M. Kulkin et al., The Unlikely Pairing of Onions and Movie Tickets: The Evolving Definition of a “Commodity” and What It Means for the Future, 42 No. 88 Futures and Derivatives L. Rep. NL 1 (2022).

In today's mid-market, collateral is a dynamic, actively managed asset that can generate liquidity, reduce funding costs, unlock liability management options, and — in the wrong hands — erode a creditor's recovery without a single covenant being breached. Collateral enhancement has become a strategic imperative for borrowers, lenders, and specialty finance providers alike. It has also become a restructuring tool of the first order — one that skilled debt advisers and lawyers are increasingly deploying to shape outcomes that would previously have required formal insolvency proceedings. ...