The loan covenants that were "breached" were performance stuff, such as monthly revenue and EBITA (I'm not sure exactly which ones were not met). So yeah, I guess you could say Buddy breached the contract by not keeping the monthly revenue above a certain threshold, but we all know 2021 was a struggle for many reason. 2022 was looking better, costs were down, many things had fallen into place. But PFG exercised their right to foreclose thinking they could make a quicker return.
