADP
cblr-7159	959	6	corporate	corporate	ADJ
cblr-7159	959	7	governance	governance	NOUN
cblr-7159	959	8	intervention	intervention	NOUN
cblr-7159	959	9	for	for	ADP
cblr-7159	959	10	a	a	DET
cblr-7159	959	11	large	large	ADJ
cblr-7159	959	12	and	and	CCONJ
cblr-7159	959	13	growing	grow	VERB
cblr-7159	959	14	class	class	NOUN
cblr-7159	959	15	of	of	ADP
cblr-7159	959	16	corporate	corporate	ADJ
cblr-7159	959	17	debt.291	debt.291	PROPN
cblr-7159	959	18	the	the	DET
cblr-7159	959	19	withdrawal	withdrawal	NOUN
cblr-7159	959	20	of	of	ADP
cblr-7159	959	21	lenders	lender	NOUN
cblr-7159	959	22	exposes	expose	VERB
cblr-7159	959	23	a	a	DET
cblr-7159	959	24	gap	gap	NOUN
cblr-7159	959	25	in	in	ADP
cblr-7159	959	26	the	the	DET
cblr-7159	959	27	common	common	ADJ
cblr-7159	959	28	understanding	understanding	NOUN
cblr-7159	959	29	of	of	ADP
cblr-7159	959	30	how	how	SCONJ
cblr-7159	959	31	corporate	corporate	ADJ
cblr-7159	959	32	governance	governance	NOUN
cblr-7159	959	33	functions	function	NOUN
cblr-7159	959	34	,	,	PUNCT
cblr-7159	959	35	and	and	CCONJ
cblr-7159	959	36	this	this	DET
cblr-7159	959	37	gap	gap	NOUN
cblr-7159	959	38	has	have	VERB
cblr-7159	959	39	real	real	ADJ
cblr-7159	959	40	consequences	consequence	NOUN
cblr-7159	959	41	for	for	ADP
cblr-7159	959	42	the	the	DET
cblr-7159	959	43	management	management	NOUN
cblr-7159	959	44	of	of	ADP
cblr-7159	959	45	firms	firm	NOUN
cblr-7159	959	46	.	.	PUNCT
cblr-7159	960	1	a	a	DET
cblr-7159	960	2	few	few	ADJ
cblr-7159	960	3	realities	reality	NOUN
cblr-7159	960	4	complexify	complexify	VERB
cblr-7159	960	5	this	this	DET
cblr-7159	960	6	narrative	narrative	NOUN
cblr-7159	960	7	and	and	CCONJ
cblr-7159	960	8	must	must	AUX
cblr-7159	960	9	be	be	AUX
cblr-7159	960	10	addressed	address	VERB
cblr-7159	960	11	for	for	ADP
cblr-7159	960	12	a	a	DET
cblr-7159	960	13	complete	complete	ADJ
cblr-7159	960	14	understanding	understanding	NOUN
cblr-7159	960	15	of	of	ADP
cblr-7159	960	16	the	the	DET
cblr-7159	960	17	results	result	NOUN
cblr-7159	960	18	.	.	PUNCT
cblr-7159	961	1	first	first	ADV
cblr-7159	961	2	,	,	PUNCT
cblr-7159	961	3	the	the	DET
cblr-7159	961	4	dodd	dodd	PROPN
cblr-7159	961	5	-	-	PUNCT
cblr-7159	961	6	frank	frank	PROPN
cblr-7159	961	7	act	act	PROPN
cblr-7159	961	8	passed	pass	VERB
cblr-7159	961	9	in	in	ADP
cblr-7159	961	10	the	the	DET
cblr-7159	961	11	wake	wake	NOUN
cblr-7159	961	12	of	of	ADP
cblr-7159	961	13	the	the	DET
cblr-7159	961	14	financial	financial	ADJ
cblr-7159	961	15	crisis	crisis	NOUN
cblr-7159	961	16	attempted	attempt	VERB
cblr-7159	961	17	to	to	PART
cblr-7159	961	18	mitigate	mitigate	VERB
cblr-7159	961	19	some	some	PRON
cblr-7159	961	20	of	of	ADP
cblr-7159	961	21	the	the	DET
cblr-7159	961	22	problems	problem	NOUN
cblr-7159	961	23	of	of	ADP
cblr-7159	961	24	securitization	securitization	NOUN
cblr-7159	961	25	described	describe	VERB
cblr-7159	961	26	here	here	ADV
cblr-7159	961	27	through	through	ADP
cblr-7159	961	28	risk	risk	NOUN
cblr-7159	961	29	retention	retention	NOUN
cblr-7159	961	30	rules.292	rules.292	NOUN
cblr-7159	961	31	the	the	DET
cblr-7159	961	32	so	so	ADV
cblr-7159	961	33	-	-	PUNCT
cblr-7159	961	34	called	call	VERB
cblr-7159	961	35	“	"	PUNCT
cblr-7159	961	36	skin	skin	NOUN
cblr-7159	961	37	-	-	PUNCT
cblr-7159	961	38	in	in	ADP
cblr-7159	961	39	-	-	PUNCT
cblr-7159	961	40	the	the	DET
cblr-7159	961	41	-	-	PUNCT
cblr-7159	961	42	game	game	NOUN
cblr-7159	961	43	”	"	PUNCT
cblr-7159	961	44	provision	provision	NOUN
cblr-7159	961	45	of	of	ADP
cblr-7159	961	46	dodd	dodd	PROPN
cblr-7159	961	47	-	-	PUNCT
cblr-7159	961	48	frank	frank	PROPN
cblr-7159	961	49	did	do	AUX
cblr-7159	961	50	not	not	PART
cblr-7159	961	51	address	address	VERB
cblr-7159	961	52	corporate	corporate	ADJ
cblr-7159	961	53	governance	governance	NOUN
cblr-7159	961	54	directly	directly	ADV
cblr-7159	961	55	,	,	PUNCT
cblr-7159	961	56	but	but	CCONJ
cblr-7159	961	57	required	require	VERB
cblr-7159	961	58	that	that	SCONJ
cblr-7159	961	59	lenders	lender	NOUN
cblr-7159	961	60	who	who	PRON
cblr-7159	961	61	offload	offload	VERB
cblr-7159	961	62	loans	loan	NOUN
cblr-7159	961	63	to	to	ADP
cblr-7159	961	64	securitization	securitization	NOUN
cblr-7159	961	65	vehicles	vehicle	NOUN
cblr-7159	961	66	(	(	PUNCT
cblr-7159	961	67	like	like	ADP
cblr-7159	961	68	a	a	DET
cblr-7159	961	69	clo	clo	PROPN
cblr-7159	961	70	or	or	CCONJ
cblr-7159	961	71	lending	lending	NOUN
cblr-7159	961	72	bank	bank	NOUN
cblr-7159	961	73	)	)	PUNCT
cblr-7159	961	74	keep	keep	VERB
cblr-7159	961	75	some	some	DET
cblr-7159	961	76	percentage	percentage	NOUN
cblr-7159	961	77	of	of	ADP
cblr-7159	961	78	the	the	DET
cblr-7159	961	79	loan	loan	NOUN
cblr-7159	961	80	interest	interest	NOUN
cblr-7159	961	81	,	,	PUNCT
cblr-7159	961	82	in	in	ADP
cblr-7159	961	83	order	order	NOUN
cblr-7159	961	84	to	to	PART
cblr-7159	961	85	give	give	VERB
cblr-7159	961	86	originators	originator	NOUN
cblr-7159	961	87	an	an	DET
cblr-7159	961	88	incentive	incentive	NOUN
cblr-7159	961	89	to	to	PART
cblr-7159	961	90	care	care	VERB
cblr-7159	961	91	about	about	ADP
cblr-7159	961	92	the	the	DET
cblr-7159	961	93	terms	term	NOUN
cblr-7159	961	94	on	on	ADP
cblr-7159	961	95	which	which	PRON
cblr-7159	961	96	they	they	PRON
cblr-7159	961	97	make	make	VERB
cblr-7159	961	98	loans.293	loans.293	PROPN
cblr-7159	961	99	this	this	DET
cblr-7159	961	100	provision	provision	NOUN
cblr-7159	961	101	might	might	AUX
cblr-7159	961	102	confound	confound	VERB
cblr-7159	961	103	the	the	DET
cblr-7159	961	104	narrative	narrative	NOUN
cblr-7159	961	105	that	that	PRON
cblr-7159	961	106	clos	clo	NOUN
cblr-7159	961	107	disrupt	disrupt	VERB
cblr-7159	961	108	lender	lender	NOUN
cblr-7159	961	109	intervention	intervention	NOUN
cblr-7159	961	110	for	for	ADP
cblr-7159	961	111	a	a	DET
cblr-7159	961	112	few	few	ADJ
cblr-7159	961	113	reasons	reason	NOUN
cblr-7159	961	114	.	.	PUNCT
cblr-7159	962	1	first	first	ADV
cblr-7159	962	2	,	,	PUNCT
cblr-7159	962	3	because	because	SCONJ
cblr-7159	962	4	it	it	PRON
cblr-7159	962	5	would	would	AUX
cblr-7159	962	6	mean	mean	VERB
cblr-7159	962	7	that	that	SCONJ
cblr-7159	962	8	clos	clo	NOUN
cblr-7159	962	9	are	be	AUX
cblr-7159	962	10	required	require	VERB
cblr-7159	962	11	to	to	PART
cblr-7159	962	12	retain	retain	VERB
cblr-7159	962	13	enough	enough	ADJ
cblr-7159	962	14	of	of	ADP
cblr-7159	962	15	an	an	DET
cblr-7159	962	16	interest	interest	NOUN
cblr-7159	962	17	in	in	ADP
cblr-7159	962	18	the	the	DET
cblr-7159	962	19	loans	loan	NOUN
cblr-7159	962	20	they	they	PRON
cblr-7159	962	21	hold	hold	VERB
cblr-7159	962	22	such	such	ADJ
cblr-7159	962	23	that	that	SCONJ
cblr-7159	962	24	they	they	PRON
cblr-7159	962	25	would	would	AUX
cblr-7159	962	26	be	be	AUX
cblr-7159	962	27	incentivized	incentivize	VERB
cblr-7159	962	28	to	to	PART
cblr-7159	962	29	take	take	VERB
cblr-7159	962	30	an	an	DET
cblr-7159	962	31	interest	interest	NOUN
cblr-7159	962	32	in	in	ADP
cblr-7159	962	33	borrowers	borrower	NOUN
cblr-7159	962	34	’	'	PUNCT
cblr-7159	962	35	management	management	NOUN
cblr-7159	962	36	(	(	PUNCT
cblr-7159	962	37	either	either	CCONJ
cblr-7159	962	38	directly	directly	ADV
cblr-7159	962	39	or	or	CCONJ
cblr-7159	962	40	indirectly	indirectly	ADV
cblr-7159	962	41	by	by	ADP
cblr-7159	962	42	pressuring	pressure	VERB
cblr-7159	962	43	relationship	relationship	NOUN
cblr-7159	962	44	banks	bank	NOUN
cblr-7159	962	45	)	)	PUNCT
cblr-7159	962	46	.	.	PUNCT
cblr-7159	963	1	this	this	PRON
cblr-7159	963	2	would	would	AUX
cblr-7159	963	3	also	also	ADV
cblr-7159	963	4	mean	mean	VERB
cblr-7159	963	5	that	that	SCONJ
cblr-7159	963	6	clos	clo	NOUN
cblr-7159	963	7	could	could	AUX
cblr-7159	963	8	not	not	PART
cblr-7159	963	9	easily	easily	ADV
cblr-7159	963	10	trade	trade	VERB
cblr-7159	963	11	away	away	ADV
cblr-7159	963	12	the	the	DET
cblr-7159	963	13	entire	entire	ADJ
cblr-7159	963	14	portion	portion	NOUN
cblr-7159	963	15	of	of	ADP
cblr-7159	963	16	a	a	DET
cblr-7159	963	17	troubled	troubled	ADJ
cblr-7159	963	18	loan	loan	NOUN
cblr-7159	963	19	to	to	PART
cblr-7159	963	20	avoid	avoid	VERB
cblr-7159	963	21	having	have	VERB
cblr-7159	963	22	to	to	PART
cblr-7159	963	23	deal	deal	VERB
cblr-7159	963	24	with	with	ADP
cblr-7159	963	25	the	the	DET
cblr-7159	963	26	borrower	borrower	NOUN
cblr-7159	963	27	.	.	PUNCT
cblr-7159	964	1	second	second	ADJ
cblr-7159	964	2	,	,	PUNCT
cblr-7159	964	3	it	it	PRON
cblr-7159	964	4	might	might	AUX
cblr-7159	964	5	mean	mean	VERB
cblr-7159	964	6	that	that	SCONJ
cblr-7159	964	7	relationship	relationship	NOUN
cblr-7159	964	8	lenders	lender	NOUN
cblr-7159	964	9	that	that	PRON
cblr-7159	964	10	frequently	frequently	ADV
cblr-7159	964	11	originate	originate	VERB
cblr-7159	964	12	the	the	DET
cblr-7159	964	13	loans	loan	NOUN
cblr-7159	964	14	would	would	AUX
cblr-7159	964	15	be	be	AUX
cblr-7159	964	16	forced	force	VERB
cblr-7159	964	17	to	to	PART
cblr-7159	964	18	hold	hold	VERB
cblr-7159	964	19	onto	onto	ADP
cblr-7159	964	20	a	a	DET
cblr-7159	964	21	large	large	ADJ
cblr-7159	964	22	enough	enough	ADJ
cblr-7159	964	23	portion	portion	NOUN
cblr-7159	964	24	of	of	ADP
cblr-7159	964	25	borrowers	borrower	NOUN
cblr-7159	964	26	’	’	PART
cblr-7159	964	27	credit	credit	NOUN
cblr-7159	964	28	risk	risk	NOUN
cblr-7159	964	29	that	that	SCONJ
cblr-7159	964	30	they	they	PRON
cblr-7159	964	31	would	would	AUX
cblr-7159	964	32	also	also	ADV
cblr-7159	964	33	have	have	VERB
cblr-7159	964	34	a	a	DET
cblr-7159	964	35	greater	great	ADJ
cblr-7159	964	36	incentive	incentive	NOUN
cblr-7159	964	37	to	to	PART
cblr-7159	964	38	participate	participate	VERB
cblr-7159	964	39	in	in	ADP
cblr-7159	964	40	governance	governance	NOUN
cblr-7159	964	41	than	than	ADP
cblr-7159	964	42	the	the	DET
cblr-7159	964	43	narrative	narrative	NOUN
cblr-7159	964	44	in	in	ADP
cblr-7159	964	45	part	part	NOUN
cblr-7159	964	46	i	i	PRON
cblr-7159	964	47	would	would	AUX
cblr-7159	964	48	imply	imply	VERB
cblr-7159	964	49	.	.	PUNCT
cblr-7159	965	1	291	291	NUM
cblr-7159	965	2	see	see	NOUN
cblr-7159	965	3	discussion	discussion	NOUN
cblr-7159	965	4	supra	supra	PROPN
cblr-7159	965	5	part	part	PROPN
cblr-7159	965	6	ii	ii	PROPN
cblr-7159	965	7	.	.	PROPN
cblr-7159	965	8	292	292	NUM
cblr-7159	965	9	see	see	VERB
cblr-7159	965	10	dodd	dodd	PROPN
cblr-7159	965	11	-	-	PUNCT
cblr-7159	965	12	frank	frank	PROPN
cblr-7159	965	13	wall	wall	PROPN
cblr-7159	965	14	street	street	PROPN
cblr-7159	965	15	reform	reform	PROPN
cblr-7159	965	16	and	and	CCONJ
cblr-7159	965	17	consumer	consumer	NOUN
cblr-7159	965	18	protection	protection	PROPN
cblr-7159	965	19	act	act	PROPN
cblr-7159	965	20	,	,	PUNCT
cblr-7159	965	21	pub	pub	NOUN
cblr-7159	965	22	.	.	PUNCT
cblr-7159	966	1	l.	l.	PROPN
cblr-7159	966	2	no	no	INTJ
cblr-7159	966	3	.	.	PROPN
cblr-7159	967	1	111	111	NUM
cblr-7159	967	2	-	-	SYM
cblr-7159	967	3	203	203	NUM
cblr-7159	967	4	,	,	PUNCT
cblr-7159	967	5	§	§	PROPN
cblr-7159	967	6	941(b	941(b	PROPN
cblr-7159	967	7	)	)	PUNCT
cblr-7159	967	8	,	,	PUNCT
cblr-7159	967	9	132	132	NUM
cblr-7159	967	10	stat	stat	NOUN
cblr-7159	967	11	.	.	PUNCT
cblr-7159	968	1	1376	1376	NUM
cblr-7159	968	2	,	,	PUNCT
cblr-7159	968	3	1890–96	1890–96	NUM
cblr-7159	968	4	(	(	PUNCT
cblr-7159	968	5	2010	2010	NUM
cblr-7159	968	6	)	)	PUNCT
cblr-7159	968	7	(	(	PUNCT
cblr-7159	968	8	codified	codify	VERB
cblr-7159	968	9	at	at	ADP
cblr-7159	968	10	15	15	NUM
cblr-7159	968	11	u.s.c	u.s.c	ADJ
cblr-7159	968	12	.	.	PUNCT
cblr-7159	969	1	§	§	PROPN
cblr-7159	969	2	78o-11	78o-11	NUM
cblr-7159	969	3	(	(	PUNCT
cblr-7159	969	4	2018	2018	NUM
cblr-7159	969	5	)	)	PUNCT
cblr-7159	969	6	)	)	PUNCT
cblr-7159	970	1	(	(	PUNCT
cblr-7159	970	2	setting	set	VERB
cblr-7159	970	3	out	out	ADP
cblr-7159	970	4	risk	risk	NOUN
cblr-7159	970	5	retention	retention	NOUN
cblr-7159	970	6	requirements	requirement	NOUN
cblr-7159	970	7	and	and	CCONJ
cblr-7159	970	8	mandating	mandate	VERB
cblr-7159	970	9	several	several	ADJ
cblr-7159	970	10	federal	federal	ADJ
cblr-7159	970	11	agencies	agency	NOUN
cblr-7159	970	12	enact	enact	VERB
cblr-7159	970	13	rules	rule	NOUN
cblr-7159	970	14	to	to	PART
cblr-7159	970	15	implement	implement	VERB
cblr-7159	970	16	them	they	PRON
cblr-7159	970	17	)	)	PUNCT
cblr-7159	970	18	.	.	PUNCT
cblr-7159	971	1	293	293	NUM
cblr-7159	971	2	see	see	VERB
cblr-7159	971	3	credit	credit	NOUN
cblr-7159	971	4	risk	risk	NOUN
cblr-7159	971	5	retention	retention	NOUN
cblr-7159	971	6	,	,	PUNCT
cblr-7159	971	7	79	79	NUM
cblr-7159	971	8	fed	feed	VERB
cblr-7159	971	9	.	.	PUNCT
cblr-7159	972	1	reg	reg	PROPN
cblr-7159	972	2	.	.	PUNCT
cblr-7159	973	1	77,602	77,602	NUM
cblr-7159	973	2	,	,	PUNCT
cblr-7159	973	3	77,604–05	77,604–05	NUM
cblr-7159	973	4	(	(	PUNCT
cblr-7159	973	5	dec	dec	PROPN
cblr-7159	973	6	.	.	PROPN
cblr-7159	973	7	24	24	NUM
cblr-7159	973	8	,	,	PUNCT
cblr-7159	973	9	2014	2014	NUM
cblr-7159	973	10	)	)	PUNCT
cblr-7159	973	11	(	(	PUNCT
cblr-7159	973	12	to	to	PART
cblr-7159	973	13	be	be	AUX
cblr-7159	973	14	codified	codify	VERB
cblr-7159	973	15	at	at	ADP
cblr-7159	973	16	12	12	NUM
cblr-7159	973	17	c.f.r	c.f.r	NOUN
cblr-7159	973	18	.	.	PUNCT
cblr-7159	974	1	pts	pts	PROPN
cblr-7159	974	2	.	.	PROPN
cblr-7159	974	3	43	43	NUM
cblr-7159	974	4	,	,	PUNCT
cblr-7159	974	5	244	244	NUM
cblr-7159	974	6	,	,	PUNCT
cblr-7159	974	7	373	373	NUM
cblr-7159	974	8	,	,	PUNCT
cblr-7159	974	9	24	24	NUM
cblr-7159	974	10	c.f.r	c.f.r	NOUN
cblr-7159	974	11	.	.	PUNCT
cblr-7159	975	1	pt	pt	PROPN
cblr-7159	975	2	.	.	PROPN
cblr-7159	975	3	267	267	NUM
cblr-7159	975	4	)	)	PUNCT
cblr-7159	975	5	(	(	PUNCT
cblr-7159	975	6	stating	state	VERB
cblr-7159	975	7	that	that	SCONJ
cblr-7159	975	8	“	"	PUNCT
cblr-7159	975	9	[	[	X
cblr-7159	975	10	b]y	b]y	NOUN
cblr-7159	975	11	requiring	require	VERB
cblr-7159	975	12	that	that	SCONJ
cblr-7159	975	13	a	a	DET
cblr-7159	975	14	securitizer	securitizer	NOUN
cblr-7159	975	15	retain	retain	VERB
cblr-7159	975	16	a	a	DET
cblr-7159	975	17	portion	portion	NOUN
cblr-7159	975	18	of	of	ADP
cblr-7159	975	19	the	the	DET
cblr-7159	975	20	credit	credit	NOUN
cblr-7159	975	21	risk	risk	NOUN
cblr-7159	975	22	of	of	ADP
cblr-7159	975	23	the	the	DET
cblr-7159	975	24	securitized	securitized	ADJ
cblr-7159	975	25	assets	asset	NOUN
cblr-7159	975	26	,	,	PUNCT
cblr-7159	975	27	the	the	DET
cblr-7159	975	28	requirements	requirement	NOUN
cblr-7159	975	29	of	of	ADP
cblr-7159	975	30	section	section	NOUN
cblr-7159	975	31	15	15	NUM
cblr-7159	975	32	g	g	NOUN
cblr-7159	975	33	provide	provide	VERB
cblr-7159	975	34	securitizers	securitizer	NOUN
cblr-7159	975	35	an	an	DET
cblr-7159	975	36	incentive	incentive	NOUN
cblr-7159	975	37	to	to	PART
cblr-7159	975	38	monitor	monitor	VERB
cblr-7159	975	39	and	and	CCONJ
cblr-7159	975	40	ensure	ensure	VERB
cblr-7159	975	41	the	the	DET
cblr-7159	975	42	quality	quality	NOUN
cblr-7159	975	43	of	of	ADP
cblr-7159	975	44	the	the	DET
cblr-7159	975	45	securitized	securitized	ADJ
cblr-7159	975	46	assets	asset	NOUN
cblr-7159	975	47	underlying	underlie	VERB
cblr-7159	975	48	a	a	DET
cblr-7159	975	49	securitization	securitization	NOUN
cblr-7159	975	50	transaction	transaction	NOUN
cblr-7159	975	51	,	,	PUNCT
cblr-7159	975	52	and	and	CCONJ
cblr-7159	975	53	,	,	PUNCT
cblr-7159	975	54	thus	thus	ADV
cblr-7159	975	55	,	,	PUNCT
cblr-7159	975	56	help	help	AUX
cblr-7159	975	57	align	align	VERB
cblr-7159	975	58	the	the	DET
cblr-7159	975	59	interests	interest	NOUN
cblr-7159	975	60	of	of	ADP
cblr-7159	975	61	the	the	DET
cblr-7159	975	62	securitizer	securitizer	NOUN
cblr-7159	975	63	with	with	ADP
cblr-7159	975	64	the	the	DET
cblr-7159	975	65	interests	interest	NOUN
cblr-7159	975	66	of	of	ADP
cblr-7159	975	67	investors	investor	NOUN
cblr-7159	975	68	”	"	PUNCT
cblr-7159	975	69	)	)	PUNCT
cblr-7159	975	70	.	.	PUNCT
cblr-7159	976	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	976	2	(	(	PUNCT
cblr-7159	976	3	do	do	AUX
cblr-7159	976	4	not	not	PART
cblr-7159	976	5	delete	delete	VERB
cblr-7159	976	6	)	)	PUNCT
cblr-7159	976	7	9/28/2020	9/28/2020	NUM
cblr-7159	976	8	6:35	6:35	NUM
cblr-7159	976	9	pm	pm	NOUN
cblr-7159	976	10	no	no	INTJ
cblr-7159	976	11	.	.	PUNCT
cblr-7159	977	1	1:192	1:192	X
cblr-7159	977	2	]	]	X
cblr-7159	977	3	reconsidering	reconsider	VERB
cblr-7159	977	4	creditor	creditor	NOUN
cblr-7159	977	5	governance	governance	NOUN
cblr-7159	977	6	271	271	NUM
cblr-7159	977	7	however	however	ADV
cblr-7159	977	8	,	,	PUNCT
cblr-7159	977	9	there	there	PRON
cblr-7159	977	10	are	be	VERB
cblr-7159	977	11	several	several	ADJ
cblr-7159	977	12	issues	issue	NOUN
cblr-7159	977	13	with	with	ADP
cblr-7159	977	14	the	the	DET
cblr-7159	977	15	dodd	dodd	PROPN
cblr-7159	977	16	-	-	PUNCT
cblr-7159	977	17	frank	frank	ADJ
cblr-7159	977	18	risk	risk	NOUN
cblr-7159	977	19	retention	retention	NOUN
cblr-7159	977	20	rules	rule	NOUN
cblr-7159	977	21	that	that	PRON
cblr-7159	977	22	make	make	VERB
cblr-7159	977	23	it	it	PRON
cblr-7159	977	24	less	less	ADV
cblr-7159	977	25	likely	likely	ADJ
cblr-7159	977	26	that	that	SCONJ
cblr-7159	977	27	they	they	PRON
cblr-7159	977	28	would	would	AUX
cblr-7159	977	29	affect	affect	VERB
cblr-7159	977	30	the	the	DET
cblr-7159	977	31	lender	lender	NOUN
cblr-7159	977	32	governance	governance	NOUN
cblr-7159	977	33	implications	implication	NOUN
cblr-7159	977	34	of	of	ADP
cblr-7159	977	35	this	this	DET
cblr-7159	977	36	study	study	NOUN
cblr-7159	977	37	.	.	PUNCT
cblr-7159	978	1	first	first	ADV
cblr-7159	978	2	,	,	PUNCT
cblr-7159	978	3	the	the	DET
cblr-7159	978	4	rules	rule	NOUN
cblr-7159	978	5	specify	specify	VERB
cblr-7159	978	6	a	a	DET
cblr-7159	978	7	percentage	percentage	NOUN
cblr-7159	978	8	of	of	ADP
cblr-7159	978	9	the	the	DET
cblr-7159	978	10	risk	risk	NOUN
cblr-7159	978	11	that	that	PRON
cblr-7159	978	12	must	must	AUX
cblr-7159	978	13	be	be	AUX
cblr-7159	978	14	retained	retain	VERB
cblr-7159	978	15	but	but	CCONJ
cblr-7159	978	16	say	say	VERB
cblr-7159	978	17	nothing	nothing	PRON
cblr-7159	978	18	about	about	ADP
cblr-7159	978	19	covenants	covenant	NOUN
cblr-7159	978	20	or	or	CCONJ
cblr-7159	978	21	other	other	ADJ
cblr-7159	978	22	terms	term	NOUN
cblr-7159	978	23	that	that	SCONJ
cblr-7159	978	24	loans	loan	NOUN
cblr-7159	978	25	must	must	AUX
cblr-7159	978	26	include.294	include.294	PROPN
cblr-7159	978	27	thus	thus	ADV
cblr-7159	978	28	,	,	PUNCT
cblr-7159	978	29	they	they	PRON
cblr-7159	978	30	do	do	VERB
cblr-7159	978	31	nothing	nothing	PRON
cblr-7159	978	32	to	to	PART
cblr-7159	978	33	strengthen	strengthen	VERB
cblr-7159	978	34	the	the	DET
cblr-7159	978	35	leverage	leverage	NOUN
cblr-7159	978	36	a	a	DET
cblr-7159	978	37	creditor	creditor	NOUN
cblr-7159	978	38	has	have	VERB
cblr-7159	978	39	,	,	PUNCT
cblr-7159	978	40	even	even	ADV
cblr-7159	978	41	if	if	SCONJ
cblr-7159	978	42	they	they	PRON
cblr-7159	978	43	might	might	AUX
cblr-7159	978	44	strengthen	strengthen	VERB
cblr-7159	978	45	a	a	DET
cblr-7159	978	46	creditor	creditor	NOUN
cblr-7159	978	47	’s	’s	PART
cblr-7159	978	48	incentives	incentive	NOUN
cblr-7159	978	49	.	.	PUNCT
cblr-7159	979	1	second	second	ADV
cblr-7159	979	2	,	,	PUNCT
cblr-7159	979	3	the	the	DET
cblr-7159	979	4	percentage	percentage	NOUN
cblr-7159	979	5	lenders	lender	NOUN
cblr-7159	979	6	are	be	AUX
cblr-7159	979	7	required	require	VERB
cblr-7159	979	8	to	to	PART
cblr-7159	979	9	retain	retain	VERB
cblr-7159	979	10	is	be	AUX
cblr-7159	979	11	fixed	fix	VERB
cblr-7159	979	12	,	,	PUNCT
cblr-7159	979	13	and	and	CCONJ
cblr-7159	979	14	arguably	arguably	ADV
cblr-7159	979	15	does	do	AUX
cblr-7159	979	16	not	not	PART
cblr-7159	979	17	provide	provide	VERB
cblr-7159	979	18	adequate	adequate	ADJ
cblr-7159	979	19	incentives	incentive	NOUN
cblr-7159	979	20	for	for	ADP
cblr-7159	979	21	monitoring	monitoring	NOUN
cblr-7159	979	22	in	in	ADP
cblr-7159	979	23	all	all	DET
cblr-7159	979	24	cases	case	NOUN
cblr-7159	979	25	.	.	PUNCT
cblr-7159	980	1	originators	originator	NOUN
cblr-7159	980	2	are	be	AUX
cblr-7159	980	3	required	require	VERB
cblr-7159	980	4	to	to	PART
cblr-7159	980	5	retain	retain	VERB
cblr-7159	980	6	5	5	NUM
cblr-7159	980	7	%	%	NOUN
cblr-7159	980	8	of	of	ADP
cblr-7159	980	9	the	the	DET
cblr-7159	980	10	loans	loan	NOUN
cblr-7159	980	11	they	they	PRON
cblr-7159	980	12	originate,295	originate,295	VERB
cblr-7159	981	1	and	and	CCONJ
cblr-7159	981	2	some	some	PRON
cblr-7159	981	3	contend	contend	VERB
cblr-7159	981	4	that	that	SCONJ
cblr-7159	981	5	this	this	DET
cblr-7159	981	6	amount	amount	NOUN
cblr-7159	981	7	is	be	AUX
cblr-7159	981	8	too	too	ADV
cblr-7159	981	9	low	low	ADJ
cblr-7159	981	10	to	to	PART
cblr-7159	981	11	provide	provide	VERB
cblr-7159	981	12	adequate	adequate	ADJ
cblr-7159	981	13	screening	screening	NOUN
cblr-7159	981	14	or	or	CCONJ
cblr-7159	981	15	monitoring	monitor	VERB
cblr-7159	981	16	incentives.296	incentives.296	NOUN
cblr-7159	981	17	even	even	ADV
cblr-7159	981	18	with	with	ADP
cblr-7159	981	19	risk	risk	NOUN
cblr-7159	981	20	retention	retention	NOUN
cblr-7159	981	21	,	,	PUNCT
cblr-7159	981	22	the	the	DET
cblr-7159	981	23	risk	risk	NOUN
cblr-7159	981	24	that	that	SCONJ
cblr-7159	981	25	any	any	DET
cblr-7159	981	26	one	one	NUM
cblr-7159	981	27	firm	firm	NOUN
cblr-7159	981	28	poses	pose	NOUN
cblr-7159	981	29	in	in	ADP
cblr-7159	981	30	a	a	DET
cblr-7159	981	31	portfolio	portfolio	NOUN
cblr-7159	981	32	may	may	AUX
cblr-7159	981	33	be	be	AUX
cblr-7159	981	34	too	too	ADV
cblr-7159	981	35	little	little	ADJ
cblr-7159	981	36	to	to	PART
cblr-7159	981	37	give	give	VERB
cblr-7159	981	38	lenders	lender	NOUN
cblr-7159	981	39	,	,	PUNCT
cblr-7159	981	40	much	much	ADV
cblr-7159	981	41	less	less	ADV
cblr-7159	981	42	structured	structured	ADJ
cblr-7159	981	43	finance	finance	NOUN
cblr-7159	981	44	vehicles	vehicle	NOUN
cblr-7159	981	45	,	,	PUNCT
cblr-7159	981	46	the	the	DET
cblr-7159	981	47	requisite	requisite	ADJ
cblr-7159	981	48	leverage	leverage	NOUN
cblr-7159	981	49	to	to	PART
cblr-7159	981	50	intervene	intervene	VERB
cblr-7159	981	51	or	or	CCONJ
cblr-7159	981	52	the	the	DET
cblr-7159	981	53	incentive	incentive	NOUN
cblr-7159	981	54	to	to	PART
cblr-7159	981	55	invest	invest	VERB
cblr-7159	981	56	disproportionate	disproportionate	ADJ
cblr-7159	981	57	resources	resource	NOUN
cblr-7159	981	58	in	in	ADP
cblr-7159	981	59	the	the	DET
cblr-7159	981	60	governance	governance	NOUN
cblr-7159	981	61	any	any	DET
cblr-7159	981	62	single	single	ADJ
cblr-7159	981	63	borrower	borrower	NOUN
cblr-7159	981	64	.	.	PUNCT
cblr-7159	982	1	third	third	ADJ
cblr-7159	982	2	,	,	PUNCT
cblr-7159	982	3	and	and	CCONJ
cblr-7159	982	4	most	most	ADV
cblr-7159	982	5	importantly	importantly	ADV
cblr-7159	982	6	for	for	ADP
cblr-7159	982	7	clos	clo	NOUN
cblr-7159	982	8	,	,	PUNCT
cblr-7159	982	9	a	a	DET
cblr-7159	982	10	recent	recent	ADJ
cblr-7159	982	11	court	court	NOUN
cblr-7159	982	12	decision	decision	NOUN
cblr-7159	982	13	by	by	ADP
cblr-7159	982	14	the	the	DET
cblr-7159	982	15	d.c	d.c	PROPN
cblr-7159	982	16	.	.	PROPN
cblr-7159	982	17	circuit	circuit	PROPN
cblr-7159	982	18	invalidated	invalidated	ADJ
cblr-7159	982	19	dodd	dodd	PROPN
cblr-7159	982	20	-	-	PUNCT
cblr-7159	982	21	frank	frank	PROPN
cblr-7159	982	22	’s	’s	PART
cblr-7159	982	23	risk	risk	NOUN
cblr-7159	982	24	294	294	NUM
cblr-7159	983	1	i	i	PRON
cblr-7159	983	2	d.	d.	PROPN
cblr-7159	983	3	at	at	ADP
cblr-7159	983	4	77,603	77,603	NUM
cblr-7159	983	5	.	.	PUNCT
cblr-7159	984	1	295	295	NUM
cblr-7159	984	2	see	see	VERB
cblr-7159	984	3	dodd	dodd	PROPN
cblr-7159	984	4	-	-	PUNCT
cblr-7159	984	5	frank	frank	PROPN
cblr-7159	984	6	wall	wall	PROPN
cblr-7159	984	7	street	street	PROPN
cblr-7159	984	8	reform	reform	PROPN
cblr-7159	984	9	and	and	CCONJ
cblr-7159	984	10	consumer	consumer	NOUN
cblr-7159	984	11	protection	protection	PROPN
cblr-7159	984	12	act	act	NOUN
cblr-7159	984	13	§	§	PROPN
cblr-7159	984	14	941(b	941(b	PROPN
cblr-7159	984	15	)	)	PUNCT
cblr-7159	984	16	,	,	PUNCT
cblr-7159	984	17	§	§	PROPN
cblr-7159	984	18	15g(c)(1)(b)(i	15g(c)(1)(b)(i	NUM
cblr-7159	984	19	)	)	PUNCT
cblr-7159	984	20	.	.	PUNCT
cblr-7159	985	1	the	the	DET
cblr-7159	985	2	rules	rule	NOUN
cblr-7159	985	3	which	which	PRON
cblr-7159	985	4	went	go	VERB
cblr-7159	985	5	into	into	ADP
cblr-7159	985	6	effect	effect	NOUN
cblr-7159	985	7	december	december	PROPN
cblr-7159	985	8	24	24	NUM
cblr-7159	985	9	,	,	PUNCT
cblr-7159	985	10	2015	2015	NUM
cblr-7159	985	11	for	for	ADP
cblr-7159	985	12	residential	residential	ADJ
cblr-7159	985	13	mortgage	mortgage	NOUN
cblr-7159	985	14	securitizers	securitizer	NOUN
cblr-7159	985	15	and	and	CCONJ
cblr-7159	985	16	december	december	PROPN
cblr-7159	985	17	24	24	NUM
cblr-7159	985	18	,	,	PUNCT
cblr-7159	985	19	2016	2016	NUM
cblr-7159	985	20	for	for	ADP
cblr-7159	985	21	other	other	ADJ
cblr-7159	985	22	types	type	NOUN
cblr-7159	985	23	of	of	ADP
cblr-7159	985	24	securitizations	securitization	NOUN
cblr-7159	985	25	(	(	PUNCT
cblr-7159	985	26	including	include	VERB
cblr-7159	985	27	clos	clo	NOUN
cblr-7159	985	28	)	)	PUNCT
cblr-7159	985	29	require	require	VERB
cblr-7159	985	30	originators	originator	NOUN
cblr-7159	985	31	to	to	PART
cblr-7159	985	32	retain	retain	VERB
cblr-7159	985	33	a	a	DET
cblr-7159	985	34	total	total	NOUN
cblr-7159	985	35	of	of	ADP
cblr-7159	985	36	5	5	NUM
cblr-7159	985	37	%	%	NOUN
cblr-7159	985	38	of	of	ADP
cblr-7159	985	39	an	an	DET
cblr-7159	985	40	eligible	eligible	ADJ
cblr-7159	985	41	horizontal	horizontal	ADJ
cblr-7159	985	42	residual	residual	ADJ
cblr-7159	985	43	interest	interest	NOUN
cblr-7159	985	44	(	(	PUNCT
cblr-7159	985	45	an	an	DET
cblr-7159	985	46	interest	interest	NOUN
cblr-7159	985	47	in	in	ADP
cblr-7159	985	48	the	the	DET
cblr-7159	985	49	most	most	ADV
cblr-7159	985	50	subordinate	subordinate	ADJ
cblr-7159	985	51	claim	claim	NOUN
cblr-7159	985	52	to	to	ADP
cblr-7159	985	53	payments	payment	NOUN
cblr-7159	985	54	of	of	ADP
cblr-7159	985	55	both	both	CCONJ
cblr-7159	985	56	principal	principal	NOUN
cblr-7159	985	57	and	and	CCONJ
cblr-7159	985	58	interest	interest	NOUN
cblr-7159	985	59	)	)	PUNCT
cblr-7159	985	60	,	,	PUNCT
cblr-7159	985	61	an	an	DET
cblr-7159	985	62	eligible	eligible	ADJ
cblr-7159	985	63	vertical	vertical	ADJ
cblr-7159	985	64	interest	interest	NOUN
cblr-7159	985	65	(	(	PUNCT
cblr-7159	985	66	an	an	DET
cblr-7159	985	67	interest	interest	NOUN
cblr-7159	985	68	in	in	ADP
cblr-7159	985	69	each	each	DET
cblr-7159	985	70	class	class	NOUN
cblr-7159	985	71	of	of	ADP
cblr-7159	985	72	the	the	DET
cblr-7159	985	73	asset	asset	NOUN
cblr-7159	985	74	-	-	PUNCT
cblr-7159	985	75	backed	back	VERB
cblr-7159	985	76	security	security	NOUN
cblr-7159	985	77	in	in	ADP
cblr-7159	985	78	the	the	DET
cblr-7159	985	79	transaction	transaction	NOUN
cblr-7159	985	80	that	that	PRON
cblr-7159	985	81	constitutes	constitute	VERB
cblr-7159	985	82	the	the	DET
cblr-7159	985	83	same	same	ADJ
cblr-7159	985	84	portion	portion	NOUN
cblr-7159	985	85	of	of	ADP
cblr-7159	985	86	each	each	DET
cblr-7159	985	87	class	class	NOUN
cblr-7159	985	88	)	)	PUNCT
cblr-7159	985	89	or	or	CCONJ
cblr-7159	985	90	some	some	DET
cblr-7159	985	91	combination	combination	NOUN
cblr-7159	985	92	of	of	ADP
cblr-7159	985	93	the	the	DET
cblr-7159	985	94	two	two	NUM
cblr-7159	985	95	.	.	PUNCT
cblr-7159	986	1	see	see	VERB
cblr-7159	986	2	credit	credit	NOUN
cblr-7159	986	3	risk	risk	NOUN
cblr-7159	986	4	retention	retention	NOUN
cblr-7159	986	5	,	,	PUNCT
cblr-7159	986	6	79	79	NUM
cblr-7159	986	7	fed	feed	VERB
cblr-7159	986	8	.	.	PUNCT
cblr-7159	987	1	reg	reg	PROPN
cblr-7159	987	2	.	.	PUNCT
cblr-7159	988	1	at	at	ADP
cblr-7159	988	2	77,604–08	77,604–08	PROPN
cblr-7159	988	3	.	.	PUNCT
cblr-7159	989	1	296	296	NUM
cblr-7159	989	2	see	see	VERB
cblr-7159	989	3	,	,	PUNCT
cblr-7159	989	4	e.g.	e.g.	ADV
cblr-7159	989	5	,	,	PUNCT
cblr-7159	989	6	craig	craig	PROPN
cblr-7159	989	7	furfine	furfine	PROPN
cblr-7159	989	8	,	,	PUNCT
cblr-7159	989	9	the	the	DET
cblr-7159	989	10	impact	impact	NOUN
cblr-7159	989	11	of	of	ADP
cblr-7159	989	12	risk	risk	NOUN
cblr-7159	989	13	retention	retention	NOUN
cblr-7159	989	14	regulation	regulation	NOUN
cblr-7159	989	15	on	on	ADP
cblr-7159	989	16	the	the	DET
cblr-7159	989	17	underwriting	underwriting	NOUN
cblr-7159	989	18	of	of	ADP
cblr-7159	989	19	securitized	securitize	VERB
cblr-7159	989	20	mortgages	mortgage	NOUN
cblr-7159	989	21	,	,	PUNCT
cblr-7159	989	22	j.	j.	PROPN
cblr-7159	989	23	fin	fin	PROPN
cblr-7159	989	24	.	.	PUNCT
cblr-7159	990	1	serv	serv	PROPN
cblr-7159	990	2	.	.	PUNCT
cblr-7159	991	1	res	re	NOUN
cblr-7159	991	2	.	.	PUNCT
cblr-7159	992	1	(	(	PUNCT
cblr-7159	992	2	mar	mar	PROPN
cblr-7159	992	3	.	.	PROPN
cblr-7159	992	4	15	15	NUM
cblr-7159	992	5	,	,	PUNCT
cblr-7159	992	6	2019	2019	NUM
cblr-7159	992	7	)	)	PUNCT
cblr-7159	992	8	,	,	PUNCT
cblr-7159	992	9	https://link.springer.com/content/pdf/10.1007/s10693-019-003086.pdf	https://link.springer.com/content/pdf/10.1007/s10693-019-003086.pdf	NOUN
cblr-7159	993	1	[	[	X
cblr-7159	993	2	https://perma.cc/dcb6-speu	https://perma.cc/dcb6-speu	X
cblr-7159	993	3	]	]	PUNCT
cblr-7159	993	4	.	.	PUNCT
cblr-7159	994	1	see	see	VERB
cblr-7159	994	2	also	also	ADV
cblr-7159	994	3	henri	henri	PROPN
cblr-7159	994	4	pagès	pagès	PROPN
cblr-7159	994	5	,	,	PUNCT
cblr-7159	994	6	bank	bank	NOUN
cblr-7159	994	7	monitoring	monitoring	NOUN
cblr-7159	994	8	incentives	incentive	NOUN
cblr-7159	994	9	and	and	CCONJ
cblr-7159	994	10	optimal	optimal	ADJ
cblr-7159	994	11	abs	ab	NOUN
cblr-7159	994	12	,	,	PUNCT
cblr-7159	994	13	22	22	NUM
cblr-7159	994	14	j	j	PROPN
cblr-7159	994	15	fin	fin	NOUN
cblr-7159	994	16	.	.	PUNCT
cblr-7159	995	1	intermediation	intermediation	NOUN
cblr-7159	995	2	30	30	NUM
cblr-7159	995	3	,	,	PUNCT
cblr-7159	995	4	47	47	NUM
cblr-7159	995	5	(	(	PUNCT
cblr-7159	995	6	2013	2013	NUM
cblr-7159	995	7	)	)	PUNCT
cblr-7159	995	8	(	(	PUNCT
cblr-7159	995	9	arguing	argue	VERB
cblr-7159	995	10	that	that	SCONJ
cblr-7159	995	11	a	a	DET
cblr-7159	995	12	one	one	NUM
cblr-7159	995	13	-	-	PUNCT
cblr-7159	995	14	size	size	NOUN
cblr-7159	995	15	fits	fit	VERB
cblr-7159	995	16	all	all	DET
cblr-7159	995	17	five	five	NUM
cblr-7159	995	18	percent	percent	NOUN
cblr-7159	995	19	requirement	requirement	NOUN
cblr-7159	995	20	is	be	AUX
cblr-7159	995	21	inadequate	inadequate	ADJ
cblr-7159	995	22	to	to	PART
cblr-7159	995	23	account	account	VERB
cblr-7159	995	24	for	for	ADP
cblr-7159	995	25	the	the	DET
cblr-7159	995	26	differing	differ	VERB
cblr-7159	995	27	risks	risk	NOUN
cblr-7159	995	28	of	of	ADP
cblr-7159	995	29	securitizations	securitization	NOUN
cblr-7159	995	30	)	)	PUNCT
cblr-7159	995	31	;	;	PUNCT
cblr-7159	995	32	guixia	guixia	ADJ
cblr-7159	995	33	guo	guo	PROPN
cblr-7159	995	34	&	&	CCONJ
cblr-7159	995	35	ho	ho	PROPN
cblr-7159	995	36	-	-	PUNCT
cblr-7159	995	37	mou	mou	PROPN
cblr-7159	995	38	wu	wu	PROPN
cblr-7159	995	39	,	,	PUNCT
cblr-7159	995	40	a	a	DET
cblr-7159	995	41	study	study	NOUN
cblr-7159	995	42	on	on	ADP
cblr-7159	995	43	risk	risk	NOUN
cblr-7159	995	44	retention	retention	NOUN
cblr-7159	995	45	regulation	regulation	NOUN
cblr-7159	995	46	in	in	ADP
cblr-7159	995	47	asset	asset	NOUN
cblr-7159	995	48	securitization	securitization	NOUN
cblr-7159	995	49	process	process	NOUN
cblr-7159	995	50	45	45	NUM
cblr-7159	995	51	j.	j.	PROPN
cblr-7159	995	52	banking	banking	PROPN
cblr-7159	995	53	&	&	CCONJ
cblr-7159	995	54	fin	fin	PROPN
cblr-7159	995	55	.	.	PUNCT
cblr-7159	996	1	61	61	NUM
cblr-7159	996	2	,	,	PUNCT
cblr-7159	996	3	61–62	61–62	NUM
cblr-7159	996	4	(	(	PUNCT
cblr-7159	996	5	2014	2014	NUM
cblr-7159	996	6	)	)	PUNCT
cblr-7159	996	7	(	(	PUNCT
cblr-7159	996	8	developing	develop	VERB
cblr-7159	996	9	a	a	DET
cblr-7159	996	10	model	model	NOUN
cblr-7159	996	11	of	of	ADP
cblr-7159	996	12	securitization	securitization	NOUN
cblr-7159	996	13	risk	risk	NOUN
cblr-7159	996	14	,	,	PUNCT
cblr-7159	996	15	and	and	CCONJ
cblr-7159	996	16	arguing	argue	VERB
cblr-7159	996	17	that	that	SCONJ
cblr-7159	996	18	regulation	regulation	NOUN
cblr-7159	996	19	mandating	mandate	VERB
cblr-7159	996	20	a	a	DET
cblr-7159	996	21	fixed	fix	VERB
cblr-7159	996	22	level	level	NOUN
