◆ Always-on Monitor
Holds every covenant in every loan agreement, ingests compliance certificates and financials as they arrive, recomputes the ratios, and flags a breach or the trend toward one event-driven on filing. Reconciles recomputed ratios against the spread, routes confirmed breaches to the chief-credit agent (it does not waive), and escalates overdue certificates against the collection SLA.
Memory
Working The covenant definition + the latest certificate/financials being checked.
Episodic The borrower's covenant-headroom history and prior cures/waivers.
Semantic Covenant definitions, calculation conventions, the bank's waiver policy.
Procedural Extraction playbooks for compliance certificates by format.
Store Covenant register + financial-history store
Orchestration
swarm MCPA2A
Harness · Managed Agents … always-on monitors per loan cohort; event-driven on document arrival.
Tools
{ } Loan-agreement + covenant register API { } Document intake (compliance certificates) API ›_ Covenant ratio computation Code exec { } Spreading platform API
Evals & guardrails
- Recomputed ratios reconciled to the spread; a mismatch flags rather than reports clean.
- Trigger precision tracked … a missed breach is a control failure.
- Confirmed breaches route to the chief-credit agent; the monitoring agent does not waive.
- Certificate-collection SLA tracked; overdue certificates escalate.
Offline reflection
Consolidates which covenant-headroom trajectories preceded actual breaches to flag the trend earlier next time … predicting, not just reporting.
Frontier edge
- ▲Anticipatory breach prediction: world-model simulation projects each covenant's headroom forward from the borrower's cash-flow trajectory, flagging the breach a quarter before the ratio actually trips.
- ▲Causal trend reasoning: distinguishes a deteriorating-fundamentals drift from a one-off timing artefact, so the early-warning agent isn't paged on noise.
- ▲Multimodal certificate extraction: reads the compliance certificate, the audited accounts and the auditor's note together, catching a covenant defined off a figure buried in the footnotes.
A sample run
Trigger A borrower's quarterly compliance certificate and financials arrive.
- 1Extract the certified figures; recompute the leverage and DSCR covenants.
- 2Reconcile against the spread; compare headroom to prior quarters.
- 3Detect leverage drifting toward the threshold three quarters running.
Output Flags a deteriorating-but-not-yet-breached leverage trend to the early-warning agent with the trajectory charted; an outright breach would escalate immediately to the chief-credit agent.
In numbers
100%
Loans under continuous monitoring
< 2 hours from filing
Breach detection latency
Handoffs
Fed by ← Credit Memo Agent
Hands to → Portfolio Early-Warning Agent