{"investor_group_id":"1","date_received":"2025-12-20","question_original":"Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?","internal_owner_id":"4","draft_answer":"The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re\u2011valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.","final_answer":"","status":"Reviewed","priority":"Medium","version":"V1 2025\u201112\u201122","update_date":"2025-12-23","linked_faq_id":"3","notes":"We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party","updated_at":"2025-12-23 14:38:03"}