cblr-7159	996	23	of	of	ADP
cblr-7159	996	24	risk	risk	NOUN
cblr-7159	996	25	retention	retention	NOUN
cblr-7159	996	26	increases	increase	VERB
cblr-7159	996	27	adverse	adverse	ADJ
cblr-7159	996	28	selection	selection	NOUN
cblr-7159	996	29	by	by	ADP
cblr-7159	996	30	reducing	reduce	VERB
cblr-7159	996	31	the	the	DET
cblr-7159	996	32	information	information	NOUN
cblr-7159	996	33	conveyed	convey	VERB
cblr-7159	996	34	by	by	ADP
cblr-7159	996	35	securitization	securitization	NOUN
cblr-7159	996	36	decisions	decision	NOUN
cblr-7159	996	37	)	)	PUNCT
cblr-7159	996	38	.	.	PUNCT
cblr-7159	997	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	997	2	(	(	PUNCT
cblr-7159	997	3	do	do	AUX
cblr-7159	997	4	not	not	PART
cblr-7159	997	5	delte	delte	VERB
cblr-7159	997	6	)	)	PUNCT
cblr-7159	997	7	9/28/2020	9/28/2020	PROPN
cblr-7159	997	8	6:35	6:35	NUM
cblr-7159	997	9	pm	pm	NOUN
cblr-7159	997	10	272	272	NUM
cblr-7159	997	11	columbia	columbia	PROPN
cblr-7159	997	12	business	business	NOUN
cblr-7159	997	13	law	law	PROPN
cblr-7159	997	14	review	review	NOUN
cblr-7159	997	15	[	[	X
cblr-7159	997	16	vol	vol	NOUN
cblr-7159	997	17	.	.	PUNCT
cblr-7159	997	18	2020	2020	NUM
cblr-7159	998	1	retention	retention	NOUN
cblr-7159	998	2	rules	rule	NOUN
cblr-7159	998	3	with	with	ADP
cblr-7159	998	4	respect	respect	NOUN
cblr-7159	998	5	to	to	ADP
cblr-7159	998	6	“	"	PUNCT
cblr-7159	998	7	open	open	ADJ
cblr-7159	998	8	market	market	NOUN
cblr-7159	998	9	”	"	PUNCT
cblr-7159	998	10	clo	clo	PROPN
cblr-7159	998	11	managers.297	managers.297	PROPN
cblr-7159	998	12	open	open	ADJ
cblr-7159	998	13	market	market	NOUN
cblr-7159	998	14	clo	clo	PROPN
cblr-7159	998	15	managers	manager	NOUN
cblr-7159	998	16	are	be	AUX
cblr-7159	998	17	those	those	PRON
cblr-7159	998	18	that	that	PRON
cblr-7159	998	19	acquire	acquire	VERB
cblr-7159	998	20	loans	loan	NOUN
cblr-7159	998	21	from	from	ADP
cblr-7159	998	22	other	other	ADJ
cblr-7159	998	23	originators	originator	NOUN
cblr-7159	998	24	,	,	PUNCT
cblr-7159	998	25	as	as	SCONJ
cblr-7159	998	26	opposed	oppose	VERB
cblr-7159	998	27	to	to	ADP
cblr-7159	998	28	banks	bank	NOUN
cblr-7159	998	29	or	or	CCONJ
cblr-7159	998	30	funds	fund	NOUN
cblr-7159	998	31	that	that	PRON
cblr-7159	998	32	sponsor	sponsor	VERB
cblr-7159	998	33	their	their	PRON
cblr-7159	998	34	own	own	ADJ
cblr-7159	998	35	clos	clo	NOUN
cblr-7159	998	36	(	(	PUNCT
cblr-7159	998	37	called	call	VERB
cblr-7159	998	38	“	"	PUNCT
cblr-7159	998	39	balance	balance	NOUN
cblr-7159	998	40	sheet	sheet	NOUN
cblr-7159	998	41	clos	clo	NOUN
cblr-7159	998	42	,	,	PUNCT
cblr-7159	998	43	”	"	PUNCT
cblr-7159	998	44	for	for	ADP
cblr-7159	998	45	whom	whom	PRON
cblr-7159	998	46	the	the	DET
cblr-7159	998	47	risk	risk	NOUN
cblr-7159	998	48	retention	retention	NOUN
cblr-7159	998	49	rules	rule	NOUN
cblr-7159	998	50	were	be	AUX
cblr-7159	998	51	held	hold	VERB
cblr-7159	998	52	to	to	PART
cblr-7159	998	53	still	still	ADV
cblr-7159	998	54	apply	apply	VERB
cblr-7159	998	55	)	)	PUNCT
cblr-7159	998	56	.	.	PUNCT
cblr-7159	999	1	open	open	ADJ
cblr-7159	999	2	market	market	NOUN
cblr-7159	999	3	managers	manager	NOUN
cblr-7159	999	4	are	be	AUX
cblr-7159	999	5	estimated	estimate	VERB
cblr-7159	999	6	to	to	PART
cblr-7159	999	7	account	account	VERB
cblr-7159	999	8	for	for	ADP
cblr-7159	999	9	90	90	NUM
cblr-7159	999	10	%	%	NOUN
cblr-7159	999	11	of	of	ADP
cblr-7159	999	12	clos	clo	NOUN
cblr-7159	999	13	in	in	ADP
cblr-7159	999	14	the	the	DET
cblr-7159	999	15	u.s	u.s	PROPN
cblr-7159	999	16	.	.	PROPN
cblr-7159	999	17	as	as	ADP
cblr-7159	999	18	of	of	ADP
cblr-7159	999	19	late	late	ADJ
cblr-7159	999	20	2019.298	2019.298	NUM
cblr-7159	999	21	thus	thus	ADV
cblr-7159	999	22	,	,	PUNCT
cblr-7159	999	23	a	a	DET
cblr-7159	999	24	little	little	ADJ
cblr-7159	999	25	more	more	ADJ
cblr-7159	999	26	than	than	ADP
cblr-7159	999	27	a	a	PRON
cblr-7159	999	28	year	year	NOUN
cblr-7159	999	29	after	after	SCONJ
cblr-7159	999	30	the	the	DET
cblr-7159	999	31	risk	risk	NOUN
cblr-7159	999	32	retention	retention	NOUN
cblr-7159	999	33	rules	rule	NOUN
cblr-7159	999	34	went	go	VERB
cblr-7159	999	35	into	into	ADP
cblr-7159	999	36	effect	effect	NOUN
cblr-7159	999	37	for	for	ADP
cblr-7159	999	38	clo	clo	PROPN
cblr-7159	999	39	managers	manager	NOUN
cblr-7159	999	40	they	they	PRON
cblr-7159	999	41	were	be	AUX
cblr-7159	999	42	effectively	effectively	ADV
cblr-7159	999	43	vacated	vacate	VERB
cblr-7159	999	44	for	for	ADP
cblr-7159	999	45	the	the	DET
cblr-7159	999	46	vast	vast	ADJ
cblr-7159	999	47	majority	majority	NOUN
cblr-7159	999	48	of	of	ADP
cblr-7159	999	49	them	they	PRON
cblr-7159	999	50	,	,	PUNCT
cblr-7159	999	51	leaving	leave	VERB
cblr-7159	999	52	most	most	ADJ
cblr-7159	999	53	clos	clo	NOUN
cblr-7159	999	54	exempt	exempt	ADJ
cblr-7159	999	55	from	from	ADP
cblr-7159	999	56	the	the	DET
cblr-7159	999	57	protections	protection	NOUN
cblr-7159	999	58	those	those	DET
cblr-7159	999	59	rules	rule	NOUN
cblr-7159	999	60	were	be	AUX
cblr-7159	999	61	intended	intend	VERB
cblr-7159	999	62	to	to	PART
cblr-7159	999	63	provide.299	provide.299	VERB
cblr-7159	999	64	the	the	DET
cblr-7159	999	65	existence	existence	NOUN
cblr-7159	999	66	of	of	ADP
cblr-7159	999	67	these	these	DET
cblr-7159	999	68	rules	rule	NOUN
cblr-7159	999	69	is	be	AUX
cblr-7159	999	70	therefore	therefore	ADV
cblr-7159	999	71	consistent	consistent	ADJ
cblr-7159	999	72	with	with	ADP
cblr-7159	999	73	lenders	lender	NOUN
cblr-7159	999	74	’	’	PART
cblr-7159	999	75	withdrawal	withdrawal	NOUN
cblr-7159	999	76	from	from	ADP
cblr-7159	999	77	intervention	intervention	NOUN
cblr-7159	999	78	,	,	PUNCT
cblr-7159	999	79	even	even	ADV
cblr-7159	999	80	though	though	SCONJ
cblr-7159	999	81	the	the	DET
cblr-7159	999	82	rules	rule	NOUN
cblr-7159	999	83	were	be	AUX
cblr-7159	999	84	intended	intend	VERB
cblr-7159	999	85	,	,	PUNCT
cblr-7159	999	86	in	in	ADP
cblr-7159	999	87	part	part	NOUN
cblr-7159	999	88	,	,	PUNCT
cblr-7159	999	89	to	to	PART
cblr-7159	999	90	prevent	prevent	VERB
cblr-7159	999	91	that	that	PRON
cblr-7159	999	92	from	from	ADP
cblr-7159	999	93	happening	happen	VERB
cblr-7159	999	94	.	.	PUNCT
cblr-7159	1000	1	iv	iv	X
cblr-7159	1000	2	.	.	PUNCT
cblr-7159	1000	3	discussion	discussion	NOUN
cblr-7159	1000	4	and	and	CCONJ
cblr-7159	1000	5	proposals	proposal	NOUN
cblr-7159	1000	6	two	two	NUM
cblr-7159	1000	7	broad	broad	ADJ
cblr-7159	1000	8	patterns	pattern	NOUN
cblr-7159	1000	9	emerge	emerge	VERB
cblr-7159	1000	10	from	from	ADP
cblr-7159	1000	11	the	the	DET
cblr-7159	1000	12	analysis	analysis	NOUN
cblr-7159	1000	13	that	that	PRON
cblr-7159	1000	14	carry	carry	VERB
cblr-7159	1000	15	implications	implication	NOUN
cblr-7159	1000	16	for	for	ADP
cblr-7159	1000	17	corporate	corporate	ADJ
cblr-7159	1000	18	law	law	NOUN
cblr-7159	1000	19	and	and	CCONJ
cblr-7159	1000	20	financial	financial	ADJ
cblr-7159	1000	21	regulation	regulation	NOUN
cblr-7159	1000	22	.	.	PUNCT
cblr-7159	1001	1	first	first	ADV
cblr-7159	1001	2	,	,	PUNCT
cblr-7159	1001	3	the	the	DET
cblr-7159	1001	4	results	result	NOUN
cblr-7159	1001	5	show	show	VERB
cblr-7159	1001	6	that	that	SCONJ
cblr-7159	1001	7	lender	lender	NOUN
cblr-7159	1001	8	influence	influence	NOUN
cblr-7159	1001	9	on	on	ADP
cblr-7159	1001	10	corporate	corporate	ADJ
cblr-7159	1001	11	management	management	NOUN
cblr-7159	1001	12	is	be	AUX
cblr-7159	1001	13	strong	strong	ADJ
cblr-7159	1001	14	in	in	ADP
cblr-7159	1001	15	the	the	DET
cblr-7159	1001	16	post	post	ADJ
cblr-7159	1001	17	-	-	ADJ
cblr-7159	1001	18	crisis	crisis	ADJ
cblr-7159	1001	19	era	era	NOUN
cblr-7159	1001	20	for	for	ADP
cblr-7159	1001	21	leveraged	leveraged	ADJ
cblr-7159	1001	22	companies	company	NOUN
cblr-7159	1001	23	whose	whose	DET
cblr-7159	1001	24	debt	debt	NOUN
cblr-7159	1001	25	is	be	AUX
cblr-7159	1001	26	not	not	PART
cblr-7159	1001	27	concentrated	concentrate	VERB
cblr-7159	1001	28	in	in	ADP
cblr-7159	1001	29	clos	clo	NOUN
cblr-7159	1001	30	.	.	PUNCT
cblr-7159	1002	1	second	second	ADJ
cblr-7159	1002	2	,	,	PUNCT
cblr-7159	1002	3	the	the	DET
cblr-7159	1002	4	results	result	NOUN
cblr-7159	1002	5	are	be	AUX
cblr-7159	1002	6	consistent	consistent	ADJ
cblr-7159	1002	7	with	with	ADP
cblr-7159	1002	8	the	the	DET
cblr-7159	1002	9	hypothesis	hypothesis	NOUN
cblr-7159	1002	10	that	that	PRON
cblr-7159	1002	11	loan	loan	VERB
cblr-7159	1002	12	securitization	securitization	NOUN
cblr-7159	1002	13	and	and	CCONJ
cblr-7159	1002	14	the	the	DET
cblr-7159	1002	15	high	high	ADJ
cblr-7159	1002	16	demand	demand	NOUN
cblr-7159	1002	17	for	for	ADP
cblr-7159	1002	18	corporate	corporate	ADJ
cblr-7159	1002	19	debt	debt	NOUN
cblr-7159	1002	20	to	to	PART
cblr-7159	1002	21	fuel	fuel	NOUN
cblr-7159	1002	22	clos	clo	NOUN
cblr-7159	1002	23	have	have	AUX
cblr-7159	1002	24	reduced	reduce	VERB
cblr-7159	1002	25	lenders	lender	NOUN
cblr-7159	1002	26	’	’	PART
cblr-7159	1002	27	ability	ability	NOUN
cblr-7159	1002	28	or	or	CCONJ
cblr-7159	1002	29	willingness	willingness	NOUN
cblr-7159	1002	30	(	(	PUNCT
cblr-7159	1002	31	or	or	CCONJ
cblr-7159	1002	32	both	both	PRON
cblr-7159	1002	33	)	)	PUNCT
cblr-7159	1002	34	to	to	PART
cblr-7159	1002	35	exert	exert	VERB
cblr-7159	1002	36	their	their	PRON
cblr-7159	1002	37	influence	influence	NOUN
cblr-7159	1002	38	on	on	ADP
cblr-7159	1002	39	corporate	corporate	ADJ
cblr-7159	1002	40	governance	governance	NOUN
cblr-7159	1002	41	for	for	ADP
cblr-7159	1002	42	some	some	DET
cblr-7159	1002	43	borrowers	borrower	NOUN
cblr-7159	1002	44	.	.	PUNCT
cblr-7159	1003	1	a	a	DET
cblr-7159	1003	2	complete	complete	ADJ
cblr-7159	1003	3	consideration	consideration	NOUN
cblr-7159	1003	4	of	of	ADP
cblr-7159	1003	5	the	the	DET
cblr-7159	1003	6	implications	implication	NOUN
cblr-7159	1003	7	of	of	ADP
cblr-7159	1003	8	these	these	DET
cblr-7159	1003	9	findings	finding	NOUN
cblr-7159	1003	10	would	would	AUX
cblr-7159	1003	11	require	require	VERB
cblr-7159	1003	12	more	more	ADJ
cblr-7159	1003	13	space	space	NOUN
cblr-7159	1003	14	than	than	SCONJ
cblr-7159	1003	15	is	be	AUX
cblr-7159	1003	16	feasible	feasible	ADJ
cblr-7159	1003	17	to	to	PART
cblr-7159	1003	18	accommodate	accommodate	VERB
cblr-7159	1003	19	in	in	ADP
cblr-7159	1003	20	this	this	DET
cblr-7159	1003	21	article	article	NOUN
cblr-7159	1003	22	.	.	PUNCT
cblr-7159	1004	1	nonetheless	nonetheless	ADV
cblr-7159	1004	2	,	,	PUNCT
cblr-7159	1004	3	in	in	ADP
cblr-7159	1004	4	the	the	DET
cblr-7159	1004	5	sections	section	NOUN
cblr-7159	1004	6	below	below	ADV
cblr-7159	1004	7	i	i	PRON
cblr-7159	1004	8	highlight	highlight	VERB
cblr-7159	1004	9	some	some	PRON
cblr-7159	1004	10	of	of	ADP
cblr-7159	1004	11	297	297	NUM
cblr-7159	1004	12	see	see	NOUN
cblr-7159	1004	13	loan	loan	NOUN
cblr-7159	1004	14	syndications	syndication	NOUN
cblr-7159	1004	15	trading	trading	NOUN
cblr-7159	1004	16	ass’n	ass’n	PROPN
cblr-7159	1004	17	v.	v.	ADP
cblr-7159	1004	18	sec	sec	PROPN
cblr-7159	1004	19	,	,	PUNCT
cblr-7159	1004	20	882	882	NUM
cblr-7159	1004	21	f.3d	f.3d	NUM
cblr-7159	1004	22	220	220	NUM
cblr-7159	1004	23	(	(	PUNCT
cblr-7159	1004	24	d.c	d.c	PROPN
cblr-7159	1004	25	.	.	PROPN
cblr-7159	1004	26	cir	cir	PROPN
cblr-7159	1004	27	.	.	PROPN
cblr-7159	1004	28	2018	2018	NUM
cblr-7159	1004	29	)	)	PUNCT
cblr-7159	1004	30	.	.	PUNCT
cblr-7159	1005	1	298	298	NUM
cblr-7159	1005	2	see	see	VERB
cblr-7159	1005	3	fin	fin	NOUN
cblr-7159	1005	4	.	.	PUNCT
cblr-7159	1006	1	stability	stability	PROPN
cblr-7159	1006	2	bd	bd	PROPN
cblr-7159	1006	3	.	.	PROPN
cblr-7159	1006	4	,	,	PUNCT
cblr-7159	1006	5	vulnerabilities	vulnerability	NOUN
cblr-7159	1006	6	,	,	PUNCT
cblr-7159	1006	7	supra	supra	PROPN
cblr-7159	1006	8	note	note	NOUN
cblr-7159	1006	9	2	2	NUM
cblr-7159	1006	10	,	,	PUNCT
cblr-7159	1006	11	at	at	ADP
cblr-7159	1006	12	35	35	NUM
cblr-7159	1006	13	.	.	PUNCT
cblr-7159	1006	14	299	299	NUM
cblr-7159	1007	1	the	the	DET
cblr-7159	1007	2	d.c	d.c	PROPN
cblr-7159	1007	3	.	.	PROPN
cblr-7159	1007	4	circuit	circuit	PROPN
cblr-7159	1007	5	’s	’s	PART
cblr-7159	1007	6	decision	decision	NOUN
cblr-7159	1007	7	may	may	AUX
cblr-7159	1007	8	not	not	PART
cblr-7159	1007	9	matter	matter	VERB
cblr-7159	1007	10	in	in	ADP
cblr-7159	1007	11	any	any	DET
cblr-7159	1007	12	event	event	NOUN
cblr-7159	1007	13	:	:	PUNCT
cblr-7159	1007	14	despite	despite	SCONJ
cblr-7159	1007	15	the	the	DET
cblr-7159	1007	16	risk	risk	NOUN
cblr-7159	1007	17	retention	retention	NOUN
cblr-7159	1007	18	rules	rule	NOUN
cblr-7159	1007	19	,	,	PUNCT
cblr-7159	1007	20	clo	clo	PROPN
cblr-7159	1007	21	managers	manager	NOUN
cblr-7159	1007	22	retain	retain	VERB
cblr-7159	1007	23	an	an	DET
cblr-7159	1007	24	interest	interest	NOUN
cblr-7159	1007	25	in	in	ADP
cblr-7159	1007	26	the	the	DET
cblr-7159	1007	27	lowest	low	ADJ
cblr-7159	1007	28	rated	rate	VERB
cblr-7159	1007	29	equity	equity	NOUN
cblr-7159	1007	30	tranches	tranche	NOUN
cblr-7159	1007	31	of	of	ADP
cblr-7159	1007	32	their	their	PRON
cblr-7159	1007	33	structures	structure	NOUN
cblr-7159	1007	34	in	in	ADP
cblr-7159	1007	35	about	about	ADV
cblr-7159	1007	36	50	50	NUM
cblr-7159	1007	37	%	%	NOUN
cblr-7159	1007	38	of	of	ADP
cblr-7159	1007	39	deals	deal	NOUN
cblr-7159	1007	40	.	.	PUNCT
cblr-7159	1008	1	see	see	VERB
cblr-7159	1008	2	fin	fin	NOUN
cblr-7159	1008	3	.	.	PUNCT
cblr-7159	1009	1	stability	stability	PROPN
cblr-7159	1009	2	bd	bd	PROPN
cblr-7159	1009	3	.	.	PROPN
cblr-7159	1009	4	,	,	PUNCT
cblr-7159	1009	5	vulnerabilities	vulnerability	NOUN
cblr-7159	1009	6	,	,	PUNCT
cblr-7159	1009	7	supra	supra	PROPN
cblr-7159	1009	8	note	note	NOUN
cblr-7159	1009	9	2	2	NUM
cblr-7159	1009	10	,	,	PUNCT
cblr-7159	1009	11	at	at	ADP
cblr-7159	1009	12	35	35	NUM
cblr-7159	1009	13	.	.	PUNCT
cblr-7159	1010	1	the	the	DET
cblr-7159	1010	2	portfolio	portfolio	NOUN
cblr-7159	1010	3	nature	nature	NOUN
cblr-7159	1010	4	of	of	ADP
cblr-7159	1010	5	clos	clo	NOUN
cblr-7159	1010	6	’	'	PUNCT
cblr-7159	1010	7	investment	investment	NOUN
cblr-7159	1010	8	in	in	ADP
cblr-7159	1010	9	equity	equity	NOUN
cblr-7159	1010	10	tranches	tranche	NOUN
cblr-7159	1010	11	arguably	arguably	ADV
cblr-7159	1010	12	dulls	dull	VERB
cblr-7159	1010	13	their	their	PRON
cblr-7159	1010	14	incentive	incentive	NOUN
cblr-7159	1010	15	to	to	PART
cblr-7159	1010	16	invest	invest	VERB
cblr-7159	1010	17	disproportionate	disproportionate	ADJ
cblr-7159	1010	18	resources	resource	NOUN
cblr-7159	1010	19	in	in	ADP
cblr-7159	1010	20	any	any	DET
cblr-7159	1010	21	one	one	NUM
cblr-7159	1010	22	borrower	borrower	NOUN
cblr-7159	1010	23	at	at	ADP
cblr-7159	1010	24	a	a	DET
cblr-7159	1010	25	time	time	NOUN
cblr-7159	1010	26	,	,	PUNCT
cblr-7159	1010	27	and	and	CCONJ
cblr-7159	1010	28	therefore	therefore	ADV
cblr-7159	1010	29	clo	clo	PROPN
cblr-7159	1010	30	managers	manager	NOUN
cblr-7159	1010	31	may	may	AUX
cblr-7159	1010	32	not	not	PART
cblr-7159	1010	33	see	see	VERB
cblr-7159	1010	34	a	a	DET
cblr-7159	1010	35	need	need	NOUN
cblr-7159	1010	36	to	to	PART
cblr-7159	1010	37	do	do	AUX
cblr-7159	1010	38	anything	anything	PRON
cblr-7159	1010	39	about	about	ADP
cblr-7159	1010	40	a	a	DET
cblr-7159	1010	41	covenant	covenant	ADJ
cblr-7159	1010	42	violation	violation	NOUN
cblr-7159	1010	43	,	,	PUNCT
cblr-7159	1010	44	even	even	ADV
cblr-7159	1010	45	when	when	SCONJ
cblr-7159	1010	46	they	they	PRON
cblr-7159	1010	47	can	can	AUX
cblr-7159	1010	48	.	.	PUNCT
cblr-7159	1011	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1011	2	(	(	PUNCT
cblr-7159	1011	3	do	do	AUX
cblr-7159	1011	4	not	not	PART
cblr-7159	1011	5	delete	delete	VERB
cblr-7159	1011	6	)	)	PUNCT
cblr-7159	1011	7	9/28/2020	9/28/2020	NUM
cblr-7159	1011	8	6:35	6:35	NUM
cblr-7159	1011	9	pm	pm	NOUN
cblr-7159	1011	10	no	no	INTJ
cblr-7159	1011	11	.	.	PUNCT
cblr-7159	1012	1	1:192	1:192	X
cblr-7159	1012	2	]	]	X
cblr-7159	1012	3	reconsidering	reconsider	VERB
cblr-7159	1012	4	creditor	creditor	NOUN
cblr-7159	1012	5	governance	governance	NOUN
cblr-7159	1012	6	273	273	NUM
cblr-7159	1012	7	the	the	DET
cblr-7159	1012	8	prominent	prominent	ADJ
cblr-7159	1012	9	ones	one	NOUN
cblr-7159	1012	10	,	,	PUNCT
cblr-7159	1012	11	consider	consider	VERB
cblr-7159	1012	12	possible	possible	ADJ
cblr-7159	1012	13	ways	way	NOUN
cblr-7159	1012	14	to	to	PART
cblr-7159	1012	15	address	address	VERB
cblr-7159	1012	16	these	these	DET
cblr-7159	1012	17	developments	development	NOUN
cblr-7159	1012	18	,	,	PUNCT
cblr-7159	1012	19	and	and	CCONJ
cblr-7159	1012	20	mark	mark	VERB
cblr-7159	1012	21	out	out	ADP
cblr-7159	1012	22	avenues	avenue	NOUN
cblr-7159	1012	23	for	for	ADP
cblr-7159	1012	24	future	future	ADJ
cblr-7159	1012	25	research	research	NOUN
cblr-7159	1012	26	.	.	PUNCT
cblr-7159	1013	1	a.	a.	NOUN
cblr-7159	1013	2	agency	agency	NOUN
cblr-7159	1013	3	costs	cost	NOUN
cblr-7159	1013	4	and	and	CCONJ
cblr-7159	1013	5	shifting	shift	VERB
cblr-7159	1013	6	corporate	corporate	ADJ
cblr-7159	1013	7	governance	governance	NOUN
cblr-7159	1013	8	an	an	DET
cblr-7159	1013	9	initial	initial	ADJ
cblr-7159	1013	10	point	point	NOUN
cblr-7159	1013	11	that	that	PRON
cblr-7159	1013	12	should	should	AUX
cblr-7159	1013	13	be	be	AUX
cblr-7159	1013	14	addressed	address	VERB
cblr-7159	1013	15	is	be	AUX
cblr-7159	1013	16	whether	whether	SCONJ
cblr-7159	1013	17	a	a	DET
cblr-7159	1013	18	trend	trend	NOUN
cblr-7159	1013	19	toward	toward	ADP
cblr-7159	1013	20	less	less	ADJ
cblr-7159	1013	21	lender	lender	NOUN
cblr-7159	1013	22	control	control	NOUN
cblr-7159	1013	23	over	over	ADP
cblr-7159	1013	24	corporate	corporate	ADJ
cblr-7159	1013	25	behavior	behavior	NOUN
cblr-7159	1013	26	is	be	AUX
cblr-7159	1013	27	really	really	ADV
cblr-7159	1013	28	a	a	DET
cblr-7159	1013	29	problem	problem	NOUN
cblr-7159	1013	30	for	for	ADP
cblr-7159	1013	31	corporate	corporate	ADJ
cblr-7159	1013	32	governance	governance	NOUN
cblr-7159	1013	33	.	.	PUNCT
cblr-7159	1014	1	the	the	DET
cblr-7159	1014	2	point	point	NOUN
cblr-7159	1014	3	was	be	AUX
cblr-7159	1014	4	touched	touch	VERB
cblr-7159	1014	5	upon	upon	SCONJ
cblr-7159	1014	6	in	in	ADP
cblr-7159	1014	7	the	the	DET
cblr-7159	1014	8	background	background	NOUN
cblr-7159	1014	9	discussion	discussion	NOUN
cblr-7159	1014	10	,	,	PUNCT
cblr-7159	1014	11	but	but	CCONJ
cblr-7159	1014	12	the	the	DET
cblr-7159	1014	13	results	result	NOUN
cblr-7159	1014	14	above	above	ADP
cblr-7159	1014	15	urge	urge	VERB
cblr-7159	1014	16	further	further	ADJ
cblr-7159	1014	17	consideration	consideration	NOUN
cblr-7159	1014	18	of	of	ADP
cblr-7159	1014	19	it	it	PRON
cblr-7159	1014	20	.	.	PUNCT
cblr-7159	1015	1	with	with	ADP
cblr-7159	1015	2	american	american	ADJ
cblr-7159	1015	3	companies	company	NOUN
cblr-7159	1015	4	’	’	PART
cblr-7159	1015	5	debt	debt	NOUN
cblr-7159	1015	6	at	at	ADP
cblr-7159	1015	7	record	record	NOUN
cblr-7159	1015	8	levels,300	levels,300	NOUN
cblr-7159	1015	9	and	and	CCONJ
cblr-7159	1015	10	a	a	DET
cblr-7159	1015	11	large	large	ADJ
cblr-7159	1015	12	and	and	CCONJ
cblr-7159	1015	13	growing	grow	VERB
cblr-7159	1015	14	amount	amount	NOUN
cblr-7159	1015	15	funneled	funnel	VERB
cblr-7159	1015	16	into	into	ADP
cblr-7159	1015	17	securitization,301	securitization,301	NOUN
cblr-7159	1015	18	it	it	PRON
cblr-7159	1015	19	might	might	AUX
cblr-7159	1015	20	seem	seem	VERB
cblr-7159	1015	21	as	as	ADP
cblr-7159	1015	22	though	though	SCONJ
cblr-7159	1015	23	a	a	DET
cblr-7159	1015	24	check	check	NOUN
cblr-7159	1015	25	on	on	ADP
cblr-7159	1015	26	borrowers	borrower	NOUN
cblr-7159	1015	27	’	'	PUNCT
cblr-7159	1015	28	financial	financial	ADJ
cblr-7159	1015	29	health	health	NOUN
cblr-7159	1015	30	would	would	AUX
cblr-7159	1015	31	be	be	AUX
cblr-7159	1015	32	helpful	helpful	ADJ
cblr-7159	1015	33	both	both	CCONJ
cblr-7159	1015	34	for	for	ADP
cblr-7159	1015	35	corporate	corporate	ADJ
cblr-7159	1015	36	governance	governance	NOUN
cblr-7159	1015	37	and	and	CCONJ
cblr-7159	1015	38	the	the	DET
cblr-7159	1015	39	financial	financial	ADJ
cblr-7159	1015	40	system	system	NOUN
cblr-7159	1015	41	generally	generally	ADV
cblr-7159	1015	42	.	.	PUNCT
cblr-7159	1016	1	the	the	DET
cblr-7159	1016	2	covid-19	covid-19	PROPN
cblr-7159	1016	3	crisis	crisis	NOUN
cblr-7159	1016	4	and	and	CCONJ
cblr-7159	1016	5	the	the	DET
cblr-7159	1016	6	experience	experience	NOUN
cblr-7159	1016	7	of	of	ADP
cblr-7159	1016	8	indebted	indebted	ADJ
cblr-7159	1016	9	companies	company	NOUN
cblr-7159	1016	10	in	in	ADP
cblr-7159	1016	11	the	the	DET
cblr-7159	1016	12	ensuing	ensue	VERB
cblr-7159	1016	13	financial	financial	ADJ
cblr-7159	1016	14	downturn	downturn	NOUN
cblr-7159	1016	15	has	have	AUX
cblr-7159	1016	16	starkly	starkly	ADV
cblr-7159	1016	17	highlighted	highlight	VERB
cblr-7159	1016	18	the	the	DET
cblr-7159	1016	19	value	value	NOUN
cblr-7159	1016	20	of	of	ADP
cblr-7159	1016	21	corporate	corporate	ADJ
cblr-7159	1016	22	debt	debt	NOUN
cblr-7159	1016	23	management	management	NOUN
cblr-7159	1016	24	,	,	PUNCT
cblr-7159	1016	25	although	although	SCONJ
cblr-7159	1016	26	an	an	DET
cblr-7159	1016	27	economic	economic	ADJ
cblr-7159	1016	28	downturn	downturn	NOUN
cblr-7159	1016	29	has	have	AUX
cblr-7159	1016	30	been	be	AUX
cblr-7159	1016	31	predicted	predict	VERB
cblr-7159	1016	32	for	for	ADP
cblr-7159	1016	33	years	year	NOUN
cblr-7159	1016	34	and	and	CCONJ
cblr-7159	1016	35	might	might	AUX
cblr-7159	1016	36	have	have	AUX
cblr-7159	1016	37	arrived	arrive	VERB
cblr-7159	1016	38	in	in	ADP
cblr-7159	1016	39	any	any	DET
cblr-7159	1016	40	event	event	NOUN
cblr-7159	1016	41	.	.	PUNCT
cblr-7159	1017	1	nonetheless	nonetheless	ADV
cblr-7159	1017	2	,	,	PUNCT
cblr-7159	1017	3	decisions	decision	NOUN
cblr-7159	1017	4	driven	drive	VERB
cblr-7159	1017	5	by	by	ADP
cblr-7159	1017	6	lenders	lender	NOUN
cblr-7159	1017	7	’	’	PART
cblr-7159	1017	8	interests	interest	NOUN
cblr-7159	1017	9	may	may	AUX
cblr-7159	1017	10	not	not	PART
cblr-7159	1017	11	always	always	ADV
cblr-7159	1017	12	be	be	AUX
cblr-7159	1017	13	in	in	ADP
cblr-7159	1017	14	the	the	DET
cblr-7159	1017	15	best	good	ADJ
cblr-7159	1017	16	interests	interest	NOUN
cblr-7159	1017	17	of	of	ADP
cblr-7159	1017	18	all	all	DET
cblr-7159	1017	19	corporate	corporate	ADJ
cblr-7159	1017	20	stakeholders	stakeholder	NOUN
cblr-7159	1017	21	,	,	PUNCT
cblr-7159	1017	22	even	even	ADV
cblr-7159	1017	23	in	in	ADP
cblr-7159	1017	24	a	a	DET
cblr-7159	1017	25	downturn	downturn	NOUN
cblr-7159	1017	26	.	.	PUNCT
cblr-7159	1018	1	it	it	PRON
cblr-7159	1018	2	is	be	AUX
cblr-7159	1018	3	possible	possible	ADJ
cblr-7159	1018	4	that	that	SCONJ
cblr-7159	1018	5	lender	lender	NOUN
cblr-7159	1018	6	restraint	restraint	NOUN
cblr-7159	1018	7	is	be	AUX
cblr-7159	1018	8	better	well	ADJ
cblr-7159	1018	9	than	than	ADP
cblr-7159	1018	10	activism	activism	NOUN
cblr-7159	1018	11	from	from	ADP
cblr-7159	1018	12	a	a	DET
cblr-7159	1018	13	shareholder	shareholder	NOUN
cblr-7159	1018	14	’s	’s	PART
cblr-7159	1018	15	perspective	perspective	NOUN
cblr-7159	1018	16	,	,	PUNCT
cblr-7159	1018	17	at	at	ADP
cblr-7159	1018	18	least	least	ADJ
cblr-7159	1018	19	in	in	ADP
cblr-7159	1018	20	some	some	DET
cblr-7159	1018	21	situations	situation	NOUN
cblr-7159	1018	22	.	.	PUNCT
cblr-7159	1019	1	as	as	SCONJ
cblr-7159	1019	2	discussed	discuss	VERB
cblr-7159	1019	3	above	above	ADV
cblr-7159	1019	4	,	,	PUNCT
cblr-7159	1019	5	corporate	corporate	ADJ
cblr-7159	1019	6	governance	governance	NOUN
cblr-7159	1019	7	is	be	AUX
cblr-7159	1019	8	concerned	concern	VERB
cblr-7159	1019	9	with	with	ADP
cblr-7159	1019	10	agency	agency	NOUN
cblr-7159	1019	11	costs	cost	NOUN
cblr-7159	1019	12	,	,	PUNCT
cblr-7159	1019	13	defined	define	VERB
cblr-7159	1019	14	as	as	ADP
cblr-7159	1019	15	the	the	DET
cblr-7159	1019	16	divergence	divergence	NOUN
cblr-7159	1019	17	of	of	ADP
cblr-7159	1019	18	interest	interest	NOUN
cblr-7159	1019	19	between	between	ADP
cblr-7159	1019	20	corporate	corporate	ADJ
cblr-7159	1019	21	manager	manager	NOUN
cblr-7159	1019	22	-	-	PUNCT
cblr-7159	1019	23	agents	agent	NOUN
cblr-7159	1019	24	and	and	CCONJ
cblr-7159	1019	25	shareholder	shareholder	NOUN
cblr-7159	1019	26	-	-	PUNCT
cblr-7159	1019	27	owners.302	owners.302	PROPN
cblr-7159	1019	28	however	however	ADV
cblr-7159	1019	29	,	,	PUNCT
cblr-7159	1019	30	lenders	lender	NOUN
cblr-7159	1019	31	are	be	AUX
cblr-7159	1019	32	primarily	primarily	ADV
cblr-7159	1019	33	concerned	concerned	ADJ
cblr-7159	1019	34	about	about	ADP
cblr-7159	1019	35	what	what	PRON
cblr-7159	1019	36	are	be	AUX
cblr-7159	1019	37	known	know	VERB
cblr-7159	1019	38	as	as	ADP
cblr-7159	1019	39	the	the	DET
cblr-7159	1019	40	agency	agency	NOUN
cblr-7159	1019	41	costs	cost	NOUN
cblr-7159	1019	42	of	of	ADP
cblr-7159	1019	43	debt	debt	NOUN
cblr-7159	1019	44	—	—	PUNCT
cblr-7159	1019	45	that	that	ADV
cblr-7159	1019	46	is	is	ADV
cblr-7159	1019	47	,	,	PUNCT
cblr-7159	1019	48	the	the	DET
cblr-7159	1019	49	divergence	divergence	NOUN
cblr-7159	1019	50	between	between	ADP
cblr-7159	1019	51	the	the	DET
cblr-7159	1019	52	interests	interest	NOUN
cblr-7159	1019	53	of	of	ADP
cblr-7159	1019	54	company	company	NOUN
cblr-7159	1019	55	managers	manager	NOUN
cblr-7159	1019	56	(	(	PUNCT
cblr-7159	1019	57	and	and	CCONJ
cblr-7159	1019	58	possibly	possibly	ADV
cblr-7159	1019	59	shareholders	shareholder	NOUN
cblr-7159	1019	60	)	)	PUNCT
cblr-7159	1019	61	and	and	CCONJ
cblr-7159	1019	62	the	the	DET
cblr-7159	1019	63	interests	interest	NOUN
cblr-7159	1019	64	of	of	ADP
cblr-7159	1019	65	the	the	DET
cblr-7159	1019	66	creditors.303	creditors.303	NOUN
cblr-7159	1019	67	under	under	ADP
cblr-7159	1019	68	certain	certain	ADJ
cblr-7159	1019	69	300	300	NUM
cblr-7159	1019	70	see	see	VERB
cblr-7159	1019	71	frank	frank	PROPN
cblr-7159	1019	72	holmes	holme	NOUN
cblr-7159	1019	73	,	,	PUNCT
cblr-7159	1019	74	what	what	PRON
cblr-7159	1019	75	ballooning	ballooning	NOUN
cblr-7159	1019	76	corporate	corporate	ADJ
cblr-7159	1019	77	debt	debt	NOUN
cblr-7159	1019	78	means	mean	VERB
cblr-7159	1019	79	for	for	ADP
cblr-7159	1019	80	investors	investor	NOUN
cblr-7159	1019	81	,	,	PUNCT
cblr-7159	1019	82	forbes	forbes	PROPN
cblr-7159	1019	83	(	(	PUNCT
cblr-7159	1019	84	apr	apr	PROPN
cblr-7159	1019	85	.	.	PROPN
cblr-7159	1019	86	8	8	NUM
cblr-7159	1019	87	,	,	PUNCT
cblr-7159	1019	88	2019	2019	NUM
cblr-7159	1019	89	)	)	PUNCT
cblr-7159	1019	90	,	,	PUNCT
cblr-7159	1019	91	https://www.forbes.com/sites/greatspeculations/2019/04/08/what-ballooning-corporate-debt-means-for-investors/#45c18a636c80	https://www.forbes.com/sites/greatspeculations/2019/04/08/what-ballooning-corporate-debt-means-for-investors/#45c18a636c80	NOUN
cblr-7159	1020	1	[	[	X
cblr-7159	1020	2	https://perma.cc/vs2l-qtp2	https://perma.cc/vs2l-qtp2	X
cblr-7159	1020	3	]	]	X
cblr-7159	1020	4	.	.	PUNCT
cblr-7159	1021	1	301	301	NUM
cblr-7159	1021	2	see	see	VERB
cblr-7159	1021	3	clo	clo	PROPN
cblr-7159	1021	4	market	market	NOUN
cblr-7159	1021	5	makers	maker	NOUN
cblr-7159	1021	6	,	,	PUNCT
cblr-7159	1021	7	supra	supra	PROPN
cblr-7159	1021	8	note	note	NOUN
cblr-7159	1021	9	260	260	NUM
cblr-7159	1021	10	(	(	PUNCT
cblr-7159	1021	11	showing	show	VERB
cblr-7159	1021	12	data	datum	NOUN
cblr-7159	1021	13	on	on	ADP
cblr-7159	1021	14	the	the	DET
cblr-7159	1021	15	volume	volume	NOUN
cblr-7159	1021	16	of	of	ADP
cblr-7159	1021	17	securitization	securitization	NOUN
cblr-7159	1021	18	each	each	DET
cblr-7159	1021	19	year	year	NOUN
cblr-7159	1021	20	)	)	PUNCT
cblr-7159	1021	21	.	.	PUNCT
cblr-7159	1022	1	see	see	VERB
cblr-7159	1022	2	also	also	ADV
cblr-7159	1022	3	fin	fin	NOUN
cblr-7159	1022	4	.	.	PUNCT
cblr-7159	1023	1	stability	stability	PROPN
cblr-7159	1023	2	bd	bd	PROPN
cblr-7159	1023	3	.	.	PROPN
cblr-7159	1023	4	,	,	PUNCT
cblr-7159	1023	5	vulnerabilities	vulnerability	NOUN
cblr-7159	1023	6	,	,	PUNCT
cblr-7159	1023	7	supra	supra	PROPN
cblr-7159	1023	8	note	note	NOUN
cblr-7159	1023	9	2	2	NUM
cblr-7159	1023	10	,	,	PUNCT
cblr-7159	1023	11	at	at	ADP
cblr-7159	1023	12	6–7	6–7	NUM
cblr-7159	1023	13	.	.	NOUN
cblr-7159	1023	14	302	302	NUM
cblr-7159	1023	15	see	see	VERB
cblr-7159	1023	16	supra	supra	PROPN
cblr-7159	1023	17	notes	note	VERB
cblr-7159	1023	18	26–38	26–38	NUM
cblr-7159	1023	19	and	and	CCONJ
cblr-7159	1023	20	accompanying	accompany	VERB
cblr-7159	1023	21	text	text	NOUN
cblr-7159	1023	22	.	.	PUNCT
cblr-7159	1024	1	303	303	NUM
cblr-7159	1024	2	see	see	VERB
cblr-7159	1024	3	bratton	bratton	PROPN
cblr-7159	1024	4	,	,	PUNCT
cblr-7159	1024	5	supra	supra	PROPN
cblr-7159	1024	6	note	note	PROPN
cblr-7159	1024	7	97	97	NUM
cblr-7159	1024	8	,	,	PUNCT
cblr-7159	1024	9	at	at	ADP
cblr-7159	1024	10	466–68	466–68	PROPN
cblr-7159	1024	11	.	.	PUNCT
cblr-7159	1025	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1025	2	(	(	PUNCT
cblr-7159	1025	3	do	do	AUX
cblr-7159	1025	4	not	not	PART
cblr-7159	1025	5	delte	delte	VERB
cblr-7159	1025	6	)	)	PUNCT
cblr-7159	1025	7	9/28/2020	9/28/2020	PROPN
cblr-7159	1025	8	6:35	6:35	NUM
cblr-7159	1025	9	pm	pm	NOUN
cblr-7159	1025	10	274	274	NUM
cblr-7159	1025	11	columbia	columbia	PROPN
cblr-7159	1025	12	business	business	NOUN
cblr-7159	1025	13	law	law	NOUN
cblr-7159	1025	14	review	review	NOUN
cblr-7159	1025	15	[	[	X
cblr-7159	1025	16	vol	vol	NOUN
cblr-7159	1025	17	.	.	NOUN
cblr-7159	1025	18	2020	2020	NUM
cblr-7159	1025	19	conditions	condition	NOUN
cblr-7159	1025	20	,	,	PUNCT
cblr-7159	1025	21	the	the	DET
cblr-7159	1025	22	interests	interest	NOUN
cblr-7159	1025	23	of	of	ADP
cblr-7159	1025	24	debt	debt	NOUN
cblr-7159	1025	25	holders	holder	NOUN
cblr-7159	1025	26	and	and	CCONJ
cblr-7159	1025	27	shareholders	shareholder	NOUN
cblr-7159	1025	28	may	may	AUX
cblr-7159	1025	29	conflict.304	conflict.304	VERB
cblr-7159	1025	30	although	although	SCONJ
cblr-7159	1025	31	shareholder	shareholder	NOUN
cblr-7159	1025	32	and	and	CCONJ
cblr-7159	1025	33	debt	debt	NOUN
cblr-7159	1025	34	holder	holder	NOUN
cblr-7159	1025	35	interests	interest	NOUN
cblr-7159	1025	36	are	be	AUX
cblr-7159	1025	37	undoubtedly	undoubtedly	ADV
cblr-7159	1025	38	aligned	align	VERB
cblr-7159	1025	39	at	at	ADP
cblr-7159	1025	40	times	time	NOUN
cblr-7159	1025	41	,	,	PUNCT
cblr-7159	1025	42	the	the	DET
cblr-7159	1025	43	agency	agency	NOUN
cblr-7159	1025	44	cost	cost	NOUN
cblr-7159	1025	45	story	story	NOUN
cblr-7159	1025	46	is	be	AUX
cblr-7159	1025	47	complex	complex	ADJ
cblr-7159	1025	48	.	.	PUNCT
cblr-7159	1026	1	typically	typically	ADV
cblr-7159	1026	2	,	,	PUNCT
cblr-7159	1026	3	controlling	control	VERB
cblr-7159	1026	4	agency	agency	NOUN
cblr-7159	1026	5	costs	cost	NOUN
cblr-7159	1026	6	is	be	AUX
cblr-7159	1026	7	conceived	conceive	VERB
cblr-7159	1026	8	of	of	ADP
cblr-7159	1026	9	as	as	ADP
cblr-7159	1026	10	giving	give	VERB
cblr-7159	1026	11	management	management	NOUN
cblr-7159	1026	12	incentives	incentive	NOUN
cblr-7159	1026	13	to	to	PART
cblr-7159	1026	14	invest	invest	VERB
cblr-7159	1026	15	in	in	ADP
cblr-7159	1026	16	productive	productive	ADJ
cblr-7159	1026	17	projects	project	NOUN
cblr-7159	1026	18	and	and	CCONJ
cblr-7159	1026	19	refrain	refrain	VERB
cblr-7159	1026	20	from	from	ADP
cblr-7159	1026	21	using	use	VERB
cblr-7159	1026	22	the	the	DET
cblr-7159	1026	23	corporation	corporation	NOUN
cblr-7159	1026	24	’s	’s	PART
cblr-7159	1026	25	resources	resource	NOUN
cblr-7159	1026	26	for	for	ADP
cblr-7159	1026	27	unproductive	unproductive	ADJ
cblr-7159	1026	28	,	,	PUNCT
cblr-7159	1026	29	self	self	NOUN
cblr-7159	1026	30	-	-	PUNCT
cblr-7159	1026	31	serving	serve	VERB
cblr-7159	1026	32	ends.305	ends.305	NOUN
cblr-7159	1026	33	earlier	early	ADJ
cblr-7159	1026	34	research	research	NOUN
cblr-7159	1026	35	in	in	ADP
cblr-7159	1026	36	financial	financial	ADJ
cblr-7159	1026	37	economics	economic	NOUN
cblr-7159	1026	38	argues	argue	VERB
cblr-7159	1026	39	that	that	SCONJ
cblr-7159	1026	40	the	the	DET
cblr-7159	1026	41	kinds	kind	NOUN
cblr-7159	1026	42	of	of	ADP
cblr-7159	1026	43	interventions	intervention	NOUN
cblr-7159	1026	44	lenders	lender	NOUN
cblr-7159	1026	45	make	make	VERB
cblr-7159	1026	46	(	(	PUNCT
cblr-7159	1026	47	like	like	ADP
cblr-7159	1026	48	reducing	reduce	VERB
cblr-7159	1026	49	capital	capital	NOUN
cblr-7159	1026	50	expenditures	expenditure	NOUN
