Titlebook: Covenants and Third-Party Creditors; Empirical and Law & Daniela Matri Book 2017 Springer International Publishing AG 2017 Covenants.Credi

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em of covenants. First, it will describe the concept of delegated monitoring, as this theory provides a suitable starting point for analysing potential externalities of a bank’s conduct after a covenant default. Subsequently, the potential positive externalities of providing information as well as a

輕觸

e results for the covenant’s enforcement out of court will be described and discussed. Subsequently, the findings for potential negative externalities will be presented and analysed. This will be followed by the presentation and subsequent discussion of potential positive externalities. Finally, the

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the standard situation for applying covenants, where a bank consortium provides a loan to a debtor company?—?Papermaker?—?and the loan agreement includes covenants. Here, the negative pledge clause allows the bank consortium to protect itself from both asset and claim dilution. However, covenants a

出生

the law. They were developed in a dynamic process and will continue to be shaped by national and international regulations. For example, when regulating banks, the national regulator affects the bank’s conduct after a covenant default. Regulations may hinder the bank’s discretion after a covenant d

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