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So-called covenant-lite contracts, in which creditors give up certain rights but impose conditions on a borrower's balance sheet, are harder to come by, while banks are slowly forcing down leverage ratios.
He suggested Cablevision could issue a big dividend and might look to sell noncore assets, like some of its cable channels, "to bring down leverage, either to enable a large dividend payout and/or drive yet another Dolan attempt to take the company private".
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Deutsche Bank is under pressure to bring down its leverage ratio, a measure of gross assets to capital.
Nonetheless, the banks, in response, are bringing down their leverage levels and running to the desert to raise additional capital, often at shareholders' expense.
At Morgan Stanley, we've dramatically brought down our leverage, increased transparency, reduced our level of risk and made changes to how we pay people".
Tighter regulation could prompt banks to ratchet down that leverage further as regulators ask them to set aside more capital to cushion against losses.
When the mainspring was fully wound, the gut or chain pulled on the smallest radius of the cone-shaped fusee; as the mainspring ran down, the leverage was progressively increased as the gut or chain pulled on a larger radius.
Ultimately, it comes down to leverage.
Since then, strict restrictions have brought down investors' leverage, but the risks involved remain high.
"All of these situations come down to leverage," she adds.
Even though Lehman did take write-downs, reduce leverage and raise capital in the second quarter, he says it's not enough.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com