cblr-7159	1026	51	,	,	PUNCT
cblr-7159	1026	52	acquisitions	acquisition	NOUN
cblr-7159	1026	53	,	,	PUNCT
cblr-7159	1026	54	or	or	CCONJ
cblr-7159	1026	55	shareholder	shareholder	NOUN
cblr-7159	1026	56	payouts	payout	NOUN
cblr-7159	1026	57	)	)	PUNCT
cblr-7159	1026	58	place	place	NOUN
cblr-7159	1026	59	such	such	ADJ
cblr-7159	1026	60	restraints	restraint	NOUN
cblr-7159	1026	61	on	on	ADP
cblr-7159	1026	62	management	management	NOUN
cblr-7159	1026	63	and	and	CCONJ
cblr-7159	1026	64	are	be	AUX
cblr-7159	1026	65	therefore	therefore	ADV
cblr-7159	1026	66	unqualifiedly	unqualifiedly	ADV
cblr-7159	1026	67	good	good	ADJ
cblr-7159	1026	68	for	for	ADP
cblr-7159	1026	69	firm	firm	ADJ
cblr-7159	1026	70	governance	governance	NOUN
cblr-7159	1026	71	;	;	PUNCT
cblr-7159	1026	72	however	however	ADV
cblr-7159	1026	73	their	their	PRON
cblr-7159	1026	74	measure	measure	NOUN
cblr-7159	1026	75	of	of	ADP
cblr-7159	1026	76	what	what	PRON
cblr-7159	1026	77	is	be	AUX
cblr-7159	1026	78	“	"	PUNCT
cblr-7159	1026	79	good	good	ADJ
cblr-7159	1026	80	”	"	PUNCT
cblr-7159	1026	81	depends	depend	VERB
cblr-7159	1026	82	largely	largely	ADV
cblr-7159	1026	83	on	on	ADP
cblr-7159	1026	84	short	short	ADJ
cblr-7159	1026	85	-	-	PUNCT
cblr-7159	1026	86	term	term	NOUN
cblr-7159	1026	87	equity	equity	NOUN
cblr-7159	1026	88	market	market	NOUN
cblr-7159	1026	89	valuations	valuation	NOUN
cblr-7159	1026	90	and	and	CCONJ
cblr-7159	1026	91	performance	performance	NOUN
cblr-7159	1026	92	without	without	ADP
cblr-7159	1026	93	taking	take	VERB
cblr-7159	1026	94	into	into	ADP
cblr-7159	1026	95	account	account	NOUN
cblr-7159	1026	96	any	any	DET
cblr-7159	1026	97	potential	potential	ADJ
cblr-7159	1026	98	countervailing	countervail	VERB
cblr-7159	1026	99	tradeoffs.306	tradeoffs.306	NOUN
cblr-7159	1026	100	304	304	NUM
cblr-7159	1026	101	see	see	VERB
cblr-7159	1026	102	george	george	PROPN
cblr-7159	1026	103	triantis	triantis	PROPN
cblr-7159	1026	104	,	,	PUNCT
cblr-7159	1026	105	exploring	explore	VERB
cblr-7159	1026	106	the	the	DET
cblr-7159	1026	107	limits	limit	NOUN
cblr-7159	1026	108	of	of	ADP
cblr-7159	1026	109	contract	contract	NOUN
cblr-7159	1026	110	design	design	NOUN
cblr-7159	1026	111	in	in	ADP
cblr-7159	1026	112	debt	debt	NOUN
cblr-7159	1026	113	financing	financing	NOUN
cblr-7159	1026	114	,	,	PUNCT
cblr-7159	1026	115	161	161	NUM
cblr-7159	1026	116	u.	u.	NOUN
cblr-7159	1026	117	pa	pa	PROPN
cblr-7159	1026	118	.	.	PUNCT
cblr-7159	1026	119	l.	l.	PROPN
cblr-7159	1026	120	rev	rev	PROPN
cblr-7159	1026	121	.	.	PROPN
cblr-7159	1026	122	2041	2041	NUM
cblr-7159	1026	123	,	,	PUNCT
cblr-7159	1026	124	2042	2042	NUM
cblr-7159	1026	125	(	(	PUNCT
cblr-7159	1026	126	2013	2013	NUM
cblr-7159	1026	127	)	)	PUNCT
cblr-7159	1026	128	(	(	PUNCT
cblr-7159	1026	129	“	"	PUNCT
cblr-7159	1026	130	most	most	ADV
cblr-7159	1026	131	notably	notably	ADV
cblr-7159	1026	132	,	,	PUNCT
cblr-7159	1026	133	as	as	ADP
cblr-7159	1026	134	faithful	faithful	ADJ
cblr-7159	1026	135	agents	agent	NOUN
cblr-7159	1026	136	of	of	ADP
cblr-7159	1026	137	their	their	PRON
cblr-7159	1026	138	shareholders	shareholder	NOUN
cblr-7159	1026	139	,	,	PUNCT
cblr-7159	1026	140	managers	manager	NOUN
cblr-7159	1026	141	are	be	AUX
cblr-7159	1026	142	more	more	ADV
cblr-7159	1026	143	likely	likely	ADJ
cblr-7159	1026	144	to	to	PART
cblr-7159	1026	145	(	(	PUNCT
cblr-7159	1026	146	a	a	PRON
cblr-7159	1026	147	)	)	PUNCT
cblr-7159	1026	148	forego	forego	ADV
cblr-7159	1026	149	lower	low	ADJ
cblr-7159	1026	150	-	-	PUNCT
cblr-7159	1026	151	risk	risk	NOUN
cblr-7159	1026	152	,	,	PUNCT
cblr-7159	1026	153	profitable	profitable	ADJ
cblr-7159	1026	154	projects	project	NOUN
cblr-7159	1026	155	(	(	PUNCT
cblr-7159	1026	156	‘	'	PUNCT
cblr-7159	1026	157	underinvestment	underinvestment	NOUN
cblr-7159	1026	158	’	'	PUNCT
cblr-7159	1026	159	)	)	PUNCT
cblr-7159	1026	160	;	;	PUNCT
cblr-7159	1026	161	(	(	PUNCT
cblr-7159	1026	162	b	b	X
cblr-7159	1026	163	)	)	PUNCT
cblr-7159	1026	164	invest	invest	VERB
cblr-7159	1026	165	in	in	ADP
cblr-7159	1026	166	higher	high	ADJ
cblr-7159	1026	167	-	-	PUNCT
cblr-7159	1026	168	risk	risk	NOUN
cblr-7159	1026	169	,	,	PUNCT
cblr-7159	1026	170	unprofitable	unprofitable	ADJ
cblr-7159	1026	171	alternatives	alternative	NOUN
cblr-7159	1026	172	(	(	PUNCT
cblr-7159	1026	173	‘	'	PUNCT
cblr-7159	1026	174	overinvestment	overinvestment	ADJ
cblr-7159	1026	175	’	'	PUNCT
cblr-7159	1026	176	or	or	CCONJ
cblr-7159	1026	177	‘	'	PUNCT
cblr-7159	1026	178	risk	risk	NOUN
cblr-7159	1026	179	alteration	alteration	NOUN
cblr-7159	1026	180	’	'	PUNCT
cblr-7159	1026	181	)	)	PUNCT
cblr-7159	1026	182	;	;	PUNCT
cblr-7159	1026	183	(	(	PUNCT
cblr-7159	1026	184	c	c	X
cblr-7159	1026	185	)	)	PUNCT
cblr-7159	1026	186	incur	incur	VERB
cblr-7159	1026	187	additional	additional	ADJ
cblr-7159	1026	188	debt	debt	NOUN
cblr-7159	1026	189	to	to	ADP
cblr-7159	1026	190	further	further	ADJ
cblr-7159	1026	191	leverage	leverage	VERB
cblr-7159	1026	192	the	the	DET
cblr-7159	1026	193	equity	equity	NOUN
cblr-7159	1026	194	in	in	ADP
cblr-7159	1026	195	the	the	DET
cblr-7159	1026	196	firm	firm	NOUN
cblr-7159	1026	197	;	;	PUNCT
cblr-7159	1026	198	and	and	CCONJ
cblr-7159	1026	199	(	(	PUNCT
cblr-7159	1026	200	d	d	X
cblr-7159	1026	201	)	)	PUNCT
cblr-7159	1026	202	distribute	distribute	VERB
cblr-7159	1026	203	firm	firm	ADJ
cblr-7159	1026	204	value	value	NOUN
cblr-7159	1026	205	to	to	ADP
cblr-7159	1026	206	shareholders	shareholder	NOUN
cblr-7159	1026	207	in	in	ADP
cblr-7159	1026	208	the	the	DET
cblr-7159	1026	209	form	form	NOUN
cblr-7159	1026	210	of	of	ADP
cblr-7159	1026	211	dividends	dividend	NOUN
cblr-7159	1026	212	or	or	CCONJ
cblr-7159	1026	213	share	share	NOUN
cblr-7159	1026	214	repurchases	repurchase	NOUN
cblr-7159	1026	215	.	.	PUNCT
cblr-7159	1026	216	”	"	PUNCT
cblr-7159	1026	217	)	)	PUNCT
cblr-7159	1026	218	.	.	PUNCT
cblr-7159	1027	1	this	this	PRON
cblr-7159	1027	2	would	would	AUX
cblr-7159	1027	3	be	be	AUX
cblr-7159	1027	4	especially	especially	ADV
cblr-7159	1027	5	problematic	problematic	ADJ
cblr-7159	1027	6	if	if	SCONJ
cblr-7159	1027	7	,	,	PUNCT
cblr-7159	1027	8	as	as	SCONJ
cblr-7159	1027	9	has	have	AUX
cblr-7159	1027	10	been	be	AUX
cblr-7159	1027	11	argued	argue	VERB
cblr-7159	1027	12	,	,	PUNCT
cblr-7159	1027	13	managers	manager	NOUN
cblr-7159	1027	14	have	have	AUX
cblr-7159	1027	15	become	become	VERB
cblr-7159	1027	16	more	more	ADV
cblr-7159	1027	17	aligned	aligned	ADJ
cblr-7159	1027	18	with	with	ADP
cblr-7159	1027	19	shareholder	shareholder	NOUN
cblr-7159	1027	20	interests	interest	NOUN
cblr-7159	1027	21	in	in	ADP
cblr-7159	1027	22	recent	recent	ADJ
cblr-7159	1027	23	years	year	NOUN
cblr-7159	1027	24	.	.	PUNCT
cblr-7159	1028	1	see	see	VERB
cblr-7159	1028	2	edward	edward	PROPN
cblr-7159	1028	3	b.	b.	PROPN
cblr-7159	1028	4	rock	rock	PROPN
cblr-7159	1028	5	,	,	PUNCT
cblr-7159	1028	6	adapting	adapt	VERB
cblr-7159	1028	7	to	to	ADP
cblr-7159	1028	8	the	the	DET
cblr-7159	1028	9	new	new	ADJ
cblr-7159	1028	10	shareholder	shareholder	NOUN
cblr-7159	1028	11	-	-	PUNCT
cblr-7159	1028	12	centric	centric	ADJ
cblr-7159	1028	13	reality	reality	NOUN
cblr-7159	1028	14	,	,	PUNCT
cblr-7159	1028	15	161	161	NUM
cblr-7159	1028	16	u.	u.	NOUN
cblr-7159	1028	17	pa	pa	PROPN
cblr-7159	1028	18	.	.	PUNCT
cblr-7159	1028	19	l.	l.	PROPN
cblr-7159	1028	20	rev	rev	PROPN
cblr-7159	1028	21	.	.	PROPN
cblr-7159	1028	22	1907	1907	NUM
cblr-7159	1028	23	,	,	PUNCT
cblr-7159	1028	24	1910	1910	NUM
cblr-7159	1028	25	(	(	PUNCT
cblr-7159	1028	26	2013	2013	NUM
cblr-7159	1028	27	)	)	PUNCT
cblr-7159	1028	28	(	(	PUNCT
cblr-7159	1028	29	noting	note	VERB
cblr-7159	1028	30	that	that	SCONJ
cblr-7159	1028	31	“	"	PUNCT
cblr-7159	1028	32	managers	manager	NOUN
cblr-7159	1028	33	and	and	CCONJ
cblr-7159	1028	34	directors	director	NOUN
cblr-7159	1028	35	today	today	NOUN
cblr-7159	1028	36	largely	largely	ADV
cblr-7159	1028	37	‘	'	PUNCT
cblr-7159	1028	38	think	think	VERB
cblr-7159	1028	39	like	like	ADP
cblr-7159	1028	40	shareholders	shareholder	NOUN
cblr-7159	1028	41	’	'	PUNCT
cblr-7159	1028	42	”	"	PUNCT
cblr-7159	1028	43	)	)	PUNCT
cblr-7159	1028	44	.	.	PUNCT
cblr-7159	1029	1	305	305	NUM
cblr-7159	1029	2	see	see	VERB
cblr-7159	1029	3	triantis	triantis	PROPN
cblr-7159	1029	4	&	&	CCONJ
cblr-7159	1029	5	daniels	daniels	PROPN
cblr-7159	1029	6	,	,	PUNCT
cblr-7159	1029	7	supra	supra	PROPN
cblr-7159	1029	8	note	note	PROPN
cblr-7159	1029	9	1	1	NUM
cblr-7159	1029	10	,	,	PUNCT
cblr-7159	1029	11	at	at	ADP
cblr-7159	1029	12	1077–80	1077–80	PROPN
cblr-7159	1029	13	.	.	PUNCT
cblr-7159	1030	1	306	306	NUM
cblr-7159	1030	2	see	see	VERB
cblr-7159	1030	3	,	,	PUNCT
cblr-7159	1030	4	e.g.	e.g.	ADV
cblr-7159	1030	5	,	,	PUNCT
cblr-7159	1030	6	nini	nini	PROPN
cblr-7159	1030	7	et	et	PROPN
cblr-7159	1030	8	al	al	PROPN
cblr-7159	1030	9	.	.	PROPN
cblr-7159	1030	10	,	,	PUNCT
cblr-7159	1030	11	creditor	creditor	NOUN
cblr-7159	1030	12	control	control	NOUN
cblr-7159	1030	13	rights	right	NOUN
cblr-7159	1030	14	,	,	PUNCT
cblr-7159	1030	15	supra	supra	PROPN
cblr-7159	1030	16	note	note	NOUN
cblr-7159	1030	17	14	14	NUM
cblr-7159	1030	18	,	,	PUNCT
cblr-7159	1030	19	at	at	ADP
cblr-7159	1030	20	1715–16	1715–16	NUM
cblr-7159	1030	21	,	,	PUNCT
cblr-7159	1030	22	1719–20	1719–20	NOUN
cblr-7159	1030	23	.	.	PUNCT
cblr-7159	1031	1	the	the	DET
cblr-7159	1031	2	article	article	NOUN
cblr-7159	1031	3	states	state	VERB
cblr-7159	1031	4	that	that	SCONJ
cblr-7159	1031	5	“	"	PUNCT
cblr-7159	1031	6	[	[	X
cblr-7159	1031	7	t]he	t]he	X
cblr-7159	1031	8	interpretation	interpretation	NOUN
cblr-7159	1031	9	of	of	ADP
cblr-7159	1031	10	the	the	DET
cblr-7159	1031	11	consequences	consequence	NOUN
cblr-7159	1031	12	of	of	ADP
cblr-7159	1031	13	creditor	creditor	NOUN
cblr-7159	1031	14	control	control	PROPN
cblr-7159	1031	15	crucially	crucially	ADV
cblr-7159	1031	16	depends	depend	VERB
cblr-7159	1031	17	upon	upon	SCONJ
cblr-7159	1031	18	the	the	DET
cblr-7159	1031	19	subsequent	subsequent	ADJ
cblr-7159	1031	20	impact	impact	NOUN
cblr-7159	1031	21	of	of	ADP
cblr-7159	1031	22	creditor	creditor	NOUN
cblr-7159	1031	23	intervention	intervention	NOUN
cblr-7159	1031	24	on	on	ADP
cblr-7159	1031	25	borrower	borrower	NOUN
cblr-7159	1031	26	performance	performance	NOUN
cblr-7159	1031	27	.	.	PUNCT
cblr-7159	1032	1	we	we	PRON
cblr-7159	1032	2	find	find	VERB
cblr-7159	1032	3	evidence	evidence	NOUN
cblr-7159	1032	4	that	that	SCONJ
cblr-7159	1032	5	both	both	DET
cblr-7159	1032	6	operating	operating	NOUN
cblr-7159	1032	7	performance	performance	NOUN
cblr-7159	1032	8	and	and	CCONJ
cblr-7159	1032	9	equity	equity	NOUN
cblr-7159	1032	10	-	-	PUNCT
cblr-7159	1032	11	market	market	NOUN
cblr-7159	1032	12	valuation	valuation	NOUN
cblr-7159	1032	13	improve	improve	VERB
cblr-7159	1032	14	,	,	PUNCT
cblr-7159	1032	15	on	on	ADP
cblr-7159	1032	16	average	average	ADJ
cblr-7159	1032	17	,	,	PUNCT
cblr-7159	1032	18	following	follow	VERB
cblr-7159	1032	19	a	a	DET
cblr-7159	1032	20	financial	financial	ADJ
cblr-7159	1032	21	covenant	covenant	NOUN
cblr-7159	1032	22	violation	violation	NOUN
cblr-7159	1032	23	.	.	PUNCT
cblr-7159	1032	24	”	"	PUNCT
cblr-7159	1033	1	i	i	PRON
cblr-7159	1033	2	d.	d.	VERB
cblr-7159	1033	3	at	at	ADP
cblr-7159	1033	4	1716	1716	NUM
cblr-7159	1033	5	.	.	PUNCT
cblr-7159	1034	1	even	even	ADV
cblr-7159	1034	2	accounting	account	VERB
cblr-7159	1034	3	for	for	ADP
cblr-7159	1034	4	the	the	DET
cblr-7159	1034	5	article	article	NOUN
cblr-7159	1034	6	’s	’s	PART
cblr-7159	1034	7	statements	statement	NOUN
cblr-7159	1034	8	of	of	ADP
cblr-7159	1034	9	agnosticism	agnosticism	NOUN
cblr-7159	1034	10	regarding	regard	VERB
cblr-7159	1034	11	the	the	DET
cblr-7159	1034	12	benefits	benefit	NOUN
cblr-7159	1034	13	of	of	ADP
cblr-7159	1034	14	creditor	creditor	NOUN
cblr-7159	1034	15	intervention	intervention	NOUN
cblr-7159	1034	16	,	,	PUNCT
cblr-7159	1034	17	its	its	PRON
cblr-7159	1034	18	language	language	NOUN
cblr-7159	1034	19	elsewhere	elsewhere	ADV
cblr-7159	1034	20	suggests	suggest	VERB
cblr-7159	1034	21	an	an	DET
cblr-7159	1034	22	assumption	assumption	NOUN
cblr-7159	1034	23	that	that	SCONJ
cblr-7159	1034	24	such	such	ADJ
cblr-7159	1034	25	interventions	intervention	NOUN
cblr-7159	1034	26	are	be	AUX
cblr-7159	1034	27	good	good	ADJ
cblr-7159	1034	28	.	.	PUNCT
cblr-7159	1035	1	for	for	ADP
cblr-7159	1035	2	example	example	NOUN
cblr-7159	1035	3	,	,	PUNCT
cblr-7159	1035	4	the	the	DET
cblr-7159	1035	5	article	article	NOUN
cblr-7159	1035	6	discusses	discuss	VERB
cblr-7159	1035	7	lenders	lender	NOUN
cblr-7159	1035	8	’	’	PART
cblr-7159	1035	9	assertion	assertion	NOUN
cblr-7159	1035	10	of	of	ADP
cblr-7159	1035	11	control	control	NOUN
cblr-7159	1035	12	over	over	ADP
cblr-7159	1035	13	firm	firm	ADJ
cblr-7159	1035	14	decisions	decision	NOUN
cblr-7159	1035	15	as	as	ADP
cblr-7159	1035	16	“	"	PUNCT
cblr-7159	1035	17	[	[	PUNCT
cblr-7159	1035	18	s]uggested	s]uggeste	VERB
cblr-7159	1035	19	fixes	fix	NOUN
cblr-7159	1035	20	”	"	PUNCT
cblr-7159	1035	21	for	for	ADP
cblr-7159	1035	22	firm	firm	ADJ
cblr-7159	1035	23	problems	problem	NOUN
cblr-7159	1035	24	and	and	CCONJ
cblr-7159	1035	25	“	"	PUNCT
cblr-7159	1035	26	affect[ing	affect[e	VERB
cblr-7159	1035	27	]	]	X
cblr-7159	1035	28	more	more	ADV
cblr-7159	1035	29	substantial	substantial	ADJ
cblr-7159	1035	30	changes	change	NOUN
cblr-7159	1035	31	”	"	PUNCT
cblr-7159	1035	32	like	like	ADP
cblr-7159	1035	33	the	the	DET
cblr-7159	1035	34	“	"	PUNCT
cblr-7159	1035	35	hiring	hiring	NOUN
cblr-7159	1035	36	of	of	ADP
cblr-7159	1035	37	a	a	DET
cblr-7159	1035	38	turnaround	turnaround	NOUN
cblr-7159	1035	39	management	management	NOUN
cblr-7159	1035	40	firm	firm	NOUN
cblr-7159	1035	41	”	"	PUNCT
cblr-7159	1035	42	for	for	ADP
cblr-7159	1035	43	companies	company	NOUN
cblr-7159	1035	44	“	"	PUNCT
cblr-7159	1035	45	suffering	suffer	VERB
cblr-7159	1035	46	from	from	ADP
cblr-7159	1035	47	deep	deep	ADJ
cblr-7159	1035	48	[	[	X
cblr-7159	1035	49	]	]	X
cblr-7159	1035	50	structural	structural	ADJ
cblr-7159	1035	51	problems	problem	NOUN
cblr-7159	1035	52	.	.	PUNCT
cblr-7159	1035	53	”	"	PUNCT
cblr-7159	1036	1	i	i	PRON
cblr-7159	1036	2	d.	d.	VERB
cblr-7159	1036	3	at	at	ADP
cblr-7159	1036	4	1716	1716	NUM
cblr-7159	1036	5	.	.	PUNCT
cblr-7159	1037	1	the	the	DET
cblr-7159	1037	2	article	article	NOUN
cblr-7159	1037	3	lacks	lack	VERB
cblr-7159	1037	4	a	a	DET
cblr-7159	1037	5	discussion	discussion	NOUN
cblr-7159	1037	6	of	of	ADP
cblr-7159	1037	7	the	the	DET
cblr-7159	1037	8	potential	potential	ADJ
cblr-7159	1037	9	conflicts	conflict	NOUN
cblr-7159	1037	10	with	with	ADP
cblr-7159	1037	11	shareholder	shareholder	NOUN
cblr-7159	1037	12	interests	interest	NOUN
cblr-7159	1037	13	(	(	PUNCT
cblr-7159	1037	14	such	such	ADJ
cblr-7159	1037	15	as	as	ADP
cblr-7159	1037	16	the	the	DET
cblr-7159	1037	17	desire	desire	NOUN
cblr-7159	1037	18	for	for	ADP
cblr-7159	1037	19	higher	high	ADJ
cblr-7159	1037	20	payouts	payout	NOUN
cblr-7159	1037	21	)	)	PUNCT
cblr-7159	1037	22	,	,	PUNCT
cblr-7159	1037	23	except	except	SCONJ
cblr-7159	1037	24	implicitly	implicitly	ADV
cblr-7159	1037	25	by	by	ADP
cblr-7159	1037	26	suggesting	suggest	VERB
cblr-7159	1037	27	short	short	ADJ
cblr-7159	1037	28	-	-	PUNCT
cblr-7159	1037	29	term	term	NOUN
cblr-7159	1037	30	firm	firm	ADJ
cblr-7159	1037	31	value	value	NOUN
cblr-7159	1037	32	ought	ought	AUX
cblr-7159	1037	33	to	to	PART
cblr-7159	1037	34	be	be	AUX
cblr-7159	1037	35	considered	consider	VERB
cblr-7159	1037	36	as	as	ADP
cblr-7159	1037	37	a	a	DET
cblr-7159	1037	38	measure	measure	NOUN
cblr-7159	1037	39	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1037	40	(	(	PUNCT
cblr-7159	1037	41	do	do	AUX
cblr-7159	1037	42	not	not	PART
cblr-7159	1037	43	delete	delete	VERB
cblr-7159	1037	44	)	)	PUNCT
cblr-7159	1037	45	9/28/2020	9/28/2020	NUM
cblr-7159	1037	46	6:35	6:35	NUM
cblr-7159	1037	47	pm	pm	NOUN
cblr-7159	1037	48	no	no	INTJ
cblr-7159	1037	49	.	.	PUNCT
cblr-7159	1038	1	1:192	1:192	X
cblr-7159	1038	2	]	]	X
cblr-7159	1038	3	reconsidering	reconsider	VERB
cblr-7159	1038	4	creditor	creditor	NOUN
cblr-7159	1038	5	governance	governance	NOUN
cblr-7159	1038	6	275	275	NUM
cblr-7159	1038	7	it	it	PRON
cblr-7159	1038	8	is	be	AUX
cblr-7159	1038	9	axiomatic	axiomatic	ADJ
cblr-7159	1038	10	that	that	SCONJ
cblr-7159	1038	11	governance	governance	NOUN
cblr-7159	1038	12	also	also	ADV
cblr-7159	1038	13	involves	involve	VERB
cblr-7159	1038	14	the	the	DET
cblr-7159	1038	15	monitoring	monitoring	NOUN
cblr-7159	1038	16	of	of	ADP
cblr-7159	1038	17	agency	agency	NOUN
cblr-7159	1038	18	costs	cost	NOUN
cblr-7159	1038	19	with	with	ADP
cblr-7159	1038	20	respect	respect	NOUN
cblr-7159	1038	21	shareholders	shareholder	NOUN
cblr-7159	1038	22	,	,	PUNCT
cblr-7159	1038	23	whom	whom	PRON
cblr-7159	1038	24	lenders	lender	NOUN
cblr-7159	1038	25	may	may	AUX
cblr-7159	1038	26	care	care	VERB
cblr-7159	1038	27	little	little	ADJ
cblr-7159	1038	28	about	about	ADP
cblr-7159	1038	29	or	or	CCONJ
cblr-7159	1038	30	whose	whose	DET
cblr-7159	1038	31	interests	interest	NOUN
cblr-7159	1038	32	they	they	PRON
cblr-7159	1038	33	may	may	AUX
cblr-7159	1038	34	oppose	oppose	VERB
cblr-7159	1038	35	.	.	PUNCT
cblr-7159	1039	1	some	some	PRON
cblr-7159	1039	2	of	of	ADP
cblr-7159	1039	3	the	the	DET
cblr-7159	1039	4	results	result	NOUN
cblr-7159	1039	5	of	of	ADP
cblr-7159	1039	6	the	the	DET
cblr-7159	1039	7	analysis	analysis	NOUN
cblr-7159	1039	8	discussed	discuss	VERB
cblr-7159	1039	9	in	in	ADP
cblr-7159	1039	10	this	this	DET
cblr-7159	1039	11	article	article	NOUN
cblr-7159	1039	12	could	could	AUX
cblr-7159	1039	13	be	be	AUX
cblr-7159	1039	14	viewed	view	VERB
cblr-7159	1039	15	as	as	ADP
cblr-7159	1039	16	having	have	VERB
cblr-7159	1039	17	a	a	DET
cblr-7159	1039	18	negative	negative	ADJ
cblr-7159	1039	19	impact	impact	NOUN
cblr-7159	1039	20	on	on	ADP
cblr-7159	1039	21	corporate	corporate	ADJ
cblr-7159	1039	22	governance	governance	NOUN
cblr-7159	1039	23	when	when	SCONJ
cblr-7159	1039	24	viewed	view	VERB
cblr-7159	1039	25	from	from	ADP
cblr-7159	1039	26	this	this	DET
cblr-7159	1039	27	perspective	perspective	NOUN
cblr-7159	1039	28	,	,	PUNCT
cblr-7159	1039	29	because	because	SCONJ
cblr-7159	1039	30	they	they	PRON
cblr-7159	1039	31	indicate	indicate	VERB
cblr-7159	1039	32	that	that	SCONJ
cblr-7159	1039	33	lenders	lender	NOUN
cblr-7159	1039	34	sometimes	sometimes	ADV
cblr-7159	1039	35	take	take	VERB
cblr-7159	1039	36	actions	action	NOUN
cblr-7159	1039	37	which	which	PRON
cblr-7159	1039	38	may	may	AUX
cblr-7159	1039	39	conflict	conflict	VERB
cblr-7159	1039	40	with	with	ADP
cblr-7159	1039	41	shareholders	shareholder	NOUN
cblr-7159	1039	42	’	'	PUNCT
cblr-7159	1039	43	interests	interest	NOUN
cblr-7159	1039	44	.	.	PUNCT
cblr-7159	1040	1	for	for	ADP
cblr-7159	1040	2	example	example	NOUN
cblr-7159	1040	3	,	,	PUNCT
cblr-7159	1040	4	lender	lender	NOUN
cblr-7159	1040	5	intervention	intervention	NOUN
cblr-7159	1040	6	(	(	PUNCT
cblr-7159	1040	7	when	when	SCONJ
cblr-7159	1040	8	it	it	PRON
cblr-7159	1040	9	happens	happen	VERB
cblr-7159	1040	10	)	)	PUNCT
cblr-7159	1040	11	tends	tend	VERB
cblr-7159	1040	12	to	to	PART
cblr-7159	1040	13	result	result	VERB
cblr-7159	1040	14	in	in	ADP
cblr-7159	1040	15	lower	low	ADJ
cblr-7159	1040	16	levels	level	NOUN
cblr-7159	1040	17	of	of	ADP
cblr-7159	1040	18	total	total	ADJ
cblr-7159	1040	19	debt	debt	NOUN
cblr-7159	1040	20	and	and	CCONJ
cblr-7159	1040	21	debt	debt	NOUN
cblr-7159	1040	22	issuance,307	issuance,307	NOUN
cblr-7159	1040	23	which	which	PRON
cblr-7159	1040	24	is	be	AUX
cblr-7159	1040	25	good	good	ADJ
cblr-7159	1040	26	for	for	ADP
cblr-7159	1040	27	debt	debt	NOUN
cblr-7159	1040	28	holders	holder	NOUN
cblr-7159	1040	29	because	because	SCONJ
cblr-7159	1040	30	it	it	PRON
cblr-7159	1040	31	means	mean	VERB
cblr-7159	1040	32	the	the	DET
cblr-7159	1040	33	borrower	borrower	NOUN
cblr-7159	1040	34	will	will	AUX
cblr-7159	1040	35	be	be	AUX
cblr-7159	1040	36	more	more	ADV
cblr-7159	1040	37	likely	likely	ADJ
cblr-7159	1040	38	to	to	PART
cblr-7159	1040	39	pay	pay	VERB
cblr-7159	1040	40	its	its	PRON
cblr-7159	1040	41	debts	debt	NOUN
cblr-7159	1040	42	.	.	PUNCT
cblr-7159	1041	1	however	however	ADV
cblr-7159	1041	2	,	,	PUNCT
cblr-7159	1041	3	the	the	DET
cblr-7159	1041	4	finance	finance	NOUN
cblr-7159	1041	5	and	and	CCONJ
cblr-7159	1041	6	law	law	NOUN
cblr-7159	1041	7	literatures	literature	NOUN
cblr-7159	1041	8	have	have	AUX
cblr-7159	1041	9	pointed	point	VERB
cblr-7159	1041	10	out	out	ADP
cblr-7159	1041	11	that	that	SCONJ
cblr-7159	1041	12	debt	debt	NOUN
cblr-7159	1041	13	can	can	AUX
cblr-7159	1041	14	sometimes	sometimes	ADV
cblr-7159	1041	15	constrain	constrain	VERB
cblr-7159	1041	16	agency	agency	NOUN
cblr-7159	1041	17	costs	cost	NOUN
cblr-7159	1041	18	by	by	ADP
cblr-7159	1041	19	leaving	leave	VERB
cblr-7159	1041	20	management	management	NOUN
cblr-7159	1041	21	without	without	ADP
cblr-7159	1041	22	free	free	ADJ
cblr-7159	1041	23	cash	cash	NOUN
cblr-7159	1041	24	flow	flow	NOUN
cblr-7159	1041	25	to	to	PART
cblr-7159	1041	26	waste	waste	VERB
cblr-7159	1041	27	,	,	PUNCT
cblr-7159	1041	28	thus	thus	ADV
cblr-7159	1041	29	imposing	impose	VERB
cblr-7159	1041	30	discipline	discipline	NOUN
cblr-7159	1041	31	that	that	PRON
cblr-7159	1041	32	is	be	AUX
cblr-7159	1041	33	good	good	ADJ
cblr-7159	1041	34	for	for	ADP
cblr-7159	1041	35	shareholders.308	shareholders.308	NOUN
cblr-7159	1041	36	in	in	ADP
cblr-7159	1041	37	effect	effect	NOUN
cblr-7159	1041	38	,	,	PUNCT
cblr-7159	1041	39	debt	debt	NOUN
cblr-7159	1041	40	can	can	AUX
cblr-7159	1041	41	be	be	AUX
cblr-7159	1041	42	a	a	DET
cblr-7159	1041	43	governance	governance	NOUN
cblr-7159	1041	44	mechanism	mechanism	NOUN
cblr-7159	1041	45	(	(	PUNCT
cblr-7159	1041	46	independent	independent	ADJ
cblr-7159	1041	47	of	of	ADP
cblr-7159	1041	48	the	the	DET
cblr-7159	1041	49	borrower	borrower	NOUN
cblr-7159	1041	50	’s	’s	PART
cblr-7159	1041	51	relationship	relationship	NOUN
cblr-7159	1041	52	with	with	ADP
cblr-7159	1041	53	the	the	DET
cblr-7159	1041	54	lender	lender	NOUN
cblr-7159	1041	55	)	)	PUNCT
cblr-7159	1041	56	because	because	SCONJ
cblr-7159	1041	57	it	it	PRON
cblr-7159	1041	58	incentivizes	incentivize	VERB
cblr-7159	1041	59	management	management	NOUN
cblr-7159	1041	60	to	to	PART
cblr-7159	1041	61	work	work	VERB
cblr-7159	1041	62	more	more	ADV
cblr-7159	1041	63	efficiently	efficiently	ADV
cblr-7159	1041	64	,	,	PUNCT
cblr-7159	1041	65	and	and	CCONJ
cblr-7159	1041	66	arguably	arguably	ADV
cblr-7159	1041	67	create	create	VERB
cblr-7159	1041	68	more	more	ADJ
cblr-7159	1041	69	value	value	NOUN
cblr-7159	1041	70	for	for	ADP
cblr-7159	1041	71	the	the	DET
cblr-7159	1041	72	firm	firm	NOUN
cblr-7159	1041	73	’s	’s	PART
cblr-7159	1041	74	equity	equity	NOUN
cblr-7159	1041	75	holders.309	holders.309	PROPN
cblr-7159	1041	76	similarly	similarly	ADV
cblr-7159	1041	77	,	,	PUNCT
cblr-7159	1041	78	shareholder	shareholder	NOUN
cblr-7159	1041	79	payouts	payout	NOUN
cblr-7159	1041	80	,	,	PUNCT
cblr-7159	1041	81	such	such	ADJ
cblr-7159	1041	82	as	as	ADP
cblr-7159	1041	83	dividends	dividend	NOUN
cblr-7159	1041	84	or	or	CCONJ
cblr-7159	1041	85	share	share	NOUN
cblr-7159	1041	86	buybacks	buyback	NOUN
cblr-7159	1041	87	,	,	PUNCT
cblr-7159	1041	88	may	may	AUX
cblr-7159	1041	89	be	be	AUX
cblr-7159	1041	90	viewed	view	VERB
cblr-7159	1041	91	as	as	ADP
cblr-7159	1041	92	a	a	DET
cblr-7159	1041	93	sign	sign	NOUN
cblr-7159	1041	94	of	of	ADP
cblr-7159	1041	95	managerial	managerial	ADJ
cblr-7159	1041	96	fidelity	fidelity	NOUN
cblr-7159	1041	97	to	to	ADP
cblr-7159	1041	98	shareholders	shareholder	NOUN
cblr-7159	1041	99	,	,	PUNCT
cblr-7159	1041	100	even	even	ADV
cblr-7159	1041	101	if	if	SCONJ
cblr-7159	1041	102	it	it	PRON
cblr-7159	1041	103	might	might	AUX
cblr-7159	1041	104	increase	increase	VERB
cblr-7159	1041	105	risks	risk	NOUN
cblr-7159	1041	106	for	for	ADP
cblr-7159	1041	107	debt	debt	NOUN
cblr-7159	1041	108	holders.310	holders.310	PROPN
cblr-7159	1041	109	to	to	PART
cblr-7159	1041	110	take	take	VERB
cblr-7159	1041	111	another	another	DET
cblr-7159	1041	112	example	example	NOUN
cblr-7159	1041	113	,	,	PUNCT
cblr-7159	1041	114	while	while	SCONJ
cblr-7159	1041	115	lower	low	ADJ
cblr-7159	1041	116	levels	level	NOUN
cblr-7159	1041	117	of	of	ADP
cblr-7159	1041	118	corporate	corporate	ADJ
cblr-7159	1041	119	acquisitions	acquisition	NOUN
cblr-7159	1041	120	certainly	certainly	ADV
cblr-7159	1041	121	signal	signal	VERB
cblr-7159	1041	122	more	more	ADJ
cblr-7159	1041	123	investment	investment	NOUN
cblr-7159	1041	124	conservatism	conservatism	NOUN
cblr-7159	1041	125	,	,	PUNCT
cblr-7159	1041	126	such	such	ADJ
cblr-7159	1041	127	conservatism	conservatism	NOUN
cblr-7159	1041	128	may	may	AUX
cblr-7159	1041	129	not	not	PART
cblr-7159	1041	130	be	be	AUX
cblr-7159	1041	131	in	in	ADP
cblr-7159	1041	132	the	the	DET
cblr-7159	1041	133	best	good	ADJ
cblr-7159	1041	134	interests	interest	NOUN
cblr-7159	1041	135	of	of	ADP
cblr-7159	1041	136	all	all	DET
cblr-7159	1041	137	stakeholders	stakeholder	NOUN
cblr-7159	1041	138	if	if	SCONJ
cblr-7159	1041	139	the	the	DET
cblr-7159	1041	140	acquisitions	acquisition	NOUN
cblr-7159	1041	141	could	could	AUX
cblr-7159	1041	142	produce	produce	VERB
cblr-7159	1041	143	higher	high	ADJ
cblr-7159	1041	144	returns	return	NOUN
cblr-7159	1041	145	of	of	ADP
cblr-7159	1041	146	the	the	DET
cblr-7159	1041	147	success	success	NOUN
cblr-7159	1041	148	of	of	ADP
cblr-7159	1041	149	a	a	DET
cblr-7159	1041	150	creditor	creditor	NOUN
cblr-7159	1041	151	intervention	intervention	NOUN
cblr-7159	1041	152	.	.	PUNCT
cblr-7159	1042	1	see	see	VERB
cblr-7159	1043	1	i	i	PRON
cblr-7159	1043	2	d.	d.	PROPN
cblr-7159	1044	1	but	but	CCONJ
cblr-7159	1044	2	it	it	PRON
cblr-7159	1044	3	states	state	VERB
cblr-7159	1044	4	that	that	SCONJ
cblr-7159	1044	5	its	its	PRON
cblr-7159	1044	6	“	"	PUNCT
cblr-7159	1044	7	results	result	NOUN
cblr-7159	1044	8	suggest	suggest	VERB
cblr-7159	1044	9	that	that	SCONJ
cblr-7159	1044	10	effective	effective	ADJ
cblr-7159	1044	11	creditor	creditor	NOUN
cblr-7159	1044	12	interventions	intervention	NOUN
cblr-7159	1044	13	can	can	AUX
cblr-7159	1044	14	boost	boost	VERB
cblr-7159	1044	15	,	,	PUNCT
cblr-7159	1044	16	or	or	CCONJ
cblr-7159	1044	17	even	even	ADV
cblr-7159	1044	18	substitute	substitute	VERB
cblr-7159	1044	19	for	for	ADP
cblr-7159	1044	20	,	,	PUNCT
cblr-7159	1044	21	equity	equity	NOUN
cblr-7159	1044	22	-	-	PUNCT
cblr-7159	1044	23	centered	center	VERB
cblr-7159	1044	24	governance	governance	NOUN
cblr-7159	1044	25	,	,	PUNCT
cblr-7159	1044	26	”	"	PUNCT
cblr-7159	1044	27	and	and	CCONJ
cblr-7159	1044	28	in	in	ADP
cblr-7159	1044	29	its	its	PRON
cblr-7159	1044	30	theory	theory	NOUN
cblr-7159	1044	31	and	and	CCONJ
cblr-7159	1044	32	background	background	NOUN
cblr-7159	1044	33	section	section	NOUN
cblr-7159	1044	34	compares	compare	VERB
cblr-7159	1044	35	creditor	creditor	NOUN
cblr-7159	1044	36	intervention	intervention	NOUN
cblr-7159	1044	37	favorably	favorably	ADV
cblr-7159	1044	38	to	to	ADP
cblr-7159	1044	39	activism	activism	NOUN
cblr-7159	1044	40	by	by	ADP
cblr-7159	1044	41	equity	equity	NOUN
cblr-7159	1044	42	holding	hold	VERB
cblr-7159	1044	43	hedge	hedge	NOUN
cblr-7159	1044	44	funds	fund	NOUN
cblr-7159	1044	45	,	,	PUNCT
cblr-7159	1044	46	citing	cite	VERB
cblr-7159	1044	47	studies	study	NOUN
cblr-7159	1044	48	that	that	SCONJ
cblr-7159	1044	49	hedge	hedge	NOUN
cblr-7159	1044	50	fund	fund	NOUN
cblr-7159	1044	51	activism	activism	NOUN
cblr-7159	1044	52	results	result	NOUN
cblr-7159	1044	53	in	in	ADP
cblr-7159	1044	54	positive	positive	ADJ
cblr-7159	1044	55	short	short	ADJ
cblr-7159	1044	56	-	-	PUNCT
cblr-7159	1044	57	term	term	NOUN
cblr-7159	1044	58	gains	gain	NOUN
cblr-7159	1044	59	.	.	PUNCT
cblr-7159	1045	1	i	i	PRON
cblr-7159	1045	2	d.	d.	VERB
cblr-7159	1045	3	at	at	ADP
cblr-7159	1045	4	1717–20	1717–20	NUM
cblr-7159	1045	5	.	.	PUNCT
cblr-7159	1046	1	307	307	NUM
cblr-7159	1046	2	see	see	VERB
cblr-7159	1046	3	supra	supra	PROPN
cblr-7159	1046	4	part	part	PROPN
cblr-7159	1046	5	iii	iii	PROPN
cblr-7159	1046	6	;	;	PUNCT
cblr-7159	1046	7	see	see	VERB
cblr-7159	1046	8	also	also	ADV
cblr-7159	1046	9	nini	nini	PROPN
cblr-7159	1046	10	et	et	PROPN
cblr-7159	1046	11	al	al	PROPN
cblr-7159	1046	12	.	.	PROPN
cblr-7159	1046	13	,	,	PUNCT
cblr-7159	1046	14	creditor	creditor	NOUN
cblr-7159	1046	15	control	control	NOUN
cblr-7159	1046	16	rights	right	NOUN
cblr-7159	1046	17	,	,	PUNCT
cblr-7159	1046	18	supra	supra	PROPN
cblr-7159	1046	19	note	note	NOUN
cblr-7159	1046	20	14	14	NUM
cblr-7159	1046	21	.	.	PUNCT
cblr-7159	1047	1	308	308	NUM
cblr-7159	1047	2	see	see	VERB
cblr-7159	1047	3	michael	michael	PROPN
cblr-7159	1047	4	c.	c.	PROPN
cblr-7159	1047	5	jensen	jensen	PROPN
cblr-7159	1047	6	,	,	PUNCT
cblr-7159	1047	7	agency	agency	NOUN
cblr-7159	1047	8	costs	cost	NOUN
cblr-7159	1047	9	of	of	ADP
cblr-7159	1047	10	free	free	ADJ
cblr-7159	1047	11	cash	cash	NOUN
cblr-7159	1047	12	flow	flow	NOUN
cblr-7159	1047	13	,	,	PUNCT
cblr-7159	1047	14	corporate	corporate	ADJ
cblr-7159	1047	15	finance	finance	NOUN
cblr-7159	1047	16	,	,	PUNCT
cblr-7159	1047	17	and	and	CCONJ
cblr-7159	1047	18	takeovers	takeover	NOUN
cblr-7159	1047	19	,	,	PUNCT
cblr-7159	1047	20	76	76	NUM
cblr-7159	1047	21	am	am	NOUN
cblr-7159	1047	22	.	.	PUNCT
cblr-7159	1048	1	econ	econ	PROPN
cblr-7159	1048	2	.	.	PUNCT
cblr-7159	1049	1	rev	rev	PROPN
cblr-7159	1049	2	.	.	PROPN
cblr-7159	1049	3	323	323	NUM
cblr-7159	1049	4	,	,	PUNCT
cblr-7159	1049	5	324–25	324–25	NUM
cblr-7159	1049	6	(	(	PUNCT
cblr-7159	1049	7	1986	1986	NUM
cblr-7159	1049	8	)	)	PUNCT
cblr-7159	1049	9	(	(	PUNCT
cblr-7159	1049	10	arguing	argue	VERB
cblr-7159	1049	11	that	that	SCONJ
cblr-7159	1049	12	issuing	issue	VERB
cblr-7159	1049	13	large	large	ADJ
cblr-7159	1049	14	amounts	amount	NOUN
cblr-7159	1049	15	of	of	ADP
cblr-7159	1049	16	debt	debt	NOUN
cblr-7159	1049	17	could	could	AUX
cblr-7159	1049	18	help	help	VERB
cblr-7159	1049	19	reduce	reduce	VERB
cblr-7159	1049	20	the	the	DET
cblr-7159	1049	21	agency	agency	NOUN
cblr-7159	1049	22	costs	cost	NOUN
cblr-7159	1049	23	of	of	ADP
cblr-7159	1049	24	public	public	ADJ
cblr-7159	1049	25	company	company	NOUN
cblr-7159	1049	26	management	management	NOUN
cblr-7159	1049	27	by	by	ADP
cblr-7159	1049	28	strengthening	strengthen	VERB
cblr-7159	1049	29	management	management	NOUN
cblr-7159	1049	30	's	's	PART
cblr-7159	1049	31	incentives	incentive	NOUN
cblr-7159	1049	32	to	to	PART
cblr-7159	1049	33	maximize	maximize	VERB
cblr-7159	1049	34	firm	firm	ADJ
cblr-7159	1049	35	value	value	NOUN
cblr-7159	1049	36	)	)	PUNCT
cblr-7159	1049	37	.	.	PUNCT
cblr-7159	1050	1	309	309	NUM
cblr-7159	1050	2	see	see	VERB
cblr-7159	1050	3	i	i	PRON
cblr-7159	1050	4	d.	d.	PROPN
cblr-7159	1050	5	310	310	NUM
cblr-7159	1050	6	see	see	VERB
cblr-7159	1050	7	bratton	bratton	PROPN
cblr-7159	1050	8	,	,	PUNCT
cblr-7159	1050	9	supra	supra	PROPN
cblr-7159	1050	10	note	note	PROPN
cblr-7159	1050	11	29	29	NUM
cblr-7159	1050	12	,	,	PUNCT
cblr-7159	1050	13	at	at	ADP
cblr-7159	1050	14	51–52	51–52	NUM
cblr-7159	1050	15	.	.	PUNCT
cblr-7159	1051	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1051	2	(	(	PUNCT
cblr-7159	1051	3	do	do	AUX
cblr-7159	1051	4	not	not	PART
cblr-7159	1051	5	delte	delte	VERB
cblr-7159	1051	6	)	)	PUNCT
cblr-7159	1051	7	9/28/2020	9/28/2020	PROPN
cblr-7159	1051	8	6:35	6:35	NUM
cblr-7159	1051	9	pm	pm	NOUN
cblr-7159	1051	10	276	276	NUM
cblr-7159	1051	11	columbia	columbia	PROPN
cblr-7159	1051	12	business	business	NOUN
cblr-7159	1051	13	law	law	PROPN
cblr-7159	1051	14	review	review	NOUN
cblr-7159	1051	15	[	[	X
cblr-7159	1051	16	vol	vol	NOUN
cblr-7159	1051	17	.	.	PUNCT
cblr-7159	1051	18	2020	2020	NUM
cblr-7159	1051	19	than	than	SCONJ
cblr-7159	1051	20	would	would	AUX
cblr-7159	1051	21	be	be	AUX
cblr-7159	1051	22	realized	realize	VERB
cblr-7159	1051	23	otherwise	otherwise	ADV
cblr-7159	1051	24	.	.	PUNCT
cblr-7159	1052	1	creditors	creditor	NOUN
cblr-7159	1052	2	are	be	AUX
