On December 17, 2007, the Credit Roundtable, an investor group comprised of fixed income investors, issued a white paper that proposes certain model protective

covenants to be included in investment grade deals and addresses certain perceived problems associated with current disclosure. The white paper suggests the following “model” covenants to be included in investment grade indentures to protect bond investors against substantial credit deterioration through voluntary actions of the issuer:

Change of Control

Step-Up Coupons

Limitations on Liens and Priority Debt

Reporting Obligations

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