A further worry could be that results are sensitive to the definition of covenant intensity. The results presented thus far use a simple count of the number of covenants attached to the loan. An alternative way of counting covenants is to consider the six groups presented in Table 1 and add one for each covenant group included in the loan: debt to balance sheet, coverage, debt to cash flow, liquidity, net worth, and EBITDA covenants. This avoids potential double counting of similar covenants. Results are robust to this change.