Tue 05/31/2022 09:54 AM
Although mundane to most, debt documents provide a window into a fantastical world where long-held beliefs of what is are turned into newly formed notions of what should be.
This is a world where total leverage ratios - tests that purport to include total outstanding debt - exclude 10 different kinds of debt, where “excess cash flow” excludes most cash flow and where violations are violations only if a majority of creditors say so and only then if the debtor has knowledge of the...
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