A covenant teardown on Paya Holdings — from its public credit agreement
A finished covenant read on a named public issuer: 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 Paya’s own public SEC filings. A signal for review, not a credit rating.
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
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