You are making no sense at all! You said "We've discussed this numerous times, breach of covenants doesn't mean the debt is called" - so you seemed adamant that breach of covenants will not result in loans being called. With your latest post you are basically admitting that you have no idea what the covenants mean?
So I'll give you a clue - covenants are put there by banks to manage their risk - they do this by requiring the business they have lent to, to repay part or all of their loans if covenants are breached, in order manage the lenders risk. The business can do this by either selling assets or raising capital if required. Failure to repay a called-in loan would result in administrators being called in - as the business will be in default on their loan(s).
IMO, as an investor, you need to understand the risk that this represents.
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