cblr-7159	1052	3	more	more	ADJ
cblr-7159	1052	4	risk	risk	NOUN
cblr-7159	1052	5	averse	averse	ADJ
cblr-7159	1052	6	than	than	ADP
cblr-7159	1052	7	shareholders	shareholder	NOUN
cblr-7159	1052	8	,	,	PUNCT
cblr-7159	1052	9	because	because	SCONJ
cblr-7159	1052	10	they	they	PRON
cblr-7159	1052	11	will	will	AUX
cblr-7159	1052	12	enjoy	enjoy	VERB
cblr-7159	1052	13	the	the	DET
cblr-7159	1052	14	upside	upside	NOUN
cblr-7159	1052	15	of	of	ADP
cblr-7159	1052	16	any	any	DET
cblr-7159	1052	17	risky	risky	ADJ
cblr-7159	1052	18	venture	venture	NOUN
cblr-7159	1052	19	only	only	ADV
cblr-7159	1052	20	to	to	ADP
cblr-7159	1052	21	the	the	DET
cblr-7159	1052	22	point	point	NOUN
cblr-7159	1052	23	at	at	ADP
cblr-7159	1052	24	which	which	PRON
cblr-7159	1052	25	they	they	PRON
cblr-7159	1052	26	get	get	AUX
cblr-7159	1052	27	paid	pay	VERB
cblr-7159	1052	28	back	back	ADV
cblr-7159	1052	29	,	,	PUNCT
cblr-7159	1052	30	but	but	CCONJ
cblr-7159	1052	31	they	they	PRON
cblr-7159	1052	32	will	will	AUX
cblr-7159	1052	33	absorb	absorb	VERB
cblr-7159	1052	34	the	the	DET
cblr-7159	1052	35	downside	downside	ADJ
cblr-7159	1052	36	risk	risk	NOUN
cblr-7159	1052	37	if	if	SCONJ
cblr-7159	1052	38	the	the	DET
cblr-7159	1052	39	venture	venture	NOUN
cblr-7159	1052	40	falls	fall	VERB
cblr-7159	1052	41	through	through	ADP
cblr-7159	1052	42	and	and	CCONJ
cblr-7159	1052	43	the	the	DET
cblr-7159	1052	44	loan	loan	NOUN
cblr-7159	1052	45	is	be	AUX
cblr-7159	1052	46	unpaid	unpaid	VERB
cblr-7159	1052	47	.	.	PUNCT
cblr-7159	1053	1	by	by	ADP
cblr-7159	1053	2	contrast	contrast	NOUN
cblr-7159	1053	3	,	,	PUNCT
cblr-7159	1053	4	shareholders	shareholder	NOUN
cblr-7159	1053	5	enjoy	enjoy	VERB
cblr-7159	1053	6	all	all	DET
cblr-7159	1053	7	the	the	DET
cblr-7159	1053	8	surplus	surplus	NOUN
cblr-7159	1053	9	of	of	ADP
cblr-7159	1053	10	a	a	DET
cblr-7159	1053	11	risky	risky	ADJ
cblr-7159	1053	12	venture	venture	NOUN
cblr-7159	1053	13	,	,	PUNCT
cblr-7159	1053	14	and	and	CCONJ
cblr-7159	1053	15	if	if	SCONJ
cblr-7159	1053	16	the	the	DET
cblr-7159	1053	17	firm	firm	NOUN
cblr-7159	1053	18	is	be	AUX
cblr-7159	1053	19	already	already	ADV
cblr-7159	1053	20	in	in	ADP
cblr-7159	1053	21	financial	financial	ADJ
cblr-7159	1053	22	distress	distress	NOUN
cblr-7159	1053	23	,	,	PUNCT
cblr-7159	1053	24	they	they	PRON
cblr-7159	1053	25	will	will	AUX
cblr-7159	1053	26	be	be	AUX
cblr-7159	1053	27	no	no	ADV
cblr-7159	1053	28	worse	bad	ADJ
cblr-7159	1053	29	off	off	ADV
cblr-7159	1053	30	if	if	SCONJ
cblr-7159	1053	31	the	the	DET
cblr-7159	1053	32	venture	venture	NOUN
cblr-7159	1053	33	falls	fall	VERB
cblr-7159	1053	34	through	through	ADP
cblr-7159	1053	35	.	.	PUNCT
cblr-7159	1054	1	thus	thus	ADV
cblr-7159	1054	2	,	,	PUNCT
cblr-7159	1054	3	what	what	PRON
cblr-7159	1054	4	might	might	AUX
cblr-7159	1054	5	be	be	AUX
cblr-7159	1054	6	good	good	ADJ
cblr-7159	1054	7	corporate	corporate	ADJ
cblr-7159	1054	8	governance	governance	NOUN
cblr-7159	1054	9	(	(	PUNCT
cblr-7159	1054	10	in	in	ADP
cblr-7159	1054	11	the	the	DET
cblr-7159	1054	12	sense	sense	NOUN
cblr-7159	1054	13	of	of	ADP
cblr-7159	1054	14	reducing	reduce	VERB
cblr-7159	1054	15	the	the	DET
cblr-7159	1054	16	agency	agency	NOUN
cblr-7159	1054	17	costs	cost	NOUN
cblr-7159	1054	18	of	of	ADP
cblr-7159	1054	19	debt	debt	NOUN
cblr-7159	1054	20	)	)	PUNCT
cblr-7159	1054	21	for	for	ADP
cblr-7159	1054	22	a	a	DET
cblr-7159	1054	23	lender	lender	NOUN
cblr-7159	1054	24	may	may	AUX
cblr-7159	1054	25	be	be	AUX
cblr-7159	1054	26	less	less	ADV
cblr-7159	1054	27	so	so	ADV
cblr-7159	1054	28	for	for	ADP
cblr-7159	1054	29	shareholders	shareholder	NOUN
cblr-7159	1054	30	.	.	PUNCT
cblr-7159	1055	1	despite	despite	SCONJ
cblr-7159	1055	2	the	the	DET
cblr-7159	1055	3	arguments	argument	NOUN
cblr-7159	1055	4	that	that	PRON
cblr-7159	1055	5	lender	lender	NOUN
cblr-7159	1055	6	intervention	intervention	NOUN
cblr-7159	1055	7	sometimes	sometimes	ADV
cblr-7159	1055	8	increases	increase	VERB
cblr-7159	1055	9	agency	agency	NOUN
cblr-7159	1055	10	costs	cost	NOUN
cblr-7159	1055	11	with	with	ADP
cblr-7159	1055	12	respect	respect	NOUN
cblr-7159	1055	13	to	to	ADP
cblr-7159	1055	14	shareholders	shareholder	NOUN
cblr-7159	1055	15	,	,	PUNCT
cblr-7159	1055	16	there	there	PRON
cblr-7159	1055	17	are	be	VERB
cblr-7159	1055	18	important	important	ADJ
cblr-7159	1055	19	reasons	reason	NOUN
cblr-7159	1055	20	to	to	PART
cblr-7159	1055	21	believe	believe	VERB
cblr-7159	1055	22	that	that	SCONJ
cblr-7159	1055	23	it	it	PRON
cblr-7159	1055	24	is	be	AUX
cblr-7159	1055	25	generally	generally	ADV
cblr-7159	1055	26	beneficial	beneficial	ADJ
cblr-7159	1055	27	.	.	PUNCT
cblr-7159	1056	1	even	even	ADV
cblr-7159	1056	2	if	if	SCONJ
cblr-7159	1056	3	the	the	DET
cblr-7159	1056	4	interests	interest	NOUN
cblr-7159	1056	5	of	of	ADP
cblr-7159	1056	6	debt	debt	NOUN
cblr-7159	1056	7	holders	holder	NOUN
cblr-7159	1056	8	and	and	CCONJ
cblr-7159	1056	9	shareholders	shareholder	NOUN
cblr-7159	1056	10	do	do	AUX
cblr-7159	1056	11	sometimes	sometimes	ADV
cblr-7159	1056	12	conflict	conflict	NOUN
cblr-7159	1056	13	,	,	PUNCT
cblr-7159	1056	14	they	they	PRON
cblr-7159	1056	15	conflict	conflict	VERB
cblr-7159	1056	16	only	only	ADV
cblr-7159	1056	17	to	to	ADP
cblr-7159	1056	18	the	the	DET
cblr-7159	1056	19	extent	extent	NOUN
cblr-7159	1056	20	that	that	SCONJ
cblr-7159	1056	21	the	the	DET
cblr-7159	1056	22	costs	cost	NOUN
cblr-7159	1056	23	to	to	ADP
cblr-7159	1056	24	shareholders	shareholder	NOUN
cblr-7159	1056	25	of	of	ADP
cblr-7159	1056	26	lender	lender	NOUN
cblr-7159	1056	27	intervention	intervention	NOUN
cblr-7159	1056	28	do	do	AUX
cblr-7159	1056	29	not	not	PART
cblr-7159	1056	30	outweigh	outweigh	VERB
cblr-7159	1056	31	the	the	DET
cblr-7159	1056	32	benefits	benefit	NOUN
cblr-7159	1056	33	.	.	PUNCT
cblr-7159	1057	1	this	this	DET
cblr-7159	1057	2	balance	balance	NOUN
cblr-7159	1057	3	favors	favor	VERB
cblr-7159	1057	4	lender	lender	NOUN
cblr-7159	1057	5	intervention	intervention	NOUN
cblr-7159	1057	6	as	as	ADP
cblr-7159	1057	7	a	a	DET
cblr-7159	1057	8	positive	positive	ADJ
cblr-7159	1057	9	corporate	corporate	ADJ
cblr-7159	1057	10	governance	governance	NOUN
cblr-7159	1057	11	mechanism	mechanism	NOUN
cblr-7159	1057	12	in	in	ADP
cblr-7159	1057	13	several	several	ADJ
cblr-7159	1057	14	respects	respect	NOUN
cblr-7159	1057	15	.	.	PUNCT
cblr-7159	1058	1	first	first	ADV
cblr-7159	1058	2	,	,	PUNCT
cblr-7159	1058	3	lenders	lender	NOUN
cblr-7159	1058	4	possess	possess	VERB
cblr-7159	1058	5	expertise	expertise	NOUN
cblr-7159	1058	6	at	at	ADP
cblr-7159	1058	7	managing	manage	VERB
cblr-7159	1058	8	debt	debt	NOUN
cblr-7159	1058	9	and	and	CCONJ
cblr-7159	1058	10	maintain	maintain	VERB
cblr-7159	1058	11	relationships	relationship	NOUN
cblr-7159	1058	12	with	with	ADP
cblr-7159	1058	13	borrowers	borrower	NOUN
cblr-7159	1058	14	that	that	PRON
cblr-7159	1058	15	can	can	AUX
cblr-7159	1058	16	help	help	VERB
cblr-7159	1058	17	them	they	PRON
cblr-7159	1058	18	to	to	PART
cblr-7159	1058	19	manage	manage	VERB
cblr-7159	1058	20	the	the	DET
cblr-7159	1058	21	debt	debt	NOUN
cblr-7159	1058	22	well	well	ADV
cblr-7159	1058	23	.	.	PUNCT
cblr-7159	1059	1	remaining	remain	VERB
cblr-7159	1059	2	free	free	ADJ
cblr-7159	1059	3	of	of	ADP
cblr-7159	1059	4	financial	financial	ADJ
cblr-7159	1059	5	distress	distress	NOUN
cblr-7159	1059	6	is	be	AUX
cblr-7159	1059	7	often	often	ADV
cblr-7159	1059	8	in	in	ADP
cblr-7159	1059	9	the	the	DET
cblr-7159	1059	10	interests	interest	NOUN
cblr-7159	1059	11	of	of	ADP
cblr-7159	1059	12	shareholders	shareholder	NOUN
cblr-7159	1059	13	as	as	ADV
cblr-7159	1059	14	much	much	ADV
cblr-7159	1059	15	as	as	ADP
cblr-7159	1059	16	in	in	ADP
cblr-7159	1059	17	the	the	DET
cblr-7159	1059	18	interest	interest	NOUN
cblr-7159	1059	19	of	of	ADP
cblr-7159	1059	20	lenders	lender	NOUN
cblr-7159	1059	21	.	.	PUNCT
cblr-7159	1060	1	moreover	moreover	ADV
cblr-7159	1060	2	,	,	PUNCT
cblr-7159	1060	3	even	even	ADV
cblr-7159	1060	4	if	if	SCONJ
cblr-7159	1060	5	certain	certain	ADJ
cblr-7159	1060	6	corporate	corporate	ADJ
cblr-7159	1060	7	decisions	decision	NOUN
cblr-7159	1060	8	would	would	AUX
cblr-7159	1060	9	be	be	AUX
cblr-7159	1060	10	good	good	ADJ
cblr-7159	1060	11	for	for	ADP
cblr-7159	1060	12	stockholders	stockholder	NOUN
cblr-7159	1060	13	in	in	ADP
cblr-7159	1060	14	the	the	DET
cblr-7159	1060	15	short	short	ADJ
cblr-7159	1060	16	run	run	NOUN
cblr-7159	1060	17	,	,	PUNCT
cblr-7159	1060	18	it	it	PRON
cblr-7159	1060	19	is	be	AUX
cblr-7159	1060	20	useful	useful	ADJ
cblr-7159	1060	21	to	to	PART
cblr-7159	1060	22	have	have	VERB
cblr-7159	1060	23	a	a	DET
cblr-7159	1060	24	mechanism	mechanism	NOUN
cblr-7159	1060	25	that	that	PRON
cblr-7159	1060	26	can	can	AUX
cblr-7159	1060	27	check	check	VERB
cblr-7159	1060	28	management	management	NOUN
cblr-7159	1060	29	opportunism	opportunism	NOUN
cblr-7159	1060	30	when	when	SCONJ
cblr-7159	1060	31	it	it	PRON
cblr-7159	1060	32	comes	come	VERB
cblr-7159	1060	33	to	to	ADP
cblr-7159	1060	34	the	the	DET
cblr-7159	1060	35	long	long	ADJ
cblr-7159	1060	36	run	run	NOUN
cblr-7159	1060	37	interests	interest	NOUN
cblr-7159	1060	38	of	of	ADP
cblr-7159	1060	39	shareholders	shareholder	NOUN
cblr-7159	1060	40	(	(	PUNCT
cblr-7159	1060	41	and	and	CCONJ
cblr-7159	1060	42	other	other	ADJ
cblr-7159	1060	43	corporate	corporate	ADJ
cblr-7159	1060	44	stakeholders	stakeholder	NOUN
cblr-7159	1060	45	such	such	ADJ
cblr-7159	1060	46	as	as	ADP
cblr-7159	1060	47	employees	employee	NOUN
cblr-7159	1060	48	)	)	PUNCT
cblr-7159	1060	49	.	.	PUNCT
cblr-7159	1061	1	for	for	ADP
cblr-7159	1061	2	example	example	NOUN
cblr-7159	1061	3	,	,	PUNCT
cblr-7159	1061	4	if	if	SCONJ
cblr-7159	1061	5	a	a	DET
cblr-7159	1061	6	company	company	NOUN
cblr-7159	1061	7	borrows	borrow	VERB
cblr-7159	1061	8	money	money	NOUN
cblr-7159	1061	9	to	to	PART
cblr-7159	1061	10	execute	execute	VERB
cblr-7159	1061	11	a	a	DET
cblr-7159	1061	12	stock	stock	NOUN
cblr-7159	1061	13	buyback	buyback	NOUN
cblr-7159	1061	14	(	(	PUNCT
cblr-7159	1061	15	a	a	DET
cblr-7159	1061	16	common	common	ADJ
cblr-7159	1061	17	scenario	scenario	NOUN
cblr-7159	1061	18	today311	today311	PROPN
cblr-7159	1061	19	)	)	PUNCT
cblr-7159	1061	20	it	it	PRON
cblr-7159	1061	21	might	might	AUX
cblr-7159	1061	22	be	be	AUX
cblr-7159	1061	23	good	good	ADJ
cblr-7159	1061	24	in	in	ADP
cblr-7159	1061	25	the	the	DET
cblr-7159	1061	26	short	short	ADJ
cblr-7159	1061	27	term	term	NOUN
cblr-7159	1061	28	for	for	ADP
cblr-7159	1061	29	shareholders.312	shareholders.312	PROPN
cblr-7159	1061	30	such	such	ADJ
cblr-7159	1061	31	moves	move	NOUN
cblr-7159	1061	32	may	may	AUX
cblr-7159	1061	33	not	not	PART
cblr-7159	1061	34	be	be	AUX
cblr-7159	1061	35	good	good	ADJ
cblr-7159	1061	36	for	for	ADP
cblr-7159	1061	37	companies	company	NOUN
cblr-7159	1061	38	in	in	ADP
cblr-7159	1061	39	the	the	DET
cblr-7159	1061	40	long	long	ADJ
cblr-7159	1061	41	run	run	NOUN
cblr-7159	1061	42	,	,	PUNCT
cblr-7159	1061	43	however.313	however.313	VERB
cblr-7159	1061	44	indeed	indeed	ADV
cblr-7159	1061	45	,	,	PUNCT
cblr-7159	1061	46	the	the	DET
cblr-7159	1061	47	fallout	fallout	NOUN
cblr-7159	1061	48	of	of	ADP
cblr-7159	1061	49	the	the	DET
cblr-7159	1061	50	covid-19	covid-19	PROPN
cblr-7159	1061	51	pandemic	pandemic	NOUN
cblr-7159	1061	52	has	have	VERB
cblr-7159	1061	53	311	311	NUM
cblr-7159	1061	54	ben	ben	PROPN
cblr-7159	1061	55	holland	holland	PROPN
cblr-7159	1061	56	&	&	CCONJ
cblr-7159	1061	57	liz	liz	PROPN
cblr-7159	1061	58	mccormick	mccormick	PROPN
cblr-7159	1061	59	,	,	PUNCT
cblr-7159	1061	60	companies	company	NOUN
cblr-7159	1061	61	use	use	VERB
cblr-7159	1061	62	borrowed	borrow	VERB
cblr-7159	1061	63	billions	billion	NOUN
cblr-7159	1061	64	to	to	PART
cblr-7159	1061	65	buy	buy	VERB
cblr-7159	1061	66	back	back	ADP
cblr-7159	1061	67	stock	stock	NOUN
cblr-7159	1061	68	,	,	PUNCT
cblr-7159	1061	69	not	not	PART
cblr-7159	1061	70	to	to	PART
cblr-7159	1061	71	invest	invest	VERB
cblr-7159	1061	72	,	,	PUNCT
cblr-7159	1061	73	bloomberg	bloomberg	PROPN
cblr-7159	1061	74	(	(	PUNCT
cblr-7159	1061	75	aug	aug	PROPN
cblr-7159	1061	76	.	.	PROPN
cblr-7159	1061	77	8	8	NUM
cblr-7159	1061	78	,	,	PUNCT
cblr-7159	1061	79	2019	2019	NUM
cblr-7159	1061	80	)	)	PUNCT
cblr-7159	1061	81	,	,	PUNCT
cblr-7159	1061	82	https://www.bloomberg.com/news/articles/2019-08-08/companies-use-borrowed-billions-to-buy-back-stock-not-to-invest	https://www.bloomberg.com/news/articles/2019-08-08/companies-use-borrowed-billions-to-buy-back-stock-not-to-inv	ADJ
cblr-7159	1062	1	[	[	X
cblr-7159	1062	2	https://perma.cc/f77stpan	https://perma.cc/f77stpan	X
cblr-7159	1062	3	]	]	X
cblr-7159	1062	4	.	.	PUNCT
cblr-7159	1063	1	312	312	NUM
cblr-7159	1063	2	see	see	VERB
cblr-7159	1063	3	bratton	bratton	PROPN
cblr-7159	1063	4	,	,	PUNCT
cblr-7159	1063	5	supra	supra	PROPN
cblr-7159	1063	6	note	note	PROPN
cblr-7159	1063	7	29	29	NUM
cblr-7159	1063	8	,	,	PUNCT
cblr-7159	1063	9	at	at	ADP
cblr-7159	1063	10	51–52	51–52	NUM
cblr-7159	1063	11	.	.	PUNCT
cblr-7159	1063	12	313	313	NUM
cblr-7159	1063	13	see	see	VERB
cblr-7159	1063	14	jesse	jesse	PROPN
cblr-7159	1063	15	m.	m.	PROPN
cblr-7159	1063	16	fried	fried	PROPN
cblr-7159	1063	17	,	,	PUNCT
cblr-7159	1063	18	insider	insider	NOUN
cblr-7159	1063	19	trading	trading	NOUN
cblr-7159	1063	20	via	via	ADP
cblr-7159	1063	21	the	the	DET
cblr-7159	1063	22	corporation	corporation	NOUN
cblr-7159	1063	23	,	,	PUNCT
cblr-7159	1063	24	162	162	NUM
cblr-7159	1063	25	u.	u.	PROPN
cblr-7159	1063	26	pa	pa	PROPN
cblr-7159	1063	27	.	.	PUNCT
cblr-7159	1063	28	l.	l.	PROPN
cblr-7159	1063	29	rev	rev	PROPN
cblr-7159	1063	30	.	.	PROPN
cblr-7159	1063	31	801	801	NUM
cblr-7159	1063	32	,	,	PUNCT
cblr-7159	1063	33	804–05	804–05	NUM
cblr-7159	1063	34	(	(	PUNCT
cblr-7159	1063	35	2014	2014	NUM
cblr-7159	1063	36	)	)	PUNCT
cblr-7159	1063	37	(	(	PUNCT
cblr-7159	1063	38	referring	refer	VERB
cblr-7159	1063	39	to	to	ADP
cblr-7159	1063	40	stock	stock	NOUN
cblr-7159	1063	41	buybacks	buyback	NOUN
cblr-7159	1063	42	as	as	ADP
cblr-7159	1063	43	“	"	PUNCT
cblr-7159	1063	44	indirect	indirect	ADJ
cblr-7159	1063	45	insider	insider	NOUN
cblr-7159	1063	46	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1063	47	(	(	PUNCT
cblr-7159	1063	48	do	do	AUX
cblr-7159	1063	49	not	not	PART
cblr-7159	1063	50	delete	delete	VERB
cblr-7159	1063	51	)	)	PUNCT
cblr-7159	1063	52	9/28/2020	9/28/2020	NUM
cblr-7159	1063	53	6:35	6:35	NUM
cblr-7159	1063	54	pm	pm	NOUN
cblr-7159	1063	55	no	no	INTJ
cblr-7159	1063	56	.	.	PUNCT
cblr-7159	1064	1	1:192	1:192	X
cblr-7159	1064	2	]	]	X
cblr-7159	1064	3	reconsidering	reconsider	VERB
cblr-7159	1064	4	creditor	creditor	NOUN
cblr-7159	1064	5	governance	governance	NOUN
cblr-7159	1064	6	277	277	NUM
cblr-7159	1064	7	illustrated	illustrate	VERB
cblr-7159	1064	8	the	the	DET
cblr-7159	1064	9	dangers	danger	NOUN
cblr-7159	1064	10	for	for	ADP
cblr-7159	1064	11	companies	company	NOUN
cblr-7159	1064	12	that	that	PRON
cblr-7159	1064	13	borrow	borrow	VERB
cblr-7159	1064	14	excessively	excessively	ADV
cblr-7159	1064	15	to	to	PART
cblr-7159	1064	16	buy	buy	VERB
cblr-7159	1064	17	back	back	ADP
cblr-7159	1064	18	shares	share	NOUN
cblr-7159	1064	19	,	,	PUNCT
cblr-7159	1064	20	or	or	CCONJ
cblr-7159	1064	21	those	those	PRON
cblr-7159	1064	22	who	who	PRON
cblr-7159	1064	23	return	return	VERB
cblr-7159	1064	24	excessive	excessive	ADJ
cblr-7159	1064	25	amounts	amount	NOUN
cblr-7159	1064	26	to	to	ADP
cblr-7159	1064	27	shareholders	shareholder	NOUN
cblr-7159	1064	28	for	for	ADP
cblr-7159	1064	29	a	a	DET
cblr-7159	1064	30	short	short	ADJ
cblr-7159	1064	31	-	-	PUNCT
cblr-7159	1064	32	term	term	NOUN
cblr-7159	1064	33	windfall	windfall	NOUN
cblr-7159	1064	34	.	.	PUNCT
cblr-7159	1065	1	the	the	DET
cblr-7159	1065	2	law	law	NOUN
cblr-7159	1065	3	currently	currently	ADV
cblr-7159	1065	4	has	have	VERB
cblr-7159	1065	5	no	no	DET
cblr-7159	1065	6	check	check	NOUN
cblr-7159	1065	7	on	on	ADP
cblr-7159	1065	8	such	such	ADJ
cblr-7159	1065	9	practices	practice	NOUN
cblr-7159	1065	10	,	,	PUNCT
cblr-7159	1065	11	but	but	CCONJ
cblr-7159	1065	12	lenders	lender	NOUN
cblr-7159	1065	13	,	,	PUNCT
cblr-7159	1065	14	who	who	PRON
cblr-7159	1065	15	are	be	AUX
cblr-7159	1065	16	experts	expert	NOUN
cblr-7159	1065	17	at	at	ADP
cblr-7159	1065	18	assessing	assess	VERB
cblr-7159	1065	19	the	the	DET
cblr-7159	1065	20	risks	risk	NOUN
cblr-7159	1065	21	and	and	CCONJ
cblr-7159	1065	22	rewards	reward	NOUN
cblr-7159	1065	23	of	of	ADP
cblr-7159	1065	24	projects	project	NOUN
cblr-7159	1065	25	undertaken	undertake	VERB
cblr-7159	1065	26	with	with	ADP
cblr-7159	1065	27	debt	debt	NOUN
cblr-7159	1065	28	,	,	PUNCT
cblr-7159	1065	29	play	play	VERB
cblr-7159	1065	30	a	a	DET
cblr-7159	1065	31	valuable	valuable	ADJ
cblr-7159	1065	32	role	role	NOUN
cblr-7159	1065	33	in	in	ADP
cblr-7159	1065	34	allowing	allow	VERB
cblr-7159	1065	35	such	such	ADJ
cblr-7159	1065	36	moves	move	NOUN
cblr-7159	1065	37	when	when	SCONJ
cblr-7159	1065	38	they	they	PRON
cblr-7159	1065	39	are	be	AUX
cblr-7159	1065	40	warranted	warrant	VERB
cblr-7159	1065	41	,	,	PUNCT
cblr-7159	1065	42	and	and	CCONJ
cblr-7159	1065	43	preventing	prevent	VERB
cblr-7159	1065	44	them	they	PRON
cblr-7159	1065	45	when	when	SCONJ
cblr-7159	1065	46	they	they	PRON
cblr-7159	1065	47	are	be	AUX
cblr-7159	1065	48	overly	overly	ADV
cblr-7159	1065	49	risky	risky	ADJ
cblr-7159	1065	50	.	.	PUNCT
cblr-7159	1066	1	given	give	VERB
cblr-7159	1066	2	the	the	DET
cblr-7159	1066	3	fact	fact	NOUN
cblr-7159	1066	4	that	that	SCONJ
cblr-7159	1066	5	lender	lender	NOUN
cblr-7159	1066	6	interventions	intervention	NOUN
cblr-7159	1066	7	have	have	AUX
cblr-7159	1066	8	been	be	AUX
cblr-7159	1066	9	found	find	VERB
cblr-7159	1066	10	by	by	ADP
cblr-7159	1066	11	other	other	ADJ
cblr-7159	1066	12	researchers	researcher	NOUN
cblr-7159	1066	13	to	to	PART
cblr-7159	1066	14	lead	lead	VERB
cblr-7159	1066	15	to	to	ADP
cblr-7159	1066	16	healthier	healthy	ADJ
cblr-7159	1066	17	financial	financial	ADJ
cblr-7159	1066	18	metrics	metric	NOUN
cblr-7159	1066	19	,	,	PUNCT
cblr-7159	1066	20	including	include	VERB
cblr-7159	1066	21	better	well	ADJ
cblr-7159	1066	22	market	market	NOUN
cblr-7159	1066	23	-	-	PUNCT
cblr-7159	1066	24	to	to	ADP
cblr-7159	1066	25	-	-	PUNCT
cblr-7159	1066	26	book	book	NOUN
cblr-7159	1066	27	ratios,314	ratios,314	PROPN
cblr-7159	1066	28	and	and	CCONJ
cblr-7159	1066	29	higher	high	ADJ
cblr-7159	1066	30	abnormal	abnormal	ADJ
cblr-7159	1066	31	returns315	returns315	PROPN
cblr-7159	1066	32	(	(	PUNCT
cblr-7159	1066	33	both	both	DET
cblr-7159	1066	34	signals	signal	NOUN
cblr-7159	1066	35	of	of	ADP
cblr-7159	1066	36	higher	high	ADJ
cblr-7159	1066	37	overall	overall	ADJ
cblr-7159	1066	38	firm	firm	ADJ
cblr-7159	1066	39	value	value	NOUN
cblr-7159	1066	40	)	)	PUNCT
cblr-7159	1066	41	,	,	PUNCT
cblr-7159	1066	42	it	it	PRON
cblr-7159	1066	43	stands	stand	VERB
cblr-7159	1066	44	to	to	PART
cblr-7159	1066	45	reason	reason	NOUN
cblr-7159	1066	46	that	that	SCONJ
cblr-7159	1066	47	the	the	DET
cblr-7159	1066	48	conflict	conflict	NOUN
cblr-7159	1066	49	between	between	ADP
cblr-7159	1066	50	shareholders	shareholder	NOUN
cblr-7159	1066	51	and	and	CCONJ
cblr-7159	1066	52	lenders	lender	NOUN
cblr-7159	1066	53	’	’	PART
cblr-7159	1066	54	interests	interest	NOUN
cblr-7159	1066	55	are	be	AUX
cblr-7159	1066	56	often	often	ADV
cblr-7159	1066	57	outweighed	outweigh	VERB
cblr-7159	1066	58	by	by	ADP
cblr-7159	1066	59	the	the	DET
cblr-7159	1066	60	benefits	benefit	NOUN
cblr-7159	1066	61	lenders	lender	NOUN
cblr-7159	1066	62	bring	bring	VERB
cblr-7159	1066	63	to	to	ADP
cblr-7159	1066	64	the	the	DET
cblr-7159	1066	65	table	table	NOUN
cblr-7159	1066	66	.	.	PUNCT
cblr-7159	1067	1	ultimately	ultimately	ADV
cblr-7159	1067	2	,	,	PUNCT
cblr-7159	1067	3	whether	whether	SCONJ
cblr-7159	1067	4	lender	lender	NOUN
cblr-7159	1067	5	intervention	intervention	NOUN
cblr-7159	1067	6	is	be	AUX
cblr-7159	1067	7	good	good	ADJ
cblr-7159	1067	8	or	or	CCONJ
cblr-7159	1067	9	bad	bad	ADJ
cblr-7159	1067	10	for	for	ADP
cblr-7159	1067	11	corporate	corporate	ADJ
cblr-7159	1067	12	governance	governance	NOUN
cblr-7159	1067	13	depends	depend	VERB
cblr-7159	1067	14	on	on	ADP
cblr-7159	1067	15	which	which	DET
cblr-7159	1067	16	stakeholder	stakeholder	NOUN
cblr-7159	1067	17	’s	’s	PART
cblr-7159	1067	18	perspective	perspective	NOUN
cblr-7159	1067	19	one	one	NUM
cblr-7159	1067	20	takes	take	VERB
cblr-7159	1067	21	in	in	ADP
cblr-7159	1067	22	a	a	DET
cblr-7159	1067	23	given	give	VERB
cblr-7159	1067	24	set	set	NOUN
cblr-7159	1067	25	of	of	ADP
cblr-7159	1067	26	circumstances	circumstance	NOUN
cblr-7159	1067	27	.	.	PUNCT
cblr-7159	1068	1	there	there	PRON
cblr-7159	1068	2	may	may	AUX
cblr-7159	1068	3	even	even	ADV
cblr-7159	1068	4	be	be	AUX
cblr-7159	1068	5	other	other	ADJ
cblr-7159	1068	6	stakeholders	stakeholder	NOUN
cblr-7159	1068	7	,	,	PUNCT
cblr-7159	1068	8	such	such	ADJ
cblr-7159	1068	9	as	as	ADP
cblr-7159	1068	10	employees	employee	NOUN
cblr-7159	1068	11	or	or	CCONJ
cblr-7159	1068	12	consumers	consumer	NOUN
cblr-7159	1068	13	,	,	PUNCT
cblr-7159	1068	14	who	who	PRON
cblr-7159	1068	15	,	,	PUNCT
cblr-7159	1068	16	while	while	SCONJ
cblr-7159	1068	17	not	not	PART
cblr-7159	1068	18	ordinarily	ordinarily	ADV
cblr-7159	1068	19	part	part	NOUN
cblr-7159	1068	20	of	of	ADP
cblr-7159	1068	21	the	the	DET
cblr-7159	1068	22	agency	agency	NOUN
cblr-7159	1068	23	cost	cost	NOUN
cblr-7159	1068	24	analysis	analysis	NOUN
cblr-7159	1068	25	,	,	PUNCT
cblr-7159	1068	26	may	may	AUX
cblr-7159	1068	27	have	have	VERB
cblr-7159	1068	28	important	important	ADJ
cblr-7159	1068	29	interests	interest	NOUN
cblr-7159	1068	30	that	that	PRON
cblr-7159	1068	31	are	be	AUX
cblr-7159	1068	32	affected	affect	VERB
cblr-7159	1068	33	by	by	ADP
cblr-7159	1068	34	creditor	creditor	NOUN
cblr-7159	1068	35	governance	governance	NOUN
cblr-7159	1068	36	.	.	PUNCT
cblr-7159	1069	1	resolving	resolve	VERB
cblr-7159	1069	2	these	these	DET
cblr-7159	1069	3	issues	issue	NOUN
cblr-7159	1069	4	is	be	AUX
cblr-7159	1069	5	beyond	beyond	ADP
cblr-7159	1069	6	the	the	DET
cblr-7159	1069	7	scope	scope	NOUN
cblr-7159	1069	8	of	of	ADP
cblr-7159	1069	9	this	this	DET
cblr-7159	1069	10	article	article	NOUN
cblr-7159	1069	11	,	,	PUNCT
cblr-7159	1069	12	and	and	CCONJ
cblr-7159	1069	13	future	future	ADJ
cblr-7159	1069	14	research	research	NOUN
cblr-7159	1069	15	may	may	AUX
cblr-7159	1069	16	clarify	clarify	VERB
cblr-7159	1069	17	whether	whether	SCONJ
cblr-7159	1069	18	and	and	CCONJ
cblr-7159	1069	19	when	when	SCONJ
cblr-7159	1069	20	lender	lender	NOUN
cblr-7159	1069	21	interventions	intervention	NOUN
cblr-7159	1069	22	are	be	AUX
cblr-7159	1069	23	helpful	helpful	ADJ
cblr-7159	1069	24	for	for	ADP
cblr-7159	1069	25	various	various	ADJ
cblr-7159	1069	26	stakeholders	stakeholder	NOUN
cblr-7159	1069	27	and	and	CCONJ
cblr-7159	1069	28	when	when	SCONJ
cblr-7159	1069	29	they	they	PRON
cblr-7159	1069	30	are	be	AUX
cblr-7159	1069	31	not	not	PART
cblr-7159	1069	32	.	.	PUNCT
cblr-7159	1070	1	for	for	ADP
cblr-7159	1070	2	present	present	ADJ
cblr-7159	1070	3	purposes	purpose	NOUN
cblr-7159	1070	4	,	,	PUNCT
cblr-7159	1070	5	even	even	ADV
cblr-7159	1070	6	if	if	SCONJ
cblr-7159	1070	7	waning	wane	VERB
cblr-7159	1070	8	lender	lender	NOUN
cblr-7159	1070	9	intervention	intervention	NOUN
cblr-7159	1070	10	is	be	AUX
cblr-7159	1070	11	sometimes	sometimes	ADV
cblr-7159	1070	12	bad	bad	ADJ
cblr-7159	1070	13	for	for	ADP
cblr-7159	1070	14	shareholders	shareholder	NOUN
cblr-7159	1070	15	,	,	PUNCT
cblr-7159	1070	16	it	it	PRON
cblr-7159	1070	17	creates	create	VERB
cblr-7159	1070	18	externalities	externality	NOUN
cblr-7159	1070	19	that	that	PRON
cblr-7159	1070	20	implicate	implicate	VERB
cblr-7159	1070	21	financial	financial	ADJ
cblr-7159	1070	22	regulation	regulation	NOUN
cblr-7159	1070	23	,	,	PUNCT
cblr-7159	1070	24	as	as	SCONJ
cblr-7159	1070	25	discussed	discuss	VERB
cblr-7159	1070	26	in	in	ADP
cblr-7159	1070	27	the	the	DET
cblr-7159	1070	28	next	next	ADJ
cblr-7159	1070	29	section	section	NOUN
cblr-7159	1070	30	.	.	PUNCT
cblr-7159	1071	1	b.	b.	PROPN
cblr-7159	1071	2	intertwined	intertwine	VERB
cblr-7159	1071	3	corporate	corporate	ADJ
cblr-7159	1071	4	governance	governance	NOUN
cblr-7159	1071	5	and	and	CCONJ
cblr-7159	1071	6	financial	financial	ADJ
cblr-7159	1071	7	regulation	regulation	NOUN
cblr-7159	1071	8	a	a	DET
cblr-7159	1071	9	withdrawal	withdrawal	NOUN
cblr-7159	1071	10	of	of	ADP
cblr-7159	1071	11	lenders	lender	NOUN
cblr-7159	1071	12	from	from	ADP
cblr-7159	1071	13	corporate	corporate	ADJ
cblr-7159	1071	14	governance	governance	NOUN
cblr-7159	1071	15	has	have	VERB
cblr-7159	1071	16	troubling	troubling	ADJ
cblr-7159	1071	17	implications	implication	NOUN
cblr-7159	1071	18	for	for	ADP
cblr-7159	1071	19	the	the	DET
cblr-7159	1071	20	regulations	regulation	NOUN
cblr-7159	1071	21	that	that	PRON
cblr-7159	1071	22	were	be	AUX
cblr-7159	1071	23	intended	intend	VERB
cblr-7159	1071	24	to	to	PART
cblr-7159	1071	25	limit	limit	VERB
cblr-7159	1071	26	risk	risk	NOUN
cblr-7159	1071	27	in	in	ADP
cblr-7159	1071	28	financial	financial	ADJ
cblr-7159	1071	29	products	product	NOUN
cblr-7159	1071	30	like	like	ADP
cblr-7159	1071	31	clos	clo	NOUN
cblr-7159	1071	32	.	.	PUNCT
cblr-7159	1072	1	the	the	DET
cblr-7159	1072	2	results	result	NOUN
cblr-7159	1072	3	above	above	ADV
cblr-7159	1072	4	suggest	suggest	VERB
cblr-7159	1072	5	that	that	SCONJ
cblr-7159	1072	6	lender	lender	NOUN
cblr-7159	1072	7	intervention	intervention	NOUN
cblr-7159	1072	8	is	be	AUX
cblr-7159	1072	9	related	relate	VERB
cblr-7159	1072	10	to	to	ADP
cblr-7159	1072	11	financially	financially	ADV
cblr-7159	1072	12	trading	trading	NOUN
cblr-7159	1072	13	”	"	PUNCT
cblr-7159	1072	14	with	with	ADP
cblr-7159	1072	15	harmful	harmful	ADJ
cblr-7159	1072	16	consequences	consequence	NOUN
cblr-7159	1072	17	for	for	ADP
cblr-7159	1072	18	shareholders	shareholder	NOUN
cblr-7159	1072	19	)	)	PUNCT
cblr-7159	1072	20	.	.	PUNCT
cblr-7159	1073	1	314	314	NUM
cblr-7159	1073	2	see	see	VERB
cblr-7159	1073	3	nini	nini	PROPN
cblr-7159	1073	4	,	,	PUNCT
cblr-7159	1073	5	et	et	PROPN
cblr-7159	1073	6	al	al	PROPN
cblr-7159	1073	7	,	,	PUNCT
cblr-7159	1073	8	creditor	creditor	NOUN
cblr-7159	1073	9	control	control	NOUN
cblr-7159	1073	10	rights	right	NOUN
cblr-7159	1073	11	,	,	PUNCT
cblr-7159	1073	12	supra	supra	PROPN
cblr-7159	1073	13	note	note	NOUN
cblr-7159	1073	14	14	14	NUM
cblr-7159	1073	15	,	,	PUNCT
cblr-7159	1073	16	at	at	ADP
cblr-7159	1073	17	1747–51	1747–51	NUM
cblr-7159	1073	18	.	.	PUNCT
cblr-7159	1074	1	315	315	NUM
cblr-7159	1074	2	see	see	VERB
cblr-7159	1074	3	i	i	PRON
cblr-7159	1074	4	d.	d.	PROPN
cblr-7159	1074	5	at	at	ADP
cblr-7159	1074	6	1751–58	1751–58	NUM
cblr-7159	1074	7	.	.	PUNCT
cblr-7159	1075	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1075	2	(	(	PUNCT
cblr-7159	1075	3	do	do	AUX
cblr-7159	1075	4	not	not	PART
cblr-7159	1075	5	delte	delte	VERB
cblr-7159	1075	6	)	)	PUNCT
cblr-7159	1076	1	9/28/2020	9/28/2020	NUM
cblr-7159	1076	2	6:35	6:35	NUM
cblr-7159	1076	3	pm	pm	NOUN
cblr-7159	1076	4	278	278	NUM
cblr-7159	1076	5	columbia	columbia	PROPN
cblr-7159	1076	6	business	business	NOUN
cblr-7159	1076	7	law	law	PROPN
cblr-7159	1076	8	review	review	NOUN
cblr-7159	1077	1	[	[	X
cblr-7159	1077	2	vol	vol	NOUN
cblr-7159	1077	3	.	.	PUNCT
cblr-7159	1077	4	2020	2020	NUM
cblr-7159	1077	5	healthier	healthy	ADJ
cblr-7159	1077	6	borrowers	borrower	NOUN
cblr-7159	1077	7	,	,	PUNCT
cblr-7159	1077	8	on	on	ADP
cblr-7159	1077	9	average	average	ADJ
cblr-7159	1077	10	.	.	PUNCT
cblr-7159	1078	1	this	this	PRON
cblr-7159	1078	2	means	mean	VERB
cblr-7159	1078	3	that	that	SCONJ
cblr-7159	1078	4	if	if	SCONJ
cblr-7159	1078	5	lenders	lender	NOUN
cblr-7159	1078	6	intervene	intervene	VERB
cblr-7159	1078	7	less	less	ADV
cblr-7159	1078	8	often	often	ADV
cblr-7159	1078	9	for	for	ADP
cblr-7159	1078	10	securitized	securitized	ADJ
cblr-7159	1078	11	borrowers	borrower	NOUN
cblr-7159	1078	12	,	,	PUNCT
cblr-7159	1078	13	then	then	ADV
cblr-7159	1078	14	the	the	DET
cblr-7159	1078	15	assumed	assumed	ADJ
cblr-7159	1078	16	equilibrium	equilibrium	NOUN
cblr-7159	1078	17	in	in	ADP
cblr-7159	1078	18	which	which	PRON
cblr-7159	1078	19	clos	clo	NOUN
cblr-7159	1078	20	’	'	PUNCT
cblr-7159	1078	21	risk	risk	NOUN
cblr-7159	1078	22	of	of	ADP
cblr-7159	1078	23	default	default	NOUN
cblr-7159	1078	24	is	be	AUX
cblr-7159	1078	25	priced	price	VERB
cblr-7159	1078	26	and	and	CCONJ
cblr-7159	1078	27	traded	trade	VERB
cblr-7159	1078	28	may	may	AUX
cblr-7159	1078	29	not	not	PART
cblr-7159	1078	30	take	take	VERB
cblr-7159	1078	31	into	into	ADP
cblr-7159	1078	32	account	account	NOUN
cblr-7159	1078	33	factors	factor	NOUN
cblr-7159	1078	34	that	that	PRON
cblr-7159	1078	35	could	could	AUX
cblr-7159	1078	36	shift	shift	VERB
cblr-7159	1078	37	that	that	DET
cblr-7159	1078	38	risk	risk	NOUN
cblr-7159	1078	39	dramatically	dramatically	ADV
cblr-7159	1078	40	.	.	PUNCT
cblr-7159	1079	1	i	i	PRON
cblr-7159	1079	2	explain	explain	VERB
cblr-7159	1079	3	the	the	DET
cblr-7159	1079	4	consequences	consequence	NOUN
cblr-7159	1079	5	of	of	ADP
cblr-7159	1079	6	this	this	DET
cblr-7159	1079	7	below	below	NOUN
cblr-7159	1079	8	.	.	PUNCT
cblr-7159	1080	1	clos	clo	NOUN
cblr-7159	1080	2	frequently	frequently	ADV
cblr-7159	1080	3	have	have	AUX
cblr-7159	1080	4	been	be	AUX
cblr-7159	1080	5	distinguished	distinguish	VERB
cblr-7159	1080	6	from	from	ADP
cblr-7159	1080	7	their	their	PRON
cblr-7159	1080	8	more	more	ADV
cblr-7159	1080	9	infamous	infamous	ADJ
cblr-7159	1080	10	relatives	relative	NOUN
cblr-7159	1080	11	,	,	PUNCT
cblr-7159	1080	12	cdos	cdo	NOUN
cblr-7159	1080	13	,	,	PUNCT
cblr-7159	1080	14	which	which	PRON
cblr-7159	1080	15	bore	bear	VERB
cblr-7159	1080	16	some	some	PRON
cblr-7159	1080	17	of	of	ADP
cblr-7159	1080	18	the	the	DET
cblr-7159	1080	19	blame	blame	NOUN
cblr-7159	1080	20	for	for	ADP
cblr-7159	1080	21	exacerbating	exacerbate	VERB
cblr-7159	1080	22	the	the	DET
cblr-7159	1080	23	financial	financial	ADJ
cblr-7159	1080	24	crisis.316	crisis.316	NOUN
cblr-7159	1080	25	there	there	PRON
cblr-7159	1080	26	are	be	VERB
cblr-7159	1080	27	two	two	NUM
cblr-7159	1080	28	main	main	ADJ
cblr-7159	1080	29	arguments	argument	NOUN
cblr-7159	1080	30	frequently	frequently	ADV
cblr-7159	1080	31	advanced	advanced	ADJ
cblr-7159	1080	32	for	for	ADP
cblr-7159	1080	33	why	why	SCONJ
cblr-7159	1080	34	clos	clo	NOUN
cblr-7159	1080	35	are	be	AUX
cblr-7159	1080	36	safer	safe	ADJ
cblr-7159	1080	37	,	,	PUNCT
cblr-7159	1080	38	and	and	CCONJ
cblr-7159	1080	39	pose	pose	VERB
cblr-7159	1080	40	far	far	ADV
cblr-7159	1080	41	fewer	few	ADJ
cblr-7159	1080	42	risks	risk	NOUN
cblr-7159	1080	43	than	than	ADP
cblr-7159	1080	44	cdos	cdo	NOUN
cblr-7159	1080	45	.	.	PUNCT
cblr-7159	1081	1	the	the	DET
cblr-7159	1081	2	first	first	ADJ
cblr-7159	1081	3	argument	argument	NOUN
cblr-7159	1081	4	is	be	AUX
cblr-7159	1081	5	that	that	SCONJ
cblr-7159	1081	6	the	the	DET
cblr-7159	1081	7	quality	quality	NOUN
cblr-7159	1081	8	of	of	ADP
cblr-7159	1081	9	the	the	DET
cblr-7159	1081	10	underlying	underlie	VERB
cblr-7159	1081	11	loans	loan	NOUN
cblr-7159	1081	12	that	that	PRON
cblr-7159	1081	13	go	go	VERB
cblr-7159	1081	14	into	into	ADP
cblr-7159	1081	15	the	the	DET
cblr-7159	1081	16	securitization	securitization	NOUN
cblr-7159	1081	17	vehicles	vehicle	NOUN
cblr-7159	1081	18	of	of	ADP
cblr-7159	1081	19	clos	clo	NOUN
cblr-7159	1081	20	is	be	AUX
cblr-7159	1081	21	better.317	better.317	NOUN
cblr-7159	1081	22	before	before	ADP
cblr-7159	1081	23	the	the	DET
cblr-7159	1081	24	financial	financial	ADJ
cblr-7159	1081	25	crisis	crisis	NOUN
cblr-7159	1081	26	,	,	PUNCT
cblr-7159	1081	27	cdos	cdo	NOUN
cblr-7159	1081	28	consisted	consist	VERB
cblr-7159	1081	29	of	of	ADP
cblr-7159	1081	30	securities	security	NOUN
cblr-7159	1081	31	that	that	PRON
cblr-7159	1081	32	were	be	AUX
cblr-7159	1081	33	themselves	themselves	PRON
cblr-7159	1081	34	backed	back	VERB
