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Judgment & ambiguity · Decisions under uncertainty

You're advising a company whose lender says a maintenance covenant is breached on the current-quarter numbers, but the calculation turns on an add-back the credit agreement arguably permits — it's genuinely a coin-flip reading. Do you tell the client to disclose, negotiate a waiver, or hold, and on what basis?

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A coin-flip covenant reading is a legal question with commercial consequences, so my first move isn't to pick a side myself — I get counsel's read on the add-back and quantify how

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