Acceleration upon Breach of Financial Covenants
First written in FY2017. 1 of 2 entries say "Worsened", first in FY2023. Latest entry: FY2023.
- FY2023WorsenedAnnual report
「Some of the agreements relating to our group’s borrowings contain financial covenants concerning consolidated net assets and consolidated ordinary income or loss as of the end of each fiscal year. Although our group’s financial position is currently at a level that does not raise concerns under these covenants, if they are breached and the lending financial institutions make a demand, the group could lose the benefit of time with respect to the relevant borrowings.」
The description changed from stating that there was no outstanding borrowing under the relevant agreements to stating that some agreements contain financial covenants. - FY2017First statedAnnual report
「Some of the agreements relating to our borrowings contain financial covenants concerning consolidated net assets and consolidated ordinary income or loss as of the end of each fiscal year.」
The filing describes the risk of losing the benefit of time upon breach of financial covenants. However, it states that there is currently no outstanding borrowing under agreements containing such covenants.