Covenant work, done for you.

• Onboard each facility. We read the credit agreement and every amendment and produce a covenant spec: each financial covenant, threshold and step-down schedule, the definitions it relies on, add-back caps, equity cure rights, test dates, deliverables and grace periods. Each item carries a clause and page reference. You approve the spec before anything is tested.
• Track deliverables. Every due date goes on a calendar; missing items are escalated to you.
• Spread the financials to a consistent template, with year-to-date figures converted to quarters and every figure linked to its page or cell.
• Test and measure headroom on the agreement's own terms, against the current level and the next step-down, with the trend over prior periods.
• Alert the same day on breaches, near-breaches (10% cushion by default), late packages and material differences from the certificate.

You receive: a per-facility test memo (PDF), the spread and calculation workbook (Excel, with source references), and an updated spec whenever an amendment arrives.

For each facility: borrower profile, key terms, covenant history, latest results, cushion trend, reporting timeliness and open items. At book level: concentration, cushion distribution, names that moved, and loans approaching step-downs or maturities.

• Each certificate figure traced to the financial statements
• Add-backs tested against caps, baskets and qualifying conditions
• Definitions applied as written, including cash netting limits and pro forma adjustments
• Arithmetic and period checks

Output: a reconciliation table with our figure, the borrower's, the difference and the clause reference, plus a draft query list you can send under your own name.