incurrence covenant
C2CEFR level
90/100Rarity: very rare
TechnicalRegister
A covenant tested only when the borrower takes a specified action, such as incurring further debt or making a distribution.
Under the incurrence covenant, the group may raise additional debt only if pro forma leverage stays below the threshold.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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