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A negative loan covenant is a portion of a loan agreement that specifies the actions the borrowing firm agrees to take during the term of the loan.

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Because of their high liquidity, lenders often lend up to 100% of the book value of accounts receivable pledged as collateral in leveraged buyouts.

Accounts receivable represent an undesirable form of collateral from the lender's point of view because they are often illiquid.

Leveraged buyout firms use the unencumbered assets and operating cash flow of the target firm to finance the transaction.

The current stock price of the acquiring firm may decline in a share for share exchange due to the potential dilution in earnings per share.