Finance Deals & Syndicated Lending · glossary
The ratios the borrower must keep, tested on fixed dates as an early warning. Sunrise sets two, Leverage no higher than three times and Interest Cover no lower than four times, tested twice a year. A failed test has no grace period, so the borrower needs a waiver. Clause 17.1 · Chapter 9
Explained in Chapter 9, Undertakings and Financial Covenants, of Finance Deals & Syndicated Lending.
Also explained in Security & Collateral.
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