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 2018-12-2018 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
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