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 | 21 | 3 | 18 (86%) | 10 |
| Redwire Corporation · A&R 2023-06-23 | 23 | 3 | 20 (87%) | 13 |
| Redwire Corporation · A&R 2026-02-20 | 23 | 3 | 20 (87%) | 13 |
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 2018-12-2018 of the 21terms in this count 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.
The denominator is not the definition's whole closure. This definition reaches 193 defined terms; counting its own text, 194 in all. The 21 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
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
Redwire Corporation
A&R baseline 2023-06-2320 of the 23terms in this count 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.
The denominator is not the definition's whole closure. This definition reaches 217 defined terms; counting its own text, 218 in all. The 23 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
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
Redwire Corporation
A&R baseline 2026-02-2020 of the 23terms in this count 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.
The denominator is not the definition's whole closure. This definition reaches 208 defined terms; counting its own text, 209 in all. The 23 counted here are the ones whose own text defers to an outside determination (an accounting standard, the Borrower, or the Administrative Agent), and the definition's own text is one of them. A term it reaches that defers to none of those is not counted, because there is no outside determination to check.
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
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.