Found inside – Page 151Restrictive covenants in the Westinghouse Electric trust indentures , left outstanding in the 1907 readjustment , were a ... the raising of new funds by stock issues being embarrassed by the covenant in the convertible bond indenture of 1906 ... Found inside – Page 722Bonds A bond is a long-term contract (7 to 10 years or more) under which a borrower ... called “indenture” is created, which includes restrictive covenants. Found inside – Page 689Attention here is given to both the order of precedence and provisions of the mortgage indenture including restrictive covenants . The debt capitalization of transportation companies is , typically , complex , although there is wide variation ... Found inside – Page 136bondholder , including denomination of the bond ( generally $ 1 , 000 ) , maturity , interest rate , periods of interest ... less formal in nature than bonds , they generally include many restrictive covenants not required in connection with the typical ... Found inside – Page 226The issue of an international bond also has a more positive impact on the ... For example, restrictive covenants may require the issuer to maintain specific ... Found inside – Page 119Debt service requirements for principal and interest for the Hospital's revenue bonds at June 30 , 2008 are as follows ( in ... event of default with respect to the industrial revenue bonds payable restrictive covenants as of December 31 , 2007. Found inside – Page 652(Bond Indenture Research Project) As a research project obtain several bond indentures. These can be obtained directly from the corporation issuing the bond or perhaps through a local stockbroker. Examine the restrictive covenants — in ... Found inside – Page 218... call provisions in, 54; bond purchase agreements, 55-58; common stock dividends, restrictions on, 59; debenture bonds of, 60; public and private placements compared, 60; restrictive covenants in bonds of, 60-61; sinking funds in bonds of, ... Found inside – Page 101... faced with an unappealing choice between issuing bonds with restrictive covenants and high coupons and issuing equity , which dilutes the interest of existing shareholders . One apparently attractive alternative is issuing convertible bonds . Found inside – Page 111Sunti Tirapat. - - - have issued debt with more restrictive covenants during the early. Found inside – Page 59Bonds may be subject to legally binding restrictive Bonds as lemons covenants aimed at reducing moral hazard . Such It is useful to consider the ... Found inside – Page 427Randomly selecting stocks , one will make an average of 9 to 12 percent per year in the long run while bonds yield 5 to 8 ... Pay particular attention to the restrictive covenants concerning such things as dividends , working capital , additional ... Found inside – Page 73Thus , the role of the bond trustee is to service the firm's debt obligation on behalf of bondholders . If certain terms of the bond's payment schedule or its restrictive covenants are violated , then bondholders have certain well - defined rights of ... Found inside – Page 146Vu conjectured that firms sometimes call debt to eliminate restrictive covenants.8 To test this hypothesis, he divided his subsample of 102 bonds into two ... Found inside – Page 32... 1,773 million of additional debt under a less restrictive capitalization test . ... wish that less restrictive covenants were not granted so freely . Found inside – Page 34The revenue bond obligations are special limited obligations of the District and are secured by a pledge of the District's net operating revenues . Such obligations contain certain restrictive covenants , with which the District has complied . Found inside – Page 118Equity holders and managers may also benefit from the presence of restrictive covenants. In the absence of covenants, bond yields must compensate lenders ... Found inside – Page 64Frequently , bank lines can be more restrictive than bond indentures . The analyst should focus on the most restrictive covenants . Found inside – Page 5Smith and Warner ( 1979 ) found that private placements of bonds had more restrictive covenants 1 / Traditional distinctions between bonds and MTN's are that the latter are not underwritten , are continuously offered , and secondary markets ... Found inside14–010 SubsidiariesThese are usually covered by the restrictive covenants. Sometimes certain subsidiaries are designated as unrestricted subsidiaries which ... Found inside – Page 528The constraints written into the bonds ' indentures are known as its restrictive covenants . The firm may also issue unsecured bonds called debentures and subordinated debentures . Mortgage bonds are the most highly secured bonds ; then ... Found inside – Page 722Bonds A bond is a long-term contract (7 to 10 years or more) under which a borrower ... called “indenture” is created, which includes restrictive covenants. Found inside – Page 76The Exchange Bonds will include restrictive covenants that greatly limit opportunities for HMH to transfer cash to Host . Host ' s airport and toll road concession businesses , representing the preponderant part of its operating assets , and 40 ... Found inside – Page 268restrictive covenants Provisions in a bond deed that place