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Don't forget about interest cover ratio (ICR) as the other very common financial covenant ratio. Asset-backed facilities often have orderly liquidation value or liquid asset ratio covenants as well.

Worth noting that covenants are usually calculated on a last 12 months' basis, so a poor EBITDA month stays on the books for the following year!

Also, it is important to know that things like blowouts in working capital can screw up your DSCR calculations since the change in WC is usually added to/subtracted from the cashflow available for debt servicing.

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