Finance Deals & Syndicated Lending · glossary
A right for the owners to fix a failed financial covenant test by putting in fresh money, which the test then counts. Some leveraged loans have one. Sunrise does not, so a waiver is the only way out. Chapter 9
Explained in Chapter 9, Undertakings and Financial Covenants, of Finance Deals & Syndicated Lending.
Some leveraged loans also allow an equity cure: the owners put in fresh money after a failed test, and the test counts it. Sunrise has no equity cure, so a waiver is the only way out. Chapter 10 covers the rest of what follows a breach.Read Chapter 9, Undertakings and Financial Covenants →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Finance Deals & Syndicated Lending and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Finance Deals & Syndicated Lending → · All terms A–Z →