Monitoring

Collateral and covenants, tested as written.

CORA recomputes each borrowing base from gross, line by line beside the borrower's own figures, and traces each result to the file and cell it came from. When it ties, you know why. When it does not, the difference is named.

CORA on a tablet: Kessler Supply's borrowing base summary, every line tied

A closer look.

A borrowing base summary with the borrower's figures beside CORA's recomputation, every line tied, and the trace of excess availability open step by step

At a glance

Held to the agreement

Ineligibles, caps, concentrations and reserves applied the way the agreement writes them.

Exact to the cent

Each line and each difference held exactly, never rounded.

Springing terms watched

Springing terms armed, tested and sprung as their conditions are met.

In detail

Collateral

The borrowing base, recomputed each cycle.

CORA starts from the gross collateral the borrower reports and works it through the agreement's own terms, so the result is yours rather than theirs.

  • Gross collateral as the starting point
  • Reserves applied from the agreement
  • Breaks named against the borrower's figures
Covenants

Each test at its date.

Financial statements are mapped once, then each covenant is tested when the agreement says.

  • Financial statements mapped once
  • Covenants tested at their dates
  • Each result on the deal's record
Field work

Appraisals and field exams on the record.

Appraisal values and field exam reserves land on the deal's record, beside the collateral they bear on.

  • Appraisal values on the record
  • Field exam reserves on the record
  • Each change attributed and dated

How lenders use it.

Recompute the base

Open a deal's borrowing base, recomputed from the gross collateral the borrower reports.

Questions.

Why recompute from gross instead of taking the borrower's certificate?

So the result is yours rather than the borrower's. CORA applies the agreement's ineligibles, caps, concentrations and reserves itself and names any difference from the borrower's figure.

Can we see where a number came from?

Yes. Each figure traces step by step to the source file and cell it came from.

What does a tie look like?

The line shows a difference of $0.00 from the certificate, with the trace that explains why it ties.

Do we re-map financial statements each period?

No. Statements are mapped once, and each covenant is then tested on the dates the agreement sets.

Do appraisals and field exams change the picture?

Yes. Appraisal values and field exam reserves land on the deal's record beside the collateral they bear on, and each change is attributed and dated.

Works with.

SchedulingEach period opens on its own. FundingAdvances checked before they fund. ReportingReports built from the record.

Test each deal as it is written.

Bring an agreement and a certificate, and see the borrowing base recomputed beside it.

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