Non-financial covenants

They mainly concern the colla­te­ral ranking clau­ses. A distinc­tion must be made here between nega­tive clau­ses, posi­tive decla­ra­ti­ons and equa­lity obli­ga­ti­ons. Typi­cally, the prac­tice knows combi­na­ti­ons. A viola­tion of a nega­tive clause leads, for exam­ple, to the follo­wing often to the obli­ga­tion to provide appro­priate security.