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(Un)Restricted Payments - Part 1 - the Builder Basket (9fin Educational)

Alice Holian's avatar
Brian Dearing's avatar
  1. Alice Holian
  2. +Brian Dearing
9 min read

In this edition of 9fin Educational, we take a look at the Restricted Payments covenant, exploring how it works and the key things to focus on when reviewing it. Previously, in another 9fin Educational, we discussed J.Crew and unexpected value leakage, but here, we are exploring expected value leakage.

This is the first of a two part series on the Restricted Payments covenant. Part 1 focuses on the structure of the RP covenant, and then does a deep dive on the Builder Basket. Click here to read Part 2 will look at the Permitted Payment baskets.

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