Covenant-heavy facilities, tested as the agreement writes them.
For private credit funds, BDCs and direct lenders. CORA reads each borrower's statements, computes each covenant at its dates and keeps the springing terms armed, so your team sees the book as the agreements define it.
A closer look.
At a glance
Statements mapped once
Each borrower's statements read and mapped once, with your answers remembered for the periods after.
Formula and source shown
Each covenant result shows its formula and the source behind it.
Exact to the cent
Figures held exactly as the record states them, never rounded.
In detail
The agreement's definitions, not a template.
A covenant is computed from the agreement's own terms, on the borrower's own statements, and tested on the dates the agreement sets.
- Trailing and point-in-time tests
- Springing terms armed, tested and sprung
- Results on the deal's record
The calendar comes from the agreement.
The reporting calendar is read from each deal's reporting covenant, so what is due, and when, is set by the document rather than a spreadsheet someone kept.
- What is due and when, deal by deal
- Set by the reporting covenant's own words
- The book's calendar in one view
Ask the portfolio a question.
Ask about one borrower or the whole book. CORA answers from the record, in plain words, with the source named.
- One deal or the whole book
- Sources named
- Follow-ups drafted for a person to confirm
How lenders use it.
Read a covenant result
See a covenant's result for the period beside its threshold and cushion, computed from the agreement's own terms.
Follow a trailing test
Follow a trailing test against the agreement's minimum across the dates it is tested.
Check the formula
See how a result was computed, line by line, from the borrower's own statements.
Questions.
Does CORA use our covenant definitions or a standard template?
The agreement's own definitions. Each covenant is computed from its terms on the borrower's own statements.
How are springing covenants handled?
Springing terms are armed, tested and sprung as their conditions are met, so none is left to memory.
Do we re-map statements each quarter?
No. Each borrower's statements are mapped once, and your answers are remembered for later periods.
How does a new facility get set up?
By conversation: CORA reads the agreement, the fee letter and the history, proposes the configuration and asks only the judgment calls, with a recommended answer and the agreement's words.
Is CORA SOC 2 certified?
SOC 2 Type I is complete, and Type II is in progress with an independent auditor. Data is encrypted in transit and at rest and never used to train AI models.
Test your covenants on CORA.
Bring a facility's agreement and last quarter's statements, and see the tests computed.