Catch Covenant Breaches Before They Happen
ExactCov reads credit agreements with AI, extracts every covenant, definition and threshold, then tracks borrower compliance test period after test period — flagging shrinking headroom before it becomes a breach
Every facility type. Every covenant.
From bilateral loans to broadly syndicated facilities — ExactCov handles LMA and LSTA style documentation, bespoke agreements, amendments and side letters.
Extract, Monitor, Act
Request
Request credit agreements, compliance certificates and financials from your borrowers — or email documents straight in.
Upload
Securely upload documents and let ExactCov extract every covenant, definition, threshold and test date — linked back to its source clause.
Review
Review the covenant register and recalculated ratios each test period: leverage, interest cover, DSCR, liquidity and more.
Approve
Approve the results and act early — alerts flag tightening headroom, breaches and missed deliverables, with a full audit trail.
Covenant monitoring for the whole credit universe
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.
Each module works together to give a complete compliance picture that eliminates spreadsheet tracking whilst improving accuracy, auditability and early-warning capability across all these use cases.
Built to read
credit agreements like
a lawyer at 100x speed
ExactCov's Mgentic system combines OCR, layout-aware models and vision language models (VLM) for unmatched accuracy on dense legal documentation.
Layout-aware document parsing
ExactCov first breaks the agreement down visually — clauses, defined terms, schedules, pricing grids and covenant tables — across hundreds of pages.
VLMs make corrections
Like a human reviewer, our Mgentic model detects and corrects extraction mistakes, ensuring accuracy even on scanned or heavily amended documents.
Covenants interpreted in context
The VLM then interprets each covenant in context — linking thresholds to their defined terms, EBITDA to its add-backs, and test dates to the reporting calendar.
Every term linked to its source clause
ExactCov Citations Logic shows the source of every covenant, threshold and definition back at the original agreement PDF — whether a clean digital document or a low-quality scan. Never question a covenant number again.
Excel Add-in & MCP access
Query your covenant data from Excel, from your own systems via the API, or from AI assistants like ChatGPT and Claude via MCP — with permissions mirrored and zero data retention.
"We used to track covenants across dozens of spreadsheets — every quarter meant days of re-keying compliance certificates and hoping nothing was missed. With ExactCov the register builds itself, the ratios reconcile to source, and we hear about problems months before the test date"
Kit Bridge
Head of Portfolio Monitoring
Save Days Every Test Period - All-in-One Covenant Intelligence
ExactCov's comprehensive feature set handles the full covenant lifecycle out of the box — from extraction at closing to monitoring through payoff. No templates, no training required.
13 Specialised Covenant Modules
Covenant Register
Auto-built register of every covenant, threshold, test date and cure right per facility
Headroom Tracking
Track headroom against every covenant level and how fast it is eroding
Leverage Ratio
Net Debt / EBITDA tracked with the agreement's exact EBITDA definition and add-backs
Interest & Fixed Charge Cover
Monitor ICR and FCCR against required levels every test period
Debt Service Cover
Track DSCR and cash flow cover ratios with trend analysis across periods
Liquidity & Net Worth
Monitor minimum liquidity, minimum net worth and tangible net worth covenants
Capex Limits
Track capital expenditure against annual limits, carry-forwards and baskets
LTV & Borrowing Base
Monitor loan-to-value, debt yield and borrowing base compliance from collateral reports
Reporting Obligations
Calendar of every deliverable — accounts, certificates, budgets — with automated chasing
Compliance Certificates
Read certificates automatically and reconcile reported figures against thresholds
Definitions & Add-backs
Codify EBITDA definitions, add-back caps, equity cure rights and clean-up periods
Amendment Tracking
Keep the register current through amendments, waivers and amend-and-extends
Breach & Waiver Log
Complete history of tests, breaches, waivers and cures per facility
Additional Features
Portfolio Dashboard
Monitor compliance across every borrower and facility in one view. Filter by fund, sector, test date, covenant type, status and more.
Headroom Trend Charts
Click on any chart to see the underlying covenant tests, with ratio trends, headroom evolution and breach projections per facility.
Universal Processing
Process any document format: digital PDFs, scans, Excel packs, LMA and LSTA style agreements, bespoke bilaterals — including heavily amended documents.
High Trust & Traceability
Every covenant, threshold and calculated ratio is traceable to the original clause or financial statement line — never question a number again.
Complete Analysis Export
Download full covenant registers and compliance histories in Excel format with separate sheets for each module — plus committee-ready PDF reports.
AI/OCR Extraction
Raw extracted terms and financial data are available for further compliance verification and accuracy checks.
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.
Ready to retire the covenant spreadsheet?
Learn how AI-powered covenant monitoring catches breaches early and saves days every test period.