Analyze covenant package and default risk for a credit: 1. Financial Covenants: - List all maintenance covenants with thresholds - Current cushion on each (headroom %) - Trend direction on cushion - Historical covenant compliance 2. Incurrence Covenants: - Debt incurrence tests - Restricted payments capacity - Permitted investments basket - Asset sale provisions 3. Reporting & Information: - Financial reporting requirements - Compliance certificate frequency - Notice provisions 4. Negative Covenants: - Lien limitations - Sale-leaseback restrictions - Merger/consolidation provisions - Affiliate transaction limits 5. Events of Default: - Cross-default provisions - Material adverse change clause - Judgment thresholds - Change of control provisions 6. Early Warning Indicators: - Covenant trajectory (breach probability) - Liquidity deterioration signals - Sector stress indicators - Rating agency watch status 7. Amendment/Waiver Analysis: - Historical amendments - Likely amendment success if needed - Amendment cost estimates Output: Covenant health score, likely breach timeline (if any), and monitoring checklist.