skills/covenant-package-analyzer/assets/covenant_memo_template.md

# [Borrower / Issuer] Covenant Package Analysis

## Executive Summary
- Recommendation: [proceed / proceed with changes / defer / reject]
- Output posture: [decision-grade / diligence-grade / screening-only / not-supportable / blocked]
- Top covenant risk:
- Top EBITDA definition risk:
- Top basket / leakage risk:
- Required next step:

## Source Base And Scope
| Source ID | Document | Type | Date | Status | Source tier | Notes |
|---|---|---|---|---|---|---|

## Covenant Package Snapshot
| Area | Key terms | Initial read | Risk |
|---|---|---|---|

## Financial Covenant And Headroom
| Covenant | Test date | Definition basis | Threshold | Actual | Headroom | Status | Source |
|---|---|---|---:|---:|---:|---|---|

## EBITDA Definition And Add-Back Risk
| Item | Treatment | Cap / conditions | Risk | QoE / lender view impact | Ask |
|---|---|---|---|---|---|

## Basket And Leakage Map
| Covenant | Basket / permission | Capacity | Conditions | Leakage path | Severity | Ask |
|---|---|---:|---|---|---|---|

## Negotiation Flags
| # | Severity | Provision | Issue | Why it matters | Proposed ask | Fallback |
|---|---|---|---|---|---|---|

## Open Items And Data Requests
| Priority | Needed item | Why it matters | Affected conclusion | Minimum substitute |
|---|---|---|---|---|

## Downstream Handoff
- To `financials-normalizer`:
- To `private-credit-underwriting`:
- To `lbo-model-build`:
- To `model-audit-tieout`:
- To `ib-deck-qc`: