{"id":56284,"date":"2018-10-22t07:09:24","date_gmt":"2018-10-22t11:09:24","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=56284"},"modified":"2018-10-31t14:19:35","modified_gmt":"2018-10-31t18:19:35","slug":"blown-covenants-and-how-to-recover-from-them","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/10\/22\/blown-covenants-and-how-to-recover-from-them\/","title":{"rendered":"blown loan covenants and how to recover from them"},"content":{"rendered":"

\"business<\/a>sometimes a detailed memo can buy you time.
\n<\/strong><\/p>\n

by ed mendlowitz<\/i>
\ncall me before you do anything: the art of accounting<\/i><\/a><\/p>\n

one time, one of my clients had a very large equipment term loan from a bank and was in danger of being put out of business because the company had blown an essential loan covenant.<\/p>\n

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a covenant is a condition the lender must meet or the bank has the right to call the loan. most businesses that borrow cannot pay loans back on demand. instead, they are paid out of future profits that have hopefully been generated from the added business the loan helped to achieve.
\n read more →<\/a><\/p>\n