YOUR BANK HAS ALREADY RUN THE NUMBERS. NOW YOU CAN TOO.
See when the bank takes control
Covenant Horizon shows when a covenant breach shifts negotiating power from you to your lender — the date your bank has already calculated, and what you can still do about it.
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Add quarterly testing, net debt, EBITDA add-backs, or cash conversion cycle data.
3
Get Your Analysis
Breach date, headroom, timeline, sensitivity analysis, and month-by-month projections.
4
Act on It
Follow the contextual playbook. Save scenarios. Export PDF for your board or lender meeting.
1
Import Financial Data
Drag file here or click to select
.csv, .xlsx, .xls
P&L uploaded
2
Upload Loan Agreement
Upload your loan agreement as PDF
.pdf
Covenant terms parsed
3
Your Loan Numbers
Monthly EBITDA500,000
Total debt4,500,000
Covenant threshold4.0×
EBITDA trend-15,000/mo
Expected funding5 Nov 2026
4
Run Analysis
Monthly EBITDA500,000
Total debt4,500,000
Covenant threshold4.0×
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Covenant Analysis
Projected breach date12 Mar 2027
Buffer8 months
Current leverage3.2×
Covenant threshold4.0×
⚠Action required. A waiver request typically takes 4–6 weeks.
0Early Warning Score
Covenants: 41 | Runway: 0 | Operations: 100
Timeline
Buffer
Breached
Today12 Mar5 Nov
The Negotiation Playbook
Based on your results, the tool generates specific recommendations. Here are examples of the advice it provides:
< 8 weeks to breach: Request a waiver letter immediately
Breach before funding: Accelerate your funding timeline
Thin margin: Build a 3-4 week contingency buffer
Cash before breach: Address liquidity first
High CCC: Optimize your cash conversion cycle
Healthy position: Monitor monthly and maintain buffer
Who's behind this
Covenant Horizon is built by Kenneth Dalsgaard — crisis and turnaround advisor and former CEO with 30 years as founder, CEO and investor.
He has sat on both sides of the table when covenants break: as a CEO facing the bank, and as an advisor to management teams and boards that called him in too late. The tool shows you what your lender has already worked out.
Choose Your Plan
Use the tool for free, or upgrade for full access to all features.
A covenant breach occurs when your leverage ratio (Total Debt / Annual EBITDA) exceeds the threshold set in your loan agreement. This gives your lender significant control — including the right to charge penalties, accelerate repayment, or call in the loan entirely.
Covenant Horizon projects your trailing 12-month EBITDA forward using your monthly trend, then checks each month (or quarter) whether Total Debt / Projected Annual EBITDA exceeds your covenant threshold. The first date it crosses is your projected breach date.
The Cash Conversion Cycle (CCC) measures how many days cash is tied up in operations — in inventory, receivables, and payables. Even if your income statement looks healthy, a long CCC means cash is trapped and unavailable, effectively reducing your headroom before a covenant breach.
All calculations run entirely in your browser. No financial data is sent to any server. The only data transmitted is your email address (if you opt in for a personalised analysis), which is processed by Netlify under GDPR-compliant terms.
Based on your results, the tool generates context-specific recommendations — whether to request a waiver, accelerate funding, renegotiate terms, or address liquidity first. Each recommendation links to relevant Early Warning Index resources.
Yes. Covenant Horizon automatically detects both English (1,200,000.50) and Danish (1.200.000,50) number formats. You can also switch the entire interface to Danish using the language toggle.
The What-If Simulator lets you adjust key variables — debt level, EBITDA trend, covenant threshold, and EBITDA add-backs — using live sliders. The breach date, headroom, leverage, and Early Warning Score update instantly so you can model scenarios without changing your original inputs.
When a breach is detected, the Bridge Round Checklist scores your readiness for bridge financing across four survival metrics (cash runway, EBITDA trend, leverage vs. covenant, burn multiple) and six warning signals. It gives a clear proceed, high-risk, or do-not-bridge recommendation.
Yes. Upload a P&L or Balance Sheet in CSV or Excel format and the tool auto-detects revenue, EBITDA, debt, cash, receivables, inventory, and payables — pre-filling all fields in seconds. You can also download a template to format your data correctly.
The tool generates four pre-drafted communication templates personalised with your data: a covenant waiver request, a renegotiation letter, a proactive lender update, and a bridge financing request. Each can be copied or printed and used as a starting point for lender conversations.
The tool automatically calculates what happens if your EBITDA declines by 10% from your projected trend. It shows how many weeks earlier the breach date would move forward, helping you understand your margin of safety and plan for downside scenarios.
The Early Warning Score is a composite metric from 0 to 100 that combines three factors: covenant proximity (how close you are to breach), cash runway (how long your cash lasts), and operational efficiency (cash conversion cycle). A higher score indicates a stronger financial position.
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See when the bank takes control — and what you can still do about it.
