See the real covenant cushion, not the borrower's version.
We rebuild every financial covenant from your credit agreement's own definitions and send you a reviewed, signed memo that flags breaches, thin cushions and trends. Every number is cited to its page.
- Free on one borrower package
- Mutual NDA before any documents
- No obligation
Fast, checked, and in writing.
These are the turnaround and review standards in every engagement, not best-case numbers.
Four steps. Nothing to install.
You send documents. We send back finished, cited work papers.
Send the agreement
Credit agreement and amendments, once per facility. We build a covenant spec with clause references, and you approve it.
Send the package
Each quarter or month, through a secure upload route. We log it and check it against the reporting schedule.
We recalculate and review
Every test rebuilt from your definitions. A credit professional resolves every flagged item and signs off.
You get the signed memo
Memo, workbook and a draft list of borrower questions, with an alert for anything urgent.
The output is the product. Here it is.
Every package comes back as the same clear set of work papers, so your team reviews results instead of rebuilding the borrower's math.
- Covenant test memo (PDF)Each test, our number next to the certificate's, cushion and trend, signed by a reviewer.
- Calculation workbook (Excel)Every step as a live formula, every input tied to its page or cell.
- Borrower question listDraft queries on add-backs, definitions and missing schedules, ready to send under your own name.
- AlertsBreaches, near-breaches, late packages and material differences from the certificate.
Marrowfen Components LLC
| Test | Limit | Cert. | Ours | Cushion |
|---|---|---|---|---|
| Total Net Leverage | ≤ 2.75x | 2.43x | 2.60x | 5.4% |
| Fixed Charge Coverage | ≥ 1.20x | 3.01x | 1.36x | 5.1% |
Less time rebuilding the borrower's math.
Packages stop slipping
Every deliverable date in your agreements goes on a calendar. Borrowers get polite reminders before and after the due date. Anything late is on your desk the same day.
Tests stop relying on the borrower's math
We rebuild each covenant from the definitions you negotiated, including add-back caps, cash netting limits and step-downs, and compare our result with the certificate.
Headroom becomes a trend
Each memo shows cushion against today's level and the next step-down, so a tightening loan shows up two quarters early, not on test day.
Your IC and LPs get a consistent pack
Same layout, same definitions, every quarter, across the whole book.
One desk, the whole monitoring cycle.
Covenant monitoring
Covenant spec per facility, deliverables calendar, spreading, tests and headroom alerts.
Quarterly reporting packs
Dashboard, watch list, commentary draft and loan-level extract for your IC and LPs.
Certificate review
Line-by-line reconciliation of the borrower's compliance certificate against the agreement.
Portfolio summaries
One page per loan and one view of the book, for IC meetings, data rooms and handovers.
Borrower-report intake
One secure route for every package, with completeness checks and reminders.
Ad-hoc analysis
Sensitivities, amendment and waiver support, add-back reviews and watch-list deep-dives.
Your options, side by side.
Most smaller lenders either test in spreadsheets or look at software built for much larger platforms. Here is where a done-for-you desk fits.
| Spreadsheet or in-house analyst | Large monitoring platforms |  Trueline Covenant | |
|---|---|---|---|
| Who does the work | Your analysts or a partner | Your team, inside new software | We do. You review the memo. |
| Tests built from your agreement's own definitions | Depends on who built the model | Configured during set-up | Every facility, with clause and page references |
| Borrower's certificate checked independently | When there is time | Software flags it; your team investigates | Every package, line by line |
| Human review and sign-off | Often self-reviewed | Usually your own team | Signed by a credit reviewer on every memo |
| Getting started | Already in place | An implementation project | One free test, then onboarding per facility |
| How you pay | Analyst and partner time | Software licence, usually annual | Per facility, from $275 a month. Unlimited users. |
| Reporting-season crunch | Lands on your team | Still lands on your team | Absorbed by us |
A general comparison of how these approaches usually work. Individual teams and platforms vary.
Built for books of 8 to 60 loans.
Usually that means a lean team, a growing book, and covenant work that happens in spreadsheets in the weeks after quarter-end.
Emerging private-credit managers
Lean teams with a growing book and no dedicated monitoring staff.
SBIC debt funds
Packages in mixed formats and reporting that has to be consistent.
Family offices
Lending directly or in clubs, without building a credit operations team.
Specialty and ABL lenders
Monthly tests and borrowing-base checks on the Monitor+ tier.
Questions lenders ask us
Is this software?
No. It is a service. We run the process and send you finished work papers. There is nothing for your team to install or learn.
Who reviews the work?
Every memo is reviewed and signed by a Trueline Covenant credit reviewer. Tests within 10% of threshold get a second, independent check of inputs.
What do you need from us to start?
The credit agreement, all amendments and waivers, and the borrower's reporting packages. For the free test, one quarter's package is enough.
What if your numbers differ from the borrower's certificate?
We show the difference line by line with the clause reference, and draft the questions you may want to raise. You decide whether and how to raise them.
Do you contact our borrowers?
Only for routine reporting reminders, using contacts and wording you approve, and only if you want us to.
Are you SOC 2 certified?
Not today. See the Security page for the controls we have and our plans.
Judge us on one package.
Pick a borrower you know well. If our numbers don't match yours, we show you why, line by line. If they do, you have a second pair of eyes for free.
- Free on one borrower package
- Mutual NDA before any documents
- No obligation