FLT Launches the Leveraged Loan Covenant Training Course

Covenants have grown more complex with every market cycle. Since the Global Financial Crisis, borrower flexibility has expanded, terms have converged across instruments, and the legal language underpinning leveraged finance has become increasingly technical.

The result? A landscape where instruments are converging, terms are evolving, and professionals need legal fluency adapted specifically to each challenge to keep pace.

That’s why Fox Legal Training has developed its newest course, our Leveraged Loan Covenant Training (LLCT).

Why This Course Matters

Covenants are the levers that dictate flexibility, risk allocation and value protection. But they’re only meaningful when you can interpret the actual words on the page. That’s where many professionals struggle – not with the concepts, but with the legalese.

LLCT tackles this challenge head-on specificaly for leveraged loans. Every provision is taught through real examples from an actual deal, giving participants the ability to read the drafting, understand its purpose, and assess what really matters. This is about more than theory – it’s about fluency in the language that governs deals.

Case Studies In Action

We designed LLCT around one simple idea: to truly understand covenants, you need to see the language in action.

That’s why every provision is taught through a case study drawn from real-world documentation so you can connect analysis to the deals you see every day.

By working directly with the covenant language, participants can discover how subtle differences in drafting can reshape credit support, investor protections, and risk.

Inside the course

Like our flagship course, the Leveraged Finance Covenant Training, the LLCT is structured as a step-by-step journey, moving from the foundations of covenant analysis to the practical realities of defaults and waivers.

Participants begin with the analytical framework and an introduction to The Really Cool Company case study, before working through key areas such as:

• Capital Structure & Credit Support – with case studies on guarantor coverage conditions and collateral analysis.
• Debt & Liens – including incremental facilities, MFN and maturity conditions, ratio debt baskets, reclassification, and chasing cross-references.
• Calculation Mechanics – walking through covenant capacity step by step, with case studies on ratio calculations and reclassification.
• Restricted Payments & Asset Sales – analyzing capacity and proceeds application, with case studies on build-up baskets and reinvestment mechanics.
• Economic Terms, Sweetheart Deals & Changes of Ownership – comparing high yield bonds to leveraged loans, including MFN protections, mandatory prepayments, affiliate transactions, and portability.
• ESG & Sustainability-Linked Transactions – covering tools, industry guidance, sustainability-linked loan, SPTs, and verification/reporting.
• Reports, Defaults, Amendments & Waivers – with case studies on information undertakings and yank-a-bank provisions.

Each topic is grounded in real covenant language, reinforced by lessons, quizzes, and opportunities to apply concepts directly.

What you’ll take away

By completing LLCT, participants will:

• Develop a framework for systematic covenant analysis.
• Combine financial and legal perspectives to assess real risk.
• See how instruments converge, and why subtle drafting differences matter.
• Gain hands-on experience analyzing covenant language.
• Develop the fluency to negotiate stronger protections – or walk away from a deal when terms don’t support your position.

Building Confidence in Covenant Analysis

In a world of converging instruments and evolving terms, credit professionals need more than financial analysis alone. The real differentiator is the ability to interpret legal language, identify its implications, and act decisively.

This course is designed to give you that edge: a case study-driven training that transforms complex legal drafting into practical, actionable insight.

To sign up for the course or find out about our enterprise options, contact sabrina@foxlegaltraining.com.

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