Having a debt to EBITDA ratio of 3 is not a going concern issue, that's ridiculous. The going concern issue would depend on the senior debt holders recourse if the covenant is violated.
The original question - still not addressed in the posts so far - is when the 3xEBITDA covenant is violated, what is the lender's recourse? Is the only recourse to threaten immediate maturity of the debt, or is there a specific set of remedies already specified such as higher rates?
Having a debt to EBITDA ratio of 3 is not a going concern issue,...
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