Much attention was paid over the past few weeks to a dramatic series highlighting the struggle between two powerful forces, a dizzying game for world domination, with the outcome hanging in the balance and viewers on the edge of their seats.

Of course we’re talking about our recent series on valuations (“Why Valuations Matter” [link]). Seems it struck a chord with our subscribers. Based on your feedback, the trends we identified have indeed been experienced by both credit users and providers.

One particular question from lenders, though, has arisen in multiple conversations at conferences and other settings; namely, how does the element of asset valuation figure into covenant packages and how they are being negotiated?

It was thus fortuitous that attorneys from Morgan Lewis dropped in last week for a credit agreement teach-in, with a special emphasis on covenants. We decided to expand that discussion with them in this space for the next few episodes.