covenant-package-analyzer

Credit agreement analysis maps financial covenants, negative covenants, and EBITDA add-backs to evaluate basket leakage and remaining headroom. This reveals borrower flexibility, restricted payment capacity, and lender protection weaknesses across the operative debt documents.

Amendment package review requires layering the amendment onto the operative credit agreement to identify changed definitions, remaining waivers, and test date supportability. This produces a finance-side memo tracking what shifted and what data is still needed before relying on conclusions.

Yes, covenant analysis applies to indentures, note purchase agreements, and term sheets alongside standard credit agreements. The process extracts financial covenants, restricted payment baskets, and leakage paths across all debt document formats to evaluate headroom and risk.

Extracting EBITDA add-backs involves pulling defined terms from the credit agreement, mapping permitted adjustments, and applying leverage mechanics to calculate compliance headroom. This identifies how pro-forma adjustments and defined-term layers expand or restrict borrower flexibility.

Yes, finance-side covenant analysis isolates definition extraction, headroom calculation, and basket leakage mapping from legal interpretation. This approach produces a decision-ready memo focused on quantitative borrower flexibility and lender risk exposure rather than legal enforceability.

Source-backed extraction anchors every EBITDA add-back, basket calculation, and covenant finding to specific credit agreement provisions. This prevents analytical drift and ensures headroom analysis remains auditable for negotiation flags and downstream credit committee handoff.