LMA publishes covenant provisions

The Loan Market Association has published a series of financial covenant provisions for use with the LMA leveraged primary document, which was first launched in January 2004.

The provisions relate to leverage, interest cover, cashflow cover, capital expenditure and excess cashflow and are the result of work undertaken by a specific working party comprising leading lending institutions and law firms.

“When the leveraged document was first published, it was decided not to include financial covenan

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