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Leveraged Finance Covenants Bible

A practitioner reference for reading covenant perimeter, mechanics and interactions
Federico Etchelecu

The complete edition follows one synthetic teaching case across the restricted group, debt, liens, restricted payments, investments, asset sales, voting, call protection, default, liability management and credit-agreement plumbing. The PDF is no longer served as an unrestricted public download; authorised copies are issued individually for professional education.

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7Parts
33Chapters
209Pages
How to read it

Mechanism first. Assumptions second.

01 · Perimeter

Identify the entities and claims

Start with the restricted group, guarantee and collateral perimeter, priority and structural position.

02 · Mechanics

Trace permissions and blockers

Read definitions, baskets, ratios, conditions, voting thresholds and interactions together.

03 · Teaching lens

State every assumption

Numerical examples are teaching estimates, not market prices or legal conclusions.

Professional boundary

Education and analytics only. Not legal, credit or investment advice. The operative documents, current primary sources and qualified professional advice control.

Licence and use

All Rights Reserved

The lawful recipient may retain an authorised copy for personal professional education. Recipient redistribution, public display, resale and repository upload are prohibited. Institutional use requires a separate written licence.

Read the complete licence and use terms.