Know what must remain true for the borrower to repay.

PRIVATE CREDIT

Keep the credit view current as financials, covenants, sponsor behavior, and borrower evidence change.

Scope this workflow

Scope this workflow

See the Firm View Sprint

See the Firm View Sprint

WHY THIS GETS EXPENSIVE

The team builds the repayment case, then rebuilds it as borrower conditions move.

Lender materials must become a serious credit view before underwriting can advance, while later financial, covenant, borrower, and sponsor evidence can change the downside case.

WHAT THE FIRM MUST KNOW
01What protects repayment?
02What is weakening?
03What warrants more or less exposure?
WHAT CHANGES IMMEDIATELY
01Clearer underwriting focus
02Clearer warning signals
03Explicit protections
FORM IT. THEN KEEP IT CURRENT.

From the lender package to a proposed credit view built around your firm’s lending criteria.

Repayment, liquidity, leverage, covenant headroom, downside protection, and sponsor support stay connected.

SUPPORTING EVIDENCELender package + credit framework.LATER EVIDENCEBorrower update, covenant package, earnings, amendment request.
FIRST VIEW / IMPACT REVIEW

Private Credit

Lender package plus credit framework becomes a Credit First View for...

WHAT CHANGEDBorrower updates are reviewed across repayment thesis, liquidity, leverage, structural...
EditRejectAccept
Human decision required
CURRENT FIRM VIEWMaintain the credit, but require stronger amendment economics as liquidity...
CONFIGURED OUTPUTBorrower Update | Current...Current view / What changed / Next action

Get the work done. Keep the judgment.

Every configured output begins from the same accepted Firm View.

CONFIGURED OUTPUTDOCUMENT / CREDIT MONITORING UPDATE
AV
ASTER VALE PARTNERSPrivate institutional brief
DECISION STATUSConditional / review current
PRIVATE CREDIT

Borrower Update | Current Credit View

PREPARED10 SEP 2026
Current View

Maintain the credit, but require stronger amendment economics as liquidity and covenant headroom narrow.

What Changed

Weakened - Covenant headroom: performance is closer to the maintenance threshold.

Weakened - Cash conversion: working-capital use increased despite stable EBITDA.

New - Amendment request: management seeks additional flexibility.

What Still Holds

Recurring revenue supports debt service.

Asset coverage remains adequate.

Sponsor capacity remains meaningful.

Open Conditions

01Q4 liquidity.

02Working-capital normalization.

03Revised covenant package.

04Minimum cash and reporting requirements.

Next Actions

01Approve only with a pricing step-up and tighter reporting.

02Require monthly liquidity reporting.

03Update downside and recovery cases.

04Reassess sponsor support after the next quarter.

SOURCE-LINKED FOOTNOTES
01   Compliance certificate02   Earnings package03   Amendment draft04   Credit model
Prepared from the accepted Firm View. Human review required.
CONFIGURED OUTPUTDOCUMENT / CREDIT MONITORING UPDATE
AV
ASTER VALE PARTNERSPrivate institutional brief
DECISION STATUSConditional / review current
PRIVATE CREDIT

Borrower Update | Current Credit View

PREPARED10 SEP 2026
Current View

Maintain the credit, but require stronger amendment economics as liquidity and covenant headroom narrow.

What Changed

Weakened - Covenant headroom: performance is closer to the maintenance threshold.

Weakened - Cash conversion: working-capital use increased despite stable EBITDA.

Open Conditions

01Q4 liquidity.

02Working-capital normalization.

Next Actions

01Approve only with a pricing step-up and tighter reporting.

02Require monthly liquidity reporting.

SOURCE-LINKED FOOTNOTES
01   Compliance certificate02   Earnings package03   Amendment draft04   Credit model
Prepared from the accepted Firm View. Human review required.

Also supports

Credit Memo

Amendment Review

Borrower monitoring

Covenant package review

Downside update

WHAT CHANGES IMMEDIATELY
01Clearer underwriting focus
02Clearer warning signals
03Explicit protections
WHAT THE FIRM KEEPS

The work gets done now. The judgment stays with the firm.

Track how borrower evidence changed the accepted credit view over time.

FIRST VIEW ACCEPTEDHuman accepted the proposed view.
IMPACT REVIEW ACCEPTEDMaterial change was reviewed.
CURRENT FIRM VIEWAccepted judgment is current.
As history grows, relevant prior judgment returns to inform future decisions.
CONFIGURED AROUND THE DECISION
MandatePrivate Credit
Decision standardWhat protects repayment?
Evidence thresholdLender package + credit framework.
AuthorityCredit committee chair
HOW THE JUDGMENT EVOLVED
FIRST VIEW ACCEPTEDProceed to focused diligencePartner accepted
IMPACT REVIEW ACCEPTEDImplementation risk escalatedCondition reopened
CURRENT FIRM VIEWAdvance with one open conditionHuman accepted