BDC/EDC
you are correct it is the term loans that preclude ROC. Bandit seems to be the only one getting it wrong. This has been debated, documented and clauses posted as well as addressed by management a billion times.
pretty simple concept - government loaned money to keep business afloat.
government insisted that no bonuses to management or dividends were allowed until the debt was paid back.
also widely covered in the newspapers for chrissake.
The term loans are so cheap it makes sense to get the revolving debt paid down first. Then we can refinance the whole package. New term debts, new bank loans or new syndicate members.