It might seem like I'm splitting hairs, but to my way of thinking a mandatory provision isn't mandatory if it can be waived....I haven't forgotton the covenant that required top-line data by Jan 31st of this year....

Instead of words like covenants and mandatory provisions, perhaps "guidelines" would be a better word...but I imagine the lenders Third Eye is acting as agent for, that they could choose to enforce these covenants and mandatory provisions if they so desired. 

Thankfully for us longs it appears however that whomever the lenders are, that they've been willing to forgo enforcing the loan agreement by seizing all Resverlogix's assets.  

Tomorrow will be interesting I think in any case....I'll check after the close.