Market
Memos From Howard Marks: What’s Going on in Private Credit?An agreement between the contracting parties that the infrastructure asset user will either “take” the services or goods provided or “pay,” even if they are not utilized. A take-or-pay contract provides high visibility into revenues, as the asset operator knows how much of a service or good will be provided and at what price. These contracts are often linked to inflation by Consumer Price Index-based price adjustments.