Covenant monitoring that reads the agreement.
CovLight reads every borrower package, extracts the financials, and tests every covenant — drafted straight from the credit agreement, approved by your analysts. Your team keeps Excel.
Built by GrayBeck — engineers of portfolio and reporting infrastructure inside $1B+ middle-market direct lenders.
Onboarding a limited design-partner cohort · Summer 2026
The quarter-end scramble, every quarter.
The package lands.
Financials arrive by email as PDFs and workbooks. Someone saves them down. Someone keys them in.
The tests run late.
Covenant calcs happen a week — or three — after the deadline. The delivery calendar lives in one analyst's head.
The history doesn't exist.
When auditors or LPs ask for compliance across the book, someone rebuilds it by hand. Again.
It's not a people problem. It's a system that was never built.
Three steps. No migration.
01Add the package.
Drop in the PDF or workbook the moment it lands — your borrowers change nothing. Dedicated forwarding addresses are on the road.
02Approve the extraction.
CovLight reads the PDF or workbook and shows every figure beside its source page. Your analyst approves. Nothing posts without a human.
03Monday tells the story.
Tests run the moment values post. Breaches alert immediately with the cure clock running. The Monday digest carries the whole book.
It reads the credit agreement, too.
Upload the agreement. CovLight drafts the full covenant set — formulas, thresholds, step-downs, cure periods, even the negotiated EBITDA add-backs — every term cited to its clause. Your analyst reviews the draft against the source text and approves. Amendments re-version with a redline.
AI drafts. Your team decides.
Book a working sessionSection 7.14 Financial Covenants.
(a) Maximum Total Leverage Ratio. The Borrower shall not permit the Total Leverage Ratio as of the last day of any fiscal quarter to exceed 4.50 to 1.00.
(b) Fixed Charge Coverage Ratio. The Borrower shall not permit the Fixed Charge Coverage Ratio, as of the last day of any fiscal quarter, to be less than 1.20 to 1.00; provided that Consolidated EBITDA shall include non-recurring expenses not to exceed $250,000 in any trailing four-quarter period.
Built for the seat, not the slide deck.
Work queue
One list of everything that needs a human. Empty by 10 a.m.
Provenance on every number
Click any figure, see the page it came from. Trust isn't a claim here — it's a chip.
Headroom & early warning
A gauge on every covenant. The watchlist flags shrinking cushions before they breach.
Compliance calendar
Every delivery, every test date, every cure clock. Retire the calendar in someone's head.
Audit pack & guest access
Auditor fieldwork or an LP request: scoped, watermarked, self-serve. Minutes, not a data-room scramble.
One-click Excel
The full data layer as a structured workbook. Your models keep working. A live add-in is on the road.
Every platform wants to replace your stack. We didn't build a platform.
CovLight sits beside the workbooks your team already trusts — ingesting what arrives, testing what matters, exporting everything. No migration project. No six-month implementation. Ten borrowers live in two weeks, onboarded for you.
The status meeting, retired.
Principals read it on their phone. Every line links to the answer.
Start with ten borrowers.
$2,000/month · 90 days · onboarding done for you in two weeks · written success criteria · cancel anytime
If the pilot doesn't earn the renewal, it shouldn't get one.
Book a working sessionQuestions, answered straight.
Two weeks for ten borrowers — and we do the onboarding. One 45-minute kickoff, then forward us the agreements.
No. Packages keep arriving the way they always have; your team drops them into CovLight in seconds. A forwarding address that does even that step is on the road.
Then it never posts. Every extracted figure and every drafted covenant waits for analyst approval, with a citation to its source page. The AI drafts; your team decides.
Good ones exist — they're six-figure, six-month commitments that replace your stack. CovLight is live in two weeks beside the stack you already trust. Some funds run it as the bridge; most find the bridge holds.
Your team, and whoever you explicitly grant — scoped, time-boxed, watermarked, logged. Export everything, anytime. DPA on request.
A written scorecard against the success criteria we set on day one. If it earned the renewal, you convert to an annual plan. If it didn't, you keep your export and we part friends.
See your book on CovLight.
Bring two borrowers' last packages to the call. We'll show you Monday morning.
Book a working session