ExactCov AI Covenant Extraction & Monitoring | Flag Breaches Before They Happen

For Leveraged Finance

ExactCov gives leveraged finance teams complete visibility over sponsor-backed facilities. The Leverage Ratio and Interest Cover modules track Net Debt / EBITDA and cash cover against covenant levels every test period, with the exact EBITDA definition — add-backs, run-rate adjustments, caps — codified from the credit agreement.

Headroom Tracking shows how much room each borrower has left and how fast it is eroding, whilst Amendment Tracking keeps the covenant register current through every amend-and-extend. Equity cure rights and clean-up periods are captured so you always know what options a sponsor has left.

Stop rebuilding covenant models in Excel for every quarterly compliance certificate — ExactCov reads the certificate, recomputes the ratios and reconciles them against the agreement automatically.

Key Benefits for Leveraged Finance:

Exact EBITDA definitions and add-backs codified
Headroom trends per facility and sponsor
Cure rights and clean-up periods captured
No more quarterly spreadsheet rebuilds

For Commercial Banking

Every bank loan with maintenance covenants needs monitoring — not just leveraged deals. ExactCov lets commercial and corporate banking teams monitor covenant compliance across hundreds of bilateral and club facilities without armies of analysts re-keying financials.

The Reporting Obligations Calendar tracks every deliverable — monthly management accounts, quarterly compliance certificates, annual audited accounts and budgets — and chases what is missing. Compliance Certificate reading extracts reported figures and reconciles them against covenant thresholds automatically.

Relationship managers see a live compliance status for every name in their book, and credit risk gets a portfolio-wide early-warning view instead of finding out about breaches at annual review.

Key Benefits for Commercial Banking:

Portfolio-wide compliance visibility
Automated deliverables chasing
Certificate reconciliation at scale
Early warning instead of annual-review surprises

For Private Credit

Private credit funds, direct lenders and BDCs run concentrated books where every covenant matters. ExactCov extracts the full covenant package at closing, then monitors compliance from the first test date to payoff.

Financial spreading reads borrower financials in whatever format they arrive — PDF accounts, Excel packs, board decks — with no borrower templates required. Ratios are recalculated automatically and every figure traces back to its source page or cell.

Portfolio dashboards and the Breach & Waiver Log give investment committee and LPs a defensible, auditable view of credit quality — with committee-ready reports exported in minutes rather than assembled over weeks.

Key Benefits for Private Credit:

Full covenant package extracted at closing
Financial spreading in any borrower format
Committee and LP-ready reporting
Defensible, source-traceable numbers

For Real Estate & ABL

Real estate and asset-based lending live on collateral covenants. ExactCov tracks LTV, interest cover, debt yield and borrowing base requirements alongside financial covenants, in one register per facility.

Valuations, borrowing base certificates and collateral reports are ingested as they arrive, and covenant tests are recalculated against the latest collateral position. Shrinking LTV headroom or a deteriorating borrowing base is flagged early — before a technical breach crystallises.

Cross-default exposure is visible too: a breach on one facility highlights every related agreement so you can assess the true position across the relationship.

Key Benefits for RE & ABL:

LTV, debt yield and borrowing base tracking
Collateral report ingestion
Cross-default visibility across facilities
Early flags on collateral headroom

For Audit & Compliance

For audit and compliance teams, ExactCov provides systematic, evidenced covenant testing that supports regulatory requirements and going-concern assessments. Every covenant, threshold and test result is traceable to the underlying clause and the underlying financials.

The Breach & Waiver Log maintains a complete history of tests, breaches, waivers and amendments — exactly the audit trail regulators and external auditors expect. Reporting Obligations tracking evidences that required deliverables were received and reviewed on time.

Replace spreadsheet covenant schedules that no one can reconcile with a system of record that shows its workings on every number.

Key Benefits for Auditors:

Evidenced, systematic covenant testing
Complete breach and waiver history
Clear auditable trails to source clauses
Going-concern assessment support

ExactCov:
AI-Powered Covenant Extraction & Monitoring

Covenant Analysis

Transform Your Workflow

Save Days Every Quarter

100% Covenant Coverage

Breaches Flagged Early

Covenant Monitoring for the Whole Credit Universe

For Leveraged Finance

Key Benefits for Leveraged Finance:

For Commercial Banking

Key Benefits for Commercial Banking:

For Private Credit

Key Benefits for Private Credit:

For Real Estate & ABL

Key Benefits for RE & ABL:

For Audit & Compliance

Key Benefits for Auditors:

Ready to retire the covenant spreadsheet?

ExactCov: AI-Powered Covenant Extraction & Monitoring

Covenant Analysis

Transform Your Workflow

Save Days Every Quarter

100% Covenant Coverage

Breaches Flagged Early

Covenant Monitoring for the Whole Credit Universe

For Leveraged Finance

Key Benefits for Leveraged Finance:

For Commercial Banking

Key Benefits for Commercial Banking:

For Private Credit

Key Benefits for Private Credit:

For Real Estate & ABL

Key Benefits for RE & ABL:

For Audit & Compliance

Key Benefits for Auditors:

Ready to retire the covenant spreadsheet?

ExactCov:
AI-Powered Covenant Extraction & Monitoring