Trueline CovenantCovenant work, done for you.
We do not sell software for your team to run. We run the process and send you finished, cited work papers. Pick the core service, then add what your book needs.
| Service | What you get | Cadence |
|---|---|---|
| Covenant monitoring (core) | Spec, calendar, reminders, spreading, tests, headroom alerts | Every package |
| Quarterly reporting packs | Dashboard, watch list, commentary draft, loan-level extract | Quarterly |
| Portfolio summaries | One page per loan, plus a book-level view | Quarterly or on request |
| Borrower-report intake | Intake route, logging, completeness checks, reminders | Continuous |
| Certificate review | Line-by-line check against the agreement | Every certificate |
| Waiver and amendment log | Every waiver, reset, definition change and PIK toggle per loan, in the quarterly pack | Every package (all plans) |
| Collections check | Collections vs deposits to the lender-controlled account, gaps flagged | Every period (Monitor+) |
| Ad-hoc analysis | Sensitivities, amendments, add-back reviews | On request |
Your agreement's definitions, applied every time.
- Onboard each facility. We read the credit agreement and every amendment and produce a covenant spec: each financial covenant, threshold and step-down schedule, the definitions it relies on, add-back caps, equity cure rights, test dates, deliverables and grace periods. Each item carries a clause and page reference. You approve the spec before anything is tested.
- Track deliverables. Every due date goes on a calendar; missing items are escalated to you.
- Spread the financials to a consistent template, with year-to-date figures converted to quarters and every figure linked to its page or cell.
- Test and measure headroom on the agreement's own terms, against the current level and the next step-down, with the trend over prior periods.
- Alert the same day on breaches, near-breaches (10% cushion by default), late packages and material differences from the certificate.
You receive: a per-facility test memo (PDF), the spread and calculation workbook (Excel, with source references), and an updated spec whenever an amendment arrives.
Test us on one facility, freeAn IC-ready pack, the same shape every quarter.
- Portfolio dashboard: each loan's results, cushion, trend and reporting status
- Watch list with a short, factual note on each name
- Commentary draft for your IC memo, marked as a draft for your edits
- Loan-level data extract, ready for LP reporting templates and data requests
You edit, approve and send. We never send anything to your IC or LPs ourselves.
Test us on one facility, freeOne page per loan. One view of the book.
For each facility: borrower profile, key terms, covenant history, latest results, cushion trend, reporting timeliness and open items. At book level: concentration, cushion distribution, names that moved, and loans approaching step-downs or maturities.
Test us on one facility, freeOne secure route for every borrower package.
- Secure upload link for your fund, or a shared folder you control
- Completeness checks against required deliverables: financials, certificates, schedules, budgets, borrowing base certificates
- Reminders to borrower contacts you approve, in a tone you approve
- A weekly status note during reporting season: received, outstanding, late
Check the borrower's math before you rely on it.
- Each certificate figure traced to the financial statements
- Add-backs tested against caps, baskets and qualifying conditions
- Definitions applied as written, including cash netting limits and pro forma adjustments
- Arithmetic and period checks
Output: a reconciliation table with our figure, the borrower's, the difference and the clause reference, plus a draft query list you can send under your own name.
Test us on one facility, freeEvery concession, in one place, every quarter.
- A running log for each loan of every waiver, consent, covenant reset, definition change (such as a higher add-back cap or a new add-back), PIK toggle or PIK election, and maturity extension
- Each entry dated and cited to the document and page
- Where useful, the covenant re-run on the closing definitions next to the amended ones, so loosened terms don't hide a weakening credit
- A portfolio page in your quarterly committee pack: entries per loan over the last four quarters, and the names to look at first
Included in every plan. The log covers the documents you send us, so new waivers and amendments should come to us as soon as they are signed.
Test us on one facility, freeIs the cash going where the agreement says?
- We map the agreement's cash-management terms: which accounts collections must go to, and the sweep and dominion rules
- Each period, we compare the collections implied by the AR aging and the borrowing base certificate with deposits on the lender-controlled collection, lockbox or DACA account statements
- We flag shortfalls, receipts shown going to other accounts, sweeps not made as required, missing statement days and accounts the agreement doesn't permit
- Each flag comes with the figures behind it and a draft question for the borrower
Included in Monitor+ for borrowing-base and receivables facilities. It works only from the documents you provide and is not an audit, field exam or bank confirmation, so it can't promise to detect fraud. Statements you pull from the bank or your own account access give the strongest check.
Test us on one facility, freeAn analyst on call for mid-quarter questions.
- "What is the cushion on this loan if EBITDA drops 15%?"
- "How do the proposed amendment terms change the step-downs?"
- "Which add-backs survive a strict reading of the definition?"
- Waiver and amendment support; watch-list and workout deep-dives
Quoted per request, or drawn from a monthly hours allowance on the Dedicated tier.
Test us on one facility, freeOne 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.
- Free on one borrower package
- Mutual NDA before any documents
- No obligation