cblr-7159	1081	35	by	by	ADP
cblr-7159	1081	36	home	home	NOUN
cblr-7159	1081	37	mortgage	mortgage	NOUN
cblr-7159	1081	38	loans.318	loans.318	NOUN
cblr-7159	1081	39	observers	observer	NOUN
cblr-7159	1081	40	and	and	CCONJ
cblr-7159	1081	41	market	market	NOUN
cblr-7159	1081	42	participants	participant	NOUN
cblr-7159	1081	43	have	have	AUX
cblr-7159	1081	44	noted	note	VERB
cblr-7159	1081	45	that	that	SCONJ
cblr-7159	1081	46	clos	clo	NOUN
cblr-7159	1081	47	are	be	AUX
cblr-7159	1081	48	different	different	ADJ
cblr-7159	1081	49	than	than	ADP
cblr-7159	1081	50	cdos	cdo	NOUN
cblr-7159	1081	51	due	due	ADP
cblr-7159	1081	52	to	to	ADP
cblr-7159	1081	53	the	the	DET
cblr-7159	1081	54	types	type	NOUN
cblr-7159	1081	55	of	of	ADP
cblr-7159	1081	56	loans	loan	NOUN
cblr-7159	1081	57	,	,	PUNCT
cblr-7159	1081	58	and	and	CCONJ
cblr-7159	1081	59	the	the	DET
cblr-7159	1081	60	creditworthiness	creditworthiness	NOUN
cblr-7159	1081	61	of	of	ADP
cblr-7159	1081	62	the	the	DET
cblr-7159	1081	63	underlying	underlie	VERB
cblr-7159	1081	64	borrowers	borrower	NOUN
cblr-7159	1081	65	of	of	ADP
cblr-7159	1081	66	these	these	DET
cblr-7159	1081	67	loans	loan	NOUN
cblr-7159	1081	68	who	who	PRON
cblr-7159	1081	69	are	be	AUX
cblr-7159	1081	70	less	less	ADV
cblr-7159	1081	71	vulnerable	vulnerable	ADJ
cblr-7159	1081	72	to	to	ADP
cblr-7159	1081	73	rising	rise	VERB
cblr-7159	1081	74	interest	interest	NOUN
cblr-7159	1081	75	rates	rate	NOUN
cblr-7159	1081	76	or	or	CCONJ
cblr-7159	1081	77	other	other	ADJ
cblr-7159	1081	78	problems	problem	NOUN
cblr-7159	1081	79	that	that	PRON
cblr-7159	1081	80	caused	cause	VERB
cblr-7159	1081	81	mortgage	mortgage	NOUN
cblr-7159	1081	82	borrowers	borrower	NOUN
cblr-7159	1081	83	to	to	PART
cblr-7159	1081	84	default	default	VERB
cblr-7159	1081	85	during	during	ADP
cblr-7159	1081	86	the	the	DET
cblr-7159	1081	87	financial	financial	ADJ
cblr-7159	1081	88	crisis.319	crisis.319	PROPN
cblr-7159	1081	89	studies	study	NOUN
cblr-7159	1081	90	of	of	ADP
cblr-7159	1081	91	clos	clo	NOUN
cblr-7159	1081	92	created	create	VERB
cblr-7159	1081	93	in	in	ADP
cblr-7159	1081	94	the	the	DET
cblr-7159	1081	95	pre	pre	NOUN
cblr-7159	1081	96	-	-	ADJ
cblr-7159	1081	97	crisis	crisis	ADJ
cblr-7159	1081	98	period	period	NOUN
cblr-7159	1081	99	found	find	VERB
cblr-7159	1081	100	that	that	SCONJ
cblr-7159	1081	101	the	the	DET
cblr-7159	1081	102	loans	loan	NOUN
cblr-7159	1081	103	in	in	ADP
cblr-7159	1081	104	these	these	DET
cblr-7159	1081	105	vehicles	vehicle	NOUN
cblr-7159	1081	106	indeed	indeed	ADV
cblr-7159	1081	107	had	have	VERB
cblr-7159	1081	108	low	low	ADJ
cblr-7159	1081	109	rates	rate	NOUN
cblr-7159	1081	110	of	of	ADP
cblr-7159	1081	111	non	non	ADJ
cblr-7159	1081	112	-	-	ADJ
cblr-7159	1081	113	payment	payment	ADJ
cblr-7159	1081	114	default.320	default.320	NOUN
cblr-7159	1081	115	relatedly	relatedly	ADV
cblr-7159	1081	116	,	,	PUNCT
cblr-7159	1081	117	some	some	PRON
cblr-7159	1081	118	argue	argue	VERB
cblr-7159	1081	119	that	that	SCONJ
cblr-7159	1081	120	clo	clo	PROPN
cblr-7159	1081	121	structures	structure	NOUN
cblr-7159	1081	122	are	be	AUX
cblr-7159	1081	123	safer	safe	ADJ
cblr-7159	1081	124	because	because	SCONJ
cblr-7159	1081	125	the	the	DET
cblr-7159	1081	126	loans	loan	NOUN
cblr-7159	1081	127	that	that	PRON
cblr-7159	1081	128	go	go	VERB
cblr-7159	1081	129	316	316	NUM
cblr-7159	1081	130	see	see	VERB
cblr-7159	1081	131	sally	sally	PROPN
cblr-7159	1081	132	bakewell	bakewell	PROPN
cblr-7159	1081	133	,	,	PUNCT
cblr-7159	1081	134	insurer	insurer	NOUN
cblr-7159	1081	135	makes	make	VERB
cblr-7159	1081	136	big	big	ADJ
cblr-7159	1081	137	bet	bet	NOUN
cblr-7159	1081	138	on	on	ADP
cblr-7159	1081	139	wall	wall	PROPN
cblr-7159	1081	140	street	street	PROPN
cblr-7159	1081	141	’s	’s	PART
cblr-7159	1081	142	loan	loan	NOUN
cblr-7159	1081	143	machine	machine	NOUN
cblr-7159	1081	144	,	,	PUNCT
cblr-7159	1081	145	bloomberg	bloomberg	PROPN
cblr-7159	1081	146	,	,	PUNCT
cblr-7159	1081	147	(	(	PUNCT
cblr-7159	1081	148	nov	nov	PROPN
cblr-7159	1081	149	.	.	PROPN
cblr-7159	1081	150	26	26	NUM
cblr-7159	1081	151	,	,	PUNCT
cblr-7159	1081	152	2018	2018	NUM
cblr-7159	1081	153	)	)	PUNCT
cblr-7159	1081	154	,	,	PUNCT
cblr-7159	1081	155	https://www.bloomberg.com/news/articles/2018-11-26/clo-island-insurer-makes-big-bet-onwall-street-s-loan-machine	https://www.bloomberg.com/news/articles/2018-11-26/clo-island-insurer-makes-big-bet-onwall-street-s-loan-machine	VERB
cblr-7159	1081	156	[	[	X
cblr-7159	1081	157	https://perma.cc/hf4c-br3	https://perma.cc/hf4c-br3	NOUN
cblr-7159	1081	158	m	m	X
cblr-7159	1081	159	]	]	X
cblr-7159	1081	160	(	(	PUNCT
cblr-7159	1081	161	“	"	PUNCT
cblr-7159	1081	162	[	[	X
cblr-7159	1081	163	t]hose	t]hose	NOUN
cblr-7159	1081	164	in	in	ADP
cblr-7159	1081	165	the	the	DET
cblr-7159	1081	166	industry	industry	NOUN
cblr-7159	1081	167	say	say	VERB
cblr-7159	1081	168	clos	clo	NOUN
cblr-7159	1081	169	are	be	AUX
cblr-7159	1081	170	different	different	ADJ
cblr-7159	1081	171	.	.	PUNCT
cblr-7159	1082	1	the	the	DET
cblr-7159	1082	2	underlying	underlie	VERB
cblr-7159	1082	3	loans	loan	NOUN
cblr-7159	1082	4	to	to	ADP
cblr-7159	1082	5	firms	firm	NOUN
cblr-7159	1082	6	are	be	AUX
cblr-7159	1082	7	n't	not	PART
cblr-7159	1082	8	as	as	ADV
cblr-7159	1082	9	vulnerable	vulnerable	ADJ
cblr-7159	1082	10	to	to	ADP
cblr-7159	1082	11	rising	rise	VERB
cblr-7159	1082	12	interest	interest	NOUN
cblr-7159	1082	13	rates	rate	NOUN
cblr-7159	1082	14	as	as	ADP
cblr-7159	1082	15	subprime	subprime	ADJ
cblr-7159	1082	16	home	home	NOUN
cblr-7159	1082	17	borrowers	borrower	NOUN
cblr-7159	1082	18	a	a	DET
cblr-7159	1082	19	decade	decade	NOUN
cblr-7159	1082	20	ago	ago	ADV
cblr-7159	1082	21	.	.	PUNCT
cblr-7159	1082	22	”	"	PUNCT
cblr-7159	1082	23	)	)	PUNCT
cblr-7159	1082	24	.	.	PUNCT
cblr-7159	1083	1	317	317	NUM
cblr-7159	1083	2	i	i	PRON
cblr-7159	1083	3	d.	d.	PROPN
cblr-7159	1083	4	318	318	NUM
cblr-7159	1083	5	see	see	VERB
cblr-7159	1083	6	robert	robert	PROPN
cblr-7159	1083	7	pozen	pozen	PROPN
cblr-7159	1083	8	,	,	PUNCT
cblr-7159	1083	9	too	too	ADV
cblr-7159	1083	10	big	big	ADJ
cblr-7159	1083	11	to	to	PART
cblr-7159	1083	12	save	save	VERB
cblr-7159	1083	13	?	?	PUNCT
cblr-7159	1083	14	:	:	PUNCT
cblr-7159	1083	15	how	how	SCONJ
cblr-7159	1083	16	to	to	PART
cblr-7159	1083	17	fix	fix	VERB
cblr-7159	1083	18	the	the	DET
cblr-7159	1083	19	u.s	u.s	PROPN
cblr-7159	1083	20	.	.	PROPN
cblr-7159	1083	21	financial	financial	ADJ
cblr-7159	1083	22	system	system	NOUN
cblr-7159	1083	23	73	73	NUM
cblr-7159	1083	24	-	-	SYM
cblr-7159	1083	25	75	75	NUM
cblr-7159	1083	26	,	,	PUNCT
cblr-7159	1083	27	83–84	83–84	NOUN
cblr-7159	1083	28	(	(	PUNCT
cblr-7159	1083	29	2010	2010	NUM
cblr-7159	1083	30	)	)	PUNCT
cblr-7159	1083	31	.	.	PUNCT
cblr-7159	1084	1	319	319	NUM
cblr-7159	1084	2	see	see	VERB
cblr-7159	1084	3	bakewell	bakewell	PROPN
cblr-7159	1084	4	,	,	PUNCT
cblr-7159	1084	5	supra	supra	PROPN
cblr-7159	1084	6	note	note	PROPN
cblr-7159	1084	7	316	316	NUM
cblr-7159	1084	8	.	.	NOUN
cblr-7159	1084	9	320	320	NUM
cblr-7159	1084	10	see	see	VERB
cblr-7159	1084	11	benmelech	benmelech	NOUN
cblr-7159	1084	12	et	et	PROPN
cblr-7159	1084	13	al	al	PROPN
cblr-7159	1084	14	.	.	PROPN
cblr-7159	1084	15	,	,	PUNCT
cblr-7159	1084	16	supra	supra	PROPN
cblr-7159	1084	17	note	note	PROPN
cblr-7159	1084	18	151	151	NUM
cblr-7159	1084	19	,	,	PUNCT
cblr-7159	1084	20	at	at	ADP
cblr-7159	1084	21	91–92	91–92	NUM
cblr-7159	1084	22	(	(	PUNCT
cblr-7159	1084	23	concluding	conclude	VERB
cblr-7159	1084	24	that	that	PRON
cblr-7159	1084	25	,	,	PUNCT
cblr-7159	1084	26	for	for	ADP
cblr-7159	1084	27	the	the	DET
cblr-7159	1084	28	period	period	NOUN
cblr-7159	1084	29	from	from	ADP
cblr-7159	1084	30	2005–2007	2005–2007	NUM
cblr-7159	1084	31	,	,	PUNCT
cblr-7159	1084	32	securitization	securitization	NOUN
cblr-7159	1084	33	was	be	AUX
cblr-7159	1084	34	“	"	PUNCT
cblr-7159	1084	35	not	not	PART
cblr-7159	1084	36	statistically	statistically	ADV
cblr-7159	1084	37	significant	significant	ADJ
cblr-7159	1084	38	in	in	ADP
cblr-7159	1084	39	predicting	predict	VERB
cblr-7159	1084	40	poor	poor	ADJ
cblr-7159	1084	41	[	[	X
cblr-7159	1084	42	loan	loan	NOUN
cblr-7159	1084	43	]	]	PUNCT
cblr-7159	1084	44	performance	performance	NOUN
cblr-7159	1084	45	”	"	PUNCT
cblr-7159	1084	46	but	but	CCONJ
cblr-7159	1084	47	finding	find	VERB
cblr-7159	1084	48	some	some	DET
cblr-7159	1084	49	evidence	evidence	NOUN
cblr-7159	1084	50	of	of	ADP
cblr-7159	1084	51	poor	poor	ADJ
cblr-7159	1084	52	loan	loan	NOUN
cblr-7159	1084	53	performance	performance	NOUN
cblr-7159	1084	54	in	in	ADP
cblr-7159	1084	55	the	the	DET
cblr-7159	1084	56	second	second	ADJ
cblr-7159	1084	57	year	year	NOUN
cblr-7159	1084	58	of	of	ADP
cblr-7159	1084	59	the	the	DET
cblr-7159	1084	60	dataset	dataset	NOUN
cblr-7159	1084	61	,	,	PUNCT
cblr-7159	1084	62	perhaps	perhaps	ADV
cblr-7159	1084	63	owing	owe	VERB
cblr-7159	1084	64	to	to	ADP
cblr-7159	1084	65	“	"	PUNCT
cblr-7159	1084	66	overheated	overheat	VERB
cblr-7159	1084	67	market	market	NOUN
cblr-7159	1084	68	conditions	condition	NOUN
cblr-7159	1084	69	driven	drive	VERB
cblr-7159	1084	70	by	by	ADP
cblr-7159	1084	71	large	large	ADJ
cblr-7159	1084	72	clo	clo	ADJ
cblr-7159	1084	73	issuance[s	issuance[s	PROPN
cblr-7159	1084	74	]	]	PUNCT
cblr-7159	1084	75	and	and	CCONJ
cblr-7159	1084	76	institutional	institutional	ADJ
cblr-7159	1084	77	investors	investor	NOUN
cblr-7159	1084	78	’	'	PUNCT
cblr-7159	1084	79	demand	demand	NOUN
cblr-7159	1084	80	for	for	ADP
cblr-7159	1084	81	corporate	corporate	ADJ
cblr-7159	1084	82	loans	loan	NOUN
cblr-7159	1084	83	more	more	ADV
cblr-7159	1084	84	broadly	broadly	ADV
cblr-7159	1084	85	”	"	PUNCT
cblr-7159	1084	86	(	(	PUNCT
cblr-7159	1084	87	citation	citation	NOUN
cblr-7159	1084	88	omitted	omit	VERB
cblr-7159	1084	89	)	)	PUNCT
cblr-7159	1084	90	)	)	PUNCT
cblr-7159	1084	91	.	.	PUNCT
cblr-7159	1085	1	see	see	VERB
cblr-7159	1085	2	also	also	ADV
cblr-7159	1085	3	bakewell	bakewell	PROPN
cblr-7159	1085	4	,	,	PUNCT
cblr-7159	1085	5	supra	supra	PROPN
cblr-7159	1085	6	note	note	NOUN
cblr-7159	1085	7	316	316	NUM
cblr-7159	1085	8	(	(	PUNCT
cblr-7159	1085	9	“	"	PUNCT
cblr-7159	1085	10	among	among	ADP
cblr-7159	1085	11	the	the	DET
cblr-7159	1085	12	more	more	ADJ
cblr-7159	1085	13	than	than	ADP
cblr-7159	1085	14	1,500	1,500	NUM
cblr-7159	1085	15	u.s	u.s	PROPN
cblr-7159	1085	16	.	.	PROPN
cblr-7159	1085	17	clos	clo	NOUN
cblr-7159	1085	18	rated	rate	VERB
cblr-7159	1085	19	by	by	ADP
cblr-7159	1085	20	s&p	s&p	PROPN
cblr-7159	1085	21	global	global	ADJ
cblr-7159	1085	22	ratings	rating	NOUN
cblr-7159	1085	23	since	since	SCONJ
cblr-7159	1085	24	1994	1994	NUM
cblr-7159	1085	25	,	,	PUNCT
cblr-7159	1085	26	only	only	ADV
cblr-7159	1085	27	36	36	NUM
cblr-7159	1085	28	tranches	tranche	NOUN
cblr-7159	1085	29	across	across	ADP
cblr-7159	1085	30	21	21	NUM
cblr-7159	1085	31	transactions	transaction	NOUN
cblr-7159	1085	32	had	have	AUX
cblr-7159	1085	33	defaulted	default	VERB
cblr-7159	1085	34	as	as	ADP
cblr-7159	1085	35	of	of	ADP
cblr-7159	1085	36	mid-2018	mid-2018	NOUN
cblr-7159	1085	37	.	.	PUNCT
cblr-7159	1085	38	”	"	PUNCT
cblr-7159	1085	39	)	)	PUNCT
cblr-7159	1085	40	.	.	PUNCT
cblr-7159	1086	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1086	2	(	(	PUNCT
cblr-7159	1086	3	do	do	AUX
cblr-7159	1086	4	not	not	PART
cblr-7159	1086	5	delete	delete	VERB
cblr-7159	1086	6	)	)	PUNCT
cblr-7159	1086	7	9/28/2020	9/28/2020	NUM
cblr-7159	1086	8	6:35	6:35	NUM
cblr-7159	1086	9	pm	pm	NOUN
cblr-7159	1086	10	no	no	INTJ
cblr-7159	1086	11	.	.	PUNCT
cblr-7159	1087	1	1:192	1:192	X
cblr-7159	1087	2	]	]	X
cblr-7159	1087	3	reconsidering	reconsider	VERB
cblr-7159	1087	4	creditor	creditor	NOUN
cblr-7159	1087	5	governance	governance	NOUN
cblr-7159	1087	6	279	279	NUM
cblr-7159	1087	7	into	into	ADP
cblr-7159	1087	8	clos	clo	NOUN
cblr-7159	1087	9	are	be	AUX
cblr-7159	1087	10	secured	secure	VERB
cblr-7159	1087	11	(	(	PUNCT
cblr-7159	1087	12	i.e.	i.e.	X
cblr-7159	1087	13	,	,	PUNCT
cblr-7159	1087	14	have	have	AUX
cblr-7159	1087	15	collateral	collateral	NOUN
cblr-7159	1087	16	that	that	SCONJ
cblr-7159	1087	17	a	a	DET
cblr-7159	1087	18	lender	lender	NOUN
cblr-7159	1087	19	could	could	AUX
cblr-7159	1087	20	seize	seize	VERB
cblr-7159	1087	21	if	if	SCONJ
cblr-7159	1087	22	the	the	DET
cblr-7159	1087	23	borrower	borrower	NOUN
cblr-7159	1087	24	does	do	AUX
cblr-7159	1087	25	n’t	not	PART
cblr-7159	1087	26	pay	pay	VERB
cblr-7159	1087	27	)	)	PUNCT
cblr-7159	1087	28	and	and	CCONJ
cblr-7159	1087	29	that	that	SCONJ
cblr-7159	1087	30	the	the	DET
cblr-7159	1087	31	collateral	collateral	NOUN
cblr-7159	1087	32	consists	consist	VERB
cblr-7159	1087	33	of	of	ADP
cblr-7159	1087	34	corporate	corporate	ADJ
cblr-7159	1087	35	assets	asset	NOUN
cblr-7159	1087	36	that	that	PRON
cblr-7159	1087	37	are	be	AUX
cblr-7159	1087	38	higher	high	ADJ
cblr-7159	1087	39	quality	quality	NOUN
cblr-7159	1087	40	than	than	ADP
cblr-7159	1087	41	home	home	NOUN
cblr-7159	1087	42	mortgage	mortgage	NOUN
cblr-7159	1087	43	loans	loan	NOUN
cblr-7159	1087	44	are.321	are.321	VERB
cblr-7159	1087	45	second	second	ADV
cblr-7159	1087	46	,	,	PUNCT
cblr-7159	1087	47	some	some	PRON
cblr-7159	1087	48	argue	argue	VERB
cblr-7159	1087	49	that	that	SCONJ
cblr-7159	1087	50	clos	clo	NOUN
cblr-7159	1087	51	are	be	AUX
cblr-7159	1087	52	less	less	ADV
cblr-7159	1087	53	risky	risky	ADJ
cblr-7159	1087	54	because	because	SCONJ
cblr-7159	1087	55	loan	loan	NOUN
cblr-7159	1087	56	participations	participation	NOUN
cblr-7159	1087	57	are	be	AUX
cblr-7159	1087	58	sold	sell	VERB
cblr-7159	1087	59	piecemeal	piecemeal	ADV
cblr-7159	1087	60	to	to	ADP
cblr-7159	1087	61	clos	clo	NOUN
cblr-7159	1087	62	,	,	PUNCT
cblr-7159	1087	63	and	and	CCONJ
cblr-7159	1087	64	that	that	SCONJ
cblr-7159	1087	65	some	some	PRON
cblr-7159	1087	66	of	of	ADP
cblr-7159	1087	67	the	the	DET
cblr-7159	1087	68	loan	loan	NOUN
cblr-7159	1087	69	risk	risk	NOUN
cblr-7159	1087	70	is	be	AUX
cblr-7159	1087	71	kept	keep	VERB
cblr-7159	1087	72	by	by	ADP
cblr-7159	1087	73	the	the	DET
cblr-7159	1087	74	original	original	ADJ
cblr-7159	1087	75	lead	lead	NOUN
cblr-7159	1087	76	lender	lender	NOUN
cblr-7159	1087	77	,	,	PUNCT
cblr-7159	1087	78	in	in	ADP
cblr-7159	1087	79	contrast	contrast	NOUN
cblr-7159	1087	80	to	to	ADP
cblr-7159	1087	81	home	home	NOUN
cblr-7159	1087	82	mortgage	mortgage	NOUN
cblr-7159	1087	83	loans	loan	NOUN
cblr-7159	1087	84	that	that	PRON
cblr-7159	1087	85	are	be	AUX
cblr-7159	1087	86	usually	usually	ADV
cblr-7159	1087	87	transferred	transfer	VERB
cblr-7159	1087	88	wholesale	wholesale	NOUN
cblr-7159	1087	89	to	to	ADP
cblr-7159	1087	90	cdo	cdo	PROPN
cblr-7159	1087	91	vehicles.322	vehicles.322	PROPN
cblr-7159	1087	92	therefore	therefore	ADV
cblr-7159	1087	93	,	,	PUNCT
cblr-7159	1087	94	lenders	lender	NOUN
cblr-7159	1087	95	retain	retain	VERB
cblr-7159	1087	96	an	an	DET
cblr-7159	1087	97	interest	interest	NOUN
cblr-7159	1087	98	in	in	ADP
cblr-7159	1087	99	monitoring	monitor	VERB
cblr-7159	1087	100	and	and	CCONJ
cblr-7159	1087	101	policing	police	VERB
cblr-7159	1087	102	the	the	DET
cblr-7159	1087	103	borrower	borrower	NOUN
cblr-7159	1087	104	.	.	PUNCT
cblr-7159	1088	1	this	this	PRON
cblr-7159	1088	2	stands	stand	VERB
cblr-7159	1088	3	in	in	ADP
cblr-7159	1088	4	contrast	contrast	NOUN
cblr-7159	1088	5	to	to	ADP
cblr-7159	1088	6	mortgage	mortgage	NOUN
cblr-7159	1088	7	lenders	lender	NOUN
cblr-7159	1088	8	who	who	PRON
cblr-7159	1088	9	,	,	PUNCT
cblr-7159	1088	10	prior	prior	ADV
cblr-7159	1088	11	to	to	ADP
cblr-7159	1088	12	the	the	DET
cblr-7159	1088	13	financial	financial	ADJ
cblr-7159	1088	14	crisis	crisis	NOUN
cblr-7159	1088	15	,	,	PUNCT
cblr-7159	1088	16	were	be	AUX
cblr-7159	1088	17	able	able	ADJ
cblr-7159	1088	18	to	to	PART
cblr-7159	1088	19	offload	offload	VERB
cblr-7159	1088	20	the	the	DET
cblr-7159	1088	21	risk	risk	NOUN
cblr-7159	1088	22	of	of	ADP
cblr-7159	1088	23	the	the	DET
cblr-7159	1088	24	loans	loan	NOUN
cblr-7159	1088	25	they	they	PRON
cblr-7159	1088	26	made	make	VERB
cblr-7159	1088	27	completely.323	completely.323	NOUN
cblr-7159	1088	28	these	these	DET
cblr-7159	1088	29	arguments	argument	NOUN
cblr-7159	1088	30	and	and	CCONJ
cblr-7159	1088	31	some	some	PRON
cblr-7159	1088	32	of	of	ADP
cblr-7159	1088	33	the	the	DET
cblr-7159	1088	34	data	datum	NOUN
cblr-7159	1088	35	that	that	PRON
cblr-7159	1088	36	backs	back	VERB
cblr-7159	1088	37	them	they	PRON
cblr-7159	1088	38	up	up	ADP
cblr-7159	1088	39	are	be	AUX
cblr-7159	1088	40	indeed	indeed	ADV
cblr-7159	1088	41	comforting	comforting	ADJ
cblr-7159	1088	42	.	.	PUNCT
cblr-7159	1089	1	however	however	ADV
cblr-7159	1089	2	,	,	PUNCT
cblr-7159	1089	3	there	there	PRON
cblr-7159	1089	4	are	be	VERB
cblr-7159	1089	5	still	still	ADV
cblr-7159	1089	6	reasons	reason	NOUN
cblr-7159	1089	7	to	to	PART
cblr-7159	1089	8	be	be	AUX
cblr-7159	1089	9	concerned	concern	VERB
cblr-7159	1089	10	,	,	PUNCT
cblr-7159	1089	11	particularly	particularly	ADV
cblr-7159	1089	12	in	in	ADP
cblr-7159	1089	13	light	light	NOUN
cblr-7159	1089	14	of	of	ADP
cblr-7159	1089	15	the	the	DET
cblr-7159	1089	16	findings	finding	NOUN
cblr-7159	1089	17	above	above	ADV
cblr-7159	1089	18	.	.	PUNCT
cblr-7159	1090	1	with	with	ADP
cblr-7159	1090	2	respect	respect	NOUN
cblr-7159	1090	3	to	to	ADP
cblr-7159	1090	4	arguments	argument	NOUN
cblr-7159	1090	5	about	about	ADP
cblr-7159	1090	6	the	the	DET
cblr-7159	1090	7	stability	stability	NOUN
cblr-7159	1090	8	and	and	CCONJ
cblr-7159	1090	9	safety	safety	NOUN
cblr-7159	1090	10	of	of	ADP
cblr-7159	1090	11	the	the	DET
cblr-7159	1090	12	underlying	underlie	VERB
cblr-7159	1090	13	loans	loan	NOUN
cblr-7159	1090	14	,	,	PUNCT
cblr-7159	1090	15	it	it	PRON
cblr-7159	1090	16	is	be	AUX
cblr-7159	1090	17	important	important	ADJ
cblr-7159	1090	18	to	to	PART
cblr-7159	1090	19	remember	remember	VERB
cblr-7159	1090	20	that	that	SCONJ
cblr-7159	1090	21	before	before	ADP
cblr-7159	1090	22	the	the	DET
cblr-7159	1090	23	financial	financial	ADJ
cblr-7159	1090	24	crisis	crisis	NOUN
cblr-7159	1090	25	,	,	PUNCT
cblr-7159	1090	26	it	it	PRON
cblr-7159	1090	27	was	be	AUX
cblr-7159	1090	28	widely	widely	ADV
cblr-7159	1090	29	assumed	assume	VERB
cblr-7159	1090	30	that	that	SCONJ
cblr-7159	1090	31	mortgage	mortgage	NOUN
cblr-7159	1090	32	loans	loan	NOUN
cblr-7159	1090	33	were	be	AUX
cblr-7159	1090	34	also	also	ADV
cblr-7159	1090	35	quite	quite	ADV
cblr-7159	1090	36	safe	safe	ADJ
cblr-7159	1090	37	because	because	SCONJ
cblr-7159	1090	38	default	default	NOUN
cblr-7159	1090	39	rates	rate	NOUN
cblr-7159	1090	40	were	be	AUX
cblr-7159	1090	41	relatively	relatively	ADV
cblr-7159	1090	42	low	low	ADJ
cblr-7159	1090	43	and	and	CCONJ
cblr-7159	1090	44	the	the	DET
cblr-7159	1090	45	underlying	underlie	VERB
cblr-7159	1090	46	assets	asset	NOUN
cblr-7159	1090	47	(	(	PUNCT
cblr-7159	1090	48	houses	house	NOUN
cblr-7159	1090	49	)	)	PUNCT
cblr-7159	1090	50	had	have	AUX
cblr-7159	1090	51	gone	go	VERB
cblr-7159	1090	52	up	up	ADP
cblr-7159	1090	53	in	in	ADP
cblr-7159	1090	54	value	value	NOUN
cblr-7159	1090	55	for	for	ADP
cblr-7159	1090	56	decades.324	decades.324	PROPN
cblr-7159	1090	57	thus	thus	ADV
cblr-7159	1090	58	,	,	PUNCT
cblr-7159	1090	59	the	the	DET
cblr-7159	1090	60	loan	loan	NOUN
cblr-7159	1090	61	collateral	collateral	NOUN
cblr-7159	1090	62	of	of	ADP
cblr-7159	1090	63	cdos	cdo	NOUN
cblr-7159	1090	64	was	be	AUX
cblr-7159	1090	65	assumed	assume	VERB
cblr-7159	1090	66	to	to	PART
cblr-7159	1090	67	be	be	AUX
cblr-7159	1090	68	a	a	DET
cblr-7159	1090	69	reliable	reliable	ADJ
cblr-7159	1090	70	fallback	fallback	NOUN
cblr-7159	1090	71	for	for	ADP
cblr-7159	1090	72	lenders	lender	NOUN
cblr-7159	1090	73	in	in	ADP
cblr-7159	1090	74	case	case	NOUN
cblr-7159	1090	75	the	the	DET
cblr-7159	1090	76	borrowers	borrower	NOUN
cblr-7159	1090	77	failed	fail	VERB
cblr-7159	1090	78	to	to	ADP
cblr-7159	1090	79	pay.325	pay.325	PROPN
cblr-7159	1090	80	clo	clo	PROPN
cblr-7159	1090	81	loans	loan	NOUN
cblr-7159	1090	82	are	be	AUX
cblr-7159	1090	83	different	different	ADJ
cblr-7159	1090	84	,	,	PUNCT
cblr-7159	1090	85	but	but	CCONJ
cblr-7159	1090	86	the	the	DET
cblr-7159	1090	87	arguments	argument	NOUN
cblr-7159	1090	88	and	and	CCONJ
cblr-7159	1090	89	321	321	NUM
cblr-7159	1090	90	see	see	NOUN
cblr-7159	1090	91	benmelech	benmelech	NOUN
cblr-7159	1090	92	et	et	PROPN
cblr-7159	1090	93	al	al	PROPN
cblr-7159	1090	94	.	.	PROPN
cblr-7159	1090	95	,	,	PUNCT
cblr-7159	1090	96	supra	supra	PROPN
cblr-7159	1090	97	note	note	PROPN
cblr-7159	1090	98	151	151	NUM
cblr-7159	1090	99	,	,	PUNCT
cblr-7159	1090	100	at	at	ADP
cblr-7159	1090	101	92–95	92–95	NUM
cblr-7159	1090	102	.	.	PUNCT
cblr-7159	1091	1	322	322	NUM
cblr-7159	1091	2	see	see	NOUN
cblr-7159	1091	3	,	,	PUNCT
cblr-7159	1091	4	e.g.	e.g.	ADV
cblr-7159	1091	5	,	,	PUNCT
cblr-7159	1091	6	tung	tung	NOUN
cblr-7159	1091	7	,	,	PUNCT
cblr-7159	1091	8	unsung	unsung	ADJ
cblr-7159	1091	9	influence	influence	NOUN
cblr-7159	1091	10	,	,	PUNCT
cblr-7159	1091	11	supra	supra	PROPN
cblr-7159	1091	12	note	note	NOUN
cblr-7159	1091	13	1	1	NUM
cblr-7159	1091	14	,	,	PUNCT
cblr-7159	1091	15	at	at	ADP
cblr-7159	1091	16	165	165	NUM
cblr-7159	1091	17	(	(	PUNCT
cblr-7159	1091	18	“	"	PUNCT
cblr-7159	1091	19	as	as	ADV
cblr-7159	1091	20	far	far	ADV
cblr-7159	1091	21	as	as	ADP
cblr-7159	1091	22	loan	loan	NOUN
cblr-7159	1091	23	sales	sale	NOUN
cblr-7159	1091	24	,	,	PUNCT
cblr-7159	1091	25	the	the	DET
cblr-7159	1091	26	lead	lead	ADJ
cblr-7159	1091	27	bank	bank	NOUN
cblr-7159	1091	28	typically	typically	ADV
cblr-7159	1091	29	does	do	AUX
cblr-7159	1091	30	not	not	PART
cblr-7159	1091	31	sell	sell	VERB
cblr-7159	1091	32	its	its	PRON
cblr-7159	1091	33	stake	stake	NOUN
cblr-7159	1091	34	,	,	PUNCT
cblr-7159	1091	35	preferring	prefer	VERB
cblr-7159	1091	36	instead	instead	ADV
cblr-7159	1091	37	to	to	PART
cblr-7159	1091	38	preserve	preserve	VERB
cblr-7159	1091	39	its	its	PRON
cblr-7159	1091	40	relationships	relationship	NOUN
cblr-7159	1091	41	with	with	ADP
cblr-7159	1091	42	both	both	CCONJ
cblr-7159	1091	43	the	the	DET
cblr-7159	1091	44	borrower	borrower	NOUN
cblr-7159	1091	45	and	and	CCONJ
cblr-7159	1091	46	its	its	PRON
cblr-7159	1091	47	syndicate	syndicate	NOUN
cblr-7159	1091	48	members	member	NOUN
cblr-7159	1091	49	,	,	PUNCT
cblr-7159	1091	50	who	who	PRON
cblr-7159	1091	51	not	not	PART
cblr-7159	1091	52	only	only	ADV
cblr-7159	1091	53	depend	depend	VERB
cblr-7159	1091	54	on	on	ADP
cblr-7159	1091	55	the	the	DET
cblr-7159	1091	56	lead	lead	ADJ
cblr-7159	1091	57	bank	bank	NOUN
cblr-7159	1091	58	for	for	ADP
cblr-7159	1091	59	monitoring	monitor	VERB
cblr-7159	1091	60	services	service	NOUN
cblr-7159	1091	61	,	,	PUNCT
cblr-7159	1091	62	but	but	CCONJ
cblr-7159	1091	63	likely	likely	ADV
cblr-7159	1091	64	agreed	agree	VERB
cblr-7159	1091	65	to	to	PART
cblr-7159	1091	66	join	join	VERB
cblr-7159	1091	67	the	the	DET
cblr-7159	1091	68	syndicate	syndicate	NOUN
cblr-7159	1091	69	relying	rely	VERB
cblr-7159	1091	70	at	at	ADP
cblr-7159	1091	71	least	least	ADJ
cblr-7159	1091	72	in	in	ADP
cblr-7159	1091	73	part	part	NOUN
cblr-7159	1091	74	on	on	ADP
cblr-7159	1091	75	the	the	DET
cblr-7159	1091	76	lead	lead	PROPN
cblr-7159	1091	77	bank	bank	NOUN
cblr-7159	1091	78	’s	’s	PART
cblr-7159	1091	79	continuing	continue	VERB
cblr-7159	1091	80	involvement	involvement	NOUN
cblr-7159	1091	81	in	in	ADP
cblr-7159	1091	82	the	the	DET
cblr-7159	1091	83	loan	loan	NOUN
cblr-7159	1091	84	.	.	PUNCT
cblr-7159	1091	85	”	"	PUNCT
cblr-7159	1091	86	)	)	PUNCT
cblr-7159	1091	87	.	.	PUNCT
cblr-7159	1092	1	but	but	CCONJ
cblr-7159	1092	2	see	see	VERB
cblr-7159	1092	3	bord	bord	PROPN
cblr-7159	1092	4	&	&	CCONJ
cblr-7159	1092	5	santos	santos	PROPN
cblr-7159	1092	6	,	,	PUNCT
cblr-7159	1092	7	supra	supra	PROPN
cblr-7159	1092	8	note	note	PROPN
cblr-7159	1092	9	88	88	NUM
cblr-7159	1092	10	,	,	PUNCT
cblr-7159	1092	11	at	at	ADP
cblr-7159	1092	12	28–29	28–29	NUM
cblr-7159	1092	13	(	(	PUNCT
cblr-7159	1092	14	noting	note	VERB
cblr-7159	1092	15	that	that	SCONJ
cblr-7159	1092	16	in	in	ADP
cblr-7159	1092	17	the	the	DET
cblr-7159	1092	18	pre	pre	NOUN
cblr-7159	1092	19	-	-	ADJ
cblr-7159	1092	20	crisis	crisis	ADJ
cblr-7159	1092	21	period	period	NOUN
cblr-7159	1092	22	lead	lead	VERB
cblr-7159	1092	23	banks	bank	NOUN
cblr-7159	1092	24	sold	sell	VERB
cblr-7159	1092	25	all	all	PRON
cblr-7159	1093	1	but	but	CCONJ
cblr-7159	1093	2	3–6	3–6	NUM
cblr-7159	1093	3	%	%	NOUN
cblr-7159	1093	4	of	of	ADP
cblr-7159	1093	5	their	their	PRON
cblr-7159	1093	6	term	term	NOUN
cblr-7159	1093	7	loan	loan	NOUN
cblr-7159	1093	8	stakes	stake	NOUN
cblr-7159	1093	9	,	,	PUNCT
cblr-7159	1093	10	while	while	SCONJ
cblr-7159	1093	11	keeping	keep	VERB
cblr-7159	1093	12	most	most	ADJ
cblr-7159	1093	13	of	of	ADP
cblr-7159	1093	14	their	their	PRON
cblr-7159	1093	15	revolving	revolve	VERB
cblr-7159	1093	16	facility	facility	NOUN
cblr-7159	1093	17	stakes	stake	NOUN
cblr-7159	1093	18	)	)	PUNCT
cblr-7159	1093	19	.	.	PUNCT
cblr-7159	1094	1	323	323	NUM
cblr-7159	1094	2	see	see	VERB
cblr-7159	1094	3	pozen	pozen	NOUN
cblr-7159	1094	4	,	,	PUNCT
cblr-7159	1094	5	supra	supra	PROPN
cblr-7159	1094	6	note	note	NOUN
cblr-7159	1094	7	318	318	NUM
cblr-7159	1094	8	,	,	PUNCT
cblr-7159	1094	9	at	at	ADP
cblr-7159	1094	10	49–51	49–51	PROPN
cblr-7159	1094	11	.	.	PUNCT
cblr-7159	1095	1	tung	tung	PROPN
cblr-7159	1095	2	,	,	PUNCT
cblr-7159	1095	3	unsung	unsung	ADJ
cblr-7159	1095	4	influence	influence	NOUN
cblr-7159	1095	5	,	,	PUNCT
cblr-7159	1095	6	supra	supra	PROPN
cblr-7159	1095	7	note	note	NOUN
cblr-7159	1095	8	1	1	NUM
cblr-7159	1095	9	,	,	PUNCT
cblr-7159	1095	10	at	at	ADP
cblr-7159	1095	11	129–30	129–30	NUM
cblr-7159	1095	12	,	,	PUNCT
cblr-7159	1095	13	165–66	165–66	NUM
cblr-7159	1095	14	.	.	PUNCT
cblr-7159	1096	1	324	324	NUM
cblr-7159	1096	2	pozen	pozen	NOUN
cblr-7159	1096	3	,	,	PUNCT
cblr-7159	1096	4	supra	supra	PROPN
cblr-7159	1096	5	note	note	NOUN
cblr-7159	1096	6	318	318	NUM
cblr-7159	1096	7	,	,	PUNCT
cblr-7159	1096	8	at	at	ADP
cblr-7159	1096	9	83–84	83–84	NOUN
cblr-7159	1096	10	(	(	PUNCT
cblr-7159	1096	11	“	"	PUNCT
cblr-7159	1096	12	because	because	SCONJ
cblr-7159	1096	13	the	the	DET
cblr-7159	1096	14	trend	trend	NOUN
cblr-7159	1096	15	line	line	NOUN
cblr-7159	1096	16	[	[	X
cblr-7159	1096	17	for	for	ADP
cblr-7159	1096	18	house	house	NOUN
cblr-7159	1096	19	prices	price	NOUN
cblr-7159	1096	20	]	]	PUNCT
cblr-7159	1096	21	was	be	AUX
cblr-7159	1096	22	positive	positive	ADJ
cblr-7159	1096	23	for	for	ADP
cblr-7159	1096	24	the	the	DET
cblr-7159	1096	25	decade	decade	NOUN
cblr-7159	1096	26	before	before	ADP
cblr-7159	1096	27	2004	2004	NUM
cblr-7159	1096	28	,	,	PUNCT
cblr-7159	1096	29	the	the	DET
cblr-7159	1096	30	models	model	NOUN
cblr-7159	1096	31	gave	give	VERB
cblr-7159	1096	32	short	short	ADJ
cblr-7159	1096	33	shrift	shrift	NOUN
cblr-7159	1096	34	to	to	ADP
cblr-7159	1096	35	the	the	DET
cblr-7159	1096	36	likelihood	likelihood	NOUN
cblr-7159	1096	37	of	of	ADP
cblr-7159	1096	38	a	a	DET
cblr-7159	1096	39	drop	drop	NOUN
cblr-7159	1096	40	in	in	ADP
cblr-7159	1096	41	u.s	u.s	PROPN
cblr-7159	1096	42	.	.	PROPN
cblr-7159	1096	43	housing	housing	NOUN
cblr-7159	1096	44	prices	price	NOUN
cblr-7159	1096	45	.	.	PUNCT
cblr-7159	1097	1	when	when	SCONJ
cblr-7159	1097	2	steve	steve	PROPN
cblr-7159	1097	3	eisman	eisman	PROPN
cblr-7159	1097	4	,	,	PUNCT
cblr-7159	1097	5	a	a	DET
cblr-7159	1097	6	professional	professional	ADJ
cblr-7159	1097	7	investor	investor	NOUN
cblr-7159	1097	8	,	,	PUNCT
cblr-7159	1097	9	asked	ask	VERB
cblr-7159	1097	10	his	his	PRON
cblr-7159	1097	11	contact	contact	NOUN
cblr-7159	1097	12	at	at	ADP
cblr-7159	1097	13	standard	standard	PROPN
cblr-7159	1097	14	&	&	CCONJ
cblr-7159	1097	15	poor	poor	PROPN
cblr-7159	1097	16	’s	’	VERB
cblr-7159	1097	17	what	what	PRON
cblr-7159	1097	18	would	would	AUX
cblr-7159	1097	19	happen	happen	VERB
cblr-7159	1097	20	if	if	SCONJ
cblr-7159	1097	21	real	real	ADJ
cblr-7159	1097	22	estate	estate	NOUN
cblr-7159	1097	23	prices	price	NOUN
cblr-7159	1097	24	fell	fall	VERB
cblr-7159	1097	25	,	,	PUNCT
cblr-7159	1097	26	the	the	DET
cblr-7159	1097	27	man	man	NOUN
cblr-7159	1097	28	’s	’s	PART
cblr-7159	1097	29	reply	reply	NOUN
cblr-7159	1097	30	was	be	AUX
cblr-7159	1097	31	that	that	SCONJ
cblr-7159	1097	32	his	his	PRON
cblr-7159	1097	33	‘	'	PUNCT
cblr-7159	1097	34	model	model	NOUN
cblr-7159	1097	35	for	for	ADP
cblr-7159	1097	36	home	home	NOUN
cblr-7159	1097	37	prices	price	NOUN
cblr-7159	1097	38	had	have	VERB
cblr-7159	1097	39	no	no	DET
cblr-7159	1097	40	ability	ability	NOUN
cblr-7159	1097	41	to	to	PART
cblr-7159	1097	42	accept	accept	VERB
cblr-7159	1097	43	a	a	DET
cblr-7159	1097	44	negative	negative	ADJ
cblr-7159	1097	45	number	number	NOUN
cblr-7159	1097	46	.	.	PUNCT
cblr-7159	1097	47	’	'	PUNCT
cblr-7159	1097	48	”	"	PUNCT
cblr-7159	1097	49	)	)	PUNCT
cblr-7159	1097	50	.	.	PUNCT
cblr-7159	1098	1	325	325	NUM
cblr-7159	1098	2	see	see	VERB
cblr-7159	1098	3	i	i	PROPN
cblr-7159	1098	4	d	d	PROPN
cblr-7159	1098	5	at	at	ADP
cblr-7159	1098	6	75	75	NUM
cblr-7159	1098	7	,	,	PUNCT
cblr-7159	1098	8	83–84	83–84	NOUN
cblr-7159	1098	9	.	.	PUNCT
cblr-7159	1099	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1099	2	(	(	PUNCT
cblr-7159	1099	3	do	do	AUX
cblr-7159	1099	4	not	not	PART
cblr-7159	1099	5	delte	delte	VERB
cblr-7159	1099	6	)	)	PUNCT
cblr-7159	1099	7	9/28/2020	9/28/2020	NUM
cblr-7159	1099	8	6:35	6:35	NUM
cblr-7159	1099	9	pm	pm	NOUN
cblr-7159	1099	10	280	280	NUM
cblr-7159	1099	11	columbia	columbia	PROPN
cblr-7159	1099	12	business	business	NOUN
cblr-7159	1099	13	law	law	NOUN
cblr-7159	1099	14	review	review	NOUN
cblr-7159	1099	15	[	[	X
cblr-7159	1099	16	vol	vol	NOUN
cblr-7159	1099	17	.	.	PUNCT
cblr-7159	1099	18	2020	2020	NUM
cblr-7159	1099	19	evidence	evidence	NOUN
cblr-7159	1099	20	about	about	ADP
cblr-7159	1099	21	their	their	PRON
cblr-7159	1099	22	safety	safety	NOUN
cblr-7159	1099	23	should	should	AUX
cblr-7159	1099	24	be	be	AUX
cblr-7159	1099	25	taken	take	VERB
cblr-7159	1099	26	cautiously	cautiously	ADV
cblr-7159	1099	27	.	.	PUNCT
cblr-7159	1100	1	studies	study	NOUN
cblr-7159	1100	2	surrounding	surround	VERB
cblr-7159	1100	3	the	the	DET
cblr-7159	1100	4	safety	safety	NOUN
cblr-7159	1100	5	of	of	ADP
cblr-7159	1100	6	clo	clo	PROPN
cblr-7159	1100	7	vehicles	vehicle	NOUN
cblr-7159	1100	8	cover	cover	VERB
cblr-7159	1100	9	limited	limited	ADJ
cblr-7159	1100	10	time	time	NOUN
cblr-7159	1100	11	periods	period	NOUN
cblr-7159	1100	12	—	—	PUNCT
cblr-7159	1100	13	usually	usually	ADV
cblr-7159	1100	14	two	two	NUM
cblr-7159	1100	15	or	or	CCONJ
cblr-7159	1100	16	three	three	NUM
cblr-7159	1100	17	years	year	NOUN
cblr-7159	1100	18	—	—	PUNCT
cblr-7159	1100	19	and	and	CCONJ
cblr-7159	1100	20	one	one	NUM
cblr-7159	1100	21	prominent	prominent	ADJ
cblr-7159	1100	22	study	study	NOUN
cblr-7159	1100	23	found	find	VERB
cblr-7159	1100	24	some	some	DET
cblr-7159	1100	25	limited	limited	ADJ
cblr-7159	1100	26	evidence	evidence	NOUN
cblr-7159	1100	27	of	of	ADP
cblr-7159	1100	28	the	the	DET
cblr-7159	1100	29	adverse	adverse	ADJ
cblr-7159	1100	30	selection	selection	NOUN
cblr-7159	1100	31	of	of	ADP
cblr-7159	1100	32	loans	loan	NOUN
cblr-7159	1100	33	used	use	VERB
cblr-7159	1100	34	as	as	ADP
cblr-7159	1100	35	collateral	collateral	NOUN
cblr-7159	1100	36	in	in	ADP
cblr-7159	1100	37	one	one	NUM
cblr-7159	1100	38	year	year	NOUN
cblr-7159	1100	39	,	,	PUNCT
cblr-7159	1100	40	which	which	PRON
cblr-7159	1100	41	the	the	DET
cblr-7159	1100	42	authors	author	NOUN
cblr-7159	1100	43	claim	claim	VERB
cblr-7159	1100	44	could	could	AUX
cblr-7159	1100	45	be	be	AUX
cblr-7159	1100	46	the	the	DET
cblr-7159	1100	47	result	result	NOUN
cblr-7159	1100	48	of	of	ADP
cblr-7159	1100	49	an	an	DET
cblr-7159	1100	50	overheated	overheated	ADJ
cblr-7159	1100	51	market	market	NOUN
cblr-7159	1100	52	for	for	ADP
cblr-7159	1100	53	clos.326	clos.326	NOUN
cblr-7159	1100	54	more	more	ADV
cblr-7159	1100	55	importantly	importantly	ADV
