Contractual provision in a syndicated loan that allows the arranger to adjust its commission (agency fee) in the event of unexpected demand (clause in a contract that allows the arranger to increase or decrease the spread on the loan to reflect a situation of over-subscription or under-subscription). – In the case of a syndicated loan, the arranger’s reservation to increase its commission in the event of poor market conditions (market flex clause: it allows to increase the spread in case of deterioration of the market conditions). – See Bought deal, Club deal, Fiscal agent, Fixed price reoffering procedure, Gestion commission, Roadshow, Syndication….
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