What’s Good for the Goose is Good for the Gander?

We have written frequently as of late on the waivers granted by the banks for the breach of covenants by borrowers. Waivers, in all but one instance, involving public companies have been granted. In a majority of the cases, there has been a quid pro quo involving certain amendments to the terms of the loan agreement, although there are instances that they were given gratis. Our reporting has naturally been limited to the public companies.

Historically, the price for the waiver for the breach of the LTV covenant, which has been the predominant trigger of late, has been the

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