Credit agreements

Credit agreements are the longest documents most people extract from, and the ones where the answer is most often buried in a schedule rather than in the clause that names it.

What a row is

One facility agreement, bundled with the documents that change it: amendment and restatement agreements, accession deeds, waiver letters, and the fee letters where the pricing actually lives. Order matters — put the most recent amendment and restatement first, so a superseded margin is not the one reported. See bundles.

The page limit will matter here first

A syndicated facility agreement with its schedules can run to several hundred pages, which puts this use case up against the per-document page limit before it comes anywhere near a meaningful credit cost. The limit starts at 100 pages and rises with lifetime spend — 300 at Bronze, 500 at Silver, 1,000 at Gold — and a document over it does not ingest at all. Check tiers and limits before uploading a data room full of them.

The starting columns

This is the Private Credit preset. Every column is a text column, which is correct for a first pass: these are provisions, not values.

Column	Type	Prompt
Debt Schedule	Text	Summarize the debt schedule, including tranches, maturities, and amortization terms.
Interest Rate Spreads	Text	What interest rate spread(s) (e.g. SOFR + bps) apply under this credit agreement?
Leverage Covenants	Text	Summarize the leverage covenants (e.g. maximum leverage ratio) required under this agreement.
Material Adverse Change Clauses	Text	Extract the Material Adverse Change (MAC) clause, if present.

What it looks like filled in

Three credit agreements compared on spread, leverage covenant, MAC clause and maturity
Row	Documents	Spread	Leverage covenant	MAC clause	Maturity
1	Facility A agreement.pdfFee letter.pdf	SOFR + 475bps, 25bps step-down at 3.5x Fee letter, p.2	Net leverage ≤ 4.50x, tested quarterly p.118	Yes — borrower-side, no carve-outs p.204	30 Jun 2030 p.14
2	Facility B agreement.pdf	SOFR + 550bps, fixed p.62	Net leverage ≤ 5.25x, springing at 35% RCF draw p.131	No p.1	31 Mar 2028 p.9
3	Facility C — A&R.pdfOriginal agreement.pdfFee letter.pdf	SOFR + 425bps A&R, p.11	Total leverage ≤ 6.00x, stepping to 5.50x from FY26 A&R, p.96	Yes — market-standard carve-outs p.188	31 Dec 2031 A&R, p.18

Bundled rows cite the amendment or fee letter that carried the current termPage numbers past 100 are normal here — these are the longest documents in these docs

Setting it up

One workspace per portfolio or per process, and upload every agreement in scope.
Bundle each facility with its amendments and fee letters, most recent first, before building the table.
Create the table and take the Private Credit preset.
Run one agreement you know well and read every citation. On documents this long, a wrong answer is nearly always a right answer to a different clause — and the citation is how you see that in ten seconds rather than by re-reading 200 pages.
Refine the prompts, then run the portfolio.

Columns worth adding

Maturity date as a date column, separate from the debt schedule prose. The prose column is for understanding; the date column is what you sort a portfolio by.
Covenant level as a number, beside the prose covenant column. A table of quoted covenant clauses cannot be filtered for the facilities above 5x; a numeric column can.
Financial covenant type as a category — maintenance, springing, incurrence, none — which is often the first real question about a credit.
Governing law and agent as categories, for the portfolio view.

What to check before relying on it

Pricing usually lives outside the agreement. If fee letters are not in the bundle, a spread column will report the agreement’s stated margin and miss the letter that changed it. Bundle them.
Definitions do the work. A leverage covenant is only meaningful with its definition of EBITDA, and add-backs are where the negotiation happened. Consider a column asking specifically about permitted add-backs rather than trusting the ratio alone.
Say which clause to read from. These documents mention the same terms in the definitions, the operative clauses and the schedules. A prompt that names where to look is doing real work — see columns.

Roughly what it costs

Twenty-five agreements averaging 180 pages is 4,500 pages — 4,500 credits, $45, once. Four typed columns across twenty-five rows is 100 credits, about $1. The reading dominates completely here, which is the general rule with long documents: get them in once, then ask as many questions as the work needs. See how credits work.

The preset’s prompts are illustrative starting points, not legal or financial definitions, and nothing here is advice about your facilities.