Key EOD vs EOD in Credit Agreement

Typically, in the U.S. at least, this is called a "Specified EoD" versus the more broad "EoD" on its own. Specified EoD will typically be payment defaults (typically just P&I, but could also include other fees and expenses due under the CA), insolvency, and bankruptcy. The more broad EoD would include Specified EoDs but also more minor defaults like a financial reporting default. More aggressive / large market CAs are typically only Specified EoD qualifiers on CA provisions (for example, accessing an Available Amount, incremental debt, or other negative covenant baskets, etc.). From the Borrower perspective this feels more fair because you wouldn't want your ability to do something blocked because your CFO sent in financial statements late. From the Lender perspective its not great because why would you want the Company potentially moving assets or cash away from you when you don't know the current financial performance status of the Company (for a specific example). However, Lenders are increasingly acknowledging its the Specified EoDs that really matter at the end of the day and not potential "foot faults".