Discuss the below problem:
Q: At December 31, 2013, Newman Engineerings liabilities include the following: 2. $14 million of 8% notes are due on May 31, 2017. A debt covenant requires Newman to maintain current assets at least equal to 175% of its current liabilities. On December 31, 2013, Newman is in violation of this covenant. Newman obtained a waiver from National City Bank until June 2014, having convinced the bank that the companys normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2014. Is this a current or noncurrent liability?