HOW TO READ A CREDIT AGREEMENT - COMPANION FILES
julianrsterling.com/credit

Free. No sign-up, no email address. Nothing is locked, protected or watermarked.
Revised 23 September 2026.

Optional: to get an email if these files are ever corrected, join the reader list at
https://julianrsterling-readers.subscribepage.io/
(run by MailerLite, off the site; nothing in this archive needs it).

WHAT IS IN THE ARCHIVE

1. The book's five workbooks, four of them corrected
   Kestrel_The_Complete_Facility.xlsx      Chapters 2 to 30: twenty-eight quarters
   Headroom_and_the_Add_Back.xlsx          Chapters 4, 5, 22, 23 and 28
   The_Equity_Cure.xlsx                    Chapters 5, 15 and 22
   Baskets_Incremental_and_MFN.xlsx        Chapters 8, 9, 22 and 26
   The_Review_Checklist.xlsx               Appendix A, the sixty-four questions
   00_START_HERE.md                        the guide; what changed is near the end
   89 figures are checked; all reproduce.

2. Blank_Model_Set/  (new)
   The four model workbooks with every input 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.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the ninety-minute read, Consolidated EBITDA and
   Net Debt line by line, the calendar of step-downs and run-offs, both
   covenants and the hedge, the equity cure priced both ways, the compliance
   certificate in prescribed form, the basket register, incremental debt and
   MFN, the day of the breach, the lender's quarterly five, the borrower's
   playbook, the negotiation record, and security with the recovery.
   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_Basket_That_Builds.xlsx            Chapters 8 and 10
   Case_2_The_Hedge_In_The_Waterfall.xlsx        Chapters 18 and 19
   Case_3_The_Lender_Who_Does_Not_Extend.xlsx    Chapter 25
   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.
