step-ups/step-downs

step-ups/step-downs
step-ups/step-downs
USA
In the context of bank loan facilities, the terms refer to an increase or decrease in a covenant level (or other requirement) based on some agreed index. For example, a loan agreement may require the borrower to prepay the loans with 50% of its excess cash flow, but that percentage may "step-down" to 25% if the leverage ratio is less than 3.0:1.0.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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