I believe the answer to that will clear in the covenant ratios that apply to the new loan. How many times has SSN required a waiver to comply with EBITDAX / Debt multiple in the past.
Answer = Often
If neither the banks nor the E&P companies have learned their lessons of excessive leverage in comparison to asset value and net discretionary cash flow then reorganization awaits them.
syndicated loan involving another bank, page-2
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