Orwell,
Having some experience in a commercial sense with regard to debt and loan covenants I would like to add this point:
I have seen time and time and time again debt covenants get reviewed. Annually in many cases. It's a dance that the borrower and lender do.
Lenders are accommodating for the most part in this. Default events are more concerning...ie not being able to pay interest commitments. Debt covenants....flexible at worst....ignored at best.
Also, and again drawing on and paraphrasing an old and true adage:
If you owe someone $450, then you have a problem. If you owe them $450,000,000 then they have a problem.
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