Fox Legal Training

Welcome to FLT's Covenants for LPs course!

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How to ask questions

Covenant for LPs slides

Monkey Business Annotated OM

Goals of this Course & How Will We Achieve This

The “Leveraged Finance Market” / Landscape of the Market

Goals of the Parties

Maintenance vs. Incurrence Covenants / “Cov-Lite”

Foundations Quiz

Questions to Ask Private Credit Managers

Why Analyze the Capital Structure?

What is the Cap Stack?

Analyzing the Structure Chart

Why Does Credit Support Matter?

Subordination

Step-by-Step: How to Analyze Capital Structure & Credit Support

Capital Structure & Credit Support Quiz

Questions to Ask Private Credit Managers

Why Analyze the Debt & Liens Covenants

Debt Covenant - How it Works

Debt Covenant - Key Risks

Non-Guarantor Debt Incurrence

Liens Covenant - How it Works & Key Risks

Step-by-Step - How to Analyze Secured Debt Capacity

Debt & Liens Quiz

Questions to Ask Private Credit Managers

Why Analyze the Restricted Payments & Asset Sales Covenants?

Restricted Payments Covenant – How it Works

Restricted Payments Covenant – Key Risks

Restricted Payments Covenant and “The Box”

Step-by-Step: How to Analyze Restricted Payments Capacity

Asset Sales Covenant – How it Works

Asset Sales Covenant – Key Risks

Step-by-Step: How to Analyze the Asset Sales Covenant

Restricted Payments & Asset Sales Quiz

Questions to Ask Private Credit Managers

Why Analyze These Terms?

Pricing & Call Protection - HYBs vs LLs

Change of Control

Portability

Portability - How It Works

Portability - Key Risks

Step-by-Step - Analyzing the Change of Control Covenant

Transfers - HYBs vs. LLs

Economic Terms, Sweetheart Deals & Changes of Ownership Quiz

Questions to Ask Private Credit Managers