CLW Debt and Debt Covenants

Ok I’m a bit worried about loan covenants:

• Look through gearing is at 42.3% according to the FY23 results presentation. Covenants breach is at 50% (Previous year look through gearing was 39.7%)
• ICR - Interest Coverage Ratio is currently 3.4x was FY23. Covenant breach is at 2.0x (Previous year ICR 5.4x)

Questions:

1. Has anyone done any work on ICR and figuring out at what interest% it will breach the covenant at 2.0x? (As far as I understand, this would involve looking at the WARR of each group of asset, make some assumptions regarding the CPI in relation to Interest rates, then working out what the earnings would be for each level of interest rate)
2. When is the next time that this look through gearing ratio could be negatively affected? Is this next 30 June when the required re-valuation occurs? Is there anything that might cause CLW to increase and not decrease the amount of debt?Quite a few people on this forum have indicated they think valuations need to come down 20-30% is this likely in the next two years as far as i can this would almost definitely cause a break without significant action from management?

Appreciate any insight people can provide.