Alphabet Soup — Credit Edition
The add-backs buffet lenders debate—net income plus interest, taxes, and the big two non-cash items.
What is EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)?
Downtown Cleveland public university known for its Vikings.
What is Cleveland State University? (John Mazey)
Hark! The tome that bindeth borrower and lender, where rates and covenants here render.
What is the Credit Agreement?
When something is aggressively average—neither a win nor a disaster.
What is mid?
Colleen Laduzinski
Boston
A provision that keeps pricing parity when add-on debt comes in at sweeter economics.
What is MFN (Most-Favored Nation)?
Ohio liberal arts college famed for its Independent Study thesis; the Fighting Scots.
What is The College of Wooster? (John Casais)
Lo, the parchment where pledgor doth bestow its chattel to secure the owed.
What is the Security Agreement?
Crushing it so hard there’s nothing left to critique.
What is ate (or “ate and left no crumbs”)?
Ferrell Keel
Dallas
Daily Double
A mandatory prepayment triggered by a year-end surplus after permitted deductions; the “sweep.”
What is ECF (Excess Cash Flow)?
Ohio’s “Cradle of Coaches,” home of the RedHawks.
What is Miami University? (Kevin Fink)
A billet plain, wherein the maker swears to pay the sum with interest fares.
What is the Promissory Note?
Acting like a background extra—scripted, robotic, or oblivious to context.
What is NPC?
Rodrigo Gomez Ballina
Mexico City
When a loan is sold at a discount at closing so the yield pops without changing the stated rate.
What is OID (Original Issue Discount)?
Foggy Bottom campus a short walk from the White House.
What is The George Washington University? (Krista Mancini)
Mark well, the scroll by which a kinsman doth assure another’s debt endures.
What is the Guaranty?
You’re so into a meme/show/game you can’t stop; it’s taken over your feed and your brain.
What is brainrot?
Daisy Deller
London
A coverage covenant comparing operating cash to fixed outlays like interest and scheduled amortization.
What is DSCR (Debt Service Coverage Ratio)?
Tritons by the Pacific in sunny La Jolla, part of the UC system.
?
What is the University of California, San Diego? (Kim Desmarais)
A cession sure, whereby the rights to reps and warranty insurance do transfer pure.
What is the Assignment of Representations and Warranty Insurance?
Delusional but in a cute, self-aware way online.
What is delulu?
Jason Chen
Taipei