What the documents allow, the day they arrive
An 892-page indenture read like a lawyer, at machine speed. Every covenant, basket, definition and carve-out extracted to its clause. Debt and lien capacity, restricted payments, portability and value-leakage flags computed on day one, and compared against the precedents you already hold.
The register, built from the document
Covenants and thresholds
Leverage, interest cover, fixed charge cover, DSCR, minimum liquidity, net worth, capex, LTV, borrowing base. With step-downs, equity cure rights and clean-up periods.
Baskets and capacity
Debt and lien baskets, grower legs, ratio debt, builder baskets and carve-outs, combined into day-one capacity with each component cited.
Definitions, resolved
Consolidated EBITDA followed through Consolidated Net Income, add-backs and pro forma conventions to the leaf. Median four hops, up to nine. References to other documents stored as dependencies.
Flexibility and leakage
Unrestricted subsidiary transfers, drop-down and uptiering exposure, priming capacity, MFN and margin ratchets. Flagged high, medium, low with the section.
Change of control and portability
Whether the deal travels, on what ratio, and what the ratio is today.
Precedent comparison
Where this package sits against sector comparables you already hold: which deals, which sponsor, opened to the page.
Parser first, model second, a check between them
A deterministic parser builds the section tree, the definitions index and the cross-reference graph before any model sees the document. The model chooses and reads from candidate spans the parser found, and its answer is rejected unless the cited span contains the value. Scans go through layout detection and digit re-reads first.
- Every number carries the clause and page it came from.
- Hallucinated section numbers cannot occur: a span identifier is not something a model can invent.
- The order is what makes the figures below possible. Why.
Supported today
High yield indentures and offering memoranda. LMA and LSTA facilities agreements, bilateral, club and syndicated, unitranche, RCFs, term loans, ABL and borrowing base. Fund finance: NAV, subscription and hybrid. ISDA Master Agreements with Schedule and CSA. GMRAs. CRE, development and bridging. Mezzanine, venture debt, private placement notes. Amendments, waivers, intercreditors, guarantees and security, compliance certificates, reporting packs and side letters. Scans, digital PDFs and Excel packs. No borrower templates required.
Pronto a mandare in pensione il foglio di calcolo dei covenant?
Prenoti una demo e veda il register costruito a partire da un indenture o da un contratto di credito reale.