Covenants
Covenant headroom is the real limit
Exclusive BX Reserve reporting on a leverage covenant: the figure, the condition, and the order sentence.
Credit
Covenants, borrowing bases, and the cash under a private loan.
PIK
PIK interest is still debt
Exclusive BX Reserve reporting on a payment-in-kind toggle: the figure, the condition, and the order sentence.
Collateral
A borrowing base moves when the collateral does
Exclusive BX Reserve reporting on an asset-based borrowing base: the figure, the condition, and the order sentence.
Cures
An equity cure is a limited cheque
Exclusive BX Reserve reporting on an equity-cure right: the figure, the condition, and the order sentence.
Priority
The intercreditor agreement decides who gets paid in a wreck
Exclusive BX Reserve reporting on an intercreditor agreement: the figure, the condition, and the order sentence.
Fees
An origination fee is part of the cost of funds
Exclusive BX Reserve reporting on an upfront fee: the figure, the condition, and the order sentence.
Draws
A delayed draw is a promise with a ticking fee
Exclusive BX Reserve reporting on a delayed-draw term loan: the figure, the condition, and the order sentence.
Testing
A covenant is tested on a definition, not on a feeling
Exclusive BX Reserve reporting on a quarterly covenant test: the figure, the condition, and the order sentence.
Sponsors
Sponsor support is only a contract if it is signed
Exclusive BX Reserve reporting on a sponsor support letter: the figure, the condition, and the order sentence.
Recovery
A recovery assumption is not a recovery
Exclusive BX Reserve reporting on a downside recovery case: the figure, the condition, and the order sentence.