The headroom that was not there (US, EN)

Crestbrook Manhattan Holdings, the borrowing group of a New York listed office REIT, certifies its loan-to-value and interest coverage covenants to Thornwick National Bank as administrative agent every quarter from a treasury tracker fed by hand. Ellie runs the Covenant Monitor skill on the $650m credit agreement, the ISDA and cap confirmations, the borrowing notices, the Bramwell | Cross appraisals, the management accounts and the Capital Allocation Committee paper themselves: the tracker says 53.2% LTV, the documents say 53.9%, and when the Verrill Tower appraisal update lands in Outlook and is filed, 54.8%: 159 basis points of headroom that were not there, a $40m revolver draw the Position tab never picked up, and a committee decision that makes the pro forma worse, not better. A media tenant under waiver turns out to be unguaranteed at Verrill Tower against a watchlist that says covered. The covenant position is a live Brief: sliders, presets and toggles recompute LTV and ICR from the documents (the downturn preset goes through the 60% covenant), and a reverse stress test names the binding test date (March 31, 2027, on coverage, when the swap ends) and the $121.9m equity cure. Then the Exhibit E Compliance Certificate is drafted on the credit agreement's own form, every line cited, and emailed to the administrative agent from Microsoft 365 on a single typed approval. US twin of "The headroom that was not there (EN)".