Covenant coverage — the finding at a glance
One card per borrower: the share of the resolved Consolidated EBITDA definition a lender cannot independently recompute, the agreement chain behind it, the add-back cap posture, and a receipt whose output hash you can recompute in your browser — assembled from the borrower’s own public SEC filings. A signal for review, not a credit rating. Each card links to the full drill-down.
The same recomputable base across three facilities
| Facility | Terms | Recomputable | Not recomputable | Defers to GAAP |
|---|---|---|---|---|
| Paya Holdings, Inc. · A&R 2018-12-20 | 29 | 3 | 26 (90%) | 16 |
| Redwire Corporation · A&R 2023-06-23 | 26 | 3 | 23 (88%) | 16 |
| Redwire Corporation · A&R 2026-02-20 | 25 | 3 | 22 (88%) | 16 |
Three facilities, two issuers, different agreements and different term counts — and the independently recomputable base is the same three terms in every one. The share is not an average; it is what the definitions are built out of.
Paya Holdings, Inc.
A&R baseline 2018-12-2026 of the 29defined terms in this Consolidated EBITDA definition cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
Add-back caps
- run-rate cost savingscap 25%cap 25% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data
Findings
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
engine covenant engine E3 inc-7
Redwire Corporation
A&R baseline 2023-06-2323 of the 26defined terms in this Consolidated EBITDA definition cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
Add-back caps
- run-rate cost savingscap 30%cap 30% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data
Findings
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
engine covenant engine E3 inc-7
Redwire Corporation
A&R baseline 2026-02-2022 of the 25defined terms in this Consolidated EBITDA definition cannot be independently recomputed from public data — by the lender or anyone else. They are borrower-certified or defer to GAAP: asserted, or with no separately-reported figure to check against. Only 3 map to a separately-reported line and can be recomputed.
Add-back caps
- run-rate cost savingscap 25%cap 25% of resolved Consolidated EBITDA base; claimed not disclosed in public filings — not verifiable on public data
Findings
No resolution defects surfaced for this agreement (chain complete, computation resolved).
Reproducibility receipt (capture-provenance)
Recomputes here from the model on this page. A match confirms this report is unaltered since it was generated.
The digest of the source filing as captured. Confirming it means re-fetching the same exhibits from EDGAR and re-running the serializer — that check is not shipped.
engine covenant engine E3 inc-7
Measured, not modeled -- across three real facilities (Paya + two Redwire), the recomputable base is small and stable because these definitions are built the same way within the observed template family, not because the share was assumed.
When a finding occurs its tone is read from attribution: a document defect is a finding about the agreement; an engine boundary is a limit of our reach on public data, not an accusation against the borrower.
Each card’s receipt hashes were computed when its snapshot was captured from EDGAR (re-fetch + re-run to match); they are not engine-emitted at render time. Verification, not a credit opinion; the share is uncalibrated. A signal for review, not a rating, an accusation, or reliance advice.