cblr-7159	1100	56	,	,	PUNCT
cblr-7159	1100	57	however	however	ADV
cblr-7159	1100	58	,	,	PUNCT
cblr-7159	1100	59	even	even	ADV
cblr-7159	1100	60	if	if	SCONJ
cblr-7159	1100	61	it	it	PRON
cblr-7159	1100	62	is	be	AUX
cblr-7159	1100	63	true	true	ADJ
cblr-7159	1100	64	that	that	SCONJ
cblr-7159	1100	65	the	the	DET
cblr-7159	1100	66	underlying	underlie	VERB
cblr-7159	1100	67	loans	loan	NOUN
cblr-7159	1100	68	are	be	AUX
cblr-7159	1100	69	of	of	ADP
cblr-7159	1100	70	good	good	ADJ
cblr-7159	1100	71	quality	quality	NOUN
cblr-7159	1100	72	when	when	SCONJ
cblr-7159	1100	73	they	they	PRON
cblr-7159	1100	74	are	be	AUX
cblr-7159	1100	75	placed	place	VERB
cblr-7159	1100	76	into	into	ADP
cblr-7159	1100	77	the	the	DET
cblr-7159	1100	78	clo	clo	PROPN
cblr-7159	1100	79	vehicle	vehicle	NOUN
cblr-7159	1100	80	,	,	PUNCT
cblr-7159	1100	81	the	the	DET
cblr-7159	1100	82	analysis	analysis	NOUN
cblr-7159	1100	83	of	of	ADP
cblr-7159	1100	84	the	the	DET
cblr-7159	1100	85	riskiness	riskiness	NOUN
cblr-7159	1100	86	of	of	ADP
cblr-7159	1100	87	the	the	DET
cblr-7159	1100	88	clo	clo	PROPN
cblr-7159	1100	89	itself	itself	PRON
cblr-7159	1100	90	fails	fail	VERB
cblr-7159	1100	91	to	to	PART
cblr-7159	1100	92	take	take	VERB
cblr-7159	1100	93	into	into	ADP
cblr-7159	1100	94	account	account	NOUN
cblr-7159	1100	95	the	the	DET
cblr-7159	1100	96	negative	negative	ADJ
cblr-7159	1100	97	corporate	corporate	ADJ
cblr-7159	1100	98	governance	governance	NOUN
cblr-7159	1100	99	effects	effect	NOUN
cblr-7159	1100	100	that	that	SCONJ
cblr-7159	1100	101	the	the	DET
cblr-7159	1100	102	clos	clo	NOUN
cblr-7159	1100	103	themselves	themselves	PRON
cblr-7159	1100	104	help	help	VERB
cblr-7159	1100	105	to	to	PART
cblr-7159	1100	106	create	create	VERB
cblr-7159	1100	107	.	.	PUNCT
cblr-7159	1101	1	specifically	specifically	ADV
cblr-7159	1101	2	,	,	PUNCT
cblr-7159	1101	3	the	the	DET
cblr-7159	1101	4	opinions	opinion	NOUN
cblr-7159	1101	5	about	about	ADP
cblr-7159	1101	6	the	the	DET
cblr-7159	1101	7	safety	safety	NOUN
cblr-7159	1101	8	of	of	ADP
cblr-7159	1101	9	clos	clo	NOUN
cblr-7159	1101	10	and	and	CCONJ
cblr-7159	1101	11	their	their	PRON
cblr-7159	1101	12	underlying	underlie	VERB
cblr-7159	1101	13	collateral	collateral	NOUN
cblr-7159	1101	14	rely	rely	VERB
cblr-7159	1101	15	on	on	ADP
cblr-7159	1101	16	historical	historical	ADJ
cblr-7159	1101	17	assumptions	assumption	NOUN
cblr-7159	1101	18	,	,	PUNCT
cblr-7159	1101	19	but	but	CCONJ
cblr-7159	1101	20	those	those	DET
cblr-7159	1101	21	assumptions	assumption	NOUN
cblr-7159	1101	22	do	do	AUX
cblr-7159	1101	23	not	not	PART
cblr-7159	1101	24	take	take	VERB
cblr-7159	1101	25	into	into	ADP
cblr-7159	1101	26	account	account	NOUN
cblr-7159	1101	27	the	the	DET
cblr-7159	1101	28	equilibrium	equilibrium	NOUN
cblr-7159	1101	29	effects	effect	NOUN
cblr-7159	1101	30	of	of	ADP
cblr-7159	1101	31	the	the	DET
cblr-7159	1101	32	clos	clo	NOUN
cblr-7159	1101	33	themselves	themselves	PRON
cblr-7159	1101	34	,	,	PUNCT
cblr-7159	1101	35	namely	namely	ADV
cblr-7159	1101	36	,	,	PUNCT
cblr-7159	1101	37	the	the	DET
cblr-7159	1101	38	undermining	undermining	NOUN
cblr-7159	1101	39	of	of	ADP
cblr-7159	1101	40	lenders	lender	NOUN
cblr-7159	1101	41	’	'	PUNCT
cblr-7159	1101	42	monitoring	monitoring	NOUN
cblr-7159	1101	43	incentives	incentive	VERB
cblr-7159	1101	44	that	that	PRON
cblr-7159	1101	45	lead	lead	VERB
cblr-7159	1101	46	borrowing	borrow	VERB
cblr-7159	1101	47	companies	company	NOUN
cblr-7159	1101	48	to	to	PART
cblr-7159	1101	49	become	become	VERB
cblr-7159	1101	50	less	less	ADV
cblr-7159	1101	51	financially	financially	ADV
cblr-7159	1101	52	sound	sound	ADJ
cblr-7159	1101	53	.	.	PUNCT
cblr-7159	1102	1	even	even	ADV
cblr-7159	1102	2	if	if	SCONJ
cblr-7159	1102	3	the	the	DET
cblr-7159	1102	4	effect	effect	NOUN
cblr-7159	1102	5	is	be	AUX
cblr-7159	1102	6	small	small	ADJ
cblr-7159	1102	7	in	in	ADP
cblr-7159	1102	8	terms	term	NOUN
cblr-7159	1102	9	of	of	ADP
cblr-7159	1102	10	the	the	DET
cblr-7159	1102	11	probability	probability	NOUN
cblr-7159	1102	12	that	that	SCONJ
cblr-7159	1102	13	a	a	DET
cblr-7159	1102	14	borrower	borrower	NOUN
cblr-7159	1102	15	will	will	AUX
cblr-7159	1102	16	be	be	AUX
cblr-7159	1102	17	unable	unable	ADJ
cblr-7159	1102	18	to	to	PART
cblr-7159	1102	19	pay	pay	VERB
cblr-7159	1102	20	on	on	ADP
cblr-7159	1102	21	a	a	DET
cblr-7159	1102	22	loan	loan	NOUN
cblr-7159	1102	23	,	,	PUNCT
cblr-7159	1102	24	the	the	DET
cblr-7159	1102	25	effects	effect	NOUN
cblr-7159	1102	26	for	for	ADP
cblr-7159	1102	27	a	a	DET
cblr-7159	1102	28	clo	clo	NOUN
cblr-7159	1102	29	or	or	CCONJ
cblr-7159	1102	30	any	any	DET
cblr-7159	1102	31	complex	complex	ADJ
cblr-7159	1102	32	structured	structured	ADJ
cblr-7159	1102	33	product	product	NOUN
cblr-7159	1102	34	can	can	AUX
cblr-7159	1102	35	be	be	AUX
cblr-7159	1102	36	large	large	ADJ
cblr-7159	1102	37	.	.	PUNCT
cblr-7159	1103	1	a	a	DET
cblr-7159	1103	2	numerical	numerical	ADJ
cblr-7159	1103	3	example	example	NOUN
cblr-7159	1103	4	illustrates	illustrate	VERB
cblr-7159	1103	5	.	.	PUNCT
cblr-7159	1104	1	assume	assume	VERB
cblr-7159	1104	2	that	that	SCONJ
cblr-7159	1104	3	a	a	DET
cblr-7159	1104	4	clo	clo	PROPN
cblr-7159	1104	5	is	be	AUX
cblr-7159	1104	6	constructed	construct	VERB
cblr-7159	1104	7	using	use	VERB
cblr-7159	1104	8	100	100	NUM
cblr-7159	1104	9	corporate	corporate	ADJ
cblr-7159	1104	10	loans	loan	NOUN
cblr-7159	1104	11	.	.	PUNCT
cblr-7159	1105	1	the	the	DET
cblr-7159	1105	2	structure	structure	NOUN
cblr-7159	1105	3	is	be	AUX
cblr-7159	1105	4	tranched	tranche	VERB
cblr-7159	1105	5	,	,	PUNCT
cblr-7159	1105	6	meaning	mean	VERB
cblr-7159	1105	7	that	that	SCONJ
cblr-7159	1105	8	the	the	DET
cblr-7159	1105	9	terms	term	NOUN
cblr-7159	1105	10	of	of	ADP
cblr-7159	1105	11	the	the	DET
cblr-7159	1105	12	investment	investment	NOUN
cblr-7159	1105	13	state	state	NOUN
cblr-7159	1105	14	that	that	SCONJ
cblr-7159	1105	15	losses	loss	NOUN
cblr-7159	1105	16	are	be	AUX
cblr-7159	1105	17	not	not	PART
cblr-7159	1105	18	shared	share	VERB
cblr-7159	1105	19	equally.327	equally.327	NOUN
cblr-7159	1105	20	rather	rather	ADV
cblr-7159	1105	21	,	,	PUNCT
cblr-7159	1105	22	for	for	ADP
cblr-7159	1105	23	the	the	DET
cblr-7159	1105	24	first	first	ADJ
cblr-7159	1105	25	ten	ten	NUM
cblr-7159	1105	26	loans	loan	NOUN
cblr-7159	1105	27	to	to	ADP
cblr-7159	1105	28	default	default	NOUN
cblr-7159	1105	29	,	,	PUNCT
cblr-7159	1105	30	whatever	whatever	PRON
cblr-7159	1105	31	they	they	PRON
cblr-7159	1105	32	may	may	AUX
cblr-7159	1105	33	be	be	AUX
cblr-7159	1105	34	,	,	PUNCT
cblr-7159	1105	35	the	the	DET
cblr-7159	1105	36	losses	loss	NOUN
cblr-7159	1105	37	will	will	AUX
cblr-7159	1105	38	be	be	AUX
cblr-7159	1105	39	borne	bear	VERB
cblr-7159	1105	40	by	by	ADP
cblr-7159	1105	41	the	the	DET
cblr-7159	1105	42	lowest	low	ADJ
cblr-7159	1105	43	level	level	NOUN
cblr-7159	1105	44	investor	investor	NOUN
cblr-7159	1105	45	(	(	PUNCT
cblr-7159	1105	46	for	for	ADP
cblr-7159	1105	47	purposes	purpose	NOUN
cblr-7159	1105	48	of	of	ADP
cblr-7159	1105	49	illustration	illustration	NOUN
cblr-7159	1105	50	,	,	PUNCT
cblr-7159	1105	51	“	"	PUNCT
cblr-7159	1105	52	investor	investor	NOUN
cblr-7159	1105	53	1	1	NUM
cblr-7159	1105	54	”	"	PUNCT
cblr-7159	1105	55	)	)	PUNCT
cblr-7159	1105	56	.	.	PUNCT
cblr-7159	1106	1	for	for	ADP
cblr-7159	1106	2	the	the	DET
cblr-7159	1106	3	next	next	ADJ
cblr-7159	1106	4	ten	ten	NUM
cblr-7159	1106	5	loans	loan	NOUN
cblr-7159	1106	6	to	to	ADP
cblr-7159	1106	7	default	default	NOUN
cblr-7159	1106	8	,	,	PUNCT
cblr-7159	1106	9	losses	loss	NOUN
cblr-7159	1106	10	will	will	AUX
cblr-7159	1106	11	be	be	AUX
cblr-7159	1106	12	borne	bear	VERB
cblr-7159	1106	13	by	by	ADP
cblr-7159	1106	14	the	the	DET
cblr-7159	1106	15	next	next	ADJ
cblr-7159	1106	16	higher	high	ADJ
cblr-7159	1106	17	level	level	NOUN
cblr-7159	1106	18	investor	investor	NOUN
cblr-7159	1106	19	(	(	PUNCT
cblr-7159	1106	20	“	"	PUNCT
cblr-7159	1106	21	investor	investor	NOUN
cblr-7159	1106	22	2	2	NUM
cblr-7159	1106	23	”	"	PUNCT
cblr-7159	1106	24	)	)	PUNCT
cblr-7159	1106	25	.	.	PUNCT
cblr-7159	1107	1	investors	investor	NOUN
cblr-7159	1107	2	1	1	NUM
cblr-7159	1107	3	and	and	CCONJ
cblr-7159	1107	4	2	2	NUM
cblr-7159	1107	5	will	will	AUX
cblr-7159	1107	6	be	be	AUX
cblr-7159	1107	7	purchasing	purchase	VERB
cblr-7159	1107	8	investments	investment	NOUN
cblr-7159	1107	9	with	with	ADP
cblr-7159	1107	10	a	a	DET
cblr-7159	1107	11	higher	high	ADJ
cblr-7159	1107	12	credit	credit	NOUN
cblr-7159	1107	13	rating	rating	NOUN
cblr-7159	1107	14	than	than	ADP
cblr-7159	1107	15	any	any	PRON
cblr-7159	1107	16	of	of	ADP
cblr-7159	1107	17	the	the	DET
cblr-7159	1107	18	underlying	underlie	VERB
cblr-7159	1107	19	loans	loan	NOUN
cblr-7159	1107	20	themselves	themselves	PRON
cblr-7159	1107	21	.	.	PUNCT
cblr-7159	1108	1	assume	assume	VERB
cblr-7159	1108	2	further	far	ADV
cblr-7159	1108	3	that	that	SCONJ
cblr-7159	1108	4	the	the	DET
cblr-7159	1108	5	probability	probability	NOUN
cblr-7159	1108	6	of	of	ADP
cblr-7159	1108	7	default	default	NOUN
cblr-7159	1108	8	of	of	ADP
cblr-7159	1108	9	any	any	DET
cblr-7159	1108	10	one	one	NUM
cblr-7159	1108	11	loan	loan	NOUN
cblr-7159	1108	12	is	be	AUX
cblr-7159	1108	13	5	5	NUM
cblr-7159	1108	14	%	%	NOUN
cblr-7159	1108	15	.	.	PUNCT
cblr-7159	1109	1	also	also	ADV
cblr-7159	1109	2	assume	assume	VERB
cblr-7159	1109	3	that	that	SCONJ
cblr-7159	1109	4	the	the	DET
cblr-7159	1109	5	odds	odd	NOUN
cblr-7159	1109	6	of	of	ADP
cblr-7159	1109	7	any	any	DET
cblr-7159	1109	8	one	one	NUM
cblr-7159	1109	9	borrower	borrower	NOUN
cblr-7159	1109	10	defaulting	default	VERB
cblr-7159	1109	11	on	on	ADP
cblr-7159	1109	12	its	its	PRON
cblr-7159	1109	13	loan	loan	NOUN
cblr-7159	1109	14	are	be	AUX
cblr-7159	1109	15	completely	completely	ADV
cblr-7159	1109	16	unrelated	unrelated	ADJ
cblr-7159	1109	17	to	to	ADP
cblr-7159	1109	18	the	the	DET
cblr-7159	1109	19	default	default	NOUN
cblr-7159	1109	20	of	of	ADP
cblr-7159	1109	21	any	any	DET
cblr-7159	1109	22	other	other	ADJ
cblr-7159	1109	23	borrower	borrower	NOUN
cblr-7159	1109	24	(	(	PUNCT
cblr-7159	1109	25	this	this	PRON
cblr-7159	1109	26	is	be	AUX
cblr-7159	1109	27	a	a	DET
cblr-7159	1109	28	simplifying	simplifying	NOUN
cblr-7159	1109	29	and	and	CCONJ
cblr-7159	1109	30	unrealistic	unrealistic	ADJ
cblr-7159	1109	31	assumption	assumption	NOUN
cblr-7159	1109	32	,	,	PUNCT
cblr-7159	1109	33	but	but	CCONJ
cblr-7159	1109	34	clo	clo	PROPN
cblr-7159	1109	35	portfolio	portfolio	NOUN
cblr-7159	1109	36	managers	manager	NOUN
cblr-7159	1109	37	often	often	ADV
cblr-7159	1109	38	attempt	attempt	VERB
cblr-7159	1109	39	to	to	PART
cblr-7159	1109	40	structure	structure	VERB
cblr-7159	1109	41	a	a	DET
cblr-7159	1109	42	diverse	diverse	ADJ
cblr-7159	1109	43	portfolio	portfolio	NOUN
cblr-7159	1109	44	so	so	SCONJ
cblr-7159	1109	45	that	that	SCONJ
cblr-7159	1109	46	the	the	DET
cblr-7159	1109	47	probability	probability	NOUN
cblr-7159	1109	48	of	of	ADP
cblr-7159	1109	49	default	default	NOUN
cblr-7159	1109	50	of	of	ADP
cblr-7159	1109	51	the	the	DET
cblr-7159	1109	52	326	326	NUM
cblr-7159	1109	53	see	see	VERB
cblr-7159	1109	54	benmelech	benmelech	NOUN
cblr-7159	1109	55	et	et	PROPN
cblr-7159	1109	56	al	al	PROPN
cblr-7159	1109	57	.	.	PROPN
cblr-7159	1109	58	,	,	PUNCT
cblr-7159	1109	59	supra	supra	PROPN
cblr-7159	1109	60	note	note	PROPN
cblr-7159	1109	61	151	151	NUM
cblr-7159	1109	62	,	,	PUNCT
cblr-7159	1109	63	at	at	ADP
cblr-7159	1109	64	92	92	NUM
cblr-7159	1109	65	.	.	PUNCT
cblr-7159	1110	1	327	327	NUM
cblr-7159	1110	2	see	see	NOUN
cblr-7159	1110	3	pozen	pozen	NOUN
cblr-7159	1110	4	,	,	PUNCT
cblr-7159	1110	5	supra	supra	PROPN
cblr-7159	1110	6	note	note	NOUN
cblr-7159	1110	7	318	318	NUM
cblr-7159	1110	8	,	,	PUNCT
cblr-7159	1110	9	at	at	ADP
cblr-7159	1110	10	73	73	NUM
cblr-7159	1110	11	(	(	PUNCT
cblr-7159	1110	12	describing	describe	VERB
cblr-7159	1110	13	cdo	cdo	NOUN
cblr-7159	1110	14	tranching	tranche	VERB
cblr-7159	1110	15	generally	generally	ADV
cblr-7159	1110	16	)	)	PUNCT
cblr-7159	1110	17	;	;	PUNCT
cblr-7159	1111	1	fin	fin	NOUN
cblr-7159	1111	2	.	.	PUNCT
cblr-7159	1111	3	stability	stability	PROPN
cblr-7159	1111	4	bd	bd	PROPN
cblr-7159	1111	5	.	.	PROPN
cblr-7159	1111	6	,	,	PUNCT
cblr-7159	1111	7	vulnerabilities	vulnerability	NOUN
cblr-7159	1111	8	,	,	PUNCT
cblr-7159	1111	9	supra	supra	PROPN
cblr-7159	1111	10	note	note	NOUN
cblr-7159	1111	11	2	2	NUM
cblr-7159	1111	12	,	,	PUNCT
cblr-7159	1111	13	at	at	ADP
cblr-7159	1111	14	33	33	NUM
cblr-7159	1111	15	,	,	PUNCT
cblr-7159	1111	16	34	34	NUM
cblr-7159	1111	17	fig.b.1	fig.b.1	NOUN
cblr-7159	1111	18	.	.	PUNCT
cblr-7159	1112	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1112	2	(	(	PUNCT
cblr-7159	1112	3	do	do	AUX
cblr-7159	1112	4	not	not	PART
cblr-7159	1112	5	delete	delete	VERB
cblr-7159	1112	6	)	)	PUNCT
cblr-7159	1112	7	9/28/2020	9/28/2020	NUM
cblr-7159	1112	8	6:35	6:35	NUM
cblr-7159	1112	9	pm	pm	NOUN
cblr-7159	1112	10	no	no	INTJ
cblr-7159	1112	11	.	.	PUNCT
cblr-7159	1113	1	1:192	1:192	X
cblr-7159	1113	2	]	]	X
cblr-7159	1113	3	reconsidering	reconsider	VERB
cblr-7159	1113	4	creditor	creditor	NOUN
cblr-7159	1113	5	governance	governance	NOUN
cblr-7159	1113	6	281	281	NUM
cblr-7159	1113	7	individual	individual	ADJ
cblr-7159	1113	8	loans	loan	NOUN
cblr-7159	1113	9	are	be	AUX
cblr-7159	1113	10	as	as	ADV
cblr-7159	1113	11	uncorrelated	uncorrelated	ADJ
cblr-7159	1113	12	as	as	ADP
cblr-7159	1113	13	possible328	possible328	PROPN
cblr-7159	1113	14	)	)	PUNCT
cblr-7159	1113	15	.	.	PUNCT
cblr-7159	1114	1	before	before	SCONJ
cblr-7159	1114	2	investor	investor	NOUN
cblr-7159	1114	3	1	1	NUM
cblr-7159	1114	4	loses	lose	VERB
cblr-7159	1114	5	any	any	DET
cblr-7159	1114	6	money	money	NOUN
cblr-7159	1114	7	,	,	PUNCT
cblr-7159	1114	8	ten	ten	NUM
cblr-7159	1114	9	loans	loan	NOUN
cblr-7159	1114	10	have	have	VERB
cblr-7159	1114	11	to	to	PART
cblr-7159	1114	12	default	default	VERB
cblr-7159	1114	13	.	.	PUNCT
cblr-7159	1115	1	the	the	DET
cblr-7159	1115	2	odds	odd	NOUN
cblr-7159	1115	3	of	of	ADP
cblr-7159	1115	4	this	this	DET
cblr-7159	1115	5	happening	happen	VERB
cblr-7159	1115	6	can	can	AUX
cblr-7159	1115	7	be	be	AUX
cblr-7159	1115	8	determined	determine	VERB
cblr-7159	1115	9	according	accord	VERB
cblr-7159	1115	10	a	a	DET
cblr-7159	1115	11	formula	formula	NOUN
cblr-7159	1115	12	,	,	PUNCT
cblr-7159	1115	13	the	the	DET
cblr-7159	1115	14	binomial	binomial	ADJ
cblr-7159	1115	15	distribution	distribution	NOUN
cblr-7159	1115	16	formula	formula	NOUN
cblr-7159	1115	17	,	,	PUNCT
cblr-7159	1115	18	that	that	PRON
cblr-7159	1115	19	determines	determine	VERB
cblr-7159	1115	20	the	the	DET
cblr-7159	1115	21	cumulative	cumulative	ADJ
cblr-7159	1115	22	odds	odd	NOUN
cblr-7159	1115	23	of	of	ADP
cblr-7159	1115	24	a	a	DET
cblr-7159	1115	25	sequence	sequence	NOUN
cblr-7159	1115	26	of	of	ADP
cblr-7159	1115	27	unrelated	unrelated	ADJ
cblr-7159	1115	28	events.329	events.329	NOUN
cblr-7159	1115	29	if	if	SCONJ
cblr-7159	1115	30	the	the	DET
cblr-7159	1115	31	odds	odd	NOUN
cblr-7159	1115	32	of	of	ADP
cblr-7159	1115	33	any	any	DET
cblr-7159	1115	34	one	one	NUM
cblr-7159	1115	35	loan	loan	NOUN
cblr-7159	1115	36	defaulting	default	VERB
cblr-7159	1115	37	are	be	AUX
cblr-7159	1115	38	5	5	NUM
cblr-7159	1115	39	%	%	NOUN
cblr-7159	1115	40	,	,	PUNCT
cblr-7159	1115	41	the	the	DET
cblr-7159	1115	42	odds	odd	NOUN
cblr-7159	1115	43	of	of	ADP
cblr-7159	1115	44	ten	ten	NUM
cblr-7159	1115	45	total	total	ADJ
cblr-7159	1115	46	loans	loan	NOUN
cblr-7159	1115	47	defaulting	default	VERB
cblr-7159	1115	48	is	be	AUX
cblr-7159	1115	49	2.82	2.82	NUM
cblr-7159	1115	50	%	%	NOUN
cblr-7159	1115	51	.	.	PUNCT
cblr-7159	1116	1	thus	thus	ADV
cblr-7159	1116	2	,	,	PUNCT
cblr-7159	1116	3	investor	investor	NOUN
cblr-7159	1116	4	1	1	NUM
cblr-7159	1116	5	has	have	AUX
cblr-7159	1116	6	effectively	effectively	ADV
cblr-7159	1116	7	taken	take	VERB
cblr-7159	1116	8	a	a	DET
cblr-7159	1116	9	loan	loan	NOUN
cblr-7159	1116	10	with	with	ADP
cblr-7159	1116	11	a	a	DET
cblr-7159	1116	12	default	default	NOUN
cblr-7159	1116	13	risk	risk	NOUN
cblr-7159	1116	14	of	of	ADP
cblr-7159	1116	15	5	5	NUM
cblr-7159	1116	16	%	%	NOUN
cblr-7159	1116	17	and	and	CCONJ
cblr-7159	1116	18	turned	turn	VERB
cblr-7159	1116	19	it	it	PRON
cblr-7159	1116	20	into	into	ADP
cblr-7159	1116	21	an	an	DET
cblr-7159	1116	22	investment	investment	NOUN
cblr-7159	1116	23	with	with	ADP
cblr-7159	1116	24	only	only	ADV
cblr-7159	1116	25	a	a	DET
cblr-7159	1116	26	2.82	2.82	NUM
cblr-7159	1116	27	%	%	NOUN
cblr-7159	1116	28	of	of	ADP
cblr-7159	1116	29	defaulting	default	VERB
cblr-7159	1116	30	.	.	PUNCT
cblr-7159	1117	1	the	the	DET
cblr-7159	1117	2	investment	investment	NOUN
cblr-7159	1117	3	will	will	AUX
cblr-7159	1117	4	likely	likely	ADV
cblr-7159	1117	5	get	get	VERB
cblr-7159	1117	6	a	a	DET
cblr-7159	1117	7	higher	high	ADJ
cblr-7159	1117	8	credit	credit	NOUN
cblr-7159	1117	9	rating	rating	NOUN
cblr-7159	1117	10	and	and	CCONJ
cblr-7159	1117	11	be	be	AUX
cblr-7159	1117	12	safer	safe	ADJ
cblr-7159	1117	13	than	than	ADP
cblr-7159	1117	14	investing	invest	VERB
cblr-7159	1117	15	in	in	ADP
cblr-7159	1117	16	any	any	DET
cblr-7159	1117	17	individual	individual	ADJ
cblr-7159	1117	18	loan	loan	NOUN
cblr-7159	1117	19	.	.	PUNCT
cblr-7159	1118	1	if	if	SCONJ
cblr-7159	1118	2	ten	ten	NUM
cblr-7159	1118	3	tranches	tranche	NOUN
cblr-7159	1118	4	like	like	ADP
cblr-7159	1118	5	investors	investor	NOUN
cblr-7159	1118	6	1	1	NUM
cblr-7159	1118	7	’s	’	VERB
cblr-7159	1118	8	are	be	AUX
cblr-7159	1118	9	bundled	bundle	VERB
cblr-7159	1118	10	together	together	ADV
cblr-7159	1118	11	to	to	PART
cblr-7159	1118	12	make	make	VERB
cblr-7159	1118	13	another	another	PRON
cblr-7159	1118	14	,	,	PUNCT
cblr-7159	1118	15	even	even	ADV
cblr-7159	1118	16	safer	safe	ADJ
cblr-7159	1118	17	tranche	tranche	NOUN
cblr-7159	1118	18	,	,	PUNCT
cblr-7159	1118	19	it	it	PRON
cblr-7159	1118	20	will	will	AUX
cblr-7159	1118	21	have	have	VERB
cblr-7159	1118	22	a	a	DET
cblr-7159	1118	23	probability	probability	NOUN
cblr-7159	1118	24	of	of	ADP
cblr-7159	1118	25	default	default	NOUN
cblr-7159	1118	26	that	that	PRON
cblr-7159	1118	27	is	be	AUX
cblr-7159	1118	28	even	even	ADV
cblr-7159	1118	29	lower	low	ADJ
cblr-7159	1118	30	:	:	PUNCT
cblr-7159	1118	31	0.05	0.05	NUM
cblr-7159	1118	32	%	%	NOUN
cblr-7159	1118	33	.	.	PUNCT
cblr-7159	1119	1	if	if	SCONJ
cblr-7159	1119	2	investor	investor	NOUN
cblr-7159	1119	3	2	2	NUM
cblr-7159	1119	4	buys	buy	VERB
cblr-7159	1119	5	this	this	DET
cblr-7159	1119	6	tranche	tranche	NOUN
cblr-7159	1119	7	,	,	PUNCT
cblr-7159	1119	8	she	she	PRON
cblr-7159	1119	9	can	can	AUX
cblr-7159	1119	10	be	be	AUX
cblr-7159	1119	11	secure	secure	ADJ
cblr-7159	1119	12	in	in	ADP
cblr-7159	1119	13	the	the	DET
cblr-7159	1119	14	fact	fact	NOUN
cblr-7159	1119	15	that	that	PRON
cblr-7159	1119	16	is	be	AUX
cblr-7159	1119	17	it	it	PRON
cblr-7159	1119	18	is	be	AUX
cblr-7159	1119	19	expected	expect	VERB
cblr-7159	1119	20	to	to	PART
cblr-7159	1119	21	default	default	VERB
cblr-7159	1119	22	only	only	ADV
cblr-7159	1119	23	once	once	ADV
cblr-7159	1119	24	every	every	DET
cblr-7159	1119	25	10,000	10,000	NUM
cblr-7159	1119	26	years	year	NOUN
cblr-7159	1119	27	.	.	PUNCT
cblr-7159	1120	1	that	that	PRON
cblr-7159	1120	2	is	be	AUX
cblr-7159	1120	3	fairly	fairly	ADV
cblr-7159	1120	4	safe	safe	ADJ
cblr-7159	1120	5	by	by	ADP
cblr-7159	1120	6	most	most	ADJ
cblr-7159	1120	7	standards	standard	NOUN
cblr-7159	1120	8	.	.	PUNCT
cblr-7159	1121	1	however	however	ADV
cblr-7159	1121	2	,	,	PUNCT
cblr-7159	1121	3	suppose	suppose	VERB
cblr-7159	1121	4	that	that	SCONJ
cblr-7159	1121	5	the	the	DET
cblr-7159	1121	6	real	real	ADJ
cblr-7159	1121	7	risk	risk	NOUN
cblr-7159	1121	8	of	of	ADP
cblr-7159	1121	9	default	default	NOUN
cblr-7159	1121	10	is	be	AUX
cblr-7159	1121	11	6	6	NUM
cblr-7159	1121	12	%	%	NOUN
cblr-7159	1121	13	instead	instead	ADV
cblr-7159	1121	14	of	of	ADP
cblr-7159	1121	15	5	5	NUM
cblr-7159	1121	16	%	%	NOUN
cblr-7159	1121	17	.	.	PUNCT
cblr-7159	1122	1	this	this	PRON
cblr-7159	1122	2	is	be	AUX
cblr-7159	1122	3	a	a	DET
cblr-7159	1122	4	small	small	ADJ
cblr-7159	1122	5	increase	increase	NOUN
cblr-7159	1122	6	in	in	ADP
cblr-7159	1122	7	risk	risk	NOUN
cblr-7159	1122	8	of	of	ADP
cblr-7159	1122	9	one	one	NUM
cblr-7159	1122	10	percentage	percentage	NOUN
cblr-7159	1122	11	point	point	NOUN
cblr-7159	1122	12	for	for	ADP
cblr-7159	1122	13	each	each	DET
cblr-7159	1122	14	individual	individual	ADJ
cblr-7159	1122	15	loan	loan	NOUN
cblr-7159	1122	16	that	that	PRON
cblr-7159	1122	17	goes	go	VERB
cblr-7159	1122	18	into	into	ADP
cblr-7159	1122	19	the	the	DET
cblr-7159	1122	20	clo	clo	PROPN
cblr-7159	1122	21	portfolio	portfolio	NOUN
cblr-7159	1122	22	.	.	PUNCT
cblr-7159	1123	1	the	the	DET
cblr-7159	1123	2	effect	effect	NOUN
cblr-7159	1123	3	is	be	AUX
cblr-7159	1123	4	magnified	magnify	VERB
cblr-7159	1123	5	in	in	ADP
cblr-7159	1123	6	the	the	DET
cblr-7159	1123	7	risk	risk	NOUN
cblr-7159	1123	8	of	of	ADP
cblr-7159	1123	9	the	the	DET
cblr-7159	1123	10	clo	clo	PROPN
cblr-7159	1123	11	tranches	tranche	NOUN
cblr-7159	1123	12	:	:	PUNCT
cblr-7159	1123	13	investor	investor	NOUN
cblr-7159	1123	14	1	1	NUM
cblr-7159	1123	15	’s	’s	PART
cblr-7159	1123	16	risk	risk	NOUN
cblr-7159	1123	17	of	of	ADP
cblr-7159	1123	18	default	default	NOUN
cblr-7159	1123	19	goes	go	VERB
cblr-7159	1123	20	from	from	ADP
cblr-7159	1123	21	2.82	2.82	NUM
cblr-7159	1123	22	%	%	NOUN
cblr-7159	1123	23	percent	percent	NOUN
cblr-7159	1123	24	to	to	ADP
cblr-7159	1123	25	7.75	7.75	NUM
cblr-7159	1123	26	%	%	NOUN
cblr-7159	1123	27	,	,	PUNCT
cblr-7159	1123	28	more	more	ADJ
cblr-7159	1123	29	than	than	ADP
cblr-7159	1123	30	double	double	DET
cblr-7159	1123	31	the	the	DET
cblr-7159	1123	32	risk	risk	NOUN
cblr-7159	1123	33	of	of	ADP
cblr-7159	1123	34	the	the	DET
cblr-7159	1123	35	original	original	ADJ
cblr-7159	1123	36	security	security	NOUN
cblr-7159	1123	37	,	,	PUNCT
cblr-7159	1123	38	and	and	CCONJ
cblr-7159	1123	39	more	more	ADJ
cblr-7159	1123	40	than	than	ADP
cblr-7159	1123	41	the	the	DET
cblr-7159	1123	42	risk	risk	NOUN
cblr-7159	1123	43	of	of	ADP
cblr-7159	1123	44	default	default	NOUN
cblr-7159	1123	45	of	of	ADP
cblr-7159	1123	46	any	any	DET
cblr-7159	1123	47	individual	individual	ADJ
cblr-7159	1123	48	loan	loan	NOUN
cblr-7159	1123	49	.	.	PUNCT
cblr-7159	1124	1	investor	investor	NOUN
cblr-7159	1124	2	2	2	NUM
cblr-7159	1124	3	is	be	AUX
cblr-7159	1124	4	even	even	ADV
cblr-7159	1124	5	worse	bad	ADJ
cblr-7159	1124	6	off	off	ADP
cblr-7159	1124	7	:	:	PUNCT
cblr-7159	1124	8	her	her	PRON
cblr-7159	1124	9	default	default	NOUN
cblr-7159	1124	10	risk	risk	NOUN
cblr-7159	1124	11	goes	go	VERB
cblr-7159	1124	12	up	up	ADP
cblr-7159	1124	13	to	to	ADP
cblr-7159	1124	14	24.7	24.7	NUM
cblr-7159	1124	15	%	%	NOUN
cblr-7159	1124	16	.	.	PUNCT
cblr-7159	1125	1	if	if	SCONJ
cblr-7159	1125	2	we	we	PRON
cblr-7159	1125	3	assume	assume	VERB
cblr-7159	1125	4	that	that	SCONJ
cblr-7159	1125	5	the	the	DET
cblr-7159	1125	6	real	real	ADJ
cblr-7159	1125	7	risk	risk	NOUN
cblr-7159	1125	8	of	of	ADP
cblr-7159	1125	9	an	an	DET
cblr-7159	1125	10	individual	individual	ADJ
cblr-7159	1125	11	loan	loan	NOUN
cblr-7159	1125	12	’s	’s	PART
cblr-7159	1125	13	default	default	NOUN
cblr-7159	1125	14	is	be	AUX
cblr-7159	1125	15	7	7	NUM
cblr-7159	1125	16	%	%	NOUN
cblr-7159	1125	17	,	,	PUNCT
cblr-7159	1125	18	just	just	ADV
cblr-7159	1125	19	one	one	NUM
cblr-7159	1125	20	more	more	ADJ
cblr-7159	1125	21	percentage	percentage	NOUN
cblr-7159	1125	22	point	point	NOUN
cblr-7159	1125	23	higher	high	ADJ
cblr-7159	1125	24	,	,	PUNCT
cblr-7159	1125	25	investor	investor	NOUN
cblr-7159	1125	26	1	1	NUM
cblr-7159	1125	27	’s	’s	PART
cblr-7159	1125	28	default	default	NOUN
cblr-7159	1125	29	risk	risk	NOUN
cblr-7159	1125	30	goes	go	VERB
cblr-7159	1125	31	to	to	ADP
cblr-7159	1125	32	16.2	16.2	NUM
cblr-7159	1125	33	%	%	NOUN
cblr-7159	1125	34	,	,	PUNCT
cblr-7159	1125	35	and	and	CCONJ
cblr-7159	1125	36	investor	investor	NOUN
cblr-7159	1125	37	2	2	NUM
cblr-7159	1125	38	’s	’s	PART
cblr-7159	1125	39	risk	risk	NOUN
cblr-7159	1125	40	goes	go	VERB
cblr-7159	1125	41	to	to	ADP
cblr-7159	1125	42	97.19%.330	97.19%.330	PROPN
cblr-7159	1125	43	thus	thus	ADV
cblr-7159	1125	44	,	,	PUNCT
cblr-7159	1125	45	these	these	PRON
cblr-7159	1125	46	erstwhile	erstwhile	VERB
cblr-7159	1125	47	low	low	ADJ
cblr-7159	1125	48	-	-	PUNCT
cblr-7159	1125	49	risk	risk	NOUN
cblr-7159	1125	50	investments	investment	NOUN
cblr-7159	1125	51	in	in	ADP
cblr-7159	1125	52	fact	fact	NOUN
cblr-7159	1125	53	quickly	quickly	ADV
cblr-7159	1125	54	become	become	VERB
cblr-7159	1125	55	quite	quite	ADV
cblr-7159	1125	56	risky	risky	ADJ
cblr-7159	1125	57	.	.	PUNCT
cblr-7159	1126	1	clos	clo	NOUN
cblr-7159	1126	2	in	in	ADP
cblr-7159	1126	3	the	the	DET
cblr-7159	1126	4	market	market	NOUN
cblr-7159	1126	5	are	be	AUX
cblr-7159	1126	6	more	more	ADV
cblr-7159	1126	7	complex	complex	ADJ
cblr-7159	1126	8	than	than	SCONJ
cblr-7159	1126	9	this	this	PRON
cblr-7159	1126	10	stylized	stylize	VERB
cblr-7159	1126	11	example	example	NOUN
cblr-7159	1126	12	,	,	PUNCT
cblr-7159	1126	13	but	but	CCONJ
cblr-7159	1126	14	it	it	PRON
cblr-7159	1126	15	nonetheless	nonetheless	ADV
cblr-7159	1126	16	drives	drive	VERB
cblr-7159	1126	17	home	home	ADV
cblr-7159	1126	18	the	the	DET
cblr-7159	1126	19	point	point	NOUN
cblr-7159	1126	20	that	that	PRON
cblr-7159	1126	21	very	very	ADV
cblr-7159	1126	22	328	328	NUM
cblr-7159	1126	23	fin	fin	NOUN
cblr-7159	1126	24	.	.	PUNCT
cblr-7159	1127	1	stability	stability	PROPN
cblr-7159	1127	2	bd	bd	PROPN
cblr-7159	1127	3	.	.	PROPN
cblr-7159	1127	4	,	,	PUNCT
cblr-7159	1127	5	vulnerabilities	vulnerability	NOUN
cblr-7159	1127	6	,	,	PUNCT
cblr-7159	1127	7	supra	supra	PROPN
cblr-7159	1127	8	note	note	NOUN
cblr-7159	1127	9	2	2	NUM
cblr-7159	1127	10	,	,	PUNCT
cblr-7159	1127	11	at	at	ADP
cblr-7159	1127	12	3–4	3–4	NUM
cblr-7159	1127	13	(	(	PUNCT
cblr-7159	1127	14	“	"	PUNCT
cblr-7159	1127	15	to	to	PART
cblr-7159	1127	16	promote	promote	VERB
cblr-7159	1127	17	diversification	diversification	NOUN
cblr-7159	1127	18	,	,	PUNCT
cblr-7159	1127	19	clos	clo	NOUN
cblr-7159	1127	20	are	be	AUX
cblr-7159	1127	21	structured	structure	VERB
cblr-7159	1127	22	with	with	ADP
cblr-7159	1127	23	specific	specific	ADJ
cblr-7159	1127	24	investment	investment	NOUN
cblr-7159	1127	25	limitations	limitation	NOUN
cblr-7159	1127	26	that	that	PRON
cblr-7159	1127	27	the	the	DET
cblr-7159	1127	28	clo	clo	PROPN
cblr-7159	1127	29	manager	manager	NOUN
cblr-7159	1127	30	must	must	AUX
cblr-7159	1127	31	adhere	adhere	VERB
cblr-7159	1127	32	to	to	ADP
cblr-7159	1127	33	,	,	PUNCT
cblr-7159	1127	34	such	such	ADJ
cblr-7159	1127	35	as	as	ADP
cblr-7159	1127	36	issuer	issuer	NOUN
cblr-7159	1127	37	and	and	CCONJ
cblr-7159	1127	38	industry	industry	NOUN
cblr-7159	1127	39	concentrations	concentration	NOUN
cblr-7159	1127	40	,	,	PUNCT
cblr-7159	1127	41	which	which	PRON
cblr-7159	1127	42	are	be	AUX
cblr-7159	1127	43	intended	intend	VERB
cblr-7159	1127	44	to	to	PART
cblr-7159	1127	45	protect	protect	VERB
cblr-7159	1127	46	investors	investor	NOUN
cblr-7159	1127	47	from	from	ADP
cblr-7159	1127	48	potential	potential	ADJ
cblr-7159	1127	49	losses	loss	NOUN
cblr-7159	1127	50	through	through	ADP
cblr-7159	1127	51	risk	risk	NOUN
cblr-7159	1127	52	diversification	diversification	NOUN
cblr-7159	1127	53	.	.	PUNCT
cblr-7159	1127	54	”	"	PUNCT
cblr-7159	1127	55	)	)	PUNCT
cblr-7159	1127	56	.	.	PUNCT
cblr-7159	1128	1	329	329	NUM
cblr-7159	1128	2	see	see	VERB
cblr-7159	1128	3	alexander	alexander	PROPN
cblr-7159	1128	4	holmes	holmes	PROPN
cblr-7159	1128	5	et	et	PROPN
cblr-7159	1128	6	al	al	PROPN
cblr-7159	1128	7	.	.	PROPN
cblr-7159	1128	8	,	,	PUNCT
cblr-7159	1128	9	introductory	introductory	PROPN
cblr-7159	1128	10	business	business	NOUN
cblr-7159	1128	11	statistics	statistic	NOUN
cblr-7159	1128	12	206–07	206–07	PROPN
cblr-7159	1128	13	(	(	PUNCT
cblr-7159	1128	14	2017	2017	NUM
cblr-7159	1128	15	)	)	PUNCT
cblr-7159	1128	16	(	(	PUNCT
cblr-7159	1128	17	discussing	discuss	VERB
cblr-7159	1128	18	binomial	binomial	ADJ
cblr-7159	1128	19	distributions	distribution	NOUN
cblr-7159	1128	20	)	)	PUNCT
cblr-7159	1128	21	.	.	PUNCT
cblr-7159	1129	1	330	330	NUM
cblr-7159	1129	2	this	this	DET
cblr-7159	1129	3	example	example	NOUN
cblr-7159	1129	4	is	be	AUX
cblr-7159	1129	5	adapted	adapt	VERB
cblr-7159	1129	6	from	from	ADP
cblr-7159	1129	7	one	one	NUM
cblr-7159	1129	8	often	often	ADV
cblr-7159	1129	9	told	tell	VERB
cblr-7159	1129	10	by	by	ADP
cblr-7159	1129	11	robert	robert	PROPN
cblr-7159	1129	12	pozen	pozen	PROPN
cblr-7159	1129	13	.	.	PUNCT
cblr-7159	1130	1	the	the	DET
cblr-7159	1130	2	anecdote	anecdote	NOUN
cblr-7159	1130	3	is	be	AUX
cblr-7159	1130	4	partially	partially	ADV
cblr-7159	1130	5	recounted	recount	VERB
cblr-7159	1130	6	in	in	ADP
cblr-7159	1130	7	pozen	pozen	ADJ
cblr-7159	1130	8	,	,	PUNCT
cblr-7159	1130	9	supra	supra	PROPN
cblr-7159	1130	10	note	note	NOUN
cblr-7159	1130	11	318	318	NUM
cblr-7159	1130	12	,	,	PUNCT
cblr-7159	1130	13	at	at	ADP
cblr-7159	1130	14	95–96	95–96	NUM
cblr-7159	1130	15	.	.	PUNCT
cblr-7159	1131	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1131	2	(	(	PUNCT
cblr-7159	1131	3	do	do	AUX
cblr-7159	1131	4	not	not	PART
cblr-7159	1131	5	delte	delte	VERB
cblr-7159	1131	6	)	)	PUNCT
cblr-7159	1131	7	9/28/2020	9/28/2020	PROPN
cblr-7159	1132	1	6:35	6:35	NUM
cblr-7159	1132	2	pm	pm	NOUN
cblr-7159	1132	3	282	282	NUM
cblr-7159	1132	4	columbia	columbia	PROPN
cblr-7159	1132	5	business	business	NOUN
cblr-7159	1132	6	law	law	PROPN
cblr-7159	1132	7	review	review	NOUN
cblr-7159	1133	1	[	[	X
cblr-7159	1133	2	vol	vol	NOUN
cblr-7159	1133	3	.	.	PUNCT
cblr-7159	1133	4	2020	2020	NUM
cblr-7159	1133	5	small	small	ADJ
cblr-7159	1133	6	changes	change	NOUN
cblr-7159	1133	7	in	in	ADP
cblr-7159	1133	8	the	the	DET
cblr-7159	1133	9	default	default	NOUN
cblr-7159	1133	10	risk	risk	NOUN
cblr-7159	1133	11	of	of	ADP
cblr-7159	1133	12	individual	individual	ADJ
cblr-7159	1133	13	loans	loan	NOUN
cblr-7159	1133	14	can	can	AUX
cblr-7159	1133	15	have	have	VERB
cblr-7159	1133	16	a	a	DET
cblr-7159	1133	17	large	large	ADJ
cblr-7159	1133	18	impact	impact	NOUN
cblr-7159	1133	19	on	on	ADP
cblr-7159	1133	20	the	the	DET
cblr-7159	1133	21	ultimate	ultimate	ADJ
cblr-7159	1133	22	investment	investment	NOUN
cblr-7159	1133	23	product	product	NOUN
cblr-7159	1133	24	created	create	VERB
cblr-7159	1133	25	out	out	ADP
cblr-7159	1133	26	of	of	ADP
cblr-7159	1133	27	them	they	PRON
cblr-7159	1133	28	.	.	PUNCT
cblr-7159	1134	1	that	that	PRON
cblr-7159	1134	2	can	can	AUX
cblr-7159	1134	3	translate	translate	VERB
cblr-7159	1134	4	into	into	ADP
cblr-7159	1134	5	systemically	systemically	ADV
cblr-7159	1134	6	important	important	ADJ
cblr-7159	1134	7	risks	risk	NOUN
cblr-7159	1134	8	.	.	PUNCT
cblr-7159	1135	1	moreover	moreover	ADV
cblr-7159	1135	2	,	,	PUNCT
cblr-7159	1135	3	the	the	DET
cblr-7159	1135	4	example	example	NOUN
cblr-7159	1135	5	above	above	ADV
cblr-7159	1135	6	assumes	assume	VERB
cblr-7159	1135	7	that	that	SCONJ
cblr-7159	1135	8	defaults	default	NOUN
cblr-7159	1135	9	are	be	AUX
cblr-7159	1135	10	uncorrelated	uncorrelate	VERB
cblr-7159	1135	11	,	,	PUNCT
cblr-7159	1135	12	an	an	DET
cblr-7159	1135	13	assumption	assumption	NOUN
cblr-7159	1135	14	that	that	PRON
cblr-7159	1135	15	is	be	AUX
cblr-7159	1135	16	unlikely	unlikely	ADJ
cblr-7159	1135	17	to	to	PART
cblr-7159	1135	18	be	be	AUX
cblr-7159	1135	19	true	true	ADJ
cblr-7159	1135	20	in	in	ADP
cblr-7159	1135	21	reality	reality	NOUN
cblr-7159	1135	22	,	,	PUNCT
cblr-7159	1135	23	especially	especially	ADV
cblr-7159	1135	24	in	in	ADP
cblr-7159	1135	25	times	time	NOUN
cblr-7159	1135	26	when	when	SCONJ
cblr-7159	1135	27	the	the	DET
cblr-7159	1135	28	economy	economy	NOUN
cblr-7159	1135	29	as	as	ADP
cblr-7159	1135	30	a	a	DET
cblr-7159	1135	31	whole	whole	NOUN
cblr-7159	1135	32	is	be	AUX
cblr-7159	1135	33	in	in	ADP
cblr-7159	1135	34	distress	distress	NOUN
