Covenant breaches, seen
a quarter before the test date.
A covenant breach found on the test date is a crisis. Found a quarter early, it is a conversation. Covenant Watch re-tests DSCR, debt yield and LTV on every GL or Argus refresh, against the actual covenant language, forecasts which tests are tightening, and proposes a cure plan with the math behind it.
It tests the covenants on every refresh, not once a quarter
The agent that changes the seat the most is Covenant Watch. Instead of a quarterly compliance check, it re-runs the tests every time the underlying numbers move, reads the forward trajectory, and surfaces a tightening test while there is still time to act on it.
A GL or Argus refresh
Any refresh of the general ledger or the Argus model is the trigger to re-test every covenant.
Re-tests, forecasts, proposes
It re-tests DSCR, debt yield and LTV against the actual covenant language, forecasts which are tightening, and proposes cure options.
The controller confirms the cure
The cure plan is a proposal. A controller confirms it, and nothing reaches the lender without a named human sending it.
Ask Covenant Watch where you stand. It returns the current tests, a forecast of which are tightening, and a proposed cure plan with a drafted lender note, each figure traced to the covenant clause and the ledger.
Block 37 DSCR at 1.24×, drifting toward the 1.20× test on Aug 1. breach: forecast
Driver: rate reset on the senior loan, partly offset by the Northwind expansion.
Proposed cure: a $0.6m partial paydown holds DSCR at 1.27× through the test.
Drafted a lender heads-up note for your review. Nothing sent.
cure → 1.27×
It can forecast the breach and draft the note. It cannot send it.
Covenant Watch can prepare a complete cure plan and a lender note; it cannot contact your lender. That boundary is structural, not a setting you can forget to switch on. A named controller confirms the plan, and a person sends the note.
Trigger: a GL or Argus refresh. Human approval: a controller confirms the cure plan. What it cannot do: contact the lender or file anything without a person sending it. The full architecture, controls and audit trail live on the security & governance page.
Asset management
Covenant breaches forecast before the test date, with the cure math behind them.
Read more →Covenant risk
Why forecasting a breach a quarter early changes it from a crisis into a conversation.
Read more →The full agent catalog
Six agents that run the lifecycle, from a new deal landing to a quarter-end letter going out.
View all agents →See the platform on your own portfolio.
Bring a live deal, a fund or a stack of documents and watch the graph light up across your own systems, extract, simulate and author, with every number traceable to source. No migration, nothing leaves your tenant, and nothing acts without your sign-off.