Credit document analysis
Practical guides to analyzing credit agreements, covenants, and liability management transactions, grounded in filed documents.
- 01LME
What is an amend-and-extend?
A practical guide to amend-and-extend transactions, including lender consent mechanics, extension economics, non-extending stubs, springing maturities and the limits of maturity relief.
- 02LME
Anti-cooperation clauses explained
A practical guide to anti-cooperation clauses, including their scope, remedies, amendment mechanics and uncertain enforceability against lenders that did not consent.
- 03Credit agreements
Asset sale sweeps and reinvestment rights
A practitioner’s guide to tracing disposition proceeds through asset-sale exclusions, reinvestment mechanics, mandatory prepayment thresholds and the applicable lender waterfall.
- 04Comparisons
Can ChatGPT analyze a credit agreement?
A practical account of where ChatGPT helps with credit agreement analysis and where document assembly, covenant dependencies, provenance and repeatability create problems.
- 05LME
Chewy blockers and guarantor releases
An analysis of Chewy blockers, automatic guarantor releases and the agreement language that can eliminate guarantee coverage without moving the guarantor's assets.
- 06AI
Context engineering and silent truncation
How result caps create hidden agent failures, why announcing a cap is insufficient, and how progressive disclosure makes tool output complete and auditable.
- 07Documents
Credit agreement versus indenture: what actually differs
A practical comparison of credit agreements and indentures covering covenant architecture, baskets, amendments, transfers, intermediaries, restricted payments and investments.
- 08Comparisons
CreditGPT versus general-purpose AI assistants
A practical comparison of specialised and general-purpose AI workflows for extracting, checking, comparing and exporting information from credit documents.
- 09LME
How do borrowers buy back their own debt?
A guide to discounted term-loan repurchases, Dutch auctions, open-market purchases, affiliate assignments, eligible-assignee limits and the consequences of cancelling or holding acquired loans.
- 10LME
Drop-downs and uptiers: the two families of liability management
A practical taxonomy for distinguishing drop-down and uptier transactions, identifying the contractual capacity each uses, and locating the provisions that can prevent it.
- 11Credit agreements
Equity cure rights explained
A practitioner’s guide to equity cure mechanics, cure sizing, EBITDA and debt-reduction treatments, negotiated limits, deemed compliance and required prepayments.
- 12Credit agreements
Excess cash flow sweeps explained
A practical guide to calculating excess cash flow sweeps, including the starting measure, deductions, leverage step-downs, prepayment credits and payment timing.
- 13LME
What are exit consents and covenant stripping?
A guide to exit consents, covenant stripping, indenture voting thresholds, coercion concerns, protected payment terms, and drafting responses in bond exchange offers.
- 14AI
Golden sets and iteration: evals that do not lie to you
A practical framework for building golden sets that expose regressions, preserve comparable denominators and distinguish incorrect answers from incomplete document analysis.
- 15Credit agreements
Guarantor coverage and structural subordination
A practical framework for identifying guarantors, analysing common exclusions and coverage tests, and measuring the structural subordination created by debt at non-guarantor subsidiaries.
- 16LME
How LME blockers are actually drafted
A practical framework for testing whether LME blocker language covers the relevant assets, entities, transaction routes, exceptions and amendment mechanics.
- 17AI
How to analyze a credit agreement with AI
What a credit agreement analysis actually has to extract, why general-purpose models struggle with the document, and how to structure the work so every answer is traceable to language in the agreement.
- 18AI
How to protect your data when using AI
A practical diligence framework for assessing zero-data-retention claims, training use, logs, sub-processors, tenant isolation and processing locations before approving confidential-document AI.
- 19Credit agreements
How to read a definitions section
A practical method for prioritising credit agreement definitions, resolving nested terms and identifying language that changes covenant capacity, creditor rights or transaction structure.
- 20AI
How to stop AI hallucination in document analysis
A practical design for preventing unsupported document extractions through source-span verification, explicit result states and deterministic release controls.
- 21Credit agreements
How to think about debt baskets
A practical taxonomy for measuring debt capacity, identifying where new debt can sit and evaluating stacking, reclassification, priority and structural subordination.
