Tiffany & Co agreed with creditors to increase the allowable Debt/Cash Flow Ratio from 3.5 to 4.5, as well as to mitigate other covenants. If Tiffany & Co is unable to enforce the debt covenants at this level as well, LVMH may revise the terms of the merger. The longer the deal with LVMH, which is still pending with EU regulators, the higher the risk that Tiffany will breach the new covenants. If the deal is not completed by August 24, Tiffany has the right to extend the merger agreement for 3 months.