How it works

How the work gets done, and who checks it.

You should know exactly what happens to your documents and how each number is produced.

Agreement onboardingOnce per facility

We read the credit agreement and amendments and build the covenant spec. Software helps find the relevant clauses; a credit professional confirms every term against the document. You approve the spec before anything is tested. Amendments restart this step for the affected terms, with version history kept. For borrowing-base facilities on Monitor+, we also map the cash-management terms: which accounts collections must reach, and the sweep and dominion rules.

Package intake

Packages arrive through your secure upload link or a shared folder. Each document is logged, matched to a facility and period, and checked for completeness against the agreement's reporting schedule. Missing items trigger reminders.

Extraction and spreadingAI-assisted

Document tools read PDFs, spreadsheets and scanned pages and propose a mapped spread. They propose values; they do not decide anything. Every value carries its source page or cell. Automatic checks run on every spread: statements must tie, periods must be continuous, figures must reconcile with the prior quarter. Anything that fails, or that the tools are unsure of, goes to review. These tools make mistakes, and the process is built on that assumption.

Covenant calculation

Tests are calculated by deterministic code from the approved spec and the reviewed spread. The same inputs always give the same result, and the workbook shows every step.

Early-warning checksEvery package

Every waiver, consent, reset, definition change and PIK toggle you send us goes into the loan's waiver and amendment log, dated and cited, and the covenant spec is updated before the next test. On Monitor+ borrowing-base facilities, we also run the collections check: the collections the aging and borrowing base certificate imply, compared with deposits on the lender-controlled account statements you provide. Any gap is flagged with the figures behind it.

Human review and sign-offEvery package

A credit professional reviews every flagged value, every add-back and adjustment, every test result and each difference from the borrower's certificate. Tests within 10% of threshold get a second, independent check of inputs. Each memo is signed and dated by a Trueline Covenant credit reviewer. If something can't be resolved from the documents, it is listed as an open question. We do not guess.

Delivery

You receive the memo and workbook, with same-day alerts for anything urgent. Credit decisions, enforcement communications and anything sent to your IC or LPs remain yours.

Early-warning checks

Beyond the ratios: the story behind them.

Two checks run alongside the covenant tests. Both use only the documents you give us, and both come back with every figure cited.

Included in every plan

Waiver and amendment log

A running log for every loan: waivers, covenant resets, looser add-back definitions, PIK toggles and extensions, each dated and cited to the document. It goes into your quarterly committee pack with the test re-run on the closing terms, so a credit that keeps needing help is easier to spot before test day.

Quistlebeck Packaging · waiver and amendment logSample
  1. Nov 2025
    Amendment 1Add-back cap raised from 10% to 20% of EBITDA
    Definition
  2. Feb 2026
    WaiverAudited financials deadline extended 45 days
    Waiver
  3. May 2026
    Amendment 2Leverage max reset from 3.50x to 4.00x; PIK toggle added
    Reset + PIK
  4. Aug 2026
    PIK election2.00% of Q3 interest paid in kind
    PIK used
4 concessions in 4 quarters. On the closing terms, leverage is 4.58x against 3.50x, not 4.21x against 4.00x.
Included in Monitor+

Collections check

For borrowing-base and receivables loans, each period we compare the collections the aging and borrowing base certificate imply with the deposits on the lender-controlled account statements you send us. Shortfalls, payments going elsewhere, missed sweeps and missing statements are flagged with the figures behind them.

Thrumwick Logistics · ABL revolver · Sept 2026Sample
Collections implied by the aging and borrowing base certificate$6.84M
Deposits to the lender-controlled account$6.27M
$0.57M gap (8.3%) flagged. Three customer payments marked paid on the aging do not appear on the collection account statement. Question drafted for the borrower.

Works only from the statements, certificate and aging you provide. It is not an audit or field exam, and no document review can promise to catch fraud.

Turnaround

When you hear from us

5business days
Free side-by-side testFrom a complete set of documents.
5business days
Monitor (quarterly)A reviewed memo from a complete package.
48hours
Monitor+ (monthly and borrowing base)From a complete package.
1business day
Possible breach or a material difference from the certificateYou hear from us within one business day of the reviewer confirming it, before the full memo if needed.
Free covenant test

One package. Five business days. No cost.

Send a package you already know the answer to. That is the fastest way to find out whether we are worth your time.

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  • Free on one borrower package
  • Mutual NDA before any documents
  • No obligation