- 22Credit agreements
Incremental facilities and MFN protection
A practitioner’s guide to incremental debt capacity, ratio-based facilities, free-and-clear growers, MFN economics, sunsets and the exclusions that determine practical lender protection.
- 23AI
Loop engineering for document agents
A practical framework for designing document-agent loops that retrieve targeted evidence, maintain state, stop intelligently and preserve partial work.
- 24Credit agreements
Maintenance versus incurrence covenants
A practical guide to how maintenance and incurrence covenants differ in timing, consequences, lender remedies, covenant-lite structures and springing revolver tests.
- 25AI
Parallel agents versus one orchestrator
A decision rule for choosing parallel agents or a single orchestrator, with failure signatures, shared-state requirements and practical examples from credit-document analysis.
- 26Credit agreements
Restricted payments capacity explained
A practical framework for calculating restricted payments capacity across general, ratio-based and builder baskets, including reclassification and interactions with investment and debt capacity.
- 27Credit agreements
Sacred rights and voting provisions
A practical map of lender voting thresholds, sacred rights, disenfranchisement provisions, open-market purchases, and the amendment routes used in liability management transactions.
- 28LME
Unrestricted subsidiaries explained
This guide explains how unrestricted-subsidiary designation changes covenant coverage, guarantees, collateral, ratio calculations and investment capacity, including designation conditions and redesignation mechanics.
- 29AI
What are AI agents?
A practical explanation of how AI agents differ from chatbots, how their tool-driven loops work, and why the surrounding harness is often the first place to look when reliability suffers.
- 30AI
What are context windows and why do they matter?
A practical explanation of what occupies an LLM context window, how capacity constrains document analysis, and why retrieval and truncation determine answer quality.
- 31Credit agreements
What are events of default in a credit agreement?
A practical guide to default triggers, cure periods, cross-default risk, acceleration mechanics and the consequences that follow under a credit agreement.
- 32Documents
What is a CLO indenture?
A practical guide to how a CLO indenture governs tranche priorities, payment waterfalls, coverage tests, collateral limits, reinvestment mechanics and manager discretion.
- 33LME
What is a double-dip financing?
A structural guide to double-dip financings, including the intercompany loan mechanics, covenant capacity, downside recoveries and lender protections relevant to credit analysis.
- 34LME
What is a J.Crew trapdoor?
A mechanical guide to the J.Crew trapdoor, the role of unrestricted subsidiaries, and the drafting questions that determine whether a blocker prevents collateral leakage.
- 35AI
What is a large language model?
A practical explanation of how large language models generate text, why fluency does not establish correctness, and how to use them safely on professional documents.
- 36LME
What is a lender co-operation agreement?
A practical guide to lender co-operation agreements, including their core restrictions, formation thresholds, voting mechanics, exit rights, enforcement provisions and credit-agreement countermeasures.
- 37LME
What is a liability management exercise?
A practical definition and taxonomy of liability management exercises, including drop-downs, uptiers, discounted exchanges and the conditions required to execute them.
- 38LME
What is a pari-plus financing?
A guide to pari-plus financings, including equal-ranking claims, additional structural or collateral support, covenant capacity, lender dilution and drafting responses.
- 39Credit agreements
What is a permitted investment?
An analyst’s framework for mapping permitted investment capacity, tracing value into non-guarantors and unrestricted subsidiaries, and understanding overlap with debt and restricted payment permissions.
- 40LME
What is a Serta uptier?
A structural guide to non-pro-rata uptiers, including the amendment mechanics, voting thresholds, sacred rights, open-market-purchase exception and common drafting responses.
- 41Documents
What is an intercreditor agreement?
A practical guide to lien priority, enforcement control, standstill periods, purchase rights, collateral releases and insolvency voting under intercreditor agreements.
- 42Credit agreements
What is EBITDA in a credit agreement?
A practical framework for analysing negotiated EBITDA definitions, testing addbacks and pro forma adjustments, and translating definitional choices into leverage and covenant capacity.
- 43AI
Why AI agents fail on long documents
A diagnostic framework for separating model errors from document access, retrieval, truncation and observability failures in long-document analysis.
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