CREDIT ANALYSIS - COMPANION FILES
julianrsterling.com/covenant

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Revised 24 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's four workbooks, corrected and completed
   The_Four_EBITDAs.xlsx                  Chapters 1 to 8
   The_Covenant_Test.xlsx                 Chapters 9 to 11
   The_Downside_and_the_Recovery.xlsx     Chapters 12 to 14 and 16
   Pricing_and_the_Amendment.xlsx         Chapters 3, 15, 17 and 18
   00_START_HERE.md                       what changed is at the end
   Each workbook closes on a Checks sheet: 352 checks in all, each to the
   last printed decimal. Where the book is wrong, the row says so.

2. Blank_Model_Set/  (new)
   The four workbooks with the Inputs sheet emptied, for your own borrower.
   Each Checks sheet counts what is still missing and tests what holds for
   any inputs. The book's figures are in book_inputs.txt: type them back in
   and the book's results come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the hour before the model, the add-back bridge
   priced, reading a quality-of-earnings report, EBITDA to cash, leverage
   four ways and net debt, the cover schedule, which test binds, the covenant
   package, the downside run properly, recovery, pricing an amendment, the
   credit paper's first page, and monitoring with the price in one line.
   A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Fee_That_Is_Still_Paid.xlsx      Chapters 5 and 6
   Case_2_The_Tax_Shelter_Runs_Out.xlsx        Chapter 7
   Case_3_Amend_Or_Enforce.xlsx                Chapter 15
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
