Security protects you against unexpected events. But frankly, if you have to rely on security, things have gone very, very badly wrong. So typically what we need is an early warning system, and that's where covenants come in because they help monitor the behavior of the borrower. And it gives us an early warning system.

If they're not generating as much cash as predicted, typically this means covenants will be triggered. So it's a great early warning system for the lenders. So these covenants are anything that is an additional obligation on the borrower other than paying interest and principle on time.

And they're broadly grouped into three categories. Positive covenants, you have to do something. Negative covenants, you must not do something. And lastly, financial covenants, you must maintain this particular ratio.

So let me give you some examples of covenants. Positive covenants must be, for example, maintaining a minimum level of inventories. Inventories, it's an asset and it also means the companies operating well.

Keeping regular bookkeeping. This means you have good financial information. And then also have a technical advisor that can make sure that the project is being built correctly and can inspect the site on demand.

Negative covenants are things that the company or the project can't do. So for example, they are not allowed to make mergers or acquisitions. They can't sell assets, which of course would denigrate lender security and they can't put anybody ahead of the existing lender.

In some cases, these covenant suites can be very detailed and they will relate to the individual project and the specific requirements of the lenders.