Hi Jimmy,

Thanks, as always, for taking the time to respond to the post. In answer to your question, it has been my experience working in the United States that covenant creep is an expression of a strong sellers' market, where they get to dictate the terms of every aspect of the engagement. Yet, in the back of my mind is liquidity, just as you suggest. Meaning that 'cash is always king.' If you want for me to take on the risk of illiquidity then terms need to be favorable to the buyer. When the tension in this relationship favors the seller, it usually is a sign of bad things to come in my experience. As for keeping liquidity happening...nothing keeps liquidity and markets going like a well-functioning pricing mechanism :)

Yours, in service!

Jason