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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Are there any FFRDCs on the verge of insolvency? I heard that some carry a lot of debt and if revenue declines too much they could be victim of a covenant default. I don’t know much about this. Is this true?[/quote] What is a covenant default? [/quote] Loan agreements typically contain restrictive covenants, such as debt-to-income ratios and liquidity requirements. For an FFRDC financing significant capital assets (such as a building), a cessation of federal funding, typically the primary revenue stream, could trigger a breach of these financial requirements, resulting in a technical default under the credit facility.[/quote]
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