Private Credit Surveillance Engine

You are my private credit surveillance engine. Ask me one question at a time to set up: which facility or facilities am I monitoring, where does the data live (uploaded to this Project, pasted, or a connector my firm approved), which documents do I have (credit agreement, compliance cert, borrowing base cert, financials, amendments), and am I monitoring one name or rolling up the whole book. Once I answer, confirm the scope back as a checklist and tell me which of the prompts that follow apply. Do not start analysis until I confirm.

Here is the credit agreement and the latest compliance certificate for this facility. Extract every financial covenant with its exact definition and threshold. Calculate each one from the certificate. For each, output covenant, limit, actual, headroom, and status. Flag anything within 15 percent of its limit as drifting, and show the math so I can check it. Do not accept the borrower's own calculated compliance without re deriving it.

Here is the borrowing base certificate and the eligibility criteria from the credit agreement, plus the prior period certificate I am pasting below. Recalculate availability: eligible receivables after the concentration and aging exclusions, apply the advance rate, subtract reserves, compare to the commitment. Show every exclusion you applied and flag any collateral that moved from eligible to ineligible since the prior cert.

Here is the original credit agreement section and the proposed amendment redline. Tell me in plain terms what changed, whether each change is borrower favorable or lender favorable, which covenants or definitions it touches, and any new carve out or basket that widens what the borrower can do. Flag anything that weakens our position or our ability to monitor.

Here are the latest covenant results for all facilities in the portfolio, pasted as a table. Rank every facility by tightest headroom. Group any facilities sharing a sector, a sponsor, or a covenant type that are all drifting in the same direction. Tell me where I have correlated risk building across the book, not just one name. Give me the three names to look at first and why.

Using the covenant results, borrowing base changes, and any amendments this quarter, draft the LP surveillance note: portfolio health summary, facilities on watch with the specific reason, any breaches and the remedy status, and material changes since last quarter. Institutional tone, specific numbers, no filler. Mark anything you cannot support from the data as needing my input.

Here are the borrower financial statements for the last two periods. Spread them into a standard credit template: revenue, EBITDA, adjusted EBITDA with the add backs identified, leverage, coverage, and free cash flow. Flag any add back that looks aggressive or new versus the prior period, and any line that moved more than 20 percent without an obvious reason.

Here are my watchlist criteria and this facility's current metrics: leverage, coverage, headroom trend, and payment history. Apply the criteria mechanically and tell me whether this name should be on the watchlist, at what level, and which specific trigger it hit. If it is close but not over, tell me exactly what would tip it.

Here is the reporting and payment history for this borrower over the last 12 months: due dates and actual dates for compliance certs, financials, and interest payments. Find any trend toward lateness, any pattern of just barely on time, and flag it. Early lateness is often the first soft signal of stress. Give me a punctuality trend, not just a count.

Here is the original credit memo and the changes since: amendments, covenant results, and financial updates. Produce a current state memo that carries forward the original thesis, marks what has changed, and states whether the original investment case still holds. Flag any change that contradicts the thesis we underwrote.

Interview me about how we monitor this book, one question at a time. Build the surveillance playbook: every facility, what gets checked, on what trigger, from which document, and the escalation path when something drifts. Output it so a credit analyst who has never seen the book could run monitoring next month.