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In an increasingly borrower-friendly market, 9fin has reported on technologies — including voting and concentration caps and lender DQ lists — aimed at controlling who can purchase debt, and how much of it they can own.

Whenever we hear one of these provisions clear the market, however, a chorus of sources reach out to say it’s just noise. “Good luck on enforcing it!!” one lawyer emailed.

While we potentially wait for an answer on the legal enforceability of each provision by way of a court challenge — which to the best of 9fin’s knowledge no case on the matter is even pending — or even a prevailing market view, we considered who is actually on the hook to make sure these technologies are upheld.

The likely parties on the hook are likely either the bank syndicating the loan, lenders selling or entering the debt, or sponsors consenting to the assignment of their debt. Yet, it is unclear if any party will take complete ownership of this process and claim the role of “enforcer.”