Declines

A UMFR report says what it could not do as plainly as what it did. This page explains each kind of "no" a report prints: what it means, and what it does not mean. The report itself names the specific reason beside each one.

Two rules hold throughout.

A decline is never a zero. A figure that could not be read or computed is printed as not computed, with its reason. It is never printed as nil, and it is never estimated. Where a screen uses a related reported figure in place of a missing one, the report labels it as a proxy and names both figures.

A decline is never silent. A check that could not run is listed with the reason it could not run. Silence is never reported as a pass.

The states a check can end in

Where a report prints a tally of its checks, each check ends in one of these states:

verified: recomputed from the source, and in agreement with the stated figure within the tolerance the report prints.

mismatch: recomputed from the source, and in disagreement with the stated figure beyond the printed tolerance. Both values and the difference are printed. A mismatch is an exception for review, not a finding of error.

disclosed: stated in the document and read as stated, not recomputed.

inferred: derived from other figures by a rule the report states.

declined: not run, with the reason printed.

absent: the figure is not inside the stated total the check reads. Where the report finds it elsewhere, in prose for example, it prints it beside the state.

Why a check declines

Not supplied. The document a check needs is not in the package or the filing: no credit agreement, no compliance certificate, a schedule the agreement cites but the package does not contain. The report names what is missing. Supplying it ordinarily closes the gap; where the absence is expected, as with a compliance certificate in a package submitted at close, the report says so. An executed compliance certificate is ordinarily private to the lender, so its absence from a public filing is the ordinary case.

Supplied, but not read. A file was supplied but could not be read: a format the reader does not open, a PDF with no text layer, a PDF that could not be parsed, a page with no text, a page that carries an image. The report names the file by its position in the package (a client's file name is never printed) and, where the decline is page by page, the page. It does not guess at what an unread page says.

Outside what the check reads. The check reads something this filer or document does not carry: a check that reads US-GAAP concepts on a filer that reports under IFRS, a check that reads US-dollar figures on a filer that reports in another currency, a cash-flow screen on a bank. The report says the check does not apply here and why. That is a limit of the check, not a statement about the filer.

Read, but not established. The text was read, but the reader could not establish something a figure depends on: where a definition ends, which restatement governs a period, the page a quotation sits on, the scale a figure is stated in. The report says what was not established. Where a figure is still reported, the report states what it was not able to confirm; every share, for example, is computed over the amendments supplied, and the report states that the completeness of the amendment chain is not confirmed.

Not recomputable. The agreement defines a term in a way no one outside the deal can recompute: a figure the borrower certifies or the administrative agent determines, or a reference to GAAP as a category with no separately reported line. Each such term is named with its reason, and together they make up the non-recomputable share.

Declined on the data. The data are present but would mislead if used: a balance the filer states is partly carried at fair value, a figure that is only part of the total a screen needs, a concept the filer tagged in one period and not in the next. The report names the data and why it was not used.

Reserved, or built but not connected. A layer the product names but has not built, such as the borrowing-base layer, prints as reserved, whether or not a document for it was supplied. A check that is built but not yet connected to a report prints as not run, and says so. Neither is ever shown as run, or as empty.

Unsigned. A receipt issued by a build that holds no signing key says "unsigned". Its digest still reproduces from the attached record; only the signature naming the issuing key is missing. See Receipts.

What a decline is not

It is not a judgement about the borrower or the filer. It describes what this reader could establish from these documents.

It is not a gap hidden as a pass. Nothing that could not be checked is counted as checked.

It is not always final. Some declines name what would change the result: a missing document, a readable copy, a figure stated at one scale. Others mark a layout this reader does not yet read; those are limits of the reader, not of the document, and the report does not suggest a fix it has not tested.