Know what the documents allow. Know where every name stands.
ExactCov reads indentures and credit agreements, extracts every covenant, basket and threshold cited to its clause, then tests them every period — so you know what has arrived, what is stale, what is in breach and what is drifting towards one.
- High Yield Indentures
- Offering Memoranda
- LMA Credit Agreements
- LSTA Credit Agreements
- Unitranche & Club Deals
- Bespoke Bilaterals
- Intercreditor Agreements
- Amendments & Side Letters
- Fund Finance Facilities (NAV, Subscription, Hybrid)
- Compliance Certificates & Reporting Packs
- ISDA Schedules & CSAs (NAV triggers, ATEs)
- GMRAs
Extract, analyse, monitor
Incurrence packages on cov-lite bonds and loans. Maintenance covenants on private credit and bank facilities. One platform for both.
Ingest
Bring in documents from anywhere — upload an OM, indenture or credit agreement, request financials and certificates from borrowers, or email documents straight in — or let the reporting calendar tell you what is due and what has not arrived.
Extract
ExactCov extracts every covenant, basket, definition, threshold and test date — linked back to its source clause.
Analyse
Review the covenant register: debt and restricted payments capacity, carve-outs and baskets — the full flexibility picture from day one.
Monitor
Where covenants are tested, ExactCov recalculates every test each period and acts early — alerts flag tightening headroom, breaches, and deliverables that have not arrived, with a full audit trail. Stale data is flagged, never silently reused.
Covenant intelligence for the whole credit market
From cov-lite high yield bonds and syndicated leveraged loans to maintenance-covenanted private credit and a bank's whole book — ExactCov serves the syndicate desks, investors, law firms, advisors and credit-risk teams who live in the documents.
Syndicate & DCM
Know what the package allows before you pitch it.
- Full package from an OM or credit agreement in minutes — debt and lien baskets, RP capacity, portability, MFN and margin ratchets, each cited to its clause.
- Benchmark flexibility against precedent deals for pitch books and market updates, and see where the terms sit off-market.
- Answer investor diligence straight from the documents while the deal is live.
Credit Risk
Know what arrived, what is stale, and what is drifting.
- Every reporting obligation on one calendar: chased automatically, flagged when late, shown as stale until it lands — a months-old figure is never silently reused.
- Every test recomputed the moment the data arrives — breach or not, and how much headroom is left — across the whole book, not just the names someone remembered to check.
- One audit trail for every miss, breach and waiver, so the report you sign is one you can defend.
Buyside
Know the covenant package before books close.
- New deals screened under primary-market pressure — debt capacity, RP capacity, value-leakage risk, change of control and portability.
- Ask the portfolio the questions that matter: which names are portable, where collateral can drop down, how much priming capacity exists.
- Every answer cited, so an analyst verifies in seconds — and the same register monitors any maintenance-covenanted names you hold.
Law Firms
First-pass covenant summary in minutes.
- Every covenant, basket, definition and carve-out extracted and cited, ready for associate review rather than built from scratch.
- Precedents compared side by side — house styles, sponsor forms, market standards — with amendments and A&Es read against the original.
- Zero data retention and self-hosted storage options keep client papers off third-party infrastructure.
Advisors
Map every move the documents permit.
- Debt, lien and RP capacity mapped across the whole structure — the raw material for liability management analysis.
- Priming risk, drop-down and uptiering exposure and cross-default mechanics assessed from either side of the table.
- Committee-ready Excel and PDF exports with every figure traceable to its clause, so the analysis stands up in negotiation.
Private Credit
Spot the problem before the test date.
- The full covenant package extracted at closing, then maintenance compliance monitored from the first test date to payoff, with headroom trends and early warning.
- Financial spreading reads borrower financials however they arrive — PDF accounts, Excel packs, board decks — recalculating ratios on the agreement's own definitions, with no borrower templates.
- Portfolio dashboards and the Breach & Waiver Log give IC and LPs a defensible, auditable view of credit quality.
One register, two jobs: incurrence flexibility analysed the day the documents arrive, and maintenance compliance monitored for the life of the facility — from a handful of sponsor facilities to thousands of names in a bank's book. Indentures, LMA and LSTA agreements, scans and heavily amended documents are all read without templates, and every register exports to Excel and PDF with the citations intact.
Built to read credit docs like a lawyer, at 100x speed
ExactCov's agentic system combines OCR, layout-aware models and vision language models (VLM) for unmatched accuracy on dense legal documentation.
Layout-aware document parsing
The document is first broken down visually — clauses, defined terms, schedules, pricing grids and covenant tables — across hundreds of pages of an indenture or credit agreement.
Covenants interpreted in context
Each covenant is interpreted in context — baskets linked to their defined terms, EBITDA to its add-backs, thresholds to carve-outs, and test dates to the reporting calendar.
VLMs make corrections
Like a human reviewer, our agentic model detects and corrects extraction mistakes, ensuring accuracy even on scanned or heavily amended documents.
Every term linked to its source clause
ExactCov Citations Logic shows the source of every covenant, threshold and definition back at the original PDF — whether a clean digital document or a low-quality scan.
Excel Add-in & MCP access
Ask covenant questions from Excel, from your own systems via the API, or from AI assistants like ChatGPT and Claude via MCP — which names are within 10% of a trigger, which have not reported this quarter — with permissions mirrored and zero data retention.
Industry leading security
Cyber Essentials Certified
ExactCov security practices and controls have been independently audited by experts.
Encryption
Data is encrypted in transit and at rest using the most secure algorithms available.
Zero Data Retention
Your data is never used to train AI models and is deleted permanently once you remove it.
UK / EU / US data residency · SSO / SAML · VPC or on-prem deployment
Ready to retire the covenant spreadsheet?
Book a demo and see the register built from a live indenture or credit agreement.