The company could approach its existing Lenders to negotiate a relaxation of :he conditions imposed by the covenant.

The project could be foregone if it cannot be funded without breaching the covenant

The project could proceed if the cash inflows from the project will enable some of the debt to be repaid before the end of the financial year and so the breach of covenant may never be detected

The company could seek alternative sources of finding, such as a reduction in the annual dividend payment, to finance the project.

The directors could meet with key shareholder to discuss whether they wish the project proceed despite the breach of the covenant

The directors could proceed will the project because their primary duly is maximise shared older wealth, even if that conflicts with lenders' interest.