[Verse 1]
The boardroom buzzes with another loan decree
Banks demand their safety nets before they set cash free
Written clauses bind the company's every move
Debt ratios, asset sales - each covenant must prove
[Chorus]
R-A-T-I-O watch your numbers climb
C-A-S-H flow positive every time
Debt covenants guard the lender's gate
Management dances to avoid their fate
When contracts squeeze, decisions freeze
The puppet strings control with ease
[Verse 2]
Current ratio falling, alarm bells start to sound
Dividend payments halted till the balance can be found
Maintenance covenants monitor the fiscal health
Incurrence types restrict new borrowing by stealth
[Chorus]
R-A-T-I-O watch your numbers climb
C-A-S-H flow positive every time
Debt covenants guard the lender's gate
Management dances to avoid their fate
When contracts squeeze, decisions freeze
The puppet strings control with ease
[Bridge]
Technical default looms when metrics slip away
Waiver negotiations begin another costly day
Strategic plans get shelved for covenant compliance
Management serves two masters in financial alliance
[Verse 3]
Asset-based restrictions limit what they sell
Negative pledges block the collateral shell
Investment policies curtailed by lender's fear
The CFO calculates each quarter of the year
[Final Chorus]
R-A-T-I-O watch your numbers climb
C-A-S-H flow positive every time
Debt covenants guard the lender's gate
Management dances to avoid their fate
When contracts squeeze, decisions freeze
The puppet strings control with ease
Covenant control with ease