operating and financial constraints on the borrower. subordination In a bond deed, ... Found inside – Page 271Restrictive Covenants Stipulations within the bond indenture that limit the ability of the corporation with regards to certain activities. Found inside – Page 378Preliminary Draft - Confidential Practising Law Institute Debt Financing Alternatives Structural Considerations Bonds ... restrictive covenants than bonds • Limited capacity available because typically tied to asset value • Limits flexibility with ... Found inside – Page 854The role of the trustee is to enforce the terms of the indenture and to ensure compliance with restrictive covenants. Most bonds contain a call provision ... Found inside – Page 413... accept the project and proceed with the bond refunding.5 Restrictive Covenants A company that seeks to raise debt capital by issuing new bonds often ... Found inside – Page 133Some legal measures, such as non-compete provisions, employee bonds (see below) etc., could also be considered with the objective of being enforceable and ... Found inside – Page 217For example , a typical bond indenture may contain several restrictive covenants , such as specifying that the borrower maintains a certain amount of cash on hand . By specifying this minimum , lenders have some assurance that the debt ... Found inside – Page 1275.1.1 Restrictive covenants Restrictive ( or banking ) covenants are conditions attached to bonds as a means by which providers of long - term debt finance ... Found inside – Page 769Cash Tender Offers From time to time , issuers of high yield bonds will need to make a tender offer to repurchase their ... may offer a fixed price per bond and solicit consents to an indenture amendment that eliminates all restrictive covenants . Found inside – Page 200But we didn't feel the covenant ratios we had to abide by were any ... Husted: In the Buma bond, we agreed to a set of very restrictive covenants by high ... Found inside – Page 6Generally, the more negative covenants exist in a bond issue, the lower the interest rate on the debt will be since the restrictive covenants make the bonds ... We examine how country-level legal and institutional differences in creditor and shareholder rights shape the use of bond covenants. Found inside – Page 854The role of the trustee is to enforce the terms of the indenture and to ensure compliance with restrictive covenants. Most bonds contain a call provision ... Found inside – Page 722Bonds A bond is a long-term contract (7 to 10 years or more) under which a borrower ... called “indenture” is created, which includes restrictive covenants. Found inside – Page 14One may be tempted to argue that bond covenants are not really necessary since ... without resorting to restrictive covenants to control for credit risk, ... Found inside – Page 5895Madigan : Transit plan could pass CHICAGO DEFENDER 1/9 PARER Informal political control of the RTA by Chicago's business community would be replaced by formal control through the restrictive covenants of the bonds . Incidentally , the ... Found inside – Page 226The purpose of refunding may be to reduce interest cost, extend the maturity of debt, eliminate existing restrictive covenants, or other contractual changes. A bond whose owner's name is printed on the certificate and recorded on the books of ... Found inside – Page 591Principal Features of Corporate Notes and Bonds A distinction needs to be drawn here between notes and bonds . By convention , a ... and the investor . Indentures usually contain restrictive covenants designed to protect bondholders against ... Found inside – Page 145If the main motive is to eliminate the restrictive covenants on the called bonds and this need to eliminate such covenants is independent of the bond price movements , then whether calls trade above or below the call price in the call ... Found inside – Page 211Because they are sold through direct negotiation with the buyer, privately placed bonds usually have fewer restrictive covenants than publicly issued ones, ... Found inside – Page 433Restrictive Covenants A restrictive covenant is a provision in a bond indenture or term loan agreement that requires the issuer of the bond to meet certain stated conditions . Typical provisions include requirements that debt not exceed a ... Found inside – Page 318... bonds and less restrictive covenants make this proposition conducive for financing power projects . • Global Depository Receipts ( GDRS ) GDRs present an attractive avenue of funds for the Indian Companies . Indian Companies can collect ... Found inside – Page 315Covenants on junk bonds are less restrictive, and therefore provide alternatives for firms that may not meet the more restrictive covenants of conventional ... Found inside – Page 372.2.7 Bond Covenants A protective covenant is a legal contract between ... with better credit profile will be subject to less restrictive covenants. Found inside – Page 218... call provisions in , 54 ; bond purchase agreements , 55 – 58 ; common stock dividends , restrictions on , 59 ; debenture bonds of , 60 ; public and private placements compared , 60 ; restrictive covenants in bonds of , 60 – 61 ; sinking funds in ...
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