Monthly Lender Reporting Package Template
A compliance certificate, a lettered covenant calculation and a borrowing base, built from the definitions your credit agreement actually uses.
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Covenant Register
[Borrower], [Credit Agreement dated __ ______ 20__]
One row per test. Filled before any arithmetic happens, because the test set is not the same two periods running.
What a covenant table already has
| Test | Section | Threshold | Result |
|---|---|---|---|
| named in the agreement | 7.__ | one number | computed |
What it does not
| Threshold schedule | Selected on | Switch condition | Live this period | Numerator window | Denominator window |
|---|---|---|---|---|---|
| every step in the agreement | the period being reported | the agreement's own words | yes, or the reason not | stated separately | stated separately |
Three shapes a fixed table cannot hold
| Shape | What happens | What it costs |
|---|---|---|
| Stepped threshold | The limit moves on a date in the agreement | The same balance sheet passes in December and defaults in March |
| Springing test | A condition measured elsewhere switches the test on | A covenant nobody computed is suddenly the binding one |
| Split measurement window | The two sides of a ratio cover different periods | An answer four times too high, footing perfectly |
A dormant test keeps its row, carrying the condition that would switch it on and how far that condition currently sits from its trigger. Deleting the row is how a springing covenant goes missing for six periods.
Your covenant spreadsheet has a fixed list of rows and one threshold column. The agreement behind it has neither. Thresholds step on a schedule. Tests spring on when something measured somewhere else crosses a line. One amendment on file with the SEC restates a coverage covenant as tested only during a Covenant Testing Trigger Period, against a table of required amounts, month by month. Springing, stepped and monthly, in a single clause. A fixed table is wrong the first time any of that is true, and it is wrong quietly.
Then the definitions. A compliance certificate filed by Luna Innovations carries a liquidity covenant with a footnote saying it is not applicable when the borrower's fixed charge coverage ratio is above 1.25 to 1.00. One test decides whether another exists, and coverage sits three sections below liquidity on the same page. Add a cap expressed as a percentage of the figure it limits, and an amendment that restates a defined term for periods already certified, and the arithmetic stops being arithmetic.
What installs is a covenant register that carries the whole step schedule and picks this period's row. Beside it, a calculation lettered the way the agreement letters it, a borrowing base whose every exclusion resolves to named invoices, and a reporting calendar that separates dated obligations from the ones whose clock starts at an event. The examiners' own interagency guidance lists reporting requirements beside financial performance. Seed it from a normalized trial balance, or take the Word and CSV files. A facility whose whole relationship is the collateral wants the borrowing base certificate pack instead.
What's in the pack
Covenant Register sheet
One row per test carrying the whole threshold schedule, the row selected for this period, the switch condition in the agreement's own words, and a separate measurement window for each side of the ratio. Dormant tests keep their row and the reason.
Covenant Definitions Extract
Every defined term followed until it lands on something a trial balance can produce, with its section, the amendment that last restated it, and every cap resolved. Unresolvable readings go in their own list with the turn effect attached.
Which Tests Are Live
The judgement guide, with worked pairs. Why a stepped threshold changes nothing about the business, why entering a springing test is one day and leaving it is thirty, and why a split measurement window gives an answer four times too high.
Covenant Calculation sheet
The arithmetic in the agreement's own lettered lines, each carrying its clause, its source and its measurement window, so the certificate can be read against it line for line. Deliberate exclusions appear as lines rather than as absences.
Compliance Certificate
The instrument, in the agreement's own order: certifications, covenant results against the thresholds in force, reporting covenant delivery status, the lettered annex, and an exceptions section that discloses rather than hides.
Borrowing Base sheet
Advance rates, sublimits and every eligibility clause applied as written, including the concentration limit that solves rather than multiplies. Exclusions that are one signature away are separated out and priced at their advance rate.
Aging Summary sheet
Receivables and payables by bucket and counterparty, with the ineligibility reason and amount on each row. Every exclusion on the base resolves here, which is the walk a field examiner does first.
Reporting Calendar sheet
Every deliverable with its section, its clock and its trigger, split into periodic obligations, obligations whose frequency changes with a condition, and event-driven obligations whose clock starts when something happens and no calendar can hold.
Cover Memo and Compliance Narrative
Three paragraphs for the relationship manager who reads three paragraphs, and a longer note for the credit file that gets read at the annual review by somebody who has never spoken to you.
How to use it
- 1
Take it blank, or worked
Download the empty Word and CSV files with no signup, or open the pack in River and hand it the agreement instead of retyping ten files.
- 2
Send the paper first
The credit agreement and every amendment, waiver and side letter. That alone builds the definitions extract, the register and the reporting calendar, which is the part no blank template holds.
- 3
Settle the test set
Measure the switch conditions, select each threshold from its own schedule, and mark every test live or dormant with the reason. Nothing gets calculated until this is done.
- 4
Certify and disclose
Build the lettered calculation, then the certificate, the cover memo and the narrative. Anything you know and the lender does not goes in the exceptions section.
Frequently asked questions
Is this template free?
Yes. The whole pack comes down as Word documents and CSV sheets, no signup and no card. Edit with AI is the optional route for anyone who would rather hand River the credit agreement than retype ten files. The rest of the library is at free templates.
What makes a covenant springing, and why does it matter?
A springing covenant is not tested unless a condition measured elsewhere is met, usually availability under a revolver. It can switch on mid-month, on a single draw, so period-end figures never show it. Coming out is slower than going in: entry takes one day below the line and exit takes thirty consecutive days above it.
Do I need the credit agreement, or can I start from my covenant list?
The agreement is the input that matters most, and every amendment with it. From the paper alone River builds the definitions extract, the register of live tests and the reporting calendar, which is the part no blank template can give you. Run it through the covenant definition extractor first if the caps are what you are arguing about.
Does it work for an asset-based facility with a borrowing base?
Yes, and that is where most of the exclusions live. The Borrowing Base sheet ships filled: aging measured from invoice date, cross-age, a concentration limit that solves rather than multiplies, and four reserve lines. Each exclusion resolves to named counterparties in the Aging Summary, which is the walk a field examiner does. The annual credit review takes the same walk to availability.
Does it tell me whether I am in compliance?
It produces the calculation and shows where every line came from. Your own Responsible Officer signs the certificate, which is how the agreement is written. Where a clause admits two readings, the pack takes the one the words support and puts the alternative and its dollar effect in the exceptions section.
How does this sit alongside the month-end close?
The close produces the trial balance this reads from, so the two run in sequence. Lock the period with the month end close checklist, then certify off the locked figures. Cash timing between certificate dates belongs to the 13 week cash flow forecast, which is where availability gets watched weekly.
What if I need to track loan and lease terms, not just covenant math?
The debt schedule and maturity pack is built for that. It keeps one register for every loan and lease, with each instrument's interest computed on its own agreement's day-count convention. Every maturity and balloon date stacks onto one ladder, so a combined repayment wall shows up before it is due.
Certify the number the agreement defines
Download the blank pack as Word and CSV files, or open it in River and let the agent build the definitions extract from your own credit agreement.
Edit with AI