A Good Night’s Sleep
My father was a disciple of the ‘good night’s sleep’ approach to life. It is really that simple when reflecting on it now, and in many ways, that philosophy – if we can call it such – lives on with me. Life has a way of putting things in front of you that can be challenging, invigorating, frustrating, or a host of other descriptors for our lives. My father simply felt that any of them would be better with a good night’s sleep, and correspondingly, would likely be worse without one.
I figure it’s the dairyman in him. Regardless of what the day brought, it was going to include morning chores, and then in the evening, evening chores. The adage that ‘the cows won’t wait’ is pretty much dead on. I would notice it most during planting or harvest season, when the dairy’s regular chores were augmented with the seasonal push. Despite many meaningful deadlines – most of which were weather induced (i.e. make hay when the sun shines), dad didn’t really see the reason to farm at night.
I would watch neighbors working in the fields well after dark, and often times overnight when needed, but not my father. When it was time for bed, he was in bed. He even discouraged my brother and me from much late night work, and he made no effort to have working lights on the tractor. It seems working lights and dairy cattle just didn’t mix. Somehow, the light would get broken in a barn, or on a tree, or maybe a cow would lick the wires and disconnect the connections. I suppose in there somewhere was the impact of a couple of teenage boys, as I recognize the lack of attention to preventing problems in my teenage son as similar to where I was back in the day. Regardless of why, our equipment didn’t have much in the way of lights.
So how does this apply to today? Simply put, we all have stuff to do, and sometimes we schedule it, and sometimes it just comes one’s way. I find myself in the middle of one of these ‘two weeks of chaos’ moments right now. We had new carpeting installed in the bedrooms earlier this week, followed by a scheduled ankle surgery or my wife, followed by my mother’s move to a new apartment this coming weekend. The carpet was scheduled on our part, the surgery, while scheduled, is one of those things that comes your way. My mother’s move was more on someone else’s schedule, and was clearly a come my way sort of event.
Following my father’s lead, I had the good night’s sleep philosophy front and center for managing through this. Most notably, the carpeting project meant emptying out all of the bedrooms in advance of the installation, and then refurnishing them when complete. My goal was to take the beds apart the morning of the install, and refurnish that same night. That way, no one misses out on their good night’s sleep. I had a bit of urgency given my wife’s scheduled surgery the following day. I really wanted her to get a good night’s sleep, and for her that means in her Sleep Number™ bed. For those of you not familiar, that is the bed that uses air mattress technology to adjust the firmness. My wife likes it soft. Not sure the number really goes this low, but let’s just say she likes it at five.
Well, sure enough, the compressor that controls the pressure in the bed apparently failed. I successfully disassembled the bed, but at 10:00 in the evening when trying to reassemble, I was unable to inflate the bed. This makes the bed unusable. Customer service was attentive and helpful, but that’s not to be confused with actually getting our bed inflated. Around 11:30, I urged my wife to give up on having her bed for the night, and we retired to the guest room. Similar to our experience when travelling, this resulted in a disappointing night’s sleep for my wife. Not what I hoped for, to say the least.
Unfortunately, it is not going to get better for my wife until the replacement parts come. Understandable, but still one of life’s frustrations. I would like to tell her to get a good night’s sleep, and it will be better in the morning, but therein lies the catch-22. I am not sure what I should tell her at this point, but figure I’ll get a good night’s sleep and some magic words of wisdom will come to me in the morning.
Term of the Month
By Nee Ly
In a traditional structure, incremental loan facilities are issued under the same credit agreement with similar terms and conditions as the underlying credit facilities with exceptions, if permitted, typically involving issuance fees, maturity, amortization and pricing. Historically, incremental loans were generally included only in large cap and large middle market loans. Recently, due to a relatively liquid market environment and lender competition, it’s not atypical to find these accordion provisions in smaller middle market loans as well. Within the current market environment, covenant-lite structures have increased significantly and now account for approximately 75% of all U.S. leveraged loans issued, as reported in February 2018 by LCD (a part of S&P Global Market Intelligence).
The prevalence of covenant-lite credit structures has led to innovative provisions such as a sidecar facility, which is an incremental loan that is issued as a separate facility outside of the existing credit agreement with terms and conditions that may or may not be similar to that of the underlying credit facility. Dissimilarities may involve any number of terms including financial covenants, maturity, security, or potentially the allowance of additional incremental loans. As a means to manage the additional risk inherently created by sidecar facilities, intercreditor agreements, to prioritize lien positions and security interests, are commonly attached to the underlying credit agreements and required from all incremental lenders.
Source: LeveragedLoan, Forbes, Financial Times, S&P Global Market Intelligence
Bits & Pieces
By Jeff Torrison
- Chipper Jones and Ken Griffey Jr. are the only former number one overall draft picks in the Baseball Hall of Fame.
- California ratified the 14th Amendment to the Constitution in 1959. This was ninety-one years after it went into effect.
- Maryland ratified this amendment in 1959 and Kentucky in 1976 after both first rejected it in 1867.
- February has four, full seven-day weeks once every six years.
- The Hawaiian Islands have about 88,000 cesspools per a February 12, 2018, article in The Wall Street Journal. That equates to about one temporary sewage storage site per 16 residents.
- Each day 10,000 Americans turn 65 years old according to an article in the February 10, 2018, issue of The Economist.
- William Seward asked Great Britain to give Canada to the US as compensation for damage done to the US by British-built ships during the Civil War. Seward was US Secretary of State from 1861-1869. Great Britain, as you know, did not agree to these terms.
- Over the past one hundred years, Americans have become 90% less likely to drown, 92% less likely to die by fire, and 95% less likely to be killed while working according to a February 10, 2018, article in The Wall Street Journal.
- France hosted the first Winter Olympics in 1924. One of the participants was eleven-year-old figure skater Sonja Henie who placed last that year but went on to win gold medals in the next three Winter Olympics. Henie also had a successful movie career after she stopped skating competitively.