Credit recommendation — Acme Corp renewal facility
Request. Acme requests a 22% pricing exception and a covenant modification on its commercial renewal facility.
Financials. The updated model revises the FY revenue forecast from $42M to $38M. Debt service coverage recomputes to 1.28x from net operating income over debt service.
Approvals & risk. Relationship Manager approval is recorded, but Credit Officer approval is outstanding: the 22% discount exceeds delegated authority (standard threshold 15%). Legal approval is pending, and the final covenant tracker has not been uploaded.
Note. The customer success plan references an 18% discount — conflicting with the 22% in the pricing exception. A restricted legal memo exists but is outside the preparer's access.
Recommendation: review — not approval-ready.