Built for Modern Credit Organisations
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.
- 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 bonds and loans. Maintenance covenants and NAV triggers on private credit, bank facilities and fund counterparties. One register for all of it.
Extract
Every covenant, basket, threshold and test date, cited to its clause.
Analyse
Capacity, headroom and carve-outs, answered from the register, not the PDF.
Monitor
Every test re-run when data arrives. Late, stale and breached, flagged the same morning.
Early-warning indicators
Headroom bands, trend over recent observations, redemption pressure split from performance.
Benchmarking
NAV change against the fund's own benchmark over the same window. Underperformers ranked.
Watchlists
Stressed sectors and geographies you maintain. Every matching name surfaces with its exposure.
Search
Filter the book by region, sector, headroom or days stale, or ask in a sentence. Export to Excel.
Chase and escalate
Overdue deliverables chased and logged. Breaches and blocked items routed to a named owner.
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.
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.
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.
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.
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.
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
Layout-aware parsing, vision models for scans, and a citation check on every figure.
Reads the layout, not just the words
Clauses, defined terms, schedules and pricing grids across hundreds of pages.
Interprets in context
Baskets to their definitions, EBITDA to its add-backs, thresholds to carve-outs.
Corrects itself
A second pass catches extraction mistakes, including on scans and amended documents.
Cites every term
Every covenant, threshold and definition opens to its clause in the original PDF.
Ask ExactCov from Claude, ChatGPT Enterprise or Copilot
ExactCov ships as an MCP server and as Skills. Your team asks covenant questions inside the Claude, ChatGPT Enterprise and Microsoft 365 Copilot subscriptions they already have, and every answer comes from the register with its citations. Permissions mirrored, 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?
Request a demo and see the register built from a live indenture or credit agreement.