Ann: Market Update, page-7

I don't think so. Loan documents are generally very clear on how to define terms like minimum recurring Cash EBITDA, ICR, Leverage Ratio, etc.

On a slightly different note, I hope other people can chime in but so far I can only see 2 potential reasons BLA would have allowed Oaktree to come in:
1. BLA genuinely believed that they could turn around the performance of the business and not breach covenants
2. BLA were running out of funds fast, and took on this debt as a sort of Hail Mary in the hope that performance would recover before covenants were tested

In either case, it doesn't look good on BLA management...