Map every move the documents permit
Liability management is a question of what the documents allow, asked under time pressure and answered in front of a committee. ExactCov maps the capacity across the structure and cites every figure, so the analysis stands up on the other side of the table.
Capacity is not a number in the document. It is a table with a history.
The analysis is mapped by hand across a dozen documents, usually over a weekend, from one side of the table. The committee deck carries figures nobody can trace back to a clause, and the whole exercise is repeated when the structure changes mid-process. The documents hold the answers; the work is finding them and showing where they came from.
What the register holds for a liability-management analysis
Built from the executed documents, kept with its history through every consent and exchange.
Capacity by entity
Where in the structure the room is.
- Ratio debt and general baskets, used and remaining
- Non-guarantor and unrestricted subsidiary capacity
- Grower legs, re-valued by the latest certificate
Moves and mechanics
What each move requires and reaches.
- Unrestricted subsidiary designation and what leaves with it
- Priming capacity and the vote it needs
- Cross-default thresholds and the facilities they reach
Consents and exchanges
The thresholds that decide the process.
- Amendment and waiver thresholds by provision
- Sacred rights and what cannot be amended without each holder
- Exchange mechanics read against the original indenture
How much can they actually raise?
Capacity is a stacked bar of baskets, each with a used and a remaining portion, re-valued by the latest certificate, consumed by every incurrence notice and moved by every amendment. It is a table computed from the documents and kept with its history, which is what makes it a credit signal months ahead of the maintenance tests.
Read the pieceNumbers the other side can follow to the page
Every figure on every screen traces through a test result and an observation to a page in a stored document. Every change is a new row with an actor. An analysis built this way survives the other side's counsel, the committee and the court, because every number can be followed to the clause it rests on.
Read the pieceDeterministic first, generative second
A parser builds the section tree, the definitions index and the cross-reference graph before any model sees the document. The model chooses from spans the parser found and must cite one, and a validator rejects any answer whose cited span does not contain the value. Capacity arithmetic is code over cited inputs, not a model's opinion.
An architecture for cited extractionReading for advisors
Short pieces from the blog and the measurements behind them from Research.
How much can they actually raise?
Incurrence capacity is the question that keeps returning and never has a stored answer. What a capacity table looks like, why it needs a history, and why it is a credit signal months ahead of the maintenance tests.
Read Blog · 3 minDesigning for the auditor, not the dashboard
Every figure traces to a page in a stored document and every write is audited. Second-line functions cannot adopt a tool that produces numbers they cannot defend to internal audit or a regulator, however good the numbers are.
Read Blog · 3 minWhat document extraction gets wrong
Threshold schedules, basket stacking, defined-term chains, grower baskets, restated sections and cross-references that leave the document. The six failure modes we test against, and what to ask a vendor to show.
Read Blog · 3 minThe covenant package nobody reads twice
Documents get read hard once at close, then filed. Every question afterwards, capacity, headroom, permitted payments, sends someone back to a PDF. The problem, framed without naming a product.
Read Research · 4 minDeterministic first, generative second: an architecture for cited extraction
A parser builds the section tree, the definitions index and the cross-reference graph before any model sees the document. The model then answers from candidates and must cite a span the validator can check. Why the order matters, the failure it prevents, and how it recomputes every affected test inside nine seconds of data landing.
Read Research · 3 minHow deep do defined terms go? Definition chains in 300 agreements
A leverage covenant is one line. Resolving it means following Consolidated EBITDA into Consolidated Net Income and onward, a median of four hops and up to nine. Where the chains go, how often they leave the document, and what that does to extraction.
ReadThe parts advisors use most
Everything on this page runs on the same register as the rest of ExactCov. These are the parts this team lives in.
Agreements Intelligence
Debt and lien capacity, restricted payments, portability, MFN and value-leakage flags on the day the documents arrive, every figure cited to its clause and every definition resolved to its leaf.
Agreements Intelligence PlatformVault
Every agreement, amendment, certificate and notice, every version, with the page each number came from. Dependencies between documents tracked, regional residency and zero data retention.
Vault PlatformCommand Center
The whole book on one screen: what has arrived, what is stale, what is in breach and what is drifting, with headroom trends, scenario shocks and committee packs built from the register.
Command CenterRun it in parallel. Don't run a pilot.
The documents are loaded once. What already arrives by email is copied to a mailbox we watch. Nothing changes for the team, and after one cycle the two outputs are compared, disagreement by disagreement.
Map a live structure with us
Bring the indenture, the credit agreement and the intercreditor from a mandate. We show the capacity by entity, the moves the documents permit and where each figure came from.