The Everything You Need to Know About Covenants course is designed to take participants from no prior knowledge to working confidence in a single sitting. It requires no legal background and no experience with credit documentation, and it focuses on building the analytical lens that every subsequent piece of covenant knowledge sits on top of.

The course opens with a framework for reading any deal: covenants as part of a contract, as a facilitator of a transaction, as a reflection of the parties' intentions, as something embedded within market context, and as text drafted in legalese that can be read in plain English. That framework then carries through the rest of the material.

From there, participants work through capital structure and credit support, subordination, and what governs the restricted and obligor groups, before moving into the core covenants: debt, liens, restricted payments and investments, and change of control. Each covenant is paired with a "What This Tells Us" segment that connects the technical mechanics to practical credit assessment, so participants learn not just how a provision works but what its presence or absence signals about a transaction.
The course closes with covenant calculations and capacity, a step-by-step walkthrough of how capacity is worked out in practice, enforcement and remedies, and an examination of what "cov-light" actually means in today's market and why the label is often misleading.

By the end of the course, participants will understand what covenants do, how the major provisions function, and what a covenant package reveals about the balance of power in a deal. They'll have the vocabulary to follow a conversation about documentation and a foundation to build on with further training.