A second benefit of structured securitization for the corporate borrower is more managerial freedom. Under traditional lending restrictive covenants limit the freedom of action of the corporation and its management. Asset sales do not involve these general covenants though they do force management to yield essentially all discretionary power over the assets that have been sold. Typically, the flexibility gained from covenant release means far more for the corporation's strategic and operating health than control over ac- counts receivables or other securitizable assets.