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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

1. Register your interest

2. Sign a few simple documents

3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.


You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Understanding Financial Covenants

  • This course is designed to explain financial covenants in loan agreements to those who do not have a background in financial analysis. It aims to demystify the financial ratios and give you confidence to approach these provisions and to appreciate some of the important commercial issues which they give rise to. The course starts with an overview of the ratios, and then takes you step by step through the various concepts used in them, starting from first principles and with plenty of simple examples and exercises, so as to provide a thorough understanding of the common elements of each of the financial covenants discussed and of the commercial impact of these provisions.

    The course consists of a mix of short tutor led presentations, videos, online learning, exercises and feedback spread over the course of two days. The content delivery has been carefully designed to help delegates get to grips with the subject at their own pace, whatever their level of prior knowledge, but within a set time framework and with the support of the tutor. No prior knowledge of company accounts is required but those who do not have a financial background are likely to find that the self paced parts of the course may take them longer than indicated in the course description

    The course includes material covering some key topics in the loan agreement (such as the concepts of “Default”, cross default and material adverse change) so that during the course you will be able to understand the commercial implications of the financial covenants in the context of the loan agreement as a whole

    By attending this course, you will:

    • appreciate the importance of the financial ratios for keeping lenders informed and reducing risk
    • be able to read definitions of
      • Borrowings
      • Cashflow
      • Debt Service
      • EBITDA
      • Excess Cashflow
      • Finance Charges
      • Net Debt and
      • Working Capital
    • in the financial covenants and understand the key features of those definitions
    • appreciate the importance of timing issues and information undertakings when reviewing the ratios
    • appreciate the interaction between the financial ratios and the other provisions of the loan agreement such as the material adverse change clause and the cross default clause
    • Appreciate the difference between incurrence tests and maintenance tests,
    • Spot when definitions of EBITDA are particularly borrower friendly or lender friendly
    • Understand what Cashflow is, how it differs from EBITDA and why it matters
    • Understand the difference between the interest cover ratio and the cashflow cover ratio
    • describe the leverage ratio and why it is used


    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.

  • This course will be run using meeting rooms technology.  To find out more contact

    Start time each day will be 9am BST (British Summer Time). The course will consist of two 1-1.5 hour sessions each day. 
    Pre Course material – Introduction to Financial Covenants - self paced Interactive online tutorial
    • Why do we use financial ratios?
    • What ratios do we measure?
    • When are the ratios tested?
    • Who do the ratios relate to?
    • How do we get the information to test the ratios?

    Day 1 - Introduction and EBITDA

    Session 1 (1.5 hours)
    • Introduction to financial covenants – why, what, when, who, and how?
    • What is EBITDA?
    Self paced (2 hours)
    • self paced Interactive online EBITDA tutorial
      • What is it?
      • Differences between EBITDA and profit measured in the company accounts
      • How is it calculated?
      • Where do we get the information?
      • Treatment of subsidiaries and associates
      • Income and expenses from unusual items
      • Drafting issues
    • Workshop – spot the problems with the drafting of EBITDA
    Session 2 (1 hour)  – questions and feedback on workshop

    Day 2  - Leverage. Interest cover and loan agreement issues

    Session 1 (1 hour) - Introduction to Leverage and Interest Cover

    Self paced Interactive online tutorial and exercises (2 hours)
    • Leverage
      • What is it
      • When is it tested
      • Ltm EBITDA
      • How do we find the numbers
      • Incurrence ratios
      • Timing issues
      • Total debt
      • Definition of Borrowings
      • Deductions to reach net debt
    • Interest Cover Ratio
      • What is it and why?
      • Definition of “Finance Charges” and common discussion points
    • Workshop
      • Review different types of financial covenants and the drafting appropriate to each of them
    Session 2 (1.5 hours) - Feedback and Key issues in the Loan Agreement

    • Homework Interactive online tutorial
      • Default and Event of Default
      • Cross default and cross acceleration
      • material adverse change and financial ratios
      • Equity cure rights
      • Obligors and guarantor coverage requirements

    Day 3 - Cashflow
    Session 1 (1 hour) - Introduction to Cashflow
    Self paced Interactive online tutorial and exercises (2 hours)
    Cashflow and Excess Cashflow
    • What is Cashflow and why does it matter? We build up to a review of the definition of Cashflow by first explaining these issues, step by step, starting from first principles
      • How does cashflow differ from profit?
      • What adjustments are made to net operating income to get to cashflow and why?
      • The impact of the accruals principle and the matching principle
      • Adjustment for changes in working capital
      • Treatment of cash in calculating working capital
      • What adjustments are made to EBITDA to get to cashflow and why?
    • The cashflow cover ratio
    • Prepayment out of Excess Cashflow
    • Debt Service and the treatment of Mandatory Prepayments
    • Relationship between the definitions of Cashflow, Excess Cashflow and Debt Service
    • Workshop
      • When does a Default and an Event of Default occur?
    Session 2 (1.5 hours)  - questions and feedback on workshop


  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme


  • Sue Wright


    Sue Wright is a solicitor with over 18 years experience in international banking transactions, including syndicated loans, subordinated debt, structured finance and tax driven transactions. She was a partner in the banking department at Norton Rose for 8 years and was responsible for training assistants at Norton Rose for 2 years. Sue has been highly recommended as one of the leading experts in her field by the Legal 500 and by Chambers.She was the Head of Professional Development at Herbert Smith and is now running an independent training consultancy, specialising in international banking.