cblr-7159	1135	35	.	.	PUNCT
cblr-7159	1136	1	clo	clo	PROPN
cblr-7159	1136	2	managers	manager	NOUN
cblr-7159	1136	3	and	and	CCONJ
cblr-7159	1136	4	underwriters	underwriter	NOUN
cblr-7159	1136	5	undoubtedly	undoubtedly	ADV
cblr-7159	1136	6	understand	understand	VERB
cblr-7159	1136	7	this	this	PRON
cblr-7159	1136	8	and	and	CCONJ
cblr-7159	1136	9	structure	structure	VERB
cblr-7159	1136	10	their	their	PRON
cblr-7159	1136	11	portfolios	portfolio	NOUN
cblr-7159	1136	12	and	and	CCONJ
cblr-7159	1136	13	tranches	tranche	NOUN
cblr-7159	1136	14	accordingly.331	accordingly.331	ADJ
cblr-7159	1136	15	rating	rating	NOUN
cblr-7159	1136	16	agencies	agency	NOUN
cblr-7159	1136	17	also	also	ADV
cblr-7159	1136	18	take	take	VERB
cblr-7159	1136	19	it	it	PRON
cblr-7159	1136	20	into	into	ADP
cblr-7159	1136	21	account	account	NOUN
cblr-7159	1136	22	in	in	ADP
cblr-7159	1136	23	their	their	PRON
cblr-7159	1136	24	models	model	NOUN
cblr-7159	1136	25	when	when	SCONJ
cblr-7159	1136	26	they	they	PRON
cblr-7159	1136	27	rate	rate	VERB
cblr-7159	1136	28	the	the	DET
cblr-7159	1136	29	riskiness	riskiness	NOUN
cblr-7159	1136	30	of	of	ADP
cblr-7159	1136	31	clos.332	clos.332	NOUN
cblr-7159	1136	32	however	however	ADV
cblr-7159	1136	33	,	,	PUNCT
cblr-7159	1136	34	the	the	DET
cblr-7159	1136	35	assumptions	assumption	NOUN
cblr-7159	1136	36	underlying	underlie	VERB
cblr-7159	1136	37	these	these	DET
cblr-7159	1136	38	models	model	NOUN
cblr-7159	1136	39	,	,	PUNCT
cblr-7159	1136	40	in	in	ADP
cblr-7159	1136	41	particular	particular	ADJ
cblr-7159	1136	42	the	the	DET
cblr-7159	1136	43	correlation	correlation	NOUN
cblr-7159	1136	44	between	between	ADP
cblr-7159	1136	45	individual	individual	ADJ
cblr-7159	1136	46	loan	loan	NOUN
cblr-7159	1136	47	defaults	default	NOUN
cblr-7159	1136	48	,	,	PUNCT
cblr-7159	1136	49	is	be	AUX
cblr-7159	1136	50	likely	likely	ADJ
cblr-7159	1136	51	to	to	PART
cblr-7159	1136	52	change	change	VERB
cblr-7159	1136	53	as	as	SCONJ
cblr-7159	1136	54	lenders	lender	NOUN
cblr-7159	1136	55	pull	pull	VERB
cblr-7159	1136	56	back	back	ADV
cblr-7159	1136	57	from	from	ADP
cblr-7159	1136	58	fiscal	fiscal	ADJ
cblr-7159	1136	59	interventions	intervention	NOUN
cblr-7159	1136	60	.	.	PUNCT
cblr-7159	1137	1	as	as	ADP
cblr-7159	1137	2	more	more	ADJ
cblr-7159	1137	3	clos	clo	NOUN
cblr-7159	1137	4	are	be	AUX
cblr-7159	1137	5	issued	issue	VERB
cblr-7159	1137	6	,	,	PUNCT
cblr-7159	1137	7	the	the	DET
cblr-7159	1137	8	problem	problem	NOUN
cblr-7159	1137	9	grows	grow	VERB
cblr-7159	1137	10	worse	bad	ADJ
cblr-7159	1137	11	:	:	PUNCT
cblr-7159	1137	12	more	more	ADJ
cblr-7159	1137	13	securitizations	securitization	NOUN
cblr-7159	1137	14	create	create	VERB
cblr-7159	1137	15	more	more	ADJ
cblr-7159	1137	16	demand	demand	NOUN
cblr-7159	1137	17	for	for	ADP
cblr-7159	1137	18	loans	loan	NOUN
cblr-7159	1137	19	,	,	PUNCT
cblr-7159	1137	20	higher	high	ADJ
cblr-7159	1137	21	demand	demand	NOUN
cblr-7159	1137	22	for	for	ADP
cblr-7159	1137	23	credit	credit	NOUN
cblr-7159	1137	24	,	,	PUNCT
cblr-7159	1137	25	and	and	CCONJ
cblr-7159	1137	26	less	less	ADJ
cblr-7159	1137	27	monitoring	monitoring	NOUN
cblr-7159	1137	28	.	.	PUNCT
cblr-7159	1138	1	this	this	PRON
cblr-7159	1138	2	is	be	AUX
cblr-7159	1138	3	likely	likely	ADJ
cblr-7159	1138	4	to	to	PART
cblr-7159	1138	5	drive	drive	VERB
cblr-7159	1138	6	up	up	ADP
cblr-7159	1138	7	the	the	DET
cblr-7159	1138	8	risk	risk	NOUN
cblr-7159	1138	9	of	of	ADP
cblr-7159	1138	10	default	default	NOUN
cblr-7159	1138	11	in	in	ADP
cblr-7159	1138	12	a	a	DET
cblr-7159	1138	13	manner	manner	NOUN
cblr-7159	1138	14	correlated	correlate	VERB
cblr-7159	1138	15	with	with	ADP
cblr-7159	1138	16	the	the	DET
cblr-7159	1138	17	timing	timing	NOUN
cblr-7159	1138	18	of	of	ADP
cblr-7159	1138	19	the	the	DET
cblr-7159	1138	20	loan	loan	NOUN
cblr-7159	1138	21	.	.	PUNCT
cblr-7159	1139	1	the	the	DET
cblr-7159	1139	2	overall	overall	ADJ
cblr-7159	1139	3	increase	increase	NOUN
cblr-7159	1139	4	in	in	ADP
cblr-7159	1139	5	the	the	DET
cblr-7159	1139	6	correlation	correlation	NOUN
cblr-7159	1139	7	of	of	ADP
cblr-7159	1139	8	default	default	NOUN
cblr-7159	1139	9	risks	risk	NOUN
cblr-7159	1139	10	might	might	AUX
cblr-7159	1139	11	be	be	AUX
cblr-7159	1139	12	small	small	ADJ
cblr-7159	1139	13	,	,	PUNCT
cblr-7159	1139	14	and	and	CCONJ
cblr-7159	1139	15	it	it	PRON
cblr-7159	1139	16	is	be	AUX
cblr-7159	1139	17	beyond	beyond	ADP
cblr-7159	1139	18	the	the	DET
cblr-7159	1139	19	scope	scope	NOUN
cblr-7159	1139	20	of	of	ADP
cblr-7159	1139	21	this	this	DET
cblr-7159	1139	22	article	article	NOUN
cblr-7159	1139	23	to	to	PART
cblr-7159	1139	24	attempt	attempt	VERB
cblr-7159	1139	25	to	to	PART
cblr-7159	1139	26	quantify	quantify	VERB
cblr-7159	1139	27	it	it	PRON
cblr-7159	1139	28	.	.	PUNCT
cblr-7159	1140	1	but	but	CCONJ
cblr-7159	1140	2	even	even	ADV
cblr-7159	1140	3	if	if	SCONJ
cblr-7159	1140	4	the	the	DET
cblr-7159	1140	5	effect	effect	NOUN
cblr-7159	1140	6	of	of	ADP
cblr-7159	1140	7	this	this	DET
cblr-7159	1140	8	correlation	correlation	NOUN
cblr-7159	1140	9	is	be	AUX
cblr-7159	1140	10	small	small	ADJ
cblr-7159	1140	11	,	,	PUNCT
cblr-7159	1140	12	it	it	PRON
cblr-7159	1140	13	can	can	AUX
cblr-7159	1140	14	have	have	VERB
cblr-7159	1140	15	an	an	DET
cblr-7159	1140	16	extremely	extremely	ADV
cblr-7159	1140	17	large	large	ADJ
cblr-7159	1140	18	impact	impact	NOUN
cblr-7159	1140	19	on	on	ADP
cblr-7159	1140	20	clos	clo	NOUN
cblr-7159	1140	21	.	.	PUNCT
cblr-7159	1141	1	c.	c.	NOUN
cblr-7159	1141	2	ways	way	NOUN
cblr-7159	1141	3	to	to	PART
cblr-7159	1141	4	address	address	VERB
cblr-7159	1141	5	the	the	DET
cblr-7159	1141	6	governance	governance	NOUN
cblr-7159	1141	7	effect	effect	NOUN
cblr-7159	1141	8	of	of	ADP
cblr-7159	1141	9	securitization	securitization	NOUN
cblr-7159	1141	10	a	a	DET
cblr-7159	1141	11	number	number	NOUN
cblr-7159	1141	12	of	of	ADP
cblr-7159	1141	13	options	option	NOUN
cblr-7159	1141	14	exist	exist	VERB
cblr-7159	1141	15	to	to	PART
cblr-7159	1141	16	address	address	VERB
cblr-7159	1141	17	these	these	DET
cblr-7159	1141	18	issues	issue	NOUN
cblr-7159	1141	19	.	.	PUNCT
cblr-7159	1142	1	i	i	PRON
cblr-7159	1142	2	touch	touch	VERB
cblr-7159	1142	3	upon	upon	SCONJ
cblr-7159	1142	4	some	some	PRON
cblr-7159	1142	5	of	of	ADP
cblr-7159	1142	6	them	they	PRON
cblr-7159	1142	7	here	here	ADV
cblr-7159	1142	8	,	,	PUNCT
cblr-7159	1142	9	although	although	SCONJ
cblr-7159	1142	10	a	a	DET
cblr-7159	1142	11	more	more	ADV
cblr-7159	1142	12	detailed	detailed	ADJ
cblr-7159	1142	13	analysis	analysis	NOUN
cblr-7159	1142	14	must	must	AUX
cblr-7159	1142	15	be	be	AUX
cblr-7159	1142	16	left	leave	VERB
cblr-7159	1142	17	for	for	ADP
cblr-7159	1142	18	future	future	ADJ
cblr-7159	1142	19	work	work	NOUN
cblr-7159	1142	20	.	.	PUNCT
cblr-7159	1143	1	i	i	PRON
cblr-7159	1143	2	caveat	caveat	VERB
cblr-7159	1143	3	that	that	SCONJ
cblr-7159	1143	4	more	more	ADJ
cblr-7159	1143	5	research	research	NOUN
cblr-7159	1143	6	is	be	AUX
cblr-7159	1143	7	needed	need	VERB
cblr-7159	1143	8	to	to	PART
cblr-7159	1143	9	determine	determine	VERB
cblr-7159	1143	10	the	the	DET
cblr-7159	1143	11	full	full	ADJ
cblr-7159	1143	12	extent	extent	NOUN
cblr-7159	1143	13	of	of	ADP
cblr-7159	1143	14	this	this	DET
cblr-7159	1143	15	problem	problem	NOUN
cblr-7159	1143	16	and	and	CCONJ
cblr-7159	1143	17	to	to	PART
cblr-7159	1143	18	answer	answer	VERB
cblr-7159	1143	19	whether	whether	SCONJ
cblr-7159	1143	20	it	it	PRON
cblr-7159	1143	21	will	will	AUX
cblr-7159	1143	22	prove	prove	VERB
cblr-7159	1143	23	to	to	PART
cblr-7159	1143	24	be	be	AUX
cblr-7159	1143	25	persistent	persistent	ADJ
cblr-7159	1143	26	over	over	ADP
cblr-7159	1143	27	time	time	NOUN
cblr-7159	1143	28	or	or	CCONJ
cblr-7159	1143	29	whether	whether	SCONJ
cblr-7159	1143	30	other	other	ADJ
cblr-7159	1143	31	market	market	NOUN
cblr-7159	1143	32	forces	force	NOUN
cblr-7159	1143	33	will	will	AUX
cblr-7159	1143	34	move	move	VERB
cblr-7159	1143	35	in	in	ADV
cblr-7159	1143	36	to	to	PART
cblr-7159	1143	37	compensate	compensate	VERB
cblr-7159	1143	38	.	.	PUNCT
cblr-7159	1144	1	but	but	CCONJ
cblr-7159	1144	2	it	it	PRON
cblr-7159	1144	3	is	be	AUX
cblr-7159	1144	4	nonetheless	nonetheless	ADV
cblr-7159	1144	5	useful	useful	ADJ
cblr-7159	1144	6	to	to	PART
cblr-7159	1144	7	begin	begin	VERB
cblr-7159	1144	8	considering	consider	VERB
cblr-7159	1144	9	ways	way	NOUN
cblr-7159	1144	10	this	this	DET
cblr-7159	1144	11	problem	problem	NOUN
cblr-7159	1144	12	might	might	AUX
cblr-7159	1144	13	be	be	AUX
cblr-7159	1144	14	addressed	address	VERB
cblr-7159	1144	15	.	.	PUNCT
cblr-7159	1145	1	one	one	NUM
cblr-7159	1145	2	possible	possible	ADJ
cblr-7159	1145	3	means	mean	VERB
cblr-7159	1145	4	to	to	PART
cblr-7159	1145	5	alleviate	alleviate	VERB
cblr-7159	1145	6	the	the	DET
cblr-7159	1145	7	problem	problem	NOUN
cblr-7159	1145	8	would	would	AUX
cblr-7159	1145	9	be	be	AUX
cblr-7159	1145	10	a	a	DET
cblr-7159	1145	11	modified	modify	VERB
cblr-7159	1145	12	version	version	NOUN
cblr-7159	1145	13	of	of	ADP
cblr-7159	1145	14	the	the	DET
cblr-7159	1145	15	skin	skin	NOUN
cblr-7159	1145	16	-	-	PUNCT
cblr-7159	1145	17	in	in	ADP
cblr-7159	1145	18	-	-	PUNCT
cblr-7159	1145	19	the	the	DET
cblr-7159	1145	20	-	-	PUNCT
cblr-7159	1145	21	game	game	NOUN
cblr-7159	1145	22	rule	rule	NOUN
cblr-7159	1145	23	the	the	DET
cblr-7159	1145	24	sec	sec	PROPN
cblr-7159	1145	25	created	create	VERB
cblr-7159	1145	26	for	for	ADP
cblr-7159	1145	27	securitizations	securitization	NOUN
cblr-7159	1145	28	.	.	PUNCT
cblr-7159	1146	1	one	one	NUM
cblr-7159	1146	2	relatively	relatively	ADV
cblr-7159	1146	3	simple	simple	ADJ
cblr-7159	1146	4	modification	modification	NOUN
cblr-7159	1146	5	would	would	AUX
cblr-7159	1146	6	require	require	VERB
cblr-7159	1146	7	originating	originate	VERB
cblr-7159	1146	8	lenders	lender	NOUN
cblr-7159	1146	9	to	to	PART
cblr-7159	1146	10	keep	keep	VERB
cblr-7159	1146	11	an	an	DET
cblr-7159	1146	12	interest	interest	NOUN
cblr-7159	1146	13	in	in	ADP
cblr-7159	1146	14	term	term	NOUN
cblr-7159	1146	15	a	a	PRON
cblr-7159	1146	16	or	or	CCONJ
cblr-7159	1146	17	331	331	NUM
cblr-7159	1146	18	fin	fin	NOUN
cblr-7159	1146	19	.	.	PUNCT
cblr-7159	1147	1	stability	stability	PROPN
cblr-7159	1147	2	bd	bd	PROPN
cblr-7159	1147	3	.	.	PROPN
cblr-7159	1147	4	,	,	PUNCT
cblr-7159	1147	5	vulnerabilities	vulnerability	NOUN
cblr-7159	1147	6	,	,	PUNCT
cblr-7159	1147	7	supra	supra	PROPN
cblr-7159	1147	8	note	note	NOUN
cblr-7159	1147	9	2	2	NUM
cblr-7159	1147	10	,	,	PUNCT
cblr-7159	1147	11	at	at	ADP
cblr-7159	1147	12	4–5	4–5	PROPN
cblr-7159	1147	13	,	,	PUNCT
cblr-7159	1147	14	32–33	32–33	NUM
cblr-7159	1147	15	.	.	PUNCT
cblr-7159	1148	1	332	332	NUM
cblr-7159	1149	1	i	i	PRON
cblr-7159	1149	2	d.	d.	PROPN
cblr-7159	1149	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1149	4	(	(	PUNCT
cblr-7159	1149	5	do	do	AUX
cblr-7159	1149	6	not	not	PART
cblr-7159	1149	7	delete	delete	VERB
cblr-7159	1149	8	)	)	PUNCT
cblr-7159	1149	9	9/28/2020	9/28/2020	NUM
cblr-7159	1149	10	6:35	6:35	NUM
cblr-7159	1149	11	pm	pm	NOUN
cblr-7159	1149	12	no	no	INTJ
cblr-7159	1149	13	.	.	PUNCT
cblr-7159	1150	1	1:192	1:192	X
cblr-7159	1150	2	]	]	X
cblr-7159	1150	3	reconsidering	reconsider	VERB
cblr-7159	1150	4	creditor	creditor	NOUN
cblr-7159	1150	5	governance	governance	NOUN
cblr-7159	1150	6	283	283	NUM
cblr-7159	1150	7	revolving	revolve	VERB
cblr-7159	1150	8	facility	facility	NOUN
cblr-7159	1150	9	loans	loan	NOUN
cblr-7159	1150	10	for	for	ADP
cblr-7159	1150	11	the	the	DET
cblr-7159	1150	12	duration	duration	NOUN
cblr-7159	1150	13	of	of	ADP
cblr-7159	1150	14	any	any	DET
cblr-7159	1150	15	institutional	institutional	ADJ
cblr-7159	1150	16	loans	loan	NOUN
cblr-7159	1150	17	made	make	VERB
cblr-7159	1150	18	to	to	ADP
cblr-7159	1150	19	the	the	DET
cblr-7159	1150	20	same	same	ADJ
cblr-7159	1150	21	borrower	borrower	NOUN
cblr-7159	1150	22	.	.	PUNCT
cblr-7159	1151	1	currently	currently	ADV
cblr-7159	1151	2	,	,	PUNCT
cblr-7159	1151	3	term	term	NOUN
cblr-7159	1151	4	a	a	DET
cblr-7159	1151	5	loans	loan	NOUN
cblr-7159	1151	6	have	have	VERB
cblr-7159	1151	7	shorter	short	ADJ
cblr-7159	1151	8	maturities	maturity	NOUN
cblr-7159	1151	9	than	than	ADP
cblr-7159	1151	10	institutional	institutional	ADJ
cblr-7159	1151	11	tranches	tranche	NOUN
cblr-7159	1151	12	,	,	PUNCT
cblr-7159	1151	13	and	and	CCONJ
cblr-7159	1151	14	originating	originate	VERB
cblr-7159	1151	15	lenders	lender	NOUN
cblr-7159	1151	16	sometimes	sometimes	ADV
cblr-7159	1151	17	sell	sell	VERB
cblr-7159	1151	18	their	their	PRON
cblr-7159	1151	19	interest	interest	NOUN
cblr-7159	1151	20	in	in	ADP
cblr-7159	1151	21	the	the	DET
cblr-7159	1151	22	loans	loan	NOUN
cblr-7159	1151	23	before	before	ADP
cblr-7159	1151	24	maturity.333	maturity.333	NOUN
cblr-7159	1151	25	under	under	ADP
cblr-7159	1151	26	the	the	DET
cblr-7159	1151	27	new	new	ADJ
cblr-7159	1151	28	rule	rule	NOUN
cblr-7159	1151	29	,	,	PUNCT
cblr-7159	1151	30	term	term	NOUN
cblr-7159	1151	31	a	a	DET
cblr-7159	1151	32	loans	loan	NOUN
cblr-7159	1151	33	would	would	AUX
cblr-7159	1151	34	be	be	AUX
cblr-7159	1151	35	required	require	VERB
cblr-7159	1151	36	to	to	PART
cblr-7159	1151	37	have	have	VERB
cblr-7159	1151	38	the	the	DET
cblr-7159	1151	39	same	same	ADJ
cblr-7159	1151	40	maturities	maturity	NOUN
cblr-7159	1151	41	as	as	ADP
cblr-7159	1151	42	institutional	institutional	ADJ
cblr-7159	1151	43	tranches	tranche	NOUN
cblr-7159	1151	44	and	and	CCONJ
cblr-7159	1151	45	originating	originate	VERB
cblr-7159	1151	46	lenders	lender	NOUN
cblr-7159	1151	47	would	would	AUX
cblr-7159	1151	48	be	be	AUX
cblr-7159	1151	49	required	require	VERB
cblr-7159	1151	50	to	to	PART
cblr-7159	1151	51	hold	hold	VERB
cblr-7159	1151	52	their	their	PRON
cblr-7159	1151	53	tranches	tranche	NOUN
cblr-7159	1151	54	until	until	SCONJ
cblr-7159	1151	55	they	they	PRON
cblr-7159	1151	56	matured	mature	VERB
cblr-7159	1151	57	.	.	PUNCT
cblr-7159	1152	1	this	this	PRON
cblr-7159	1152	2	would	would	AUX
cblr-7159	1152	3	ensure	ensure	VERB
cblr-7159	1152	4	that	that	SCONJ
cblr-7159	1152	5	these	these	DET
cblr-7159	1152	6	lenders	lender	NOUN
cblr-7159	1152	7	would	would	AUX
cblr-7159	1152	8	have	have	VERB
cblr-7159	1152	9	incentives	incentive	NOUN
cblr-7159	1152	10	to	to	PART
cblr-7159	1152	11	monitor	monitor	VERB
cblr-7159	1152	12	and	and	CCONJ
cblr-7159	1152	13	intervene	intervene	VERB
cblr-7159	1152	14	in	in	ADP
cblr-7159	1152	15	borrowers	borrower	NOUN
cblr-7159	1152	16	’	'	PUNCT
cblr-7159	1152	17	governance	governance	NOUN
cblr-7159	1152	18	for	for	ADP
cblr-7159	1152	19	the	the	DET
cblr-7159	1152	20	duration	duration	NOUN
cblr-7159	1152	21	of	of	ADP
cblr-7159	1152	22	institutional	institutional	ADJ
cblr-7159	1152	23	loans	loan	NOUN
cblr-7159	1152	24	,	,	PUNCT
cblr-7159	1152	25	to	to	ADP
cblr-7159	1152	26	the	the	DET
cblr-7159	1152	27	extent	extent	NOUN
cblr-7159	1152	28	that	that	SCONJ
cblr-7159	1152	29	institutional	institutional	ADJ
cblr-7159	1152	30	lenders	lender	NOUN
cblr-7159	1152	31	participating	participate	VERB
cblr-7159	1152	32	in	in	ADP
cblr-7159	1152	33	the	the	DET
cblr-7159	1152	34	loans	loan	NOUN
cblr-7159	1152	35	lacked	lack	VERB
cblr-7159	1152	36	such	such	ADJ
cblr-7159	1152	37	incentives	incentive	NOUN
cblr-7159	1152	38	.	.	PUNCT
cblr-7159	1153	1	this	this	DET
cblr-7159	1153	2	rule	rule	NOUN
cblr-7159	1153	3	could	could	AUX
cblr-7159	1153	4	be	be	AUX
cblr-7159	1153	5	extended	extend	VERB
cblr-7159	1153	6	to	to	ADP
cblr-7159	1153	7	loans	loan	NOUN
cblr-7159	1153	8	originated	originate	VERB
cblr-7159	1153	9	by	by	ADP
cblr-7159	1153	10	non	non	ADJ
cblr-7159	1153	11	-	-	ADJ
cblr-7159	1153	12	bank	bank	ADJ
cblr-7159	1153	13	lenders	lender	NOUN
cblr-7159	1153	14	as	as	ADV
cblr-7159	1153	15	well	well	ADV
cblr-7159	1153	16	,	,	PUNCT
cblr-7159	1153	17	requiring	require	VERB
cblr-7159	1153	18	any	any	DET
cblr-7159	1153	19	arranger	arranger	NOUN
cblr-7159	1153	20	to	to	PART
cblr-7159	1153	21	keep	keep	VERB
cblr-7159	1153	22	a	a	DET
cblr-7159	1153	23	large	large	ADJ
cblr-7159	1153	24	enough	enough	ADJ
cblr-7159	1153	25	interest	interest	NOUN
cblr-7159	1153	26	in	in	ADP
cblr-7159	1153	27	the	the	DET
cblr-7159	1153	28	loan	loan	NOUN
cblr-7159	1153	29	such	such	ADJ
cblr-7159	1153	30	that	that	SCONJ
cblr-7159	1153	31	they	they	PRON
cblr-7159	1153	32	would	would	AUX
cblr-7159	1153	33	retain	retain	VERB
cblr-7159	1153	34	their	their	PRON
cblr-7159	1153	35	monitoring	monitoring	NOUN
cblr-7159	1153	36	incentives	incentive	NOUN
cblr-7159	1153	37	.	.	PUNCT
cblr-7159	1154	1	one	one	NUM
cblr-7159	1154	2	problem	problem	NOUN
cblr-7159	1154	3	with	with	ADP
cblr-7159	1154	4	this	this	DET
cblr-7159	1154	5	change	change	NOUN
cblr-7159	1154	6	is	be	AUX
cblr-7159	1154	7	that	that	SCONJ
cblr-7159	1154	8	,	,	PUNCT
cblr-7159	1154	9	while	while	SCONJ
cblr-7159	1154	10	it	it	PRON
cblr-7159	1154	11	may	may	AUX
cblr-7159	1154	12	address	address	VERB
cblr-7159	1154	13	the	the	DET
cblr-7159	1154	14	incentive	incentive	NOUN
cblr-7159	1154	15	problem	problem	NOUN
cblr-7159	1154	16	,	,	PUNCT
cblr-7159	1154	17	it	it	PRON
cblr-7159	1154	18	does	do	AUX
cblr-7159	1154	19	not	not	PART
cblr-7159	1154	20	address	address	VERB
cblr-7159	1154	21	the	the	DET
cblr-7159	1154	22	bargaining	bargaining	NOUN
cblr-7159	1154	23	power	power	NOUN
cblr-7159	1154	24	problem	problem	NOUN
cblr-7159	1154	25	.	.	PUNCT
cblr-7159	1155	1	that	that	PRON
cblr-7159	1155	2	is	be	AUX
cblr-7159	1155	3	,	,	PUNCT
cblr-7159	1155	4	even	even	ADV
cblr-7159	1155	5	if	if	SCONJ
cblr-7159	1155	6	lenders	lender	NOUN
cblr-7159	1155	7	have	have	VERB
cblr-7159	1155	8	incentives	incentive	NOUN
cblr-7159	1155	9	to	to	PART
cblr-7159	1155	10	monitor	monitor	VERB
cblr-7159	1155	11	,	,	PUNCT
cblr-7159	1155	12	they	they	PRON
cblr-7159	1155	13	may	may	AUX
cblr-7159	1155	14	lack	lack	VERB
cblr-7159	1155	15	the	the	DET
cblr-7159	1155	16	bargaining	bargaining	NOUN
cblr-7159	1155	17	power	power	NOUN
cblr-7159	1155	18	to	to	PART
cblr-7159	1155	19	enforce	enforce	VERB
cblr-7159	1155	20	change	change	NOUN
cblr-7159	1155	21	if	if	SCONJ
cblr-7159	1155	22	the	the	DET
cblr-7159	1155	23	supply	supply	NOUN
cblr-7159	1155	24	of	of	ADP
cblr-7159	1155	25	credit	credit	NOUN
cblr-7159	1155	26	remains	remain	VERB
cblr-7159	1155	27	strong	strong	ADJ
cblr-7159	1155	28	and	and	CCONJ
cblr-7159	1155	29	borrowers	borrower	NOUN
cblr-7159	1155	30	are	be	AUX
cblr-7159	1155	31	able	able	ADJ
cblr-7159	1155	32	to	to	PART
cblr-7159	1155	33	walk	walk	VERB
cblr-7159	1155	34	away	away	ADV
cblr-7159	1155	35	from	from	ADP
cblr-7159	1155	36	over	over	ADP
cblr-7159	1155	37	-	-	PUNCT
cblr-7159	1155	38	demanding	demand	VERB
cblr-7159	1155	39	creditors	creditor	NOUN
cblr-7159	1155	40	.	.	PUNCT
cblr-7159	1156	1	another	another	DET
cblr-7159	1156	2	possibility	possibility	NOUN
cblr-7159	1156	3	that	that	SCONJ
cblr-7159	1156	4	addresses	address	VERB
cblr-7159	1156	5	both	both	DET
cblr-7159	1156	6	incentives	incentive	NOUN
cblr-7159	1156	7	and	and	CCONJ
cblr-7159	1156	8	bargaining	bargaining	NOUN
cblr-7159	1156	9	power	power	NOUN
cblr-7159	1156	10	would	would	AUX
cblr-7159	1156	11	be	be	AUX
cblr-7159	1156	12	to	to	PART
cblr-7159	1156	13	regulate	regulate	VERB
cblr-7159	1156	14	debt	debt	NOUN
cblr-7159	1156	15	contracts	contract	NOUN
cblr-7159	1156	16	directly	directly	ADV
cblr-7159	1156	17	.	.	PUNCT
cblr-7159	1157	1	this	this	PRON
cblr-7159	1157	2	could	could	AUX
cblr-7159	1157	3	be	be	AUX
cblr-7159	1157	4	done	do	VERB
cblr-7159	1157	5	through	through	ADP
cblr-7159	1157	6	a	a	DET
cblr-7159	1157	7	regulatory	regulatory	ADJ
cblr-7159	1157	8	mandate	mandate	NOUN
cblr-7159	1157	9	regarding	regard	VERB
cblr-7159	1157	10	the	the	DET
cblr-7159	1157	11	content	content	NOUN
cblr-7159	1157	12	of	of	ADP
cblr-7159	1157	13	contracts	contract	NOUN
cblr-7159	1157	14	,	,	PUNCT
cblr-7159	1157	15	or	or	CCONJ
cblr-7159	1157	16	through	through	ADP
cblr-7159	1157	17	an	an	DET
cblr-7159	1157	18	expansion	expansion	NOUN
cblr-7159	1157	19	of	of	ADP
cblr-7159	1157	20	the	the	DET
cblr-7159	1157	21	scope	scope	NOUN
cblr-7159	1157	22	of	of	ADP
cblr-7159	1157	23	corporate	corporate	ADJ
cblr-7159	1157	24	directors	director	NOUN
cblr-7159	1157	25	’	'	PUNCT
cblr-7159	1157	26	duties	duty	NOUN
cblr-7159	1157	27	to	to	PART
cblr-7159	1157	28	require	require	VERB
cblr-7159	1157	29	that	that	SCONJ
cblr-7159	1157	30	debt	debt	NOUN
cblr-7159	1157	31	contracts	contract	NOUN
cblr-7159	1157	32	include	include	VERB
cblr-7159	1157	33	full	full	ADJ
cblr-7159	1157	34	sets	set	NOUN
cblr-7159	1157	35	of	of	ADP
cblr-7159	1157	36	monitoring	monitor	VERB
cblr-7159	1157	37	covenants.334	covenants.334	NUM
cblr-7159	1157	38	the	the	DET
cblr-7159	1157	39	federal	federal	PROPN
cblr-7159	1157	40	reserve	reserve	PROPN
cblr-7159	1157	41	,	,	PUNCT
cblr-7159	1157	42	along	along	ADP
cblr-7159	1157	43	with	with	ADP
cblr-7159	1157	44	a	a	DET
cblr-7159	1157	45	number	number	NOUN
cblr-7159	1157	46	of	of	ADP
cblr-7159	1157	47	other	other	ADJ
cblr-7159	1157	48	regulators	regulator	NOUN
cblr-7159	1157	49	,	,	PUNCT
cblr-7159	1157	50	issued	issue	VERB
cblr-7159	1157	51	guidance	guidance	NOUN
cblr-7159	1157	52	on	on	ADP
cblr-7159	1157	53	leveraged	leveraged	ADJ
cblr-7159	1157	54	lending	lending	NOUN
cblr-7159	1157	55	in	in	ADP
cblr-7159	1157	56	2013	2013	NUM
cblr-7159	1157	57	that	that	PRON
cblr-7159	1157	58	attempted	attempt	VERB
cblr-7159	1157	59	to	to	PART
cblr-7159	1157	60	regulate	regulate	VERB
cblr-7159	1157	61	market	market	NOUN
cblr-7159	1157	62	practices.335	practices.335	NOUN
cblr-7159	1157	63	the	the	DET
cblr-7159	1157	64	guidance	guidance	NOUN
cblr-7159	1157	65	primarily	primarily	ADV
cblr-7159	1157	66	related	relate	VERB
cblr-7159	1157	67	to	to	ADP
cblr-7159	1157	68	underwriting	underwriting	NOUN
cblr-7159	1157	69	practices	practice	NOUN
cblr-7159	1157	70	and	and	CCONJ
cblr-7159	1157	71	limited	limit	VERB
cblr-7159	1157	72	the	the	DET
cblr-7159	1157	73	amount	amount	NOUN
cblr-7159	1157	74	of	of	ADP
cblr-7159	1157	75	leverage	leverage	NOUN
cblr-7159	1157	76	a	a	DET
cblr-7159	1157	77	bank	bank	NOUN
cblr-7159	1157	78	could	could	AUX
cblr-7159	1157	79	allow	allow	VERB
cblr-7159	1157	80	borrowers	borrower	NOUN
cblr-7159	1157	81	to	to	PART
cblr-7159	1157	82	have.336	have.336	VERB
cblr-7159	1157	83	the	the	DET
cblr-7159	1157	84	guidelines	guideline	NOUN
cblr-7159	1157	85	thus	thus	ADV
cblr-7159	1157	86	helped	help	VERB
cblr-7159	1157	87	address	address	VERB
cblr-7159	1157	88	the	the	DET
cblr-7159	1157	89	adverse	adverse	ADJ
cblr-7159	1157	90	selection	selection	NOUN
cblr-7159	1157	91	and	and	CCONJ
cblr-7159	1157	92	risk	risk	NOUN
cblr-7159	1157	93	333	333	NUM
cblr-7159	1157	94	i	i	PRON
cblr-7159	1157	95	d.	d.	PROPN
cblr-7159	1157	96	at	at	ADP
cblr-7159	1157	97	32	32	NUM
cblr-7159	1157	98	.	.	PUNCT
cblr-7159	1158	1	334	334	NUM
cblr-7159	1158	2	the	the	DET
cblr-7159	1158	3	possibility	possibility	NOUN
cblr-7159	1158	4	of	of	ADP
cblr-7159	1158	5	expanding	expand	VERB
cblr-7159	1158	6	the	the	DET
cblr-7159	1158	7	scope	scope	NOUN
cblr-7159	1158	8	of	of	ADP
cblr-7159	1158	9	directors	director	NOUN
cblr-7159	1158	10	’	'	PUNCT
cblr-7159	1158	11	fiduciary	fiduciary	ADJ
cblr-7159	1158	12	duties	duty	NOUN
cblr-7159	1158	13	as	as	SCONJ
cblr-7159	1158	14	they	they	PRON
cblr-7159	1158	15	relate	relate	VERB
cblr-7159	1158	16	to	to	ADP
cblr-7159	1158	17	debt	debt	NOUN
cblr-7159	1158	18	contracts	contract	NOUN
cblr-7159	1158	19	is	be	AUX
cblr-7159	1158	20	similar	similar	ADJ
cblr-7159	1158	21	to	to	ADP
cblr-7159	1158	22	one	one	NUM
cblr-7159	1158	23	that	that	PRON
cblr-7159	1158	24	has	have	AUX
cblr-7159	1158	25	been	be	AUX
cblr-7159	1158	26	proposed	propose	VERB
cblr-7159	1158	27	in	in	ADP
cblr-7159	1158	28	a	a	DET
cblr-7159	1158	29	parallel	parallel	ADJ
cblr-7159	1158	30	context	context	NOUN
cblr-7159	1158	31	.	.	PUNCT
cblr-7159	1159	1	see	see	VERB
cblr-7159	1159	2	rock	rock	PROPN
cblr-7159	1159	3	,	,	PUNCT
cblr-7159	1159	4	supra	supra	PROPN
cblr-7159	1159	5	note	note	NOUN
cblr-7159	1159	6	304	304	NUM
cblr-7159	1159	7	,	,	PUNCT
cblr-7159	1159	8	at	at	ADP
cblr-7159	1159	9	1978–81	1978–81	NUM
cblr-7159	1159	10	.	.	PUNCT
cblr-7159	1160	1	335	335	NUM
cblr-7159	1160	2	see	see	VERB
cblr-7159	1160	3	interagency	interagency	NOUN
cblr-7159	1160	4	guidance	guidance	NOUN
cblr-7159	1160	5	on	on	ADP
cblr-7159	1160	6	leveraged	leveraged	ADJ
cblr-7159	1160	7	lending	lending	NOUN
cblr-7159	1160	8	,	,	PUNCT
cblr-7159	1160	9	78	78	NUM
cblr-7159	1160	10	fed	feed	VERB
cblr-7159	1160	11	.	.	PUNCT
cblr-7159	1161	1	reg	reg	PROPN
cblr-7159	1161	2	.	.	PUNCT
cblr-7159	1162	1	17,766	17,766	NUM
cblr-7159	1162	2	(	(	PUNCT
cblr-7159	1162	3	mar	mar	PROPN
cblr-7159	1162	4	.	.	PROPN
cblr-7159	1162	5	22	22	NUM
cblr-7159	1162	6	,	,	PUNCT
cblr-7159	1162	7	2013	2013	NUM
cblr-7159	1162	8	)	)	PUNCT
cblr-7159	1162	9	.	.	PUNCT
cblr-7159	1163	1	336	336	NUM
cblr-7159	1164	1	i	i	PRON
cblr-7159	1164	2	d.	d.	PROPN
cblr-7159	1164	3	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1164	4	(	(	PUNCT
cblr-7159	1164	5	do	do	AUX
cblr-7159	1164	6	not	not	PART
cblr-7159	1164	7	delte	delte	VERB
cblr-7159	1164	8	)	)	PUNCT
cblr-7159	1164	9	9/28/2020	9/28/2020	NUM
cblr-7159	1164	10	6:35	6:35	NUM
cblr-7159	1164	11	pm	pm	NOUN
cblr-7159	1164	12	284	284	NUM
cblr-7159	1164	13	columbia	columbia	PROPN
cblr-7159	1164	14	business	business	NOUN
cblr-7159	1164	15	law	law	PROPN
cblr-7159	1164	16	review	review	NOUN
cblr-7159	1164	17	[	[	X
cblr-7159	1164	18	vol	vol	NOUN
cblr-7159	1164	19	.	.	PUNCT
cblr-7159	1164	20	2020	2020	NUM
cblr-7159	1164	21	taking	take	VERB
cblr-7159	1164	22	problems	problem	NOUN
cblr-7159	1164	23	that	that	PRON
cblr-7159	1164	24	loan	loan	NOUN
cblr-7159	1164	25	markets	market	NOUN
cblr-7159	1164	26	generate	generate	VERB
cblr-7159	1164	27	,	,	PUNCT
cblr-7159	1164	28	and	and	CCONJ
cblr-7159	1164	29	promoted	promote	VERB
cblr-7159	1164	30	monitoring	monitoring	NOUN
cblr-7159	1164	31	as	as	ADV
cblr-7159	1164	32	well	well	ADV
cblr-7159	1164	33	.	.	PUNCT
cblr-7159	1165	1	this	this	DET
cblr-7159	1165	2	guidance	guidance	NOUN
cblr-7159	1165	3	has	have	AUX
cblr-7159	1165	4	largely	largely	ADV
cblr-7159	1165	5	been	be	AUX
cblr-7159	1165	6	walked	walk	VERB
cblr-7159	1165	7	back	back	ADV
cblr-7159	1165	8	by	by	ADP
cblr-7159	1165	9	financial	financial	ADJ
cblr-7159	1165	10	regulators	regulator	NOUN
cblr-7159	1165	11	,	,	PUNCT
cblr-7159	1165	12	337	337	NUM
cblr-7159	1165	13	and	and	CCONJ
cblr-7159	1165	14	due	due	ADP
cblr-7159	1165	15	to	to	ADP
cblr-7159	1165	16	the	the	DET
cblr-7159	1165	17	entry	entry	NOUN
cblr-7159	1165	18	of	of	ADP
cblr-7159	1165	19	unregulated	unregulated	ADJ
cblr-7159	1165	20	shadow	shadow	NOUN
cblr-7159	1165	21	banks	bank	NOUN
cblr-7159	1165	22	,	,	PUNCT
cblr-7159	1165	23	while	while	SCONJ
cblr-7159	1165	24	being	be	AUX
cblr-7159	1165	25	enforced	enforce	VERB
cblr-7159	1165	26	the	the	DET
cblr-7159	1165	27	guidelines	guideline	NOUN
cblr-7159	1165	28	had	have	VERB
cblr-7159	1165	29	limited	limit	VERB
cblr-7159	1165	30	effect	effect	NOUN
cblr-7159	1165	31	in	in	ADP
cblr-7159	1165	32	limiting	limit	VERB
cblr-7159	1165	33	risky	risky	ADJ
cblr-7159	1165	34	lending.338	lending.338	NOUN
cblr-7159	1165	35	drafting	drafting	NOUN
cblr-7159	1165	36	rules	rule	NOUN
cblr-7159	1165	37	(	(	PUNCT
cblr-7159	1165	38	not	not	PART
cblr-7159	1165	39	guidance339	guidance339	PROPN
cblr-7159	1165	40	)	)	PUNCT
cblr-7159	1165	41	covering	cover	VERB
cblr-7159	1165	42	all	all	DET
cblr-7159	1165	43	types	type	NOUN
cblr-7159	1165	44	of	of	ADP
cblr-7159	1165	45	lending	lending	NOUN
cblr-7159	1165	46	institutions	institution	NOUN
cblr-7159	1165	47	might	might	AUX
cblr-7159	1165	48	help	help	VERB
cblr-7159	1165	49	to	to	PART
cblr-7159	1165	50	correct	correct	VERB
cblr-7159	1165	51	the	the	DET
cblr-7159	1165	52	problems	problem	NOUN
cblr-7159	1165	53	described	describe	VERB
cblr-7159	1165	54	in	in	ADP
cblr-7159	1165	55	this	this	DET
cblr-7159	1165	56	article	article	NOUN
cblr-7159	1165	57	.	.	PUNCT
cblr-7159	1166	1	regulations	regulation	NOUN
cblr-7159	1166	2	defining	define	VERB
cblr-7159	1166	3	minimally	minimally	ADV
cblr-7159	1166	4	acceptable	acceptable	ADJ
cblr-7159	1166	5	loan	loan	NOUN
cblr-7159	1166	6	terms	term	NOUN
cblr-7159	1166	7	might	might	AUX
cblr-7159	1166	8	substitute	substitute	VERB
cblr-7159	1166	9	for	for	ADP
cblr-7159	1166	10	lenders	lender	NOUN
cblr-7159	1166	11	’	’	PART
cblr-7159	1166	12	loss	loss	NOUN
cblr-7159	1166	13	of	of	ADP
cblr-7159	1166	14	bargaining	bargaining	NOUN
cblr-7159	1166	15	power	power	NOUN
cblr-7159	1166	16	at	at	ADP
cblr-7159	1166	17	the	the	DET
cblr-7159	1166	18	initial	initial	ADJ
cblr-7159	1166	19	contracting	contracting	NOUN
cblr-7159	1166	20	phase	phase	NOUN
cblr-7159	1166	21	by	by	ADP
cblr-7159	1166	22	requiring	require	VERB
cblr-7159	1166	23	monitoring	monitoring	NOUN
cblr-7159	1166	24	covenants	covenant	NOUN
cblr-7159	1166	25	by	by	ADP
cblr-7159	1166	26	fiat	fiat	NOUN
cblr-7159	1166	27	.	.	PUNCT
cblr-7159	1167	1	if	if	SCONJ
cblr-7159	1167	2	all	all	DET
cblr-7159	1167	3	lending	lending	NOUN
cblr-7159	1167	4	institutions	institution	NOUN
cblr-7159	1167	5	were	be	AUX
cblr-7159	1167	6	covered	cover	VERB
cblr-7159	1167	7	,	,	PUNCT
cblr-7159	1167	8	such	such	ADJ
cblr-7159	1167	9	regulations	regulation	NOUN
cblr-7159	1167	10	would	would	AUX
cblr-7159	1167	11	also	also	ADV
cblr-7159	1167	12	help	help	VERB
cblr-7159	1167	13	offset	offset	VERB
cblr-7159	1167	14	lenders	lender	NOUN
cblr-7159	1167	15	’	’	PART
cblr-7159	1167	16	loss	loss	NOUN
cblr-7159	1167	17	of	of	ADP
cblr-7159	1167	18	bargaining	bargaining	NOUN
cblr-7159	1167	19	power	power	NOUN
cblr-7159	1167	20	at	at	ADP
cblr-7159	1167	21	the	the	DET
cblr-7159	1167	22	covenant	covenant	ADJ
cblr-7159	1167	23	violation	violation	NOUN
cblr-7159	1167	24	phase	phase	NOUN
cblr-7159	1167	25	,	,	PUNCT
cblr-7159	1167	26	because	because	SCONJ
cblr-7159	1167	27	it	it	PRON
cblr-7159	1167	28	would	would	AUX
cblr-7159	1167	29	reduce	reduce	VERB
cblr-7159	1167	30	borrowers	borrower	NOUN
cblr-7159	1167	31	’	’	PART
cblr-7159	1167	32	ability	ability	NOUN
cblr-7159	1167	33	to	to	PART
cblr-7159	1167	34	seek	seek	VERB
cblr-7159	1167	35	better	well	ADJ
cblr-7159	1167	36	terms	term	NOUN
cblr-7159	1167	37	from	from	ADP
cblr-7159	1167	38	other	other	ADJ
cblr-7159	1167	39	lenders	lender	NOUN
cblr-7159	1167	40	,	,	PUNCT
cblr-7159	1167	41	thus	thus	ADV
cblr-7159	1167	42	reducing	reduce	VERB
cblr-7159	1167	43	their	their	PRON
cblr-7159	1167	44	leverage	leverage	NOUN
cblr-7159	1167	45	.	.	PUNCT
cblr-7159	1168	1	a	a	DET
cblr-7159	1168	2	drawback	drawback	NOUN
cblr-7159	1168	3	of	of	ADP
cblr-7159	1168	4	this	this	DET
cblr-7159	1168	5	proposal	proposal	NOUN
cblr-7159	1168	6	is	be	AUX
cblr-7159	1168	7	that	that	SCONJ
cblr-7159	1168	8	government	government	NOUN
cblr-7159	1168	9	interference	interference	NOUN
cblr-7159	1168	10	with	with	ADP
cblr-7159	1168	11	private	private	ADJ
cblr-7159	1168	12	lending	lending	NOUN
cblr-7159	1168	13	relationships	relationship	NOUN
cblr-7159	1168	14	can	can	AUX
cblr-7159	1168	15	lead	lead	VERB
cblr-7159	1168	16	to	to	ADP
cblr-7159	1168	17	unforeseen	unforeseen	ADJ
cblr-7159	1168	18	inefficiencies	inefficiency	NOUN
cblr-7159	1168	19	in	in	ADP
cblr-7159	1168	20	the	the	DET
cblr-7159	1168	21	lending	lending	NOUN
cblr-7159	1168	22	market	market	NOUN
cblr-7159	1168	23	.	.	PUNCT
cblr-7159	1169	1	it	it	PRON
cblr-7159	1169	2	would	would	AUX
cblr-7159	1169	3	also	also	ADV
cblr-7159	1169	4	be	be	AUX
cblr-7159	1169	5	difficult	difficult	ADJ
cblr-7159	1169	6	to	to	PART
cblr-7159	1169	7	prescribe	prescribe	VERB
cblr-7159	1169	8	the	the	DET
cblr-7159	1169	9	precise	precise	ADJ
cblr-7159	1169	10	monitoring	monitoring	NOUN
cblr-7159	1169	11	covenants	covenant	NOUN
cblr-7159	1169	12	that	that	PRON
cblr-7159	1169	13	would	would	AUX
cblr-7159	1169	14	be	be	AUX
cblr-7159	1169	15	required	require	VERB
cblr-7159	1169	16	to	to	PART
cblr-7159	1169	17	be	be	AUX
cblr-7159	1169	18	included	include	VERB
cblr-7159	1169	19	,	,	PUNCT
cblr-7159	1169	20	as	as	SCONJ
cblr-7159	1169	21	each	each	DET
cblr-7159	1169	22	borrower	borrower	NOUN
cblr-7159	1169	23	might	might	AUX
cblr-7159	1169	24	have	have	VERB
cblr-7159	1169	25	idiosyncratic	idiosyncratic	ADJ
cblr-7159	1169	26	indicators	indicator	NOUN
cblr-7159	1169	27	that	that	PRON
cblr-7159	1169	28	warrant	warrant	VERB
cblr-7159	1169	29	monitoring	monitoring	NOUN
cblr-7159	1169	30	,	,	PUNCT
cblr-7159	1169	31	and	and	CCONJ
cblr-7159	1169	32	each	each	DET
cblr-7159	1169	33	lender	lender	NOUN
cblr-7159	1169	34	may	may	AUX
cblr-7159	1169	35	have	have	VERB
cblr-7159	1169	36	different	different	ADJ
cblr-7159	1169	37	preferred	preferred	ADJ
cblr-7159	1169	38	metrics	metric	NOUN
cblr-7159	1169	39	of	of	ADP
cblr-7159	1169	40	borrower	borrower	NOUN
cblr-7159	1169	41	health	health	NOUN
cblr-7159	1169	42	.	.	PUNCT
cblr-7159	1170	1	definitions	definition	NOUN
cblr-7159	1170	2	of	of	ADP
cblr-7159	1170	3	metrics	metric	NOUN
cblr-7159	1170	4	can	can	AUX
cblr-7159	1170	5	also	also	ADV
cblr-7159	1170	6	be	be	AUX
cblr-7159	1170	7	manipulated	manipulate	VERB
cblr-7159	1170	8	.	.	PUNCT
cblr-7159	1171	1	writing	write	VERB
cblr-7159	1171	2	regulations	regulation	NOUN
cblr-7159	1171	3	that	that	PRON
cblr-7159	1171	4	accommodate	accommodate	VERB
cblr-7159	1171	5	the	the	DET
cblr-7159	1171	6	different	different	ADJ
cblr-7159	1171	7	preferences	preference	NOUN
cblr-7159	1171	8	and	and	CCONJ
cblr-7159	1171	9	definitions	definition	NOUN
cblr-7159	1171	10	a	a	DET
cblr-7159	1171	11	contract	contract	NOUN
cblr-7159	1171	12	might	might	AUX
cblr-7159	1171	13	use	use	VERB
cblr-7159	1171	14	would	would	AUX
cblr-7159	1171	15	be	be	AUX
cblr-7159	1171	16	difficult	difficult	ADJ
cblr-7159	1171	17	and	and	CCONJ
cblr-7159	1171	18	would	would	AUX
cblr-7159	1171	19	result	result	VERB
cblr-7159	1171	20	in	in	ADP
cblr-7159	1171	21	greater	great	ADJ
cblr-7159	1171	22	regulatory	regulatory	ADJ
cblr-7159	1171	23	complexity	complexity	NOUN
cblr-7159	1171	24	.	.	PUNCT
cblr-7159	1172	1	nonetheless	nonetheless	ADV
cblr-7159	1172	2	,	,	PUNCT
cblr-7159	1172	3	such	such	ADJ
cblr-7159	1172	4	tasks	task	NOUN
cblr-7159	1172	5	have	have	AUX
cblr-7159	1172	6	been	be	AUX
cblr-7159	1172	7	accomplished	accomplish	VERB
cblr-7159	1172	8	in	in	ADP
cblr-7159	1172	9	other	other	ADJ
cblr-7159	1172	10	areas	area	NOUN
cblr-7159	1172	11	,	,	PUNCT
cblr-7159	1172	12	and	and	CCONJ
cblr-7159	1172	13	with	with	ADP
cblr-7159	1172	14	the	the	DET
cblr-7159	1172	15	participation	participation	NOUN
cblr-7159	1172	16	of	of	ADP
cblr-7159	1172	17	industry	industry	NOUN
cblr-7159	1172	18	stakeholders	stakeholder	NOUN
cblr-7159	1172	19	reasonable	reasonable	ADJ
cblr-7159	1172	20	standards	standard	NOUN
cblr-7159	1172	21	can	can	AUX
cblr-7159	1172	22	be	be	AUX
cblr-7159	1172	23	set	set	VERB
cblr-7159	1172	24	.	.	PUNCT
cblr-7159	1173	1	yet	yet	CCONJ
cblr-7159	1173	2	another	another	DET
cblr-7159	1173	3	possibility	possibility	NOUN
cblr-7159	1173	4	is	be	AUX
cblr-7159	1173	5	that	that	SCONJ
cblr-7159	1173	6	covenants	covenant	NOUN
cblr-7159	1173	7	could	could	AUX
cblr-7159	1173	8	be	be	AUX
cblr-7159	1173	9	required	require	VERB
cblr-7159	1173	10	to	to	PART
cblr-7159	1173	11	include	include	VERB
cblr-7159	1173	12	full	full	ADJ
cblr-7159	1173	13	monitoring	monitoring	NOUN
cblr-7159	1173	14	powers	power	NOUN
cblr-7159	1173	15	,	,	PUNCT
cblr-7159	1173	16	but	but	CCONJ
cblr-7159	1173	17	also	also	ADV
cblr-7159	1173	18	duties	duty	NOUN
cblr-7159	1173	19	to	to	PART
cblr-7159	1173	20	monitor	monitor	VERB
cblr-7159	1173	21	,	,	PUNCT
cblr-7159	1173	22	thus	thus	ADV
cblr-7159	1173	23	mitigating	mitigate	VERB
cblr-7159	1173	24	the	the	DET
cblr-7159	1173	25	non	non	ADJ
cblr-7159	1173	26	-	-	ADJ
cblr-7159	1173	27	governance	governance	ADJ
cblr-7159	1173	28	incentive	incentive	NOUN
cblr-7159	1173	29	problem	problem	NOUN
cblr-7159	1173	30	.	.	PUNCT
cblr-7159	1174	1	the	the	DET
cblr-7159	1174	2	scope	scope	NOUN
cblr-7159	1174	3	of	of	ADP
cblr-7159	1174	4	the	the	DET
cblr-7159	1174	5	monitoring	monitoring	NOUN
cblr-7159	1174	6	duties	duty	NOUN
cblr-7159	1174	7	might	might	AUX
cblr-7159	1174	8	vary	vary	VERB
cblr-7159	1174	9	,	,	PUNCT
cblr-7159	1174	10	and	and	CCONJ
cblr-7159	1174	11	standards	standard	NOUN
cblr-7159	1174	12	for	for	ADP
cblr-7159	1174	13	such	such	ADJ
cblr-7159	1174	14	monitoring	monitoring	NOUN
cblr-7159	1174	15	duties	duty	NOUN
cblr-7159	1174	16	could	could	AUX
cblr-7159	1174	17	be	be	AUX
cblr-7159	1174	18	set	set	VERB
cblr-7159	1174	19	at	at	ADP
cblr-7159	1174	20	different	different	ADJ
cblr-7159	1174	21	levels	level	NOUN
cblr-7159	1174	22	of	of	ADP
cblr-7159	1174	23	337	337	NUM
cblr-7159	1174	24	see	see	VERB
cblr-7159	1174	25	supervisory	supervisory	ADJ
cblr-7159	1174	26	statements	statement	NOUN
cblr-7159	1174	27	…	…	PUNCT
cblr-7159	1174	28	and	and	CCONJ
cblr-7159	1174	29	leveraged	leveraged	ADJ
cblr-7159	1174	30	lending	lending	NOUN
cblr-7159	1174	31	guidance	guidance	NOUN
cblr-7159	1174	32	?	?	PUNCT
cblr-7159	1174	33	,	,	PUNCT
cblr-7159	1174	34	loan	loan	NOUN
cblr-7159	1174	35	syndications	syndication	NOUN
cblr-7159	1174	36	&	&	CCONJ
cblr-7159	1174	37	trading	trading	PROPN
cblr-7159	1174	38	ass’n	ass’n	PROPN
cblr-7159	1174	39	(	(	PUNCT
cblr-7159	1174	40	sept	sept	PROPN
cblr-7159	1174	41	.	.	PROPN
cblr-7159	1174	42	13	13	NUM
cblr-7159	1174	43	,	,	PUNCT
cblr-7159	1174	44	2018	2018	NUM
cblr-7159	1174	45	)	)	PUNCT
cblr-7159	1174	46	,	,	PUNCT
cblr-7159	1175	1	https://www.lsta.org/news-resources/supervisory-statementsand-leveraged-lending-guidance/	https://www.lsta.org/news-resources/supervisory-statementsand-leveraged-lending-guidance/	PROPN
cblr-7159	1176	1	[	[	X
cblr-7159	1176	2	https://perma.cc/al56-4fbf	https://perma.cc/al56-4fbf	NOUN
cblr-7159	1176	3	]	]	X
cblr-7159	1176	4	.	.	PUNCT
cblr-7159	1177	1	338	338	NUM
cblr-7159	1177	2	see	see	VERB
cblr-7159	1177	3	berlin	berlin	PROPN
cblr-7159	1177	4	,	,	PUNCT
cblr-7159	1177	5	supra	supra	PROPN
cblr-7159	1177	6	note	note	NOUN
cblr-7159	1177	7	95	95	NUM
cblr-7159	1177	8	.	.	PUNCT
cblr-7159	1177	9	339	339	NUM
cblr-7159	1177	10	see	see	VERB
cblr-7159	1177	11	supervisory	supervisory	ADJ
cblr-7159	1177	12	statements	statement	NOUN
cblr-7159	1177	13	…	…	PUNCT
cblr-7159	1177	14	and	and	CCONJ
cblr-7159	1177	15	leveraged	leveraged	ADJ
cblr-7159	1177	16	lending	lending	NOUN
cblr-7159	1177	17	guidance	guidance	NOUN
cblr-7159	1177	18	?	?	PUNCT
cblr-7159	1177	19	,	,	PUNCT
cblr-7159	1177	20	supra	supra	PROPN
cblr-7159	1177	21	note	note	NOUN
cblr-7159	1177	22	337	337	NUM
cblr-7159	1177	23	.	.	PUNCT
cblr-7159	1178	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1178	2	(	(	PUNCT
cblr-7159	1178	3	do	do	AUX
cblr-7159	1178	4	not	not	PART
cblr-7159	1178	5	delete	delete	VERB
cblr-7159	1178	6	)	)	PUNCT
cblr-7159	1178	7	9/28/2020	9/28/2020	NUM
cblr-7159	1178	8	6:35	6:35	NUM
cblr-7159	1178	9	pm	pm	NOUN
cblr-7159	1178	10	no	no	INTJ
cblr-7159	1178	11	.	.	PUNCT
cblr-7159	1179	1	1:192	1:192	X
cblr-7159	1179	2	]	]	X
cblr-7159	1179	3	reconsidering	reconsider	VERB
cblr-7159	1179	4	creditor	creditor	NOUN
cblr-7159	1179	5	governance	governance	NOUN
cblr-7159	1179	6	285	285	NUM
cblr-7159	1179	7	stringency	stringency	NOUN
cblr-7159	1179	8	.	.	PUNCT
cblr-7159	1180	1	at	at	ADP
cblr-7159	1180	2	the	the	DET
cblr-7159	1180	3	more	more	ADV
cblr-7159	1180	4	benign	benign	ADJ
cblr-7159	1180	5	end	end	NOUN
cblr-7159	1180	6	,	,	PUNCT
cblr-7159	1180	7	lenders	lender	NOUN
cblr-7159	1180	8	would	would	AUX
cblr-7159	1180	9	simply	simply	ADV
cblr-7159	1180	10	be	be	AUX
cblr-7159	1180	11	required	require	VERB
cblr-7159	1180	12	to	to	PART
cblr-7159	1180	13	monitor	monitor	VERB
cblr-7159	1180	14	and	and	CCONJ
cblr-7159	1180	15	intervene	intervene	VERB
cblr-7159	1180	16	,	,	PUNCT
cblr-7159	1180	17	if	if	SCONJ
cblr-7159	1180	18	necessary	necessary	ADJ
cblr-7159	1180	19	,	,	PUNCT
cblr-7159	1180	20	to	to	PART
cblr-7159	1180	21	ensure	ensure	VERB
cblr-7159	1180	22	financial	financial	ADJ
cblr-7159	1180	23	solvency	solvency	NOUN
cblr-7159	1180	24	.	.	PUNCT
cblr-7159	1181	1	on	on	ADP
cblr-7159	1181	2	the	the	DET
cblr-7159	1181	3	more	more	ADV
cblr-7159	1181	4	stringent	stringent	ADJ
cblr-7159	1181	5	end	end	NOUN
cblr-7159	1181	6	,	,	PUNCT
cblr-7159	1181	7	these	these	DET
cblr-7159	1181	8	covenants	covenant	NOUN
cblr-7159	1181	9	might	might	AUX
cblr-7159	1181	10	require	require	VERB
cblr-7159	1181	11	lenders	lender	NOUN
cblr-7159	1181	12	to	to	PART
cblr-7159	1181	13	account	account	VERB
cblr-7159	1181	14	for	for	ADP
cblr-7159	1181	15	and	and	CCONJ
cblr-7159	1181	16	limit	limit	VERB
cblr-7159	1181	17	agency	agency	NOUN
cblr-7159	1181	18	costs	cost	NOUN
cblr-7159	1181	19	vis	vis	X
cblr-7159	1181	20	-	-	ADJ
cblr-7159	1181	21	à	à	X
cblr-7159	1181	22	-	-	PUNCT
cblr-7159	1181	23	vis	vis	X
cblr-7159	1181	24	shareholders	shareholder	NOUN
cblr-7159	1181	25	where	where	SCONJ
cblr-7159	1181	26	possible	possible	ADJ
cblr-7159	1181	27	,	,	PUNCT
cblr-7159	1181	28	in	in	ADP
cblr-7159	1181	29	order	order	NOUN
cblr-7159	1181	30	to	to	PART
cblr-7159	1181	31	limit	limit	VERB
cblr-7159	1181	32	the	the	DET
cblr-7159	1181	33	conflict	conflict	NOUN
cblr-7159	1181	34	of	of	ADP
cblr-7159	1181	35	interests	interest	NOUN
cblr-7159	1181	36	between	between	ADP
cblr-7159	1181	37	themselves	themselves	PRON
cblr-7159	1181	38	and	and	CCONJ
cblr-7159	1181	39	stockholders	stockholder	NOUN
cblr-7159	1181	40	.	.	PUNCT
cblr-7159	1182	1	thus	thus	ADV
cblr-7159	1182	2	,	,	PUNCT
cblr-7159	1182	3	if	if	SCONJ
cblr-7159	1182	4	lenders	lender	NOUN
cblr-7159	1182	5	decide	decide	VERB
cblr-7159	1182	6	to	to	PART
cblr-7159	1182	7	intervene	intervene	VERB
cblr-7159	1182	8	to	to	PART
cblr-7159	1182	9	push	push	VERB
cblr-7159	1182	10	for	for	ADP
cblr-7159	1182	11	a	a	DET
cblr-7159	1182	12	change	change	NOUN
cblr-7159	1182	13	in	in	ADP
cblr-7159	1182	14	financial	financial	ADJ
cblr-7159	1182	15	policies	policy	NOUN
cblr-7159	1182	16	or	or	CCONJ
cblr-7159	1182	17	force	force	VERB
cblr-7159	1182	18	a	a	DET
cblr-7159	1182	19	change	change	NOUN
cblr-7159	1182	20	in	in	ADP
cblr-7159	1182	21	management	management	NOUN
cblr-7159	1182	22	,	,	PUNCT
cblr-7159	1182	23	they	they	PRON
cblr-7159	1182	24	would	would	AUX
cblr-7159	1182	25	do	do	VERB
cblr-7159	1182	26	so	so	ADV
cblr-7159	1182	27	with	with	ADP
cblr-7159	1182	28	the	the	DET
cblr-7159	1182	29	interests	interest	NOUN
cblr-7159	1182	30	of	of	ADP
cblr-7159	1182	31	shareholders	shareholder	NOUN
cblr-7159	1182	32	in	in	ADP
cblr-7159	1182	33	mind	mind	NOUN
cblr-7159	1182	34	.	.	PUNCT
cblr-7159	1183	1	there	there	PRON
cblr-7159	1183	2	are	be	VERB
cblr-7159	1183	3	problems	problem	NOUN
cblr-7159	1183	4	with	with	ADP
cblr-7159	1183	5	such	such	ADJ
cblr-7159	1183	6	proposals	proposal	NOUN
cblr-7159	1183	7	as	as	ADV
cblr-7159	1183	8	well	well	ADV
cblr-7159	1183	9	.	.	PUNCT
cblr-7159	1184	1	imposing	impose	VERB
cblr-7159	1184	2	additional	additional	ADJ
cblr-7159	1184	3	duties	duty	NOUN
cblr-7159	1184	4	on	on	ADP
cblr-7159	1184	5	the	the	DET
cblr-7159	1184	6	lender	lender	NOUN
cblr-7159	1184	7	-	-	PUNCT
cblr-7159	1184	8	debtor	debtor	NOUN
cblr-7159	1184	9	contractual	contractual	ADJ
cblr-7159	1184	10	relationship	relationship	NOUN
cblr-7159	1184	11	opens	open	VERB
cblr-7159	1184	12	up	up	ADP
cblr-7159	1184	13	uncertainty	uncertainty	NOUN
cblr-7159	1184	14	in	in	ADP
cblr-7159	1184	15	the	the	DET
cblr-7159	1184	16	performance	performance	NOUN
cblr-7159	1184	17	of	of	ADP
cblr-7159	1184	18	those	those	DET
cblr-7159	1184	19	duties	duty	NOUN
cblr-7159	1184	20	.	.	PUNCT
cblr-7159	1185	1	it	it	PRON
cblr-7159	1185	2	may	may	AUX
cblr-7159	1185	3	become	become	VERB
cblr-7159	1185	4	harder	hard	ADJ
cblr-7159	1185	5	for	for	SCONJ
cblr-7159	1185	6	courts	court	NOUN
cblr-7159	1185	7	to	to	PART
cblr-7159	1185	8	determine	determine	VERB
cblr-7159	1185	9	,	,	PUNCT
cblr-7159	1185	10	ex	ex	NOUN
cblr-7159	1185	11	-	-	NOUN
cblr-7159	1185	12	post	post	ADJ
cblr-7159	1185	13	,	,	PUNCT
cblr-7159	1185	14	what	what	PRON
cblr-7159	1185	15	the	the	DET
cblr-7159	1185	16	right	right	ADJ
cblr-7159	1185	17	course	course	NOUN
cblr-7159	1185	18	of	of	ADP
cblr-7159	1185	19	action	action	NOUN
cblr-7159	1185	20	is	be	AUX
cblr-7159	1185	21	in	in	ADP
cblr-7159	1185	22	a	a	DET
cblr-7159	1185	23	given	give	VERB
cblr-7159	1185	24	situation	situation	NOUN
cblr-7159	1185	25	.	.	PUNCT
cblr-7159	1186	1	perhaps	perhaps	ADV
cblr-7159	1186	2	more	more	ADV
cblr-7159	1186	3	importantly	importantly	ADV
cblr-7159	1186	4	,	,	PUNCT
cblr-7159	1186	5	it	it	PRON
cblr-7159	1186	6	would	would	AUX
cblr-7159	1186	7	be	be	AUX
cblr-7159	1186	8	harder	hard	ADJ
cblr-7159	1186	9	for	for	SCONJ
cblr-7159	1186	10	parties	party	NOUN
cblr-7159	1186	11	to	to	PART
cblr-7159	1186	12	predict	predict	VERB
cblr-7159	1186	13	,	,	PUNCT
cblr-7159	1186	14	ex	ex	NOUN
cblr-7159	1186	15	-	-	NOUN
cblr-7159	1186	16	ante	ante	NOUN
cblr-7159	1186	17	,	,	PUNCT
cblr-7159	1186	18	what	what	PRON
cblr-7159	1186	19	a	a	DET
cblr-7159	1186	20	court	court	NOUN
cblr-7159	1186	21	might	might	AUX
cblr-7159	1186	22	do	do	VERB
cblr-7159	1186	23	in	in	ADP
cblr-7159	1186	24	enforcing	enforce	VERB
cblr-7159	1186	25	such	such	ADJ
cblr-7159	1186	26	rights.340	rights.340	NOUN
cblr-7159	1186	27	this	this	PRON
cblr-7159	1186	28	would	would	AUX
cblr-7159	1186	29	give	give	VERB
cblr-7159	1186	30	rise	rise	NOUN
cblr-7159	1186	31	to	to	ADP
cblr-7159	1186	32	uncertainty	uncertainty	NOUN
cblr-7159	1186	33	,	,	PUNCT
cblr-7159	1186	34	effectively	effectively	ADV
cblr-7159	1186	35	raising	raise	VERB
cblr-7159	1186	36	contracting	contracting	NOUN
cblr-7159	1186	37	costs	cost	NOUN
cblr-7159	1186	38	for	for	ADP
cblr-7159	1186	39	both	both	DET
cblr-7159	1186	40	companies	company	NOUN
cblr-7159	1186	41	and	and	CCONJ
cblr-7159	1186	42	lenders	lender	NOUN
cblr-7159	1186	43	.	.	PUNCT
cblr-7159	1187	1	however	however	ADV
cblr-7159	1187	2	,	,	PUNCT
cblr-7159	1187	3	this	this	DET
cblr-7159	1187	4	increase	increase	NOUN
cblr-7159	1187	5	in	in	ADP
cblr-7159	1187	6	costs	cost	NOUN
cblr-7159	1187	7	is	be	AUX
cblr-7159	1187	8	a	a	DET
cblr-7159	1187	9	problem	problem	NOUN
cblr-7159	1187	10	only	only	ADV
cblr-7159	1187	11	insofar	insofar	ADV
cblr-7159	1187	12	as	as	SCONJ
cblr-7159	1187	13	it	it	PRON
cblr-7159	1187	14	is	be	AUX
cblr-7159	1187	15	not	not	PART
cblr-7159	1187	16	offset	offset	VERB
cblr-7159	1187	17	by	by	ADP
cblr-7159	1187	18	the	the	DET
cblr-7159	1187	19	benefits	benefit	NOUN
cblr-7159	1187	20	of	of	ADP
cblr-7159	1187	21	such	such	DET
cblr-7159	1187	22	a	a	DET
cblr-7159	1187	23	proposal	proposal	NOUN
cblr-7159	1187	24	.	.	PUNCT
cblr-7159	1188	1	as	as	SCONJ
cblr-7159	1188	2	already	already	ADV
cblr-7159	1188	3	discussed	discuss	VERB
cblr-7159	1188	4	,	,	PUNCT
cblr-7159	1188	5	firms	firm	NOUN
cblr-7159	1188	6	and	and	CCONJ
cblr-7159	1188	7	society	society	NOUN
cblr-7159	1188	8	as	as	ADP
cblr-7159	1188	9	a	a	DET
cblr-7159	1188	10	whole	whole	ADJ
cblr-7159	1188	11	benefit	benefit	NOUN
cblr-7159	1188	12	greatly	greatly	ADV
cblr-7159	1188	13	from	from	ADP
cblr-7159	1188	14	lender	lender	NOUN
cblr-7159	1188	15	monitoring	monitoring	NOUN
cblr-7159	1188	16	and	and	CCONJ
cblr-7159	1188	17	governance	governance	NOUN
cblr-7159	1188	18	intervention	intervention	NOUN
cblr-7159	1188	19	.	.	PUNCT
cblr-7159	1189	1	moreover	moreover	ADV
cblr-7159	1189	2	,	,	PUNCT
cblr-7159	1189	3	the	the	DET
cblr-7159	1189	4	kinds	kind	NOUN
cblr-7159	1189	5	of	of	ADP
cblr-7159	1189	6	activities	activity	NOUN
cblr-7159	1189	7	that	that	PRON
cblr-7159	1189	8	would	would	AUX
cblr-7159	1189	9	meet	meet	VERB
cblr-7159	1189	10	this	this	DET
cblr-7159	1189	11	expanded	expand	VERB
cblr-7159	1189	12	fiduciary	fiduciary	ADJ
cblr-7159	1189	13	duty	duty	NOUN
cblr-7159	1189	14	would	would	AUX
cblr-7159	1189	15	not	not	PART
cblr-7159	1189	16	be	be	AUX
cblr-7159	1189	17	uncharted	uncharted	ADJ
cblr-7159	1189	18	territory	territory	NOUN
cblr-7159	1189	19	.	.	PUNCT
cblr-7159	1190	1	they	they	PRON
cblr-7159	1190	2	would	would	AUX
cblr-7159	1190	3	essentially	essentially	ADV
cblr-7159	1190	4	encompass	encompass	VERB
cblr-7159	1190	5	the	the	DET
cblr-7159	1190	6	same	same	ADJ
cblr-7159	1190	7	actions	action	NOUN
cblr-7159	1190	8	that	that	PRON
cblr-7159	1190	9	lenders	lender	NOUN
cblr-7159	1190	10	and	and	CCONJ
cblr-7159	1190	11	firms	firm	NOUN
cblr-7159	1190	12	were	be	AUX
cblr-7159	1190	13	doing	do	VERB
cblr-7159	1190	14	before	before	ADP
cblr-7159	1190	15	the	the	DET
cblr-7159	1190	16	lending	lending	NOUN
cblr-7159	1190	17	market	market	NOUN
cblr-7159	1190	18	disincentivized	disincentivize	VERB
cblr-7159	1190	19	them	they	PRON
cblr-7159	1190	20	from	from	ADP
cblr-7159	1190	21	doing	do	VERB
cblr-7159	1190	22	so	so	ADV
cblr-7159	1190	23	.	.	PUNCT
cblr-7159	1191	1	the	the	DET
cblr-7159	1191	2	parties	party	NOUN
cblr-7159	1191	3	would	would	AUX
cblr-7159	1191	4	,	,	PUNCT
cblr-7159	1191	5	in	in	ADP
cblr-7159	1191	6	effect	effect	NOUN
cblr-7159	1191	7	,	,	PUNCT
cblr-7159	1191	8	be	be	AUX
cblr-7159	1191	9	doing	do	VERB
cblr-7159	1191	10	what	what	PRON
cblr-7159	1191	11	they	they	PRON
cblr-7159	1191	12	did	do	VERB
cblr-7159	1191	13	before	before	ADV
cblr-7159	1191	14	,	,	PUNCT
cblr-7159	1191	15	which	which	PRON
cblr-7159	1191	16	would	would	AUX
cblr-7159	1191	17	greatly	greatly	ADV
cblr-7159	1191	18	mitigate	mitigate	VERB
cblr-7159	1191	19	any	any	DET
cblr-7159	1191	20	uncertainties	uncertainty	NOUN
cblr-7159	1191	21	about	about	ADP
cblr-7159	1191	22	what	what	PRON
cblr-7159	1191	23	their	their	PRON
cblr-7159	1191	24	duties	duty	NOUN
cblr-7159	1191	25	entailed	entail	VERB
cblr-7159	1191	26	.	.	PUNCT
cblr-7159	1192	1	thus	thus	ADV
cblr-7159	1192	2	,	,	PUNCT
cblr-7159	1192	3	the	the	DET
cblr-7159	1192	4	usual	usual	ADJ
cblr-7159	1192	5	problems	problem	NOUN
cblr-7159	1192	6	inherent	inherent	ADJ
cblr-7159	1192	7	in	in	ADP
cblr-7159	1192	8	fiduciary	fiduciary	ADJ
cblr-7159	1192	9	duties	duty	NOUN
cblr-7159	1192	10	and	and	CCONJ
cblr-7159	1192	11	enforcing	enforce	VERB
cblr-7159	1192	12	contract	contract	NOUN
cblr-7159	1192	13	standards	standard	NOUN
cblr-7159	1192	14	would	would	AUX
cblr-7159	1192	15	be	be	AUX
cblr-7159	1192	16	greatly	greatly	ADV
cblr-7159	1192	17	mitigated	mitigate	VERB
cblr-7159	1192	18	,	,	PUNCT
cblr-7159	1192	19	and	and	CCONJ
cblr-7159	1192	20	arguably	arguably	ADV
cblr-7159	1192	21	would	would	AUX
cblr-7159	1192	22	be	be	AUX
cblr-7159	1192	23	worth	worth	ADJ
cblr-7159	1192	24	the	the	DET
cblr-7159	1192	25	benefits	benefit	NOUN
cblr-7159	1192	26	they	they	PRON
cblr-7159	1192	27	engender	engender	VERB
cblr-7159	1192	28	.	.	PUNCT
cblr-7159	1193	1	340	340	NUM
cblr-7159	1193	2	see	see	VERB
cblr-7159	1193	3	triantis	triantis	PROPN
cblr-7159	1193	4	,	,	PUNCT
cblr-7159	1193	5	supra	supra	PROPN
cblr-7159	1193	6	note	note	PROPN
cblr-7159	1193	7	303	303	NUM
cblr-7159	1193	8	,	,	PUNCT
cblr-7159	1193	9	at	at	ADP
cblr-7159	1193	10	2045–46	2045–46	NUM
cblr-7159	1193	11	(	(	PUNCT
cblr-7159	1193	12	explaining	explain	VERB
cblr-7159	1193	13	how	how	SCONJ
cblr-7159	1193	14	standards	standard	NOUN
cblr-7159	1193	15	-	-	PUNCT
cblr-7159	1193	16	based	base	VERB
cblr-7159	1193	17	contracts	contract	NOUN
cblr-7159	1193	18	can	can	AUX
cblr-7159	1193	19	“	"	PUNCT
cblr-7159	1193	20	raise	raise	VERB
cblr-7159	1193	21	back	back	ADJ
cblr-7159	1193	22	-	-	PUNCT
cblr-7159	1193	23	end	end	NOUN
cblr-7159	1193	24	enforcement	enforcement	NOUN
cblr-7159	1193	25	costs	cost	NOUN
cblr-7159	1193	26	,	,	PUNCT
cblr-7159	1193	27	especially	especially	ADV
cblr-7159	1193	28	the	the	DET
cblr-7159	1193	29	costs	cost	NOUN
cblr-7159	1193	30	of	of	ADP
cblr-7159	1193	31	litigation	litigation	NOUN
cblr-7159	1193	32	and	and	CCONJ
cblr-7159	1193	33	judicial	judicial	ADJ
cblr-7159	1193	34	error	error	NOUN
cblr-7159	1193	35	in	in	ADP
cblr-7159	1193	36	applying	apply	VERB
cblr-7159	1193	37	the	the	DET
cblr-7159	1193	38	standard	standard	NOUN
cblr-7159	1193	39	”	"	PUNCT
cblr-7159	1193	40	)	)	PUNCT
cblr-7159	1193	41	.	.	PUNCT
cblr-7159	1194	1	3_2020.1_mcclane	3_2020.1_mcclane	NUM
cblr-7159	1194	2	(	(	PUNCT
cblr-7159	1194	3	do	do	AUX
cblr-7159	1194	4	not	not	PART
cblr-7159	1194	5	delte	delte	VERB
cblr-7159	1194	6	)	)	PUNCT
cblr-7159	1194	7	9/28/2020	9/28/2020	NUM
cblr-7159	1194	8	6:35	6:35	NUM
cblr-7159	1194	9	pm	pm	NOUN
cblr-7159	1194	10	286	286	NUM
cblr-7159	1194	11	columbia	columbia	PROPN
cblr-7159	1194	12	business	business	NOUN
cblr-7159	1194	13	law	law	NOUN
cblr-7159	1194	14	review	review	NOUN
cblr-7159	1194	15	[	[	X
cblr-7159	1194	16	vol	vol	NOUN
cblr-7159	1194	17	.	.	PUNCT
cblr-7159	1194	18	2020	2020	NUM
cblr-7159	1195	1	v.	v.	ADP
cblr-7159	1195	2	conclusion	conclusion	NOUN
cblr-7159	1195	3	amidst	amidst	ADP
cblr-7159	1195	4	the	the	DET
cblr-7159	1195	5	debates	debate	NOUN
cblr-7159	1195	6	about	about	ADP
cblr-7159	1195	7	the	the	DET
cblr-7159	1195	8	actions	action	NOUN
cblr-7159	1195	9	of	of	ADP
cblr-7159	1195	10	large	large	ADJ
cblr-7159	1195	11	institutional	institutional	ADJ
cblr-7159	1195	12	shareholders	shareholder	NOUN
cblr-7159	1195	13	in	in	ADP
cblr-7159	1195	14	corporate	corporate	ADJ
cblr-7159	1195	15	governance	governance	NOUN
cblr-7159	1195	16	,	,	PUNCT
cblr-7159	1195	17	important	important	ADJ
cblr-7159	1195	18	stakeholders	stakeholder	NOUN
cblr-7159	1195	19	like	like	ADP
cblr-7159	1195	20	lenders	lender	NOUN
cblr-7159	1195	21	sometimes	sometimes	ADV
cblr-7159	1195	22	receive	receive	VERB
cblr-7159	1195	23	less	less	ADJ
cblr-7159	1195	24	attention	attention	NOUN
cblr-7159	1195	25	.	.	PUNCT
cblr-7159	1196	1	as	as	ADP
cblr-7159	1196	2	this	this	DET
cblr-7159	1196	3	article	article	NOUN
cblr-7159	1196	4	documents	document	NOUN
cblr-7159	1196	5	,	,	PUNCT
cblr-7159	1196	6	lenders	lender	NOUN
cblr-7159	1196	7	’	’	PART
cblr-7159	1196	8	important	important	ADJ
cblr-7159	1196	9	role	role	NOUN
cblr-7159	1196	10	in	in	ADP
cblr-7159	1196	11	corporate	corporate	ADJ
cblr-7159	1196	12	governance	governance	NOUN
cblr-7159	1196	13	has	have	AUX
cblr-7159	1196	14	begun	begin	VERB
cblr-7159	1196	15	to	to	PART
cblr-7159	1196	16	erode	erode	VERB
cblr-7159	1196	17	with	with	ADP
cblr-7159	1196	18	respect	respect	NOUN
cblr-7159	1196	19	to	to	ADP
cblr-7159	1196	20	companies	company	NOUN
cblr-7159	1196	21	who	who	PRON
cblr-7159	1196	22	may	may	AUX
cblr-7159	1196	23	benefit	benefit	VERB
cblr-7159	1196	24	most	most	ADV
cblr-7159	1196	25	from	from	ADP
cblr-7159	1196	26	it	it	PRON
cblr-7159	1196	27	.	.	PUNCT
cblr-7159	1197	1	as	as	SCONJ
cblr-7159	1197	2	the	the	DET
cblr-7159	1197	3	credit	credit	NOUN
cblr-7159	1197	4	market	market	NOUN
cblr-7159	1197	5	has	have	AUX
cblr-7159	1197	6	heated	heat	VERB
cblr-7159	1197	7	up	up	ADP
cblr-7159	1197	8	and	and	CCONJ
cblr-7159	1197	9	corporate	corporate	ADJ
cblr-7159	1197	10	borrowers	borrower	NOUN
cblr-7159	1197	11	have	have	AUX
cblr-7159	1197	12	gained	gain	VERB
cblr-7159	1197	13	outsized	outsized	ADJ
cblr-7159	1197	14	leverage	leverage	NOUN
cblr-7159	1197	15	in	in	ADP
cblr-7159	1197	16	negotiations	negotiation	NOUN
cblr-7159	1197	17	with	with	ADP
cblr-7159	1197	18	lenders	lender	NOUN
cblr-7159	1197	19	,	,	PUNCT
cblr-7159	1197	20	problematic	problematic	ADJ
cblr-7159	1197	21	practices	practice	NOUN
cblr-7159	1197	22	have	have	AUX
cblr-7159	1197	23	begun	begin	VERB
cblr-7159	1197	24	to	to	PART
cblr-7159	1197	25	emerge	emerge	VERB
cblr-7159	1197	26	.	.	PUNCT
cblr-7159	1198	1	the	the	DET
cblr-7159	1198	2	change	change	NOUN
cblr-7159	1198	3	in	in	ADP
cblr-7159	1198	4	bargaining	bargaining	NOUN
cblr-7159	1198	5	power	power	NOUN
cblr-7159	1198	6	driven	drive	VERB
cblr-7159	1198	7	by	by	ADP
cblr-7159	1198	8	clos	clo	NOUN
cblr-7159	1198	9	is	be	AUX
cblr-7159	1198	10	increasingly	increasingly	ADV
cblr-7159	1198	11	associated	associate	VERB
cblr-7159	1198	12	with	with	ADP
cblr-7159	1198	13	weakening	weaken	VERB
cblr-7159	1198	14	lender	lender	NOUN
cblr-7159	1198	15	protections	protection	NOUN
cblr-7159	1198	16	,	,	PUNCT
cblr-7159	1198	17	but	but	CCONJ
cblr-7159	1198	18	an	an	DET
cblr-7159	1198	19	unintended	unintended	ADJ
cblr-7159	1198	20	consequence	consequence	NOUN
cblr-7159	1198	21	is	be	AUX
cblr-7159	1198	22	the	the	DET
cblr-7159	1198	23	weakening	weakening	NOUN
cblr-7159	1198	24	of	of	ADP
cblr-7159	1198	25	lenderdriven	lenderdriven	ADJ
cblr-7159	1198	26	governance	governance	NOUN
cblr-7159	1198	27	intervention	intervention	NOUN
cblr-7159	1198	28	.	.	PUNCT
cblr-7159	1199	1	this	this	PRON
cblr-7159	1199	2	may	may	AUX
cblr-7159	1199	3	create	create	VERB
cblr-7159	1199	4	problems	problem	NOUN
cblr-7159	1199	5	for	for	ADP
cblr-7159	1199	6	individual	individual	ADJ
cblr-7159	1199	7	companies	company	NOUN
cblr-7159	1199	8	,	,	PUNCT
cblr-7159	1199	9	and	and	CCONJ
cblr-7159	1199	10	it	it	PRON
cblr-7159	1199	11	may	may	AUX
cblr-7159	1199	12	also	also	ADV
cblr-7159	1199	13	lead	lead	VERB
cblr-7159	1199	14	to	to	ADP
cblr-7159	1199	15	increased	increase	VERB
cblr-7159	1199	16	risk	risk	NOUN
cblr-7159	1199	17	for	for	ADP
cblr-7159	1199	18	the	the	DET
cblr-7159	1199	19	financial	financial	ADJ
cblr-7159	1199	20	products	product	NOUN
cblr-7159	1199	21	driving	drive	VERB
cblr-7159	1199	22	this	this	DET
cblr-7159	1199	23	trend	trend	NOUN
cblr-7159	1199	24	in	in	ADP
cblr-7159	1199	25	the	the	DET
cblr-7159	1199	26	first	first	ADJ
cblr-7159	1199	27	place	place	NOUN
cblr-7159	1199	28	.	.	PUNCT
cblr-7159	1200	1	a	a	DET
cblr-7159	1200	2	better	well	ADJ
cblr-7159	1200	3	appreciation	appreciation	NOUN
cblr-7159	1200	4	of	of	ADP
cblr-7159	1200	5	the	the	DET
cblr-7159	1200	6	ways	way	NOUN
cblr-7159	1200	7	that	that	PRON
cblr-7159	1200	8	corporate	corporate	ADJ
cblr-7159	1200	9	governance	governance	NOUN
cblr-7159	1200	10	and	and	CCONJ
cblr-7159	1200	11	the	the	DET
cblr-7159	1200	12	financial	financial	ADJ
cblr-7159	1200	13	system	system	NOUN
cblr-7159	1200	14	affect	affect	VERB
cblr-7159	1200	15	each	each	DET
cblr-7159	1200	16	other	other	ADJ
cblr-7159	1200	17	is	be	AUX
cblr-7159	1200	18	helpful	helpful	ADJ
cblr-7159	1200	19	to	to	ADP
cblr-7159	1200	20	understanding	understand	VERB
cblr-7159	1200	21	the	the	DET
cblr-7159	1200	22	problems	problem	NOUN
cblr-7159	1200	23	with	with	ADP
cblr-7159	1200	24	each	each	PRON
cblr-7159	1200	25	.	.	PUNCT
cblr-7159	1201	1	the	the	DET
cblr-7159	1201	2	financial	financial	ADJ
cblr-7159	1201	3	system	system	NOUN
cblr-7159	1201	4	,	,	PUNCT
cblr-7159	1201	5	and	and	CCONJ
cblr-7159	1201	6	the	the	DET
cblr-7159	1201	7	regulation	regulation	NOUN
cblr-7159	1201	8	that	that	PRON
cblr-7159	1201	9	constrains	constrain	VERB
cblr-7159	1201	10	it	it	PRON
cblr-7159	1201	11	,	,	PUNCT
cblr-7159	1201	12	impacts	impact	VERB
cblr-7159	1201	13	the	the	DET
cblr-7159	1201	14	interactivity	interactivity	NOUN
cblr-7159	1201	15	that	that	SCONJ
cblr-7159	1201	16	corporate	corporate	ADJ
cblr-7159	1201	17	governance	governance	NOUN
cblr-7159	1201	18	depends	depend	VERB
cblr-7159	1201	19	upon	upon	SCONJ
cblr-7159	1201	20	.	.	PUNCT
cblr-7159	1202	1	at	at	ADP
cblr-7159	1202	2	the	the	DET
cblr-7159	1202	3	same	same	ADJ
cblr-7159	1202	4	time	time	NOUN
cblr-7159	1202	5	,	,	PUNCT
cblr-7159	1202	6	the	the	DET
cblr-7159	1202	7	quality	quality	NOUN
cblr-7159	1202	8	of	of	ADP
cblr-7159	1202	9	corporate	corporate	ADJ
cblr-7159	1202	10	governance	governance	NOUN
cblr-7159	1202	11	affects	affect	VERB
cblr-7159	1202	12	the	the	DET
cblr-7159	1202	13	assumptions	assumption	NOUN
cblr-7159	1202	14	that	that	SCONJ
cblr-7159	1202	15	financial	financial	ADJ
cblr-7159	1202	16	innovation	innovation	NOUN
cblr-7159	1202	17	and	and	CCONJ
cblr-7159	1202	18	regulation	regulation	NOUN
cblr-7159	1202	19	are	be	AUX
cblr-7159	1202	20	built	build	VERB
cblr-7159	1202	21	upon	upon	SCONJ
cblr-7159	1202	22	.	.	PUNCT
cblr-7159	1203	1	misunderstanding	misunderstand	VERB
cblr-7159	1203	2	this	this	DET
cblr-7159	1203	3	endogenous	endogenous	ADJ
cblr-7159	1203	4	relationship	relationship	NOUN
cblr-7159	1203	5	between	between	ADP
cblr-7159	1203	6	the	the	DET
cblr-7159	1203	7	financial	financial	ADJ
cblr-7159	1203	8	system	system	NOUN
cblr-7159	1203	9	and	and	CCONJ
cblr-7159	1203	10	corporate	corporate	ADJ
cblr-7159	1203	11	governance	governance	NOUN
cblr-7159	1203	12	has	have	AUX
cblr-7159	1203	13	resulted	result	VERB
cblr-7159	1203	14	in	in	ADP
cblr-7159	1203	15	the	the	DET
cblr-7159	1203	16	degradation	degradation	NOUN
cblr-7159	1203	17	of	of	ADP
cblr-7159	1203	18	an	an	DET
cblr-7159	1203	19	important	important	ADJ
cblr-7159	1203	20	check	check	NOUN
cblr-7159	1203	21	in	in	ADP
cblr-7159	1203	22	the	the	DET
cblr-7159	1203	23	system	system	NOUN
cblr-7159	1203	24	of	of	ADP
cblr-7159	1203	25	corporate	corporate	ADJ
cblr-7159	1203	26	checks	check	NOUN
cblr-7159	1203	27	and	and	CCONJ
cblr-7159	1203	28	balances	balance	NOUN
cblr-7159	1203	29	,	,	PUNCT
cblr-7159	1203	30	to	to	PART
cblr-7159	1203	31	which	which	PRON
cblr-7159	1203	32	attention	attention	NOUN
cblr-7159	1203	33	has	have	AUX
cblr-7159	1203	34	scarcely	scarcely	ADV
cblr-7159	1203	35	been	be	AUX
cblr-7159	1203	36	paid	pay	VERB
cblr-7159	1203	37	.	.	PUNCT
cblr-7159	1204	1	the	the	DET
cblr-7159	1204	2	complex	complex	ADJ
cblr-7159	1204	3	problem	problem	NOUN
cblr-7159	1204	4	of	of	ADP
cblr-7159	1204	5	corporate	corporate	ADJ
cblr-7159	1204	6	non	non	NOUN
cblr-7159	1204	7	-	-	NOUN
cblr-7159	1204	8	governance	governance	NOUN
cblr-7159	1204	9	does	do	AUX
cblr-7159	1204	10	not	not	PART
cblr-7159	1204	11	lend	lend	VERB
cblr-7159	1204	12	itself	itself	PRON
cblr-7159	1204	13	to	to	ADP
cblr-7159	1204	14	easy	easy	ADJ
cblr-7159	1204	15	solutions	solution	NOUN
cblr-7159	1204	16	but	but	CCONJ
cblr-7159	1204	17	understanding	understand	VERB
cblr-7159	1204	18	the	the	DET
cblr-7159	1204	19	source	source	NOUN
cblr-7159	1204	20	of	of	ADP
cblr-7159	1204	21	the	the	DET
cblr-7159	1204	22	problem	problem	NOUN
cblr-7159	1204	23	is	be	AUX
cblr-7159	1204	24	a	a	DET
cblr-7159	1204	25	first	first	ADJ
cblr-7159	1204	26	step	step	NOUN
cblr-7159	1204	27	in	in	ADP
cblr-7159	1204	28	thinking	think	VERB
cblr-7159	1204	29	through	through	ADP
cblr-7159	1204	30	possible	possible	ADJ
cblr-7159	1204	31	fixes	fix	NOUN
cblr-7159	1204	32	.	.	PUNCT
cblr-7159	1205	1	the	the	DET
cblr-7159	1205	2	goal	goal	NOUN
cblr-7159	1205	3	should	should	AUX
cblr-7159	1205	4	be	be	AUX
cblr-7159	1205	5	to	to	PART
cblr-7159	1205	6	align	align	VERB
cblr-7159	1205	7	actors	actor	NOUN
cblr-7159	1205	8	’	'	PUNCT
cblr-7159	1205	9	incentives	incentive	VERB
cblr-7159	1205	10	with	with	ADP
cblr-7159	1205	11	the	the	DET
cblr-7159	1205	12	roles	role	NOUN
cblr-7159	1205	13	each	each	PRON
cblr-7159	1205	14	should	should	AUX
cblr-7159	1205	15	play	play	VERB
cblr-7159	1205	16	in	in	ADP
cblr-7159	1205	17	appropriate	appropriate	ADJ
cblr-7159	1205	18	governance	governance	NOUN
cblr-7159	1205	19	,	,	PUNCT
cblr-7159	1205	20	and	and	CCONJ
cblr-7159	1205	21	a	a	DET
cblr-7159	1205	22	start	start	NOUN
cblr-7159	1205	23	would	would	AUX
cblr-7159	1205	24	be	be	AUX
cblr-7159	1205	25	to	to	PART
cblr-7159	1205	26	facilitate	facilitate	VERB
cblr-7159	1205	27	intervention	intervention	NOUN
cblr-7159	1205	28	that	that	PRON
cblr-7159	1205	29	gives	give	VERB
cblr-7159	1205	30	parties	party	NOUN
cblr-7159	1205	31	a	a	DET
cblr-7159	1205	32	reason	reason	NOUN
cblr-7159	1205	33	to	to	PART
cblr-7159	1205	34	view	view	VERB
cblr-7159	1205	35	their	their	PRON
cblr-7159	1205	36	financial	financial	ADJ
cblr-7159	1205	37	assets	asset	NOUN
cblr-7159	1205	38	as	as	ADP
cblr-7159	1205	39	a	a	DET
cblr-7159	1205	40	relationship	relationship	NOUN
cblr-7159	1205	41	,	,	PUNCT
cblr-7159	1205	42	as	as	ADV
cblr-7159	1205	43	much	much	ADV
cblr-7159	1205	44	as	as	ADP
cblr-7159	1205	45	an	an	DET
cblr-7159	1205	46	investment	investment	NOUN
cblr-7159	1205	47	.	.	PUNCT