Sort Covenant Signals Into Response Lanes

Drag each covenant signal into the response lane it deserves. Monitor Investigate Mitigate Escalate Headroom is 0.85x and unchanged for three months. A new add-back appears in the model but is not mapped to agreement language. A customer receipt timing miss would reduce net-debt headroom below the management floor. Forecast shows possible breach under the agreement definition unless one item is cured. Interest coverage improved because rates were fixed for the next two quarters. EBITDA bridge changed by $2 million and no owner can explain the variance. Planned optional debt repayment would consume the liquidity cushion before a covenant test.…

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