Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating terms with current and potential creditors. There has also been, as a consequence of this dynamic and the general availability of capital, an expansion in debt document flexibility over the course of the last decade.

When the Coronavirus Act 2020 (the "Act") received royal assent on 25 March 2020, commercial tenants across the country were afforded some relief.