{"id":440,"date":"2014-04-01T09:23:31","date_gmt":"2014-04-01T09:23:31","guid":{"rendered":"http:\/\/ambitassessor.com\/blog\/?p=440"},"modified":"2014-04-01T09:23:31","modified_gmt":"2014-04-01T09:23:31","slug":"covenants-y-waivers","status":"publish","type":"post","link":"https:\/\/mgiambit.com\/blog\/covenants-y-waivers\/","title":{"rendered":"Covenants y Waivers"},"content":{"rendered":"

\"Fotolia_6070572_M\"<\/a>Cuando tratamos con un contrato de financiaci\u00f3n en muchas ocasiones nos encontramos con estos dos t\u00e9rminos, son dos anglicismos que ya hemos incorporado a nuestro vocabulario financiero. Es muy importante conocerlos.<\/p>\n

Un covenant es un compromiso asumido por el prestatario en un contrato de financiaci\u00f3n, normalmente los contratos establecen valores para ratios financieros como, por ejemplo, el ratio de endeudamiento, la caja disponible para el servicio de la deuda o el capex.<\/p>\n

En muchas ocasiones un contrato de financiaci\u00f3n est\u00e1 vinculado o asociado a las proyecciones financieras de un plan de negocio. De estas proyecciones se obtienen los valores m\u00ednimos que anualmente, semestralmente o en cualquier otro periodo deben tener los covenants.<\/p>\n

Tambi\u00e9n es habitual en este tipo de contratos que un auditor revise el c\u00e1lculo de los covenants.<\/p>\n

\u00bfQu\u00e9 sucede si nos encontramos ante el incumplimiento de alguna de esas cl\u00e1usulas o covenants?.Si eso sucede con encontramos ante un incumplimiento de contrato que normalmente lleva asociada su resoluci\u00f3n anticipada, y en ese momento las cantidades pendientes (la deuda en su totalidad) ser\u00edan vencidas y exigibles.<\/p>\n

Esta situaci\u00f3n tiene consecuencias financieras (sobre la caja), contables (reclasificaci\u00f3n de toda la deuda a corto) y mercantiles(concurso de acreedores si no se puede atender la deuda).<\/p>\n

Cuando esto sucede el prestatario o financiado debe explicar inmediatamente al prestamista o financiador esa circunstancia, y solicitar un waiver. El waiveres una dispensa de prestamista al cumplimiento del covenant o compromiso financiero por parte del prestatario.<\/p>\n

No queremos concluir este art\u00edculo sin se\u00f1alar que es muy aconsejable que, en el momento de firmar el contrato, un financiero revise la redacci\u00f3n de los covenants, ya que en muchas ocasiones son de dif\u00edcil interpretaci\u00f3n y eso al final siempre genera dificultades.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cuando tratamos con un contrato de financiaci\u00f3n en muchas ocasiones nos encontramos con estos dos t\u00e9rminos, son dos anglicismos que ya hemos incorporado a nuestro vocabulario financiero. Es muy importante conocerlos. Un covenant es un compromiso asumido por el prestatario en un contrato de financiaci\u00f3n, normalmente los contratos establecen valores para ratios financieros como, por […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1,2],"tags":[],"class_list":["post-440","post","type-post","status-publish","format-standard","hentry","category-sin-categoria","category-destacado"],"yoast_head":"\nCovenants y Waivers - Ambit Assessor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mgiambit.com\/blog\/covenants-y-waivers\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Covenants y Waivers - Ambit Assessor\" \/>\n<meta property=\"og:description\" content=\"Cuando tratamos con un contrato de financiaci\u00f3n en muchas ocasiones nos encontramos con estos dos t\u00e9rminos, son dos anglicismos que ya hemos incorporado a nuestro vocabulario financiero. Es muy importante